'The international community is moving away from harmful tax practices.'
The first Budget of Independent India was presented by R K Shanmukham Chetty on November 26, 1947.
After unseasonal rains, supply disruptions and pandemic-induced woes pushed retail inflation well over the Reserve Bank's comfort zone in 2020, the scenario is likely to stay that way at least in the short term as economic recovery slowly gains foothold. For most part of this year, pricier food items pushed the retail inflation, based on Consumer Price Index (CPI), higher in the range of 6.58-7.61 per cent, except for March when the reading was 5.91 per cent. Experts believe retail inflation is likely to average around 6.3 per cent this fiscal and mostly will remain sticky going forward owing to pick-up in demand across sectors.
Ahead of the general elections, a slew of states and also the Centre had doled out sops to the marginalised sections, including the farmers and the poor.
Rs 14.5 lakh crore of Rs 500 and Rs 1,000 notes have been deposited as of 30/12.
This is the fifth straight cut in rates by the Reserve Bank of India in as much policy reviews in 2019, and takes the total quantum of reductions to 1.35 per cent.
The high-level meeting comes against the backdrop of the rupee touching a record low of 58.98 to a dollar on Tuesday.
The black money bill got the nod of the Rajya Sabha on Wednesday.
The revenue department had sent notices to FIIs demanding 20 per cent MAT
The most common complaint of financial consumers is cumbersome processes, complicated products, usurious charges, and mis-selling of products, which finally don't deliver what is promised or as expect, notes Debashis Basu.
While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
'You can't take money from Shaktikanta Das (the RBI governor) and give it to Nirmala Sitharaman (the Union finance minister). She will blow it away on Modi.'
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. The gross domestic product (GDP) had contracted by a record 23.9 per cent in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.
Currently, banks follow system of internal benchmarks, including Prime Lending Rate, Benchmark Prime Lending Rate, Base rate and Marginal Cost of Funds based Lending Rate.
The idea is to get the budget passed by Parliament along with Appropriations Bill and the Finance Bill by the end of March as this would ensure implementation of the Budget proposals from April 1.
The committee had eminent people on it and making any allegations like this is 'outlandish', Sitharaman said.
It also recommended that the RBI accounting year (July-June) may be brought in sync with the fiscal year (April to March) from the financial year 2020-21 as it could reduce the need for interim dividend being paid by the central bank.
the ratings agencies have been inconsistent in their treatment of China and India. Given this record -- what we call Poor Standards -- my question is: why do we take these rating analysts seriously at all?," Chief Economic Adviser Arvind Subramanian said on Thursday.
It's not necessary to use only external benchmarks, there are multiple avenues to meet the requirement that the RBI wants, the bank said.
The minutes of the December MPC meet reveal members felt the current spike in the headline inflation rate was due to a temporary supply shock on the food front, expected to moderate by the second quarter of 2020-21.
Indian economy is doing well and the performance of domestic stock markets is not as bad as that of other nations.
'Urjit Patel's appointment is a right decision and in the interest of the country.'
The bonds will likely be simultaneously launched in major financial centres such as London, Singapore, Hong Kong, New York for a term of no less than 20 years.
In the Sensex pack, Sun Pharma was the biggest gainer, rallying 4.48 per cent, followed by Bajaj Auto, Tata Motors, Coal India, Hero MotoCorp, Maruti and HCL Tech, rising up to 3.01 per cent. While, RIL, PowerGrid, HDFC, L&T, IndusInd Bank, NTPC and Bajaj Finance declined up to 1.50 per cent.
RBI said at the current juncture, the all-out effort is to maintain and sustain, with the hope that when life is secure, resources, energy and time can be marshalled to rebuild and revive.
Defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender. "The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI," Das told reportters in Mumbai.
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
Here are the key decisions announced by the Reserve Bank of India on Thursday.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
The Supreme Court asked the Centre and the RBI on Monday to place on record the K V Kamath committee recommendations on debt restructuring in view of Covid-19 related stress on various sectors as well as the notifications and circulars issued so far on loan moratorium.
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government on Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest.
There are doubts about the meeting of indirect tax collection target for the current fiscal as there is slowdown in the economy.
'The committee has all the right to call anybody involved in the matter. But that will depend on the outcome of the January 20 meeting. We can call the PM on demonetisation if the members unanimously decide so.'
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
RBI has maintained the stock of currency through advance as well as current printing level
'Economy is leading the way as far as the relationship between the two countries is concerned'.
A vast majority of borrowers are in the essential services' supply chain with tiny and micro businesses, and this has sprung back.
What is killing the risk appetite of the bond buyers is the inconsistency in the central bank's approach. It needs to allow the yield to find its own level, gradually. To ensure that, the RBI may adopt a similar approach with which it handles a slipping rupee, asserts Tamal Bandyopadhyay.
Patra, as executive director of the central bank, was the principal advisor to the Monetary Policy Department since July 2012.
The government is waiting for new currency to get into the system first and as and when there is near adequate circulation, the exchange facility could be withdrawn
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