global financial crisis

The central board of the Reserve Bank of India (RBI) has approved the proposal to hire specialists from outside — the first such move in the bank’s 75-year history. The first batch is likely to join the department of information and technology. Full Article

Expressing satisfaction at the 7.2 per cent growth estimates for this fiscal, the Planning Commission on Monday pitched for phased withdrawal of stimulus in the forthcoming budget to be unveiled by Finance Minister Pranab Mukherjee on February 26. Full Article

Finance Minister, Shri Pranab Mukherjee has directed the Income Tax Department to make all efforts to achieve the revised direct tax target of Rs.4 lakh crores. Addressing the All India Conference on Tax Deduction at Source (TDS) here today, Shri Mukherjee congratulated the department on reaching tax collection figure of Rs.2.50 lakh crore by December 2009 showing a growth rate of around 8.5%. Full Article

Two major tax reforms due by next year promise to reduce transaction costs for exporters significantly. A simpler income-tax regime will put more money in the hands of businesses, which can invest these as they consider best. The Goods and Services Tax (GST) regime will reduce complications and lower the compliance costs. Together, they will help Indian businesses get more competitive. Full Article

Asserting that there is no need to press the panic button, Finance Minister Pranab Mukherjee today said the Dubai debt crisis will not have “earth shaking” impact on the country’s economy. “The full impact of the Dubai debt crisis is yet to be assessed, but there is no need to press the panic button,” Mukherjee told reporters. Full Article

To encourage foreign portfolio investment, the Finance Ministry has set up a working group for suggesting changes in the existing policy on foreign capital inflows by FIIs, NRIs and venture capital funds. The 16-member group on portfolio investments, to be headed by UTI MF CMD U K Sinha, will also review the current arrangements relating to participatory notes-- instruments through which unregistered foreign entities invest in Indian stock markets, sources said. Full Article

The Reserve Bank of India (RBI) advisory to banks for limiting their mutual fund (MF) exposure has prodded the lenders to put in place a detailed investment norm. While large banks were capping their MF exposure at 20 per cent of total investment, smaller banks were limiting such investments to Rs 1,000 crore, executives at public sector banks said. Full Article

Sub-brokers in the stock market are likely to be exempted from the requirement of registering with the capital market regulator before starting their operations as per a proposal under consideration of the finance ministry and the Securities and Exchange Board of India (SEBI).  The move is to promote self-regulation through an industry body under the [...] Full Article