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Economy / News Track

Big blow to Rakesh Jhunjhunwala, lost thousands of crores in a week

There is a possibility of a recession in the world. Due to this, the stock market of many countries is seeing a huge decrease. The impact of this shortage is also being seen in the Indian stock market. Due to this, the investors here are also incurring huge losses. At the same time, due to this fall, the portfolio of Rakesh Jhunjhunwala, one of the biggest investors in the Indian stock market, has also been badly affected and he has also suffered a lot. The Indian markets witnessed a sharp decli

3 Jul 2022 5:51 pm
Big Tech Cos pose risk to financial stability: RBI

Reserve Bank of India (RBI) said on Friday that Big tech companies offering financial services pose risk to financial stability as their complex intertwined operational linkages with financial institutions could lead to contagion effect and potential anti-competitive behavior. The RBI, in its 25th Financial Stability Report said the advent of FinTech has exposed the banking system to new risks which extend beyond prudential issues and often intersect with other public policy objectives relating

2 Jul 2022 8:27 am
Industry players on 1 pc TDS on crypto investments in India

The 1 percent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies went into effect on Friday as the Reserve Bank of India (RBI) hardens its stance on cryptocurrencies. According to Section 194S of the I-T Act, 1 percent TDS shall be applied on payments for virtual digital assets or cryptocurrencies that exceed Rs 10,000 per year (as per the Finance Act, 2022). On June 21, the Central Board of Direct Taxes (CBDT) announced changes to the I-T Rules regarding the subm

2 Jul 2022 8:14 am
Inflation worries: India's manufacturing PMI hits 9-month low

India's manufacturing sector activity decreased to its lowest level in nine months in June as production and sales growth both slowed down in the face of significant price pressure, monthly survey showd on Friday The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) fell to 53.9 in June from 54.6 in May, the weakest pace of growth since last September. For the twelfth consecutive month, the June PMI statistics indicated an improvement in overall operatin

2 Jul 2022 7:56 am
Govt raises gold import duty to 15-pc from 10.75-pc

New Delhi: In a bid to check the current account deficit (CAD) and rising import of the yellow metal, the government has hiked gold import duty to 15 percent from 10.75 percent The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 percent, currently it will be 12.5 percent. Along with the agriculture infrastructure development cess (AIDC) of 2.5 percent, the effective gold customs duty will be 15 percent. Finance Minister Nirmala Sitharaman said India does

2 Jul 2022 7:40 am
Govt imposes Rs 66000 Cr Windfall Tax On Crude Oil Production

The government imposed a windfall tax of Rs. 66,000 crore on locally produced crude oil on Friday after some refineries generated phenomenal profits by exporting petrol and diesel at the expense of domestic supplies. A Rs 6 per litre tax on export of petrol and Aviation Turbine Fuels and Rs 13 per litre tax on export of diesels effective from July 1, finance ministry notifications read. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically, which at last year'

2 Jul 2022 7:17 am
GST collection in June scales up at Rs 1.44 lakh cr: Sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman announced on Friday that the Goods and Services Tax (GST) revenue collected in June 2022 increased by 56 percent year-on-year to over Rs 1.44 lakh crore. Following April 2022's collection of Rs 1.68 lakh crore, the gross GST collection in June was the second-highest collection. The finance Minister further said stated that the estimated bottom line for the month of June is Rs. 1.40 lakh crore. On the occasion of GST Day today in New Delhi, she s

1 Jul 2022 2:07 pm
Risks to Indian economy's financial stability emerging from global spillovers: RBI

Reserve Bank of India (RBI) Governor Shaktikanta Das said that the risks to Indian economy's financial stability are mainly emerging from global spillovers and geopolitical worreis, but the financial system is exhibiting underlying strength and resilience to withstand these shocks. These remarks were made in the foreword of the Financial Stability Report for June, issued Thursday. Our goal is to confront every difficulty the Indian financial system faces, whether internal and foreign, with f

1 Jul 2022 7:59 am
RBI stress test show banks gross NPAs to decline more from Six-yr low

Stress tests by the Reserve Bank of India (RBI) showed that Bad loans in the banking sector is expected to fall further from a six year low of 5.9% reported in March, This improvement is visible on the back of higher expected bank credit growth and falling trend in the stock of gross bad loans, among other factors, the RBI's Financial Stability Report said. Stress test results presented in this Financial Stability Report shows that banks are well positioned to withstand even severe stress sc

1 Jul 2022 7:46 am
Rupee better placed than other global currencies against USD: FM

NEW DELHI: Amid the Indian rupee falling against the US dollar, Finance Minister Nirmala Sitharaman said that Indian rupee is comparably best placed than other foreign currencies versus the US dollar. Amid geopolitical tensions following the Russia-Ukraine war, worries about growth, high global crude prices, continuous inflation, and central banks all over the world adopting hawkish monetary policy approaches, emerging market currencies have been losing value against the dollar. We are comparati

1 Jul 2022 7:23 am
Cryptocurrencies clear danger: RBI

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday termed cryptocurrencies as clear danger and mentioned that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The government is in the process of finalising a consultation paper on cryptocurrencies after collecting inputs from various stakeholders and institutions. The RBI has been flagging concerns about cryptocurrencies, which are witnessed as a highly specul

1 Jul 2022 7:08 am
Data interpretation needed for informed decision taking: RBI

RBI Governor Shaktikanta Das on Wednesday stressed the need for proper interpretation of data to for the smooth the progress of more informed decision making as it will bring precision in communication from decision makers, and also formation of rational expectations from market participants. The significance of statistics in public policy is well understood. Against the backdrop of high uncertainty brought on by the COVID pandemic, the discipline of statistics seen itself in greater focus. This

30 Jun 2022 8:04 am
Govt clears deregulation of sale of domestic crude oil

New Delhi: The Cabinet Committee on Economic Affairs (CCEA), presidced by Prime Minister Narendra Modi, on Wednesday approved deregulation of sale of domestically-produced crude oil. As per the decision, the central government has dtermiend to cease allocation of crude oil and condensate effectively from October 1, to make sure marketing freedom for all Exploration and Production operators. The condition in the production sharing contracts to sell crude oil to government or its nominee, or gover

30 Jun 2022 7:23 am