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ECONOMY NEWSLETTER
Fri, Jun 04, 2021 | 11:31 AM IST
RBI sticks to the script on benchmark rates; FY22 growth forecasts scaled down
In the run-up to the meeting, bond markets were closely watching whether or not the RBI would bring one more bout of of the G-Sec acquisition programme, India's own version of quantitative easing, in Q3 to keep yiends in check. So far in Q1, the central bank has purchased Rs 60,000 crore worth of bonds out of its Rs 1,00,000 crore target.
RBI keeps repo rate unchanged: What borrowers should do now
With RBI maintaining status quo, banks most likely will not increase interest rates on loans any time soon.Here is a look at how existing borrowers and those looking to take a new loan (be it home loan, car loan, or personal loan) can take advantage of RBI's pause.
Services activity contracts in May after 8 months
The IHS Markit India Services PMI is compiled from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services.
IBC review likely to keep promoters out
The government will examine the Insolvency and Bankruptcy Code (IBC) to stop defaulting promoters from wresting back control of companies by exploiting apparent loopholes.
FPIs seek tax clarity on variable capital companies in financial centres
Among other benefits, the VCC structure allows funds some concession from short-term and long-term capital gains tax on returns on equities. The onus of paying tax, as per the standard VCC structure, falls on the investors in these entities.
Economy hit by COVID-19 second wave to start recovering from July, says Chief Economic Advisor
"The second wave of COVID-19 has affected the momentum of economic recovery. We expect a recovery in the economy from July. Now, several states have started removing many restrictions and if we speed up the vaccination drive in our country, our economy will start recovering," Subramanian told ANI.
Input tax credit blocked for even minor lapses
The tax department is claiming that there could be circular trading or other frauds in many of these cases as tax credits are not tallying, but legal experts say blanket rejection of tax credit will lead to litigations and increase cash flow issues of companies.
Kerala tops sustainable development index
Marine products export dips nearly 11 per cent to USD 5.96 bn in FY21
Resumption of FTA talks with EU, fresh negotiations with UK soon: Commerce Secy
The proposed free trade agreement with the EU, officially dubbed as Broad-based Trade and Investment Agreement (BTIA), has been stalled since May 2013 as both sides are yet to iron out differences over several issues. Last month, the UK government stated that it has kicked off preparations for a free trade agreement with India, launching a 14-week consultation to seek the views of the public and business before formal negotiations begin later this year.
GST Council alone has powers to approve panel recommendations: Manpreet Badal to FM
While seeking an opinion of the law ministry or the attorney general on the matter, Badal said that bureaucrats in the committee did not have the authority to judge the observations of council members.
Charges allocated among new CBDT members
According to the order, J B Mohapatra, holding the additional charge of CBDT chairman, will have the "substantive" charge of member investigations, which has superintendence over the country-wide probe wings, intelligence and criminal investigation directorates of the tax department.
More lenders opting for settlement offers
Lenders to debt-laden companies are increasingly opting for negotiated settlements with the defaulting borrowers as the absence of time-bound resolutions, significant haircuts on advances, and a mounting pile of unresolved cases combine to dim the allure of India’s dedicated bankruptcy courts.
Government says edible oil prices softening
Addressing a virtual press conference, Union Food Secretary Sudhanshu Pandey said there is a declining trend in the edible oil prices as per the futures market rates till December.
The need for speed: By not vaccinating rapidly, India is delaying a full-throttle recovery
Countries with higher vaccination coverage are seeing a faster catch-up in economic activity. This is only logical, given that higher coverage reduces the risks associated with relaxing restrictions and social distancing. It plays a huge role in assuaging fear and allows for resumption of economic activity, as has been the case in the US and UK.
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