Global News

[ad_1] In a significant move aimed at documenting the economy and curbing the outflow of foreign currency, Finance Minister Ishaq Dar in Budget 2023-24 announced the imposition of new tax measures. Finance wizard said the imposition of taxes on cash withdrawals plays a crucial role in documenting economic transactions. As part of this effort, the government has decided to impose a 0.6% tax on cash withdrawals exceeding Rs50,000. This step is expected to encourage individuals and businesses to shift towards electronic transactions and formal banking channels. Furthermore, in order to discourage the outflow of foreign currency through bank channels, the government has revised the withholding tax on Debit and Credit Card transactions. The existing withholding tax, previously set at 1%, has now been increased to 5%. This measure aims to discourage excessive use of foreign currency transactions and promote the use of local currency within the country. However, for non-filers, in...

[ad_1] For the week ended April 7, the foreign currency assets rose by $4.7 billion to $514.4 billion. (File) Mumbai: India's forex reserves increased by $6.306 billion to $584.755 billion for the week ended April 7, the RBI said on Friday. In the last reporting week, the forex kitty snapped a two-week rising trend to decline by $329 million to 578.45 billion. It can be noted that in October 2021, the country's forex kitty reached an all-time high of $645 billion. The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused by global developments. For the week ended April 7, the foreign currency assets, a major component of the reserves, increased by $4.74 billion to $514.431 billion, according to the Weekly Statistical Supplement released by the RBI on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the...