The Reserve Bank of India on Friday said that the Budget 20010-11 presented by Finance Minister Pranab Mukherjee is in line with the path of fiscal consolidation and economic revival.
External Affairs Minister S Jaishankar said the passage of the amendment will strengthen India's national security and its global position.
The RBI governor, who made a presentation about the state of the economy as well about the world economy to the 31-member Parliamentary Standing Committee on Finance, stayed clear of controversial questions like government invoking special powers.
Public sector banks are inefficient, poorly governed and beset by largescale corruption.
A government panel said policymakers and regulators should have an open mind regarding the introduction of an official digital currency in India.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Finance Minister Arun Jaitley said political parties will be entitled to receive donations by cheque or digital mode from their donors.
'Continue with your SIPs to get the benefit of lower average prices in this challenging market environment.'
The accused, along with other unknown officials, who were entrusted with the responsibility of new currency notes, "fraudulently" gave away new notes to the tune of Rs 1.99 crore to RBI officials and others.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
The headline HSBC India Purchasing Managers' Index -- a composite gauge designed to give a single-figure snapshot of manufacturing business conditions -- stood at 54.5 in December, up from 53.3 in the prior month.
The RBI has issued new guidelines doubling the ceiling to 10 crore for settling non-performing assets of public sector banks.
Some sectors like aviation, hospitality, travel and tourism, and automobile have witnessed zero cash flow since the lockdown began.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
Demonetisation and Agniveer reveal the two mindsets India has become. In both these government schemes, one sees a desire to play the country like an orchestra anchored by conductor/conductors, argues Shyam G Menon.
In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
The electoral bonds scheme for funding political parties should not become a tool for "legitimisation of quid pro quo" between power centres and people who are benefactors of that power, the Supreme Court said on Thursday as it underscored the need for reducing the cash component in the electoral process.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
The ministry of corporate affairs (MCA) has launched a probe into the books of Edelweiss Asset Reconstruction Company (EARC) following allegations by a whistleblower of fund diversion and irregularities. The whistleblower, Paras Kuhad, a former additional solicitor general of India, had written to the Prime Minister's Office and the Reserve Bank of India (RBI). Kuhad has alleged that Edelweiss Group and Caisse de depot et placement du Qubec (CDPQ), a Canadian institutional investor, which hold stakes in the ARC, diverted funds and did not adhere to norms while making investments in EARC's instruments. Sources have indicated that a probe has been initiated, but the MCA did not comment on the issue.
The construction sector is now India's second-largest employer after agriculture, the trend coinciding with India's high-growth phase and decline in poverty levels
The poor and unbanked can take their rightful place as consumers of financial services only if the Modi government encourages different entities to advance the financial inclusion agenda, say Vikram Gandhi & Chandni Ohri.
The foreign agency has claimed four accounts held by the Jindals.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
Foreign institutional investors are likely to be debarred from taking part in initial public offerings of stock exchanges, while foreign direct investment may be permitted even in pre-IPO stage.
The net outward foreign direct investment went up from $9.1 billion in 2017-18 to $12.6 billion in 2018-19 and moved further north to $13 billion in 2019-20.
History would not see the institution kindly if it continues to avoid, as appears to be the case, hearing and deciding some of the most pressing issues of our time, asserts Aakar Patel.
The issue is likely to be discussed on Thursday at a meeting of Sebi's board, which would also be apprised of the impact of the Finance Ministry's decision for not agreeing to such a proposal from the capital markets regulator, sources said.
In a major move aimed at encouraging small investors to become direct investors in government bonds or stated simply to an infinite source of lending to the government, the Reserve Bank on Friday said it will allow them to directly buy government debt, making India the first Asian country to do so and among a handful globally.
Members of the Monetary Policy Committee (MPC) felt that though the Indian economy was resilient in the third wave, it, however, lost some momentum and with inflation likely to soften, there is room to continue with the accommodative stance and support revival, the minutes of the MPC meeting released on Thursday revealed. The six-member MPC voted to keep the policy rate unchanged and continued with the accommodative stance at its meeting on February 10. However, external member Jayanth Verma voted against the stance because he felt a switch to neutral was long overdue and the current stance has become counterproductive and deflects focus away from addressing recessionary trends that date back to at least 2019.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
Sector-wise, banking, IT, pharma and realty indices drove the market momentum.
"I think, this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
