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India added $47.5 billion to forex reserves in FY23
India added $47.5 billion to the foreign exchange reserves last fiscal year, down nearly half of the previous year. Nearly $26 billion of those incremental reserves were due to the sanction of Special Drawing Rights by the ... ... account because of the slowdown in the pile-up of reserves, which assumes significance as foreign investment is slowing as central banks of advanced economies raise rates to fight rising inflation and the prospect of a wider current account deficit will put ...
Updated: 07/01/2022
GST Council accepts govt recommendations on curd, buttermilk, others
... recommended that the exemption for GST can be extended to include bread as well as hearing aids, educational institutions, incense sticks, utensils, tractors, and agri-related machinery. It suggested phasing out the tax exemption on services provided by the Reserve Bank of India RBI and the Securities and Exchange Board of India Sebi and withdrawing the GST exemption for cheques loose or in book form, and favoured a GST rate of 18%. The council has accepted recommendations from the GoM on GST reforms headed by Maharashtra ...
Updated: 07/01/2022
RBI says SCB deposits growth down to 10 pc in March
... SCB deposits was down to 10 per cent year-on-year, compared to an increase of 11.9 per cent a year ago, RBI data showed. During 2021 -- 2022 current, savings and term deposits rose by 10.9 per cent, 13.3 per cent and 7.9 per cent, according to the Reserve Bank of India RBI . On Tuesday, the RBI released data on Deposits with Scheduled Commercial Banks -- March 2022. Interest rates on term deposits were more moderated during fiscal 2021 -- 22, despite the monetary and liquidity conditions. The share of term deposits ...
Updated: 06/30/2022
IFSC exempts tax for aircraft leasing
... transactions from July 1. According to a gazette notification by the Central Board of Direct Taxes CBDT under the Ministry of Finance , no lease or supplement lease rent... ... 13 leasing companies at the IFSC . The government and the regulatory bodies, like Reserve Bank , will have to do more by incentivising banks to fund the transactions, opined... ... business here when the policy is not complemented by financing? There is a provision in India under Alternative Investment Fund Category-II, but where is equity support? Caladrius...
Updated: 06/30/2022
44 per cent of private sector's external commercial loans unaffected by currency fluctuations
The Reserve Bank of India's financial stability report has revealed that 44 per cent of the private sector's external commercial borrowings ECBs are unaffected by currency fluctuations. The Reserve Bank of India's financial stability report has revealed that 44 per cent ...
Updated: 06/30/2022
Govt keeps interest rates unchanged on small savings schemes
The government has kept interest rates unchanged on small savings schemes, including NSC and PPF, for the second quarter of 2022, 23 due to high inflation and rising interest rate. The government has kept interest rates unchanged on small savings ... ... interest rate for the one-year term deposit scheme will be 5.5 per cent in the second quarter. The country's biggest lender State Bank of India SBI raised interest rate on one-year fixed deposit 5.10 per cent after two consecutive increases in benchmark rate by 90 ...
Updated: 06/30/2022
India's GDP growth likely to be 7 per cent in FY23
The big concern for major economies is to push growth as a result of the soaring inflation across the world. The big concern for major economies is to push growth as a result of the soaring inflation across the world. India is no different. The Reserve Bank of India RBI and the government are not leaving a stone unturned in the pursuit of curbing inflation. Different economists have different views on India's GDP growth forecasts. Here is what economists think about India's growth rate in FY 23. The growth ...
Updated: 06/30/2022
RBI says NBFCs likely to meet capital norms in severe stress
The Reserve Bank of India said in its Financial Stability Report that the Indian banking system and non-banking finance companies are in fine fettle as they are likely to meet the capital norms even in the most severe stress case. The Reserve Bank of India said in its ...
Updated: 06/30/2022
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