Financial News India: Read all the latest finance news on credit card, online payment, bank loan interest rate, scams, GDP growth Inflation, Saving schemes, PPF, NSC, KVP Bank, FD calculators ULIP IIP numbers
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Finance : Explore the valuation requirements across different laws in India, including the Companies Act, IBC, SEBI, RBI, and Income Tax Act...
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Finance : New IFSC regulations effective June 6, 2024, govern bookkeeping, accounting, taxation, and financial crime compliance services, im...
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Finance : Reviewing the landmark UK Supreme Court decision in Barclays Bank UK PLC vs Philipp case. Analysing its global implications on ban...
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Finance : Syed Adeel Shah Vs Directorate of Enforcement (Jammu and Kashmir High Court) It appears that in an earlier round of litigation whe...
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Finance : IFSCA circular allows CRAs in IFSC to offer ESG ratings and data products, promoting sustainability, transparency, and governance ...
Finance : IFSCA Circular IFSCA-PLNP/40/2024 outlines new guidelines for Credit Rating Agencies in the IFSC, following SEBI's latest regulati...
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Finance : Explore the International Financial Services Centres Authority (IFSCA) Regulations 2024, governing payment and settlement systems ...
The Government has put in place an investor-friendly policy on FDI, under which FDI, up to 100% is permitted on the automatic route, in most sectors/activities. Significant changes have been made in the FDI policy regime in recent times, to ensure that India remains increasingly attractive and investor-friendly. Foreign Direct Investment (FDI) policy is reviewed on an ongoing basis, with a view to make it more investor friendly.
As Aadhaar is covered under the heading ‘Photo Identity Card Issued by Central/State Government’, the Ministry of Railways has decided to specifically incorporate and indicate Aadhaar as one of the proofs of identity acceptable for undertaking journey on e-tickets as well as under Tatkal scheme.
The Outcome Budget documents will be prepared separately by each Ministry/Department in respect of all Demands/Appropriations controlled by them, except those exempted from this requirement and to the extent disclosures are not barred on considerations of security etc. A list of exempted Demands/Appropriations is enclosed at Annexure-I. However, even the Ministries/Departments and other authorities ‘exempted’ from preparation of Outcome Budget and placing it in public domain are requested to carry out this exercise for internal use and voluntarily decide to place it in public domain fully or partially.
The Union Finance Minister, Shri Pranab Mukherjee has stated that today’s announcements of RBI concerning Monetary Policy would help in regaining our growth momentum with improved macro-economic parameters in the remaining period of the current fiscal 2011-12. The Finance Minister was reacting to the RBI’s Mid Quarter Review of Monetary Policy for 2011-12 which was announced by RBI Governor in Mumbai today. Shri Mukherjee welcomed the RBI Governor’s resolve to check the speculative interventions in the foreign exchange market which among other factors has contributed to the sharp depreciation in the Indian Rupee against the US Dollar. The Finance Minister, Shri Mukherjee said that inflation will moderate further in the coming weeks and therefore, the today’s announcements of RBI are welcome.
Special Bonus Benefit Scheme: A new scheme to provide special assistance to specified sectors for 6 months has been introduced. The support is given to Engineering, Pharmaceutical and Chemical sectors covering 50 products. This scheme will be available on exports made on or after 1.10.2011 and up to 31.3.2012. The rate of duty credit is 1% of FOB value of exports.
NEW MANUFACTURING POLICY -The Government of India has announced a national manufacturing policy with the objective of enhancing the share of manufacturing in GDP to 25% within a decade and creating 100 million jobs. It also seeks to empower rural youth by imparting necessary skill sets to make them employable. Sustainable development is integral to the spirit of the policy and technological value addition in manufacturing has received special focus.
The institutionalized mechanism is prescribed in the Vigilance Manual of the Central Vigilance Commission (CVC). Anti-corruption measures of the Central Government are the responsibility of (i) Administrative Vigilance Division (AVD) in the Department of Personnel & Training (ii) Central Bureau of Investigation; and (iii) Vigilance units in the Ministries/Departments of Government of India , Central Public Enterprises and other autonomous organizations; (iv) the disciplinary authorities; and (v) the Central Vigilance Commission. In addition, a Special Investigation Cell in the Department of Banking Supervision (DBS) in RBI and a Group of Officers in the Cabinet Secretariat, also examine the complaints received against the Board level appointees of Public Sector Banks (PSBs).
As the Rupee slides to new low against the dollar, NRIs are making a beeline to send the remittances back home. The leading bankers in Dubai say the expatriate Indians are opting for personal loans, cash advances through credit cards and salary advances to remit money back home. Some have even resorted to mortgaging properties to raise loans and send the money back to India. Some banks have also come out with attractive features like special money transfer rates and discounted charges to India.
Finance Minister Pranab Mukherjee says lack of external demand is the major reason behind the depleting condition of the Indian rupee in the international market and the government is taking effective measures to improve the condition. He said that India will be soon on the growth trajectory as the present downturn in the economy is a temporary phase.
Petrol prices may be hiked by Rs 0.65 per litre this week if state-owned oil firms manage to get political approval for the move. While a fall in the rupee to an all-time low of Rs 53.75 per US dollar has resulted in an increase in the cost of oil imports, international rates of gasoline — against which domestic petrol prices are benchmarked — have also increased, a top source at a state-run oil firm has said.
