Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
The vertical will be based out of Bengaluru.
Remittance into India from foreign countries has already seen a jump of 25% in the last two months
Without bringing sound governance and technical capabilities into the RBI's work, injecting new money sets the stage for a next wave of bad behaviour by banks, warns Ajay Shah.
Private sector lender ICICI Bank on Monday launched I-Express, an instant cross-border money transfer option for Non-Resident Indians (NRIs).
According to a SBSU (Kerala circle) release, union leaders from south Indian states would participate in the meet which would focus on wage reivison due in the banking sector as well as various contemporary issues relating to banking sector.
If you are bullish on the consumption theme, consider specialised mutual funds that focus on this theme. Remember that such sectoral mutual funds should not make up more than 5% to 10% of your equity portfolio.
Energy's exit is a cautionary tale for several foreign investors in India as close to 16 Gw of solar and wind power projects languish without any power purchase agreement, 24 Gw without transmission connectivity and around 2 Gw unilaterally cancelled by project developers.
'The PSBs ended up recording Rs 7,709 crore losses in the March quarter compared to the Rs 11,688 crore profits of their private peers,' reveals Tamal Bandyopadhyay.
Global payment services major, Western Union, has tied-up with State Bank of India to enable international direct cash-to-account transfers.
L&T was the top gainer in the Sensex pack, rising over 3 per cent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank, SBI and HDFC Bank. NSE Nifty surged 168.05 points to 14,653.05.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
The central bank has not set a deadline for banks to conclude the stress-test exercise, but senior bankers opine that some were already looking at this, and will now fast-track it by September-end, when they will have a better picture of their books after the moratorium on the servicing of loans and a 180-day view on the performance of borrowers' accounts.
Retail inflation jumped to a 15-month high of 7.44 per cent in July as prices of vegetables and other food items spiked, according to official data released on Monday. The Consumer Price Index (CPI) based inflation was at 4.87 in June and 6.71 per cent in July 2022. Previously, high inflation was recorded at 7.79 per cent in April 2022.
Banks are in need of government support to manage the stressed assets
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
The Bill could be introduced in Lok Sabha very soon.
From the Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank, Reliance Industries were among the major laggards. Bucking the trend, auto stocks Tata Motors and Mahindra & Mahindra closed with gains.
Experts say the party is undoing what it achieved through MNREGA by targeting beneficiaries
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
Raghuram Rajan on Tuesday said the central bank cannot ask them to lower the rates.
Banks will also consider requests from MSMEs for restructuring their stressed standard assets. So far, only 25 per cent of the around 1 million eligible MSMEs have taken benefit of the RBI's special dispensation.
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
"Heard. Judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.
Bank CFOs may meet next week to discuss minimum public shareholding and takeover rule issues.
'If democracy does not exist, if there are no political spaces, there is no media, there is no civil society, what do we rejoice?'
'After 2011-2012, both our investment rate and savings savings rate have declined. 'Correspondingly, the savings rate in the economy as percentage of GDP, also has come down.'
The Indian banking system's latest record on wilful defaulters shows Rs 62,970 crore, or around 10 per cent increase, in the additional amount outstanding since the pandemic began. The total outstanding amount increased to Rs 6.85 trillion in June from Rs 6.22 trillion in December 2019, shows a Business Standard analysis of numbers from the TransUnion CIBIL database. India recorded its first case of Covid-19 in January 2020.The amount outstanding to wilful defaulters had touched a post-pandemic peak of Rs.7.6 trillion in December 2020 (or Rs 1.4 trillion more than pre-pandemic levels).
The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
The most important lesson is that you have to build your political proposition, and sell it yourself. You can't leave it to the courts, media, NGOs and civil society and expect them to play the role of the Opposition. That's precisely what Mr Modi's challengers have been doing and we know the results, notes Shekhar Gupta.
This is the first time that this important nodal national agency for economic intelligence has obtained data on suspected offshore stash of Indians as, till now, such information was only received by the exclusive wing of the Central Board of Direct Taxes.
A feature of this year's BRICS summit was economic cooperation.
Shah said that it is "a 3-D government in Rajasthan and three Ds stands for 'dange' (riots), 'durvyavhar' (ill-treatment) with women and 'Dalit' atrocities.
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
While the market for satellite broadband currently is small, the potential is large as an estimated 30 per cent of the country does not have reliable terrestrial broadband services.
In the past few months, 45 companies have signalled their intent to raise money through the institutional placement route.
The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms
Former Union law minister Ram Jethmalani on Thursday demanded setting up of a special investigation team to probe unaccounted money of Indians, estimated to the tune of $1500 billion, lying in Swiss and other foreign banks.
Operations like deposit, withdrawal as well as clearing were affected in public sector banks, including largest lender State Bank of India.
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