In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank of India (RBI) panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives. The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of India (CCIL) should be made the repository of all interest rate and forex derivative transactions.
The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns. A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee [ Images ] when he presented the Budget in February. On Tuesday, Pranab Mukherjee said this will be applicable in the 2011-12 assessment year for the income earned in 2010-11. He said that a notice to this effect will be brought out soon.
The Reserve Bank should keep its key rates high not just to fight inflation, but also to prevent the formation of asset bubbles, a top economist from Standard Chartered said today. I think the RBI needs to make sure that the monetary policy is tight not just to address the immediate inflation challenge but (also) to prevent bubbles and inflation problems being seen in the future, the bank’s Chief Economist and Group Head of Global Research , Gerard Lyons, told reporters here.
States are important stakeholders in inflation management as their contribution is important in addressing the supply side constraints. They could, for instance, help better management of public distribution system, improve productivity in agriculture and allied activities, reform the Agriculture Produce Marketing Committee (APMC) Acts and improve the infrastructure, such as, storage facilities, Dr. D. Subbarao, Governor, Reserve Bank of India, told the State Finance Secretaries today while inaugurating a conference held in Mumbai.
The Competition Commission of India (CCI) today imposed a penalty of Rs one lakh each on 27 film producers on charges of colluding through a cartel to exploit theatre owners. The CCI imposed the fine on filmmakers after having found them guilty of entering into anti-competitive agreement.
Concerned over subscribers facing problems in exercising Mobile Number Portability service, Trai has asked operators not to reject a request if the amount outstandings are less than Rs 10. Telecom regulator Trai’s directive came in the wake of telecom operators rejecting the request of subscribers for porting on the ground of “contractual obligation” and “outstanding payment dues” under mobile number portability (MNP).
The Madhya Pradesh government has come under the scanner of Lokayukta for allegedly organising a free dinner for about 250 serving IAS officers with taxpayers’ money. Official sources said about Rs 1.5 lakh was allegedly routed from the exchequer’s account to foot the bill of the dinner hosted late last year by State Chief Secretary Avani Vaish for IAS officers, most of them serving in MP, at a private club here.
Yielding under pressure, Mauritius has for the first time provided banking information about a person being investigated by the Income Tax Department (ITD) for tax evasion and money laundering. They (Mauritius) have given information related to a person being probed by ITD who had remitted funds from that country to India, an official told PTI.
Competition watchdog CCI on Wesdnesday pronounced the National Stock Exchange (NSE) guilty of abusing its dominant market position by adopting unfair trade practices in connection with currency derivatives trading. However, the quantum of fine to be levied on NSE is yet to be ascertained. “The Commission has pronounced NSE guilty of violating section 4 of the Competition Act, 2002. But it will decide on the quantum of fine only after hearing NSE. We have given them a week’s time to respond to our show cause notice,” an official told PTI.
The government could miss the revenue collection targets during 2011-12 mainly on account of high inflation and moderating economic growth, a senior Finance Ministry official said here on Tuesday. Inflation can affect domestic demand and thereby adversely affect GDP growth… and consequently our tax collection, Revenue Secretary Mr Sunil Mitra said while speaking at the annual conference of chief commissioners and directors general of income tax.
