The restrictions imposed on foreign banks operating in developing countries since the 2007-09 global financial crisis are hampering better growth prospects by limiting the flow of much-needed financing to firms and households, a World Bank report has warned. In its annual 'Global Financial Development Report 2017/2018: Bankers without Borders", the World Bank said that international ba
The third protocol for amendment of the convention between India and New Zealand for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed by both countries on October 26, 2016, the Ministry of Finance notified on Tuesday.
The protocol entered into force in India on 7th September 2017 and has been notified in the Official Gaze
The Prime Minister's Office said that in the absence of demonetisation, the value of high denomination currency would have been Rs 18 lakh crore or 50 per cent more than it was as of September end this year, reported PTI. "Decreased proportion of HDN in the economy helps thwart corruption and funding of terrorism," the PMO said in a tweet. It said, "The estimated value of hig
The government is working on launching the second phase of promoting digital payments from January, according to an official source, reported PTI. "A committee under DAVP (Directorate of Advertising and Visual Publicity) is working on plans to start promotion of digital payments from January onward," an official source told PTI. "Information and Broadcasting ministry along with M
The Advisory Group to the Law Review Committee of GST Council will meet todat to discuss the proposed amendments in rules and make the new tax regime easy to adopt by traders, reported PTI. In a statement, the Confederation of All India Traders (CAIT) said the Group "will specifically discuss the proposed amendments in GST Law and Rules to make it more simplified and rationalised and easy
Stricter rules are in place now for the approval process of resolution plans submitted under the insolvency law, wherein an applicant's antecedents and credit worthiness will be checked, reported PTI. The amendments related to the corporate persons resolution process has been made amid rising number of cases being filed under the insolvency law and concerns in certain quarters on whether th
India on Tuesday signed a financing agreement for IBRD loan of USD 119 million for the “Odisha Higher Education Programme for Excellence & Equity (OHEPEE) Project” with the World Bank, according to a statement released by the Ministry of Finance. The Financing Agreement was signed by Sameer Kumar Khare (Joint Secretary, Department of Economic Affairs) on behalf of Government of
Finance Minister Arun Jaitley on Tuesday declined to disclose all the facts that went into the decision to undertake demonetisation last year.
"I am chosing not to answer it for the reason that it is not necessary for me to disclose all facts to which I myself am privy (to) in discussions within the government on a sensitive issue," Jaitley said while responding to a query a
Finance Minister Arun Jaitley said on Tuesday that investigations related to the Paradise Papers about offshore financial holdings will be on the lines of the Panama Papers and said that each case will be dealt on "individual merit".
"The process which we followed in Panama Papers, almost same process will be followed in Paradise Papers so that it could be identified wh
Cybersecurity is a cause of concern to every financial company and bankers are facing great difficulty in ensuring it, State Bank of India MD (Risk, IT and Subsidiaries) Dinesh Kumar Khara said on Tuesday.
"Threats are of concern to any financial company. Our employees in the core banking should be informed about and must perceive this threat. Otherwise, they are not vigila
Direct tax collection was up by 15.2 per cent to Rs 4.39 lakh crore in the April-October period, the government said on Tuesday.
"The provisional figures for direct tax collections up to October 2017 show that net collections are at Rs 4.39 lakh crore, which is 15.2 per cent higher than the net collections for the corresponding period of last year," the Finance Ministry said
The GST Council is likely to consider lowering rates on various goods including on many items of daily use at its next meeting later this week, Finance Minister Arun Jaitley hinted on Tuesday.
He noted that while fixing the Goods and Services Tax slabs initially, the Council had been guided by the principles of equivalence and revenue neutrality but had later lowered the rates on many
Private equity and venture capital deals in India touched a record high with investments worth USD 21.8 billion so far this year, mainly driven by big-ticket transactions, according to a new EY report. PE/VC investments in January-October 2017 recorded USD 21.8 billion across 496 deals, surpassing the previous record of USD 19.6 billion across 767 transactions in 2015. This increase has been pr
The CBDT has said that investigations in the Panama Papers leak cases have resulted in the Income Tax Department detecting undisclosed wealth of 792 crore so far even as the probe is on in full swing. Commenting on the issue, the Central Board of Direct Taxes (CBDT), the poilcy-making body of the income tax department told the media, "Investigations have led to the detection of undisclosed
Finance Minister Arun Jaitley said today that the impact of structural reforms is "behind us" and the early economic indicators point to an improvement. Structural reforms like demonetisation and the roll out of the Goods and Services Tax would have had some consequences but they will help the economy in the long run, he said. "Having undertaken two major structural changes which
Former Prime Minister Manmohan Singh on Tuesday said the "twin blow" of demonetisation and the "badly-designed" and "hastily-implemented" Goods and Services Tax (GST) was a "complete disaster" for India's economy and asked Prime Minister Narendra Modi not to lower the democratic discourse by calling his critics anti-national or anti-development.
According to sources, the Income Tax Department has picked 20,572 tax returns for detailed scrutiny suspecting discrepancies in incomes before and after demonetization. As per reports, the department has identified one lakh high risk cases of alleged tax evasion for detailed investigation. According to the sources, 20,572 tax returns have been selected for detailed scrutiny after their profiles
Mounting a powerful defence of the demonetisation measure designed to curb black money, Finance Minister Arun Jaitley on Tuesday said that as a disruptor of the status quo ante the note ban, along with other measures taken, has set in motion a process of changing the manner in which India spends money.
"If you look back at all the steps we have taken in the last three-to-fo
Demonetisation and India's Elusive Chase for Black Money' is an upcoming book from Oxford University Press dedicated to the "memory of Indian citizens who lost their lives due to demonetisation"). Excerpts from the preface by R. Ramakumar.
'Demonetisation'-- the withdrawal of legal tender status of notes of denomination Rs 500 and Rs 1,000 -- announced by Ind
India is expected to remain one of the fastest growing emerging markets with real GDP growth averaging 6.5 per cent over the next five fiscals, though bureaucratic inefficiencies will continue to cap the country's growth potential, says a report. According to a report by BMI Research, a Fitch Group company, while India's ease of doing business ranking has improved, significant bureaucra
ASSOCHAM has suggested examining the impact of the Goods and Services Tax (GST) on exports and impressing upon the GST Council and the government to help exporters receive their tax refunds without any further delay, besides easing rules for the GST administration on exports to maintain the growth momentum.
ASSOCHAM has listed several issues such as refund of GST paid on capital goods
Indians who are working in Brazil will soon be able to get social security cover by retirement fund body EPFO, said media reports. A senior official of the Employees' Provident Fund Organisation (EPFO) said India is in talks with Brazil to get social security cover for Indians going to that country for work. He said the talks were in final stage and a proposal seeking nod from the Union Cab
The finance ministry has said that demonetisation a year ago has helped in flushing out black money, eliminating fake notes and reducing cash in circulation. The total currency in circulation has come down to Rs 14.75 lakh crore as of August 4, 2017, from Rs 17.77 lakh crore, said the finance ministry in a tweet. "Only 83 per cent is the effective currency in circulation today with remonet
A couple of days ahead of the first anniversary of demonetisation, bankers said today that the move was good for them as it resulted in higher deposits and pushed digitisation at a faster pace, reported PTI. On November 8 last year, the Modi government demonetised Rs 500 and Rs 1,000 notes as part of its drive against black money, counterfeit notes and corruption. "For the banking sector,
The forthcoming meeting of the GST council meeting scheduled to be held here on Friday is extremely important as it will review the new tax regime, introduced in July this year, said Assam Finance Minister Himanta Biswa Sarma.
Addressing a press conference here, he said a meeting of Finance Department officials from around the country will be held on Thursday, ahead of the GST Council