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Rupee strengthens against US dollar on Friday Indian rupee strengthened from its all-time low against the US dollar on Friday tracking better-than-expected domestic inflation data. Data showed India’s retail inflation declined in November to 5.48% and came within the Reserve Bank's tolerance limit, creating headroom for interest rate cut at the central bank's rate-setting panel meeting under new Governor Sanjay Malhotra in February. However, firm American currency and foreign fund outflows have limited the recovery in domes...
Rupee strengthens against US dollar on Friday
Rupee strengthens against US dollar on Friday
Source: Accord Fintech
2024-12-13 11:39:33 am
India`s November retail inflation eases as food prices moderate India's retail inflation eased in November as soaring vegetable prices moderated, boosting expectations of an interest rate cut by the central bank at its next policy review amid concerns around slowing growth. Retail inflation eased in November to 5.48%, lower than 6.21% in the previous month and below a 5.53% forecast by economists in a Reuters poll. Food inflation slowed down to 9.04% from 10.87% a month earlier. Food accounts for nearly half of the consumption basket. Vegetab...
India`s November retail inflation eases as food prices moderate
India`s November retail inflation eases as food prices moderate
Source: Reuters
2024-12-12 05:06:47 pm
IAMAI, PCI & FCC Welcome Shri Sanjay Malhotra as New RBI Governor The Internet and Mobile Association of India (IAMAI) and its councils, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC), representing participants in India's payment and fintech systems, warmly welcome Shri Sanjay Malhotra's appointment as the 26th Governor of the Reserve Bank of India. The fintech ecosystem is confident that under his able guidance, it will continue to make significant strides. With over three decades of experience across diverse sectors ...
IAMAI, PCI & FCC Welcome Shri Sanjay Malhotra as New RBI Governor
IAMAI, PCI & FCC Welcome Shri Sanjay Malhotra as New RBI Governor
Source: PR Agency
2024-12-12 03:01:22 pm
RBI to maintain continuity and stability in policy matters: Sanjay Malhotra  Newly appointed RBI Governor Sanjay Malhotra on Wednesday said the central bank will maintain continuity and stability in policy matters with a greater use of technology to promote financial inclusion.  Addressing his first press conference after taking charge at the central bank, the IIT-Kanpur graduate said he would work toward further use of technology to reduce cost and make financial services all pervasive. "Innovation will be key; we will also have to be cautious a...
RBI to maintain continuity and stability in policy matters: Sanjay Malhotra
RBI to maintain continuity and stability in policy matters: Sanjay Malhotra
Source: IANS
2024-12-12 09:33:17 am
India`s newly-appointed central bank chief commits to policy continuity  India's newly-appointed central bank governor Sanjay Malhotra on Wednesday said he will look to ensure stability and continuity in policymaking for the benefit of the economy. "All businesses, all people they do need this (policy) stability rather than (a) day-to-day kind of a policy," Malhotra said at a press conference in Mumbai after he took charge for a three-year term. "We continue to uphold this value, this principle of stability." Malhotra's a...
India`s newly-appointed central bank chief commits to policy continuity
India`s newly-appointed central bank chief commits to policy continuity
Source: Reuters
2024-12-11 05:40:38 pm
Rupee strengthens marginally against the US dollar on Wednesday Indian rupee strengthened marginally against the US dollar on Wednesday, despite volatility in the domestic equity benchmark indices ahead of key inflation data later in the day that could influence the Federal Reserve’s interest rate decision. Meanwhile, foreign fund inflows and steady dollar index have supported rupee sentiments. Foreign Institutional Investors were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,285.96 crore, exchange data showed. Al...
Rupee strengthens marginally against the US dollar on Wednesday
Rupee strengthens marginally against the US dollar on Wednesday
Source: Accord Fintech
2024-12-11 12:33:11 pm
Rupee likely to maintain downward drift, RBI counted on to cap losses Headwinds for the Indian rupee are likely to persist on Wednesday amid ongoing strength in the U.S. dollar and a lingering bearish bias on the local currency that may push it to another lifetime low, but traders expect the central bank's intervention to limit sharp losses. The one-month non-deliverable forward indicated that the rupee may open near 84.88, compared to its all-time low of 84.8575 hit in the previous session. The currency had closed at 84.8525 on Tuesday. The rupee cam...
Rupee likely to maintain downward drift, RBI counted on to cap losses
Rupee likely to maintain downward drift, RBI counted on to cap losses
Source: Reuters
2024-12-11 09:01:03 am
India`s outgoing cenbank chief Shaktikanta Das emphasises on restoring growth-inflation balance Restoring a balance between inflation and growth in India remains an important task for the Reserve Bank of India, outgoing central bank governor Shaktikanta Das said ahead of his leaving office later on Tuesday. India on Monday appointed career civil servant Sanjay Malhotra as the new central bank governor in a surprise move that leaves markets guessing about the future direction of monetary policy. Financial markets had expected Das to be handed an unprecedented second extension.
India`s outgoing cenbank chief Shaktikanta Das emphasises on restoring growth-inflation balance
India`s outgoing cenbank chief Shaktikanta Das emphasises on restoring growth-inflation balance
Source: Reuters
2024-12-10 12:27:59 pm
Economists react to India`s new central bank chief announcement India appointed career civil servant Sanjay Malhotra as its new central bank governor on Monday in a surprise move that leaves markets guessing about the future direction of monetary policy, as growth slows and high inflation persists. "One has to understand the turf, all perspectives and do what's the best for the economy," Malhotra, who has seldom shared his views on the economy in public, told reporters in New Delhi on Tuesday. Malhotra formally takes over on Wednesday....
Economists react to India`s new central bank chief announcement
Economists react to India`s new central bank chief announcement
Source: Reuters
2024-12-10 12:20:14 pm
Rupee strengthens marginally against US dollar on Tuesday Indian rupee strengthened marginally and recovered from its all-time low against the US dollar on Tuesday, tracking firm domestic equities and fresh foreign fund inflows into the Indian capital market. Foreign Institutional Investors were net buyers in the capital markets on Monday, as they purchased shares worth Rs 724.27 crore, exchange data showed. Meanwhile, the appointment of the new Reserve Bank of India (RBI) Governor Sanjay Malhotra increased expectations of interest rate cuts next ye...
Rupee strengthens marginally against US dollar on Tuesday
Rupee strengthens marginally against US dollar on Tuesday
Source: Accord Fintech
2024-12-10 11:54:38 am
Sanjay Malhotra to replace Shaktikanta Das as RBI Governor  The Central government on Monday appointed Sanjay Malhotra, Secretary (Revenue) in the Ministry of Finance as the next Reserve Bank of India Governor. He will replace Shaktikanta Das, who with a six-year stint is the second-longest serving RBI Governor. Sanjay Malhotra is a 1990 batch Indian Administrative Service (IAS) officer of the Rajasthan cadre. He is an Engineering Graduate in Computer Science from the Indian Institute of Technology, Kanpur and has a Master's in Public Pol...
Sanjay Malhotra to replace Shaktikanta Das as RBI Governor
Sanjay Malhotra to replace Shaktikanta Das as RBI Governor
Source: IANS
2024-12-09 06:06:41 pm
India`s direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years: Revenue Secretary  India's direct tax revenues have increased from Rs 5.59 lakh crore to Rs 20 lakh crore a year over the last 10 years while the tax-to-Gross Domestic Product (GDP) ratio has increased to 6 per cent from 5.6 per cent over this period, according to Revenue Secretary Sanjay Malhotra. In his address on Income Tax Day, he also said that the Income Tax Department's focus on the use of technology was comparable with global practices to improve taxpayer services. Highlighting the f...
India`s direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years: Revenue Secretary
India`s direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years: Revenue Secretary
Source: IANS
2024-08-22 01:52:22 pm
Centre mulling some respite on LTCG tax regime for real estate sector Amid the debate on the impact of the long-term capital gains (LTCG) tax on the real estate sector, the government is mulling options to address concerns of the stakeholders, including a "grandfathering clause", likely allowing transactions completed before July this year to continue benefiting from previous indexation rules.  When a new clause or policy is added to a law, certain people may be relieved from complying with the new clause which is called "grandfathering&q...
Centre mulling some respite on LTCG tax regime for real estate sector
Centre mulling some respite on LTCG tax regime for real estate sector
Source: IANS
2024-08-07 09:21:38 am
Six crore ITRs filed in 2023-24, 70 pc under new tax regime Around six crore income tax returns have been filed in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers a lower rate of tax but fewer deductions, Revenue Secretary Sanjay Malhotra has said.  Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said initially some apprehensions were raised in some sections as to whether people would shift to the simplified tax regime. However, the large percentage of taxpayers ...
Six crore ITRs filed in 2023-24, 70 pc under new tax regime
Six crore ITRs filed in 2023-24, 70 pc under new tax regime
Source: IANS
2024-07-31 01:50:24 pm
Budget simplifies tax provisions, ensures fairness and equity: Revenue Secretary The Union Budget aims to simplify tax provisions and reduce complexity and disputes, while ensuring that those more capable bear a burden than the lesser, Revenue Secretary Sanjay Malhotra said here on Tuesday.   At a post-budget session at the leading industry chamber PHDCCI, Malhotra said the budget not only aims to adopt a collaborative, non-adversarial approach but also stimulate growth and employment, "with a significant shift from principal accounts to normative and presump...
Budget simplifies tax provisions, ensures fairness and equity: Revenue Secretary
Budget simplifies tax provisions, ensures fairness and equity: Revenue Secretary
Source: IANS
2024-07-31 10:17:26 am
New simplified Income Tax law to be put out for stakeholder consultation soon The government is working towards a comprehensive review of the Income Tax Act, and the first draft which will be prepared by an internal committee of the tax department will be put out for stakeholder consultation within the next 6 months, Revenue Secretary Sanjay Malhotra said on Thursday.  Addressing FICCI’s interactive session on Union Budget 2024-25, he said: "We will have a consultation process on the first draft and how it will happen, that we will decide. We would l...
New simplified Income Tax law to be put out for stakeholder consultation soon
New simplified Income Tax law to be put out for stakeholder consultation soon
Source: IANS
2024-07-26 09:07:04 am
Government looking at bringing down number of customs duty levies to five from about dozen presently: Sanjay Malhotra Revenue Secretary Sanjay Malhotra has said that the government is looking at bringing down the number of customs duty levies to five from about a dozen presently, as part of the duty rationalisation exercise. He stated the reduction in the number of customs rates will help reduce classification disputes. On Tuesday, Finance Minister Nirmala Sitharaman in her Budget speech said the government will undertake a comprehensive review of the customs rate structure over the next six months to rat...
Government looking at bringing down number of customs duty levies to five from about dozen presently: Sanjay Malhotra
Government looking at bringing down number of customs duty levies to five from about dozen presently: Sanjay Malhotra
Source: Accord Fintech
2024-07-25 10:44:17 am
Indian-descent Nikesh Arora 2nd highest paid CEO in US, says report Nikesh Arora, the India-born CEO of Palo Alto Networks, has been ranked America’s second-highest paid CEO in 2023. A total of 17 Indian-descent CEOs are in the top 500 rankings, according to an analysis published by The Wall Street Journal on Tuesday. Shantanu Narayen of Adobe is the second-highest paid Indian-descent CEO, ranked 11 overall. Arora and Narayen earned $151.43 million and $44.93 million, respectively, more than Tesla’s Elon Musk, who did not receive any compens...
Indian-descent Nikesh Arora 2nd highest paid CEO in US, says report
Indian-descent Nikesh Arora 2nd highest paid CEO in US, says report
Source: IANS
2024-05-22 10:13:01 am
India aims to collect $1.7 billion from online gambling tax in FY25  Indian expects to collect up to 140 billion rupees ($1.7 billion) in goods and services tax (GST) next financial year by taxing online gambling companies, Revenue Secretary Sanjay Malhotra told Reuters on Saturday. The government in October imposed a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking a nascent $1.5 billion industry that is backed by global investors. The government had defended the move, citing concerns about addiction....
India aims to collect $1.7 billion from online gambling tax in FY25
India aims to collect $1.7 billion from online gambling tax in FY25
Source: IANS
2024-02-03 04:15:41 pm
Guarantees provided by corporates to subsidiaries to attract 18% GST: GST Council The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state ministers, has clarified that guarantees provided by corporates to their subsidiaries will attract an 18 per cent GST, but no tax will be levied on the personal guarantee given by a director of a company raising loans from the market. The council also capped the maximum age for appointment of President and members in the GST appellate tribunal (GSTAT) at 70 years and 67 years, respectively.Revenue Secre...
Guarantees provided by corporates to subsidiaries to attract 18% GST: GST Council
Guarantees provided by corporates to subsidiaries to attract 18% GST: GST Council
Source: Accord Fintech
2023-10-09 03:44:09 pm