The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Wednesday kept the short-term lending rate, also known as repo rate, unchanged at 6 per cent in its fifth bi-monthly policy review of the fiscal year. Five of six MPC members voted in favour of a status quo, the RBI statement […]
The finance ministry is working with state-run lenders to frame a common set of rules for valuation of stressed assets for faster resolution of loans extended by consortia of banks. A senior finance ministry official said a select group of bankers is working to arrive at common rules of valuation. “It has been observed that […]
Punjab National Bank (PNB) said today that it has got shareholders’ approval for raising Rs 5,000 crore either through Qualified Institutional Placement (QIP) or rights issue. The extra-ordinary general meeting (EGM) of shareholders of the bank was held today, PNB said in a regulatory filing to the stock exchanges. The shareholders approved raising of common […]
India may release imported items without any upfront duty payment as part of a revamp of the Customs framework to speed up movement of goods across borders, which can currently take more than a week. The upcoming budget, the first after the rollout of the goods and services tax (GST), is likely to include […]
The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley said that the present Government is fully committed to safeguard the interests of the workers especially those working in the MSME and the unorganized sector. The Finance Minister said that the workers are entitled to minimum wages prescribed by law and asked all […]
The cash flow and working capital requirements of manufacturers and exporters could be adversely affected if a refund is delayed. As a result, one of the intentions of the implementation of GST is to ensure that the refund process is smoother so that manufacturers and exporters do not face issues due to delays. By ensuring […]
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration. As such, the above companies […]
A panel of industry representatives is set to recommend a fresh set of changes in the goods and services tax (GST) to make life easier for businesses.The six-member committee was set up by the government to provide inputs to the GST law review committee.The following amendments can be expected in next meeting of GST council. Panel wants […]
Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. The current tax structure is cumbersome, and it takes months and sometimes years to get refunds from the Government’s kitty. GST provides for a clearer and efficient invoice […]
After reducing the rates of more than 200 items in the previous goods and services tax (GST) Council meet, the panel might now significantly tweak rules to simplify procedures and ease rules for businesses. The six-member advisory panel formed by the government for simplification and rationalisation of GST will likely propose a faster refund procedure, deferment of electronic way bill, further […]