'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
The erosion in the standalone net profit is mainly on account of higher provisioning against bad loans, operating expenses, including employee cost besides tax outgo of over Rs 900 crore (Rs 9 billion).
Siddhivinayak to deposit 44 kg gold ornaments with State Bank of India
India is Asia's other bad debt headache.
Rajan said RBI should pay as much dividend as possible to the government, which over the past two years has run into billions of dollars
Various indicators make it amply clear that there are grave challenges facing the new government of Chief Minister Nitish Kumar, reports Indivjal Dhasmana.
'The BJP's defining character is Hindutva. The party's political strategy is based on a combination of Hindutva+Development.'
IT companies account for a third of the entire dividend pot this year
There will be an automatic reduction in interest rates of all floating rate loans anytime soon.
RInstead of disengagement, the Indian and Chinese armies have deployed an estimated 35,000 to 40,000 soldiers each along the LAC. The PLA has deployed S-400 air defence missiles to neutralise the IAF's advantage in air power
Tamil Nadu, the best-performing state, managed to do this in 63 days. Land allotment took 156 days nationally and 28 days in Himachal Pradesh. Environmental approval took 91 days nationally and 25 days in Chhattisgarh.
'Banks have to be braver, willing to take more risks and give confidence to the customer,' observes Joydeep Ghosh.
According to the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
Analysts expect banks with a strong deposit franchise to benefit from SBI's rate cut as they too are likely to follow the leader.
The Reserve Bank of India (RBI) booked massive gains on its foreign currency sales and needed to provide much lesser for its reserves in 2020-21 (FY21), helping it to carve out a significant Rs 99,122-crore dividend for the government, revealed the RBI's annual report for FY21. By doing so, the central bank's risk buffers have reduced to the bare minimum, which may restrict some of RBI's scale of operations, and would likely hamper dividend payout for financial year 2021-22, said analysts. The annual accounts are for nine months ended March 31, 2021 since the RBI changed its accounting year from July-June to April-March from FY21.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
SBI, LIC and HDFC, have showed double digit growth.
HDFC charges 9.85 per cent for women and 9.9 per cent for others.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
Airline told to transfer non-core assets, subsidiaries to special purpose vehicle
To help revive the economy battered by COVID-19, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures, including Rs 1.1 lakh crore credit guarantee scheme for improving health infrastructure, and enhancing the limit under the ECLGS by 50 per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch. Sharing the details of stimulus package, the finance minister said this comprises eight relief measures and other eight measures to support the economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including health sector, which includes guarantee cover for expansion or for new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
There is a sharp difference between the total remuneration paid at the public sector and private sector entities
After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
On reforms in pipeline, she said the government is for universal right to minimum wages and wants to remove regional disparity through a national floor wage.
Modi will also need to reconcile market demands with those from forces within his own administration
Out of the total amount, Rs 17,359.77 crore is aircraft loan, while Rs 31,517.04 crore is working capital loan.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
Keeps open the option to make payments in yen or yuan in the face of sanctions
With decline in number of fresh COVID-19 cases and easing of restrictions, the country's gross domestic product (GDP) will grow at 8.5 per cent in FY2021-22, according to credit rating agency Icra Ratings. It expects the gross value added (GVA) at basic prices (at constant 2011-12 prices) to grow at 7.3 per cent in FY2022. "The impact of the second wave of COVID-19 and the ensuing state-wise restrictions was seen across a variety of high frequency indicators in April-May 2021.
Existing and new customers will find it easier to manage or raise loans as banks start cutting rates.
Credit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that State-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
The government on Monday announced a one-time Rs 10,000 interest-free festival advance to all its officers and employees as part of plans to increase consumer spending to spur demand in the economy.
Thanks to Rajan we are an inflation-targeting country now
A lack of adequate disclosures raises the financing costs of corporate firms, especially sub-investment grade ones, and keeps the capital markets small, believes RBI deputy governor Viral Acharya.
If not for Palaniswami, it is hard to guess if the AIADMK would have been able to garner 33.3 per cent vote share as against the DMK's 37.7 per cent. AIADMK won 66 seats, its allies Pattali Makkal Katchi and Bharatiya Janata Party five and four seats respectively and proved yet again that the western region was its fortress.
'We don't need to hinge India-UK relations on shared hostility toward China,' observes Ambassador M K Bhadrakumar.
Capital gains tax is no longer exempt even for investors coming via Mauritius, hence FPIs are now classifying it as interest income to save on taxes.
Take advantage of the reduced interest rates offered by banks and the tax benefits to make it a lucrative deal
To minise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to four; others will be privatised/merged/brought under holding companies, she said.
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