Saturday, July 27TRUSTED FEARLESS,FAIR,FRESH,FIRST NATIONAL INTERNATIONAL NEWS PORTAL

Tag: reserve bank of india

No Comments
Opinion

Living in denial about unemployment

Recently, citing a Reserve Bank of India (RBI) report that said that 8 crore jobs have been created in the last 3-4 years, Prime Minister Narendra Modi accused the Opposition of creating false narratives about unemployment. He also said that a lot of infrastructure projects are coming up, which will create more jobs. This was not only an attempt to counter the narrative of high unemployment which has been bothering the ruling party, but also a response to a flurry of reports from financial institutions, such as Citigroup, in July, which pointed to inadequacy of employment generation in India.Conflicting reports and statements Mr. Modi quoted a RBI ‘Data Manual’ released on July 7, called ‘The India KLEMS Database’, which “...describes the procedures, methodologies and approaches used in...
Read More
No Comments
Politics

Direct tax collection till July 11 surges 23% to Rs 6.5 lakh crore – Times of India

NEW DELHI: Direct tax collections have increased over 23% to Rs 6,45,239 crore during this financial year up to July 11, driven by a faster rise in personal income tax, the Central Board of Direct Taxes (CBDT) said on Saturday.Net collections were 19.5% higher at over Rs 5.7 lakh crore as refunds soared almost 65% to Rs 70,902 crore during the period.On a gross basis, corporate tax collections were 20.4% higher at Rs 2,65,336 crore, while personal income, including securities transaction tax, rose 25.3% to a little under Rs 3.8 lakh crore."Corporate profits continue to surge significantly, and these are clearly reflected in the first quarter advance tax collections. A booming stock market has also contributed to higher STT [securities transaction tax] collections. Strong collections bei...
Read More
No Comments
Opinion

Government thinks of the RBI as a part of itself: Subbarao

India needs to strengthen the rule of law to compete with the developed world, protect the independence of its central bank, and hold public officials, including IAS officers, more accountable, argues Duvvuri Subbarao, former RBI Governor and author of the recent book “Just a Mercenary?”, in an interview with The Hindu. Edited excerpts: You say the IAS is no longer “the steel frame of India” and blame corrupt IAS officers rather than politicians who try to influence IAS officers for this. Why? The most common view today is that the IAS is not able to perform because of political pressure. But the question is why should IAS officers succumb to the carrots being dangled by politicians? They do that because when they see one person, who is of a weaker moral fabric, succumbing to a politici...
Read More
No Comments
Opinion

India growth story has a ‘beneficial ownership’ hurdle

“There is a need to amend the PN3 Requirement to define ‘beneficial owners’ comprehensively, including ownership thresholds and control tests” | Photo Credit: Getty Images/iStockphoto Foreign investments will play a crucial role in aiding the government’s goal of a $5 trillion economy by the end of the financial year 2025-26. But, in order to attract foreign investment, it is essential to remove all the bottlenecks for the Indian companies receiving this investment, and also foreign investors who are willing to bet on the India growth story.Amendment conundrum The amendment to the Indian Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“FEMA NDI”) through the press note number 3 of 2020, has posed a significant challenge for Indian companies, especially start-ups and sma...
Read More
No Comments
Politics

RBI Rejects Edelweiss ARC’s Plea To Reappoint Raj Kumar Bansal As CEO

Edelweiss Asset Reconstruction Company Limited (EARC) announced on Tuesday that its plea to reappoint its CEO was rejected by the Reserve Bank of India. In a regulatory filing, the company informed that the central bank rejected the reappointment of Raj Kumar Bansal as the managing director and chief executive officer of the firm.  The decision from the banking regulator comes after the Edelweiss Group faced major restrictions earlier last month, reported Business Standard. Notably, the RBI placed major business curbs on two of the group’s subsidiaries companies in a crackdown in May. As part of the process, the RBI barred the Edelweiss non-banking finance (NBFC) unit, ECL Finance Ltd, from conducting structured transactions. The central bank also impose...
Read More
No Comments
Politics

Business News Live: Stock Market Opens Strong; Sensex Up 350 Points, Nifty Above 22,700

Business News Live: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the stock market, economy, and the corporate world. In the last trading session on Wednesday, the key equity benchmarks, Sensex and Nifty, executed a remarkable recovery, each surging over 3 per cent, following substantial losses in the preceding trading session, attributed to poll outcomes falling short of expectations.  The BSE Sensex recorded a surge of 2,303 points, concluding at 74,382, while the NSE Nifty50 ended at 22,620, marking a gain of 736 points. Both indices reached intraday highs of 74,535 and 22,670, respectively. Furthermore, in May, India saw a decline in services activity growth to a five-month low, driven by waning domesti...
Read More
No Comments
Politics

Central Bank Unlikely To Cut Interest Rate On June 7 Amid Lok Sabha Election Results: Experts

RBI MPC: The Reserve Bank of India (RBI) is unlikely to reduce the benchmark interest rate during its upcoming monetary policy review meeting as per the experts. Additionally, the Monetary Policy Committee (MPC) may opt to maintain the current interest rate of 6.5 per cent (repo) due to the ongoing economic growth, which has been gaining momentum since February 2023. The meeting led by Reserve Bank Governor Shaktikanta Das of the Monetary Policy Committee (MPC) is scheduled from June 5 to 7, with the decision slated for announcement on June 7 (Friday). This timing follows closely after the announcement of Lok Sabha election results on Tuesday.  In addition, every economist surveyed by Bloomberg anticipates that the Monetary Policy Committee (MPC) will ma...
Read More