Meeting conducted by RBI prior to demonitization RBI held a meeting of its Central Board on November 8, 2016. The agenda of the meeting, inter-alia, included the item : “Memorandum on existing banknotes in the denomination of Rs 500 and Rs 1000 – Legal Tender Status” The following Directors of Central Board of Reserve Bank… Read More »
First Advance Estimates released by the Central Statistics Office (CSO), the economy is estimated to grow at 7.1 per cent in 2016-17, as compared to the growth of 7.9 per cent achieved in 2015-16 As per the First Advance Estimates released by the Central Statistics Office (CSO), the economy is estimated to grow at 7.1… Read More »
Credit and debit cards including RuPay Cards issued by the public sector banks Reserve Bank of India (RBI) collects information on the number of debit and credit cards outstanding by the Scheduled Commercial Banks (SCBs). The credit and debit cards outstanding for the last three years is placed below: (in millions) 2013-14 (As at… Read More »
Use of Bitcoins Promotion of Digital economy is in integral part of Government’s strategy to clean the system and weed out corruption and black money. The earlier initiatives of the Government to promote financial inclusion and the Jan Dhan-Aadhaar-Mobile (JAM) trinity were important pre-curser. However, RBI has cautioned the users, holders and traders of Virtual… Read More »
Utilisation of Foreign Exchange Reserves India’s foreign exchange reserves (FER) increased from US$ 341.6 billion at end March 2015 to US$ 360.2 billion at end March 2016 and US$ 360.8 billion as on 20th January 2017. India’s foreign exchange reserves (FER) comprise foreign currency assets, gold, Special Drawing Rights (SDRs) and Reserve Tranche Position (RTP)… Read More »
Money Credited in Bank Accounts Reserve Bank of India (RBI) has advised the banks vide in circular Ref. No.DBS.CO.PPD / 4220/11.01.005/2016-17 dated November 29, 2016 to take action to prevent / detect / contain the malpractices or wrongdoing by staff in branches exchange / deposit of Specified Bank Notes (SBN). The banks were also advised… Read More »
Revise the tax treaties with partner countries to enable the CBI and ED to use the data for prosecution Government is contemplating to revise the tax treaties with partner countries to enable the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to use the data for prosecution of those who have stashed black money… Read More »
Tax Relief under GST All decisions of GST Council so far have been taken unanimously. Various states may have different points of view on an issue but the final decisions have been unanimous. The issue regarding treatment of the existing tax incentive schemes of the Central and State Governments was discussed during the 2nd Meeting… Read More »
Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore; the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore. For the financial year 2017-18, the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore.… Read More »
Import Export, SEZ, Refund (Including Transition) Published on Feb 2, 2017 Import Export, SEZ, Refund (Including Transition) Related Post on GST Free Video GST Video- Brief Concept of Model GST Law ( CGST, SGST & IGST) (1st Technical session) GST Video – Levy & Composition (2nd Technical Session) GST Video- Valuation of Taxable Supply &… Read More »