Reserve Bank of India on Monday said it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR. All Category-I Authorised Dealer (AD) banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai, before putting in place…
RBI today announced several measures in order to enhance forex inflows to the country while ensuring overall macroeconomic and financial stability. “The global outlook is clouded by recession risks. Consequently, high-risk aversion has gripped financial markets, producing surges of volatility, sell-offs of risk assets, and large spillovers, including flights to safety and safe-haven demand for…
The jump in lending to corporate borrowers has driven up demand for priority-sector lending certificates (PSLC), forcing banks to pay a higher premium to meet regulatory lending targets. The total Priority Sector lending of a domestic commercial bank should be 40 per cent (target for foreign banks 32%) of Adjusted Net Bank Credit or Credit…
The Reserve Bank of India on Friday released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other 21 major countries. The pilot exercise for benchmarking India’s payment systems was undertaken in 2019 with respect to the position in 2017. The above exercise was conducted…
Updated on July 18, 2022 The tax slabs and tax rates for the financial year 2020-21, 2021-22, and 2022-2023 remain the same. The rules for the old tax regime and the new tax regime are also the same as in previous years. The amount of rebate u/s 87A has been kept unchanged under both the…
The Reserve Bank of India (RBI) on Friday revised the existing guidelines for authentication and sorting the new series of banknotes and issued guidelines directing banks to test their banknote sorting machines on a quarterly basis. “In the backdrop of introduction of the new series banknotes, these parameters have been reviewed and a revised set…
Gift cards or vouchers that may be used to obtain goods or services on a discount on goods,, mileage points, reward points, and loyalty cards will be excluded from the definition of virtual digital assets (VDAs), Central Board of Direct Taxes (CBDT) said in a notification issued late Thursday. Hence, these products do not face…
Contrary to the expectations of small investors in a rising interest environment, the government has decided to keep the small savings interest rates unchanged for the July to September quarter. This is the ninth quarter in a row that small savings interest rates have not changed. New investments made during the second quarter of FY…
The Reserve Bank of India (RBI) on Friday extended the deadline for card-on-file (CoF) tokenisation by another three months to September 30 as transaction processing based on such tokens is yet to gain traction across categories of merchants. “…it has been decided to extend the timeline for storing of CoF data by three months, i.e.,…
The Take-home salary, contribution to Employees’ Provident Fund and working hours could change significantly as the Centre plans to implement new labour laws from July 1. The Indian parliament has passed the four labour codes — wages, social security, industrial relations, occupational safety, health and working conditions. These codes were created by subsuming 29 Central…