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[ad_1] NEW DELHI: Direct tax collections have increased over 23% to Rs 6,45,239 crore during this financial year up to July 11, driven by a faster rise in personal income tax , the Central Board of Direct Taxes ( CBDT ) said on Saturday. Net collections were 19.5% higher at over Rs 5.7 lakh crore as refunds soared almost 65% to Rs 70,902 crore during the period.On a gross basis, corporate tax collections were 20.4% higher at Rs 2,65,336 crore, while personal income, including securities transaction tax, rose 25.3% to a little under Rs 3.8 lakh crore. "Corporate profits continue to surge significantly, and these are clearly reflected in the first quarter advance tax collections. A booming stock market has also contributed to higher STT [securities transaction tax] collections. Strong collections being the backdrop of the upcoming budget indicate the possibility of the govt reigning in the fiscal deficit," said Rohinton Sidhwa, partner at Deloitte India. So far this yea...

[ad_1] Fixed deposit (FD) investors have benefited from rising interest rates over the past 1-2 years, with rates reaching their peak and remaining there for a considerable time. However, this favorable situation is not expected to continue indefinitely. Although the Reserve Bank of India (RBI) has maintained the repo rate, it is anticipated that this may be the final pause before the central bank initiates a cycle of interest rate reductions, potentially leading to a gradual decrease in bank FD interest rates .While FD investors profited from the rising interest rate environment, the same investment approach may not yield equal benefits in a falling interest rate scenario. "Given the resilient economic growth, the RBI has some flexibility to wait until inflation sustainably falls below the 4% target before considering any rate cuts," ET quoted Raghvendra Nath, MD, Ladderup Wealth Management Pvt. Ltd as saying. Where are FD interest rates headed? Although policy rate ...

[ad_1] NEW DELHI: The Centre on Friday moved to soothe sentiments of investors, with finance minister Nirmala Sitharaman saying the exposure of banks and financial institutions to the Adani Group was well within permissible limits. She added that investor confidence in India would remain high as the markets were well-regulated. “India remains, as before, very well governed, (with a) stable government, and a very well-regulated financial market. As a result, investor confidence, which existed before, shall continue even now. Our regulators are normally very-very stringent about governance practices and therefore, one instance, however much talked about globally it may be, is not going to be indicative of how well financial markets are governed. So many lessons have been learnt over the decades and our regulators have kept the markets well in prime and prim condition,” the FM told a TV channel in her first comments since the report by Hindenburg Research hit Adani stocks. Keepi...

[ad_1] MUMBAI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday was awarded for being ranked 'A+' in the Global Finance Central Banker Report Cards 2023 at Morocco's Marakesh, the central bank said. "Governor Shri Shaktikanta Das @DasShaktikanta received the Award for being ranked 'A+' in the Global Finance Central Banker Report Cards 2023, at #Marakkesh, #Morocco today," the RBI said in a post on 'X'. The Global Finance annual Central Banker Report Cards recognise those central bank governors whose strategies outperformed their peers through originality, creativity and tenacity, the RBI added. "We are happy to announce that Governor Shri Shaktikanta Das has been rated "A+" in the Global Finance Central Banker Report Cards 2023. Shri Das has been placed at the top of the list of three central bank governors who have been rated A+," the RBI said in an earlier post on 'X' in September. Apart from D...

[ad_1] NEW DELHI: Finance minister Nirmala Sitharaman on Monday said retail inflation is now " stable " and temporary increases in inflation on a few occasions are caused by demand-supply mismatches arising out of global shocks and adverse weather conditions. In a written reply to the Lok Sabha , Sitharaman said India's retail inflation has declined from an average of 7.1% in April-October 2022 to 5.4% in the corresponding period of 2023. "The retail inflation is now stable and within the notified tolerance band of 2% to 6%. A steady decline in core inflation, estimated after removing volatile food and fuel items from retail inflation, has been critical in weakening the inflationary pressure in the Indian economy," she said. The core inflation rate has declined from 5.1% in April 2023 to 4.3% in October 2023. The minister said retail inflation in India has been mostly within acceptable limits after the notification of the inflation tolerance band in 2016....

[ad_1] Reserve Bank Governor Shaktikanta Das on Wednesday said inflation has moderated, and the next print is expected to be lower than 4.7 per cent though there is no room for complacency and the war on inflation will continue. Retail inflation fell to an 18-month low of 4.7 per cent in April, mainly due to cooling food prices. “Inflation has moderated (and) the last print is 4.7 per cent. Perhaps the next print could be lower,” he said while addressing CII members here. The governor, however, emphasised that although inflation has moderated, there is no room for complacency. Also Read:  India’s GDP Growth Could Be Above 7% in FY23, Says RBI Governor Shaktikanta Das He said that inflation was looking benign, but the sudden outbreak of the Russia-Ukraine war changed the situation, resulting in a disruption in the global supply chain and firming up global commodity prices. He assured that the war against inflation is not over and the RBI will remain alert to evolving situations. Dr...

[ad_1] A man walks behind the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, April 8, 2022. (Reuters) Time was sought for filing reply by the counsel for RBI from a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad which was hearing the plea by advocate Ashwini Kumar Upadhyay The Delhi High Court Monday granted six more weeks' time to the Reserve Bank of India (RBI) to respond to a PIL seeking implementation of a Uniform Banking Code for foreign exchange transactions to control black money generation and benami transactions. Time was sought for filing reply by the counsel for RBI from a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad which was hearing the plea by advocate Ashwini Kumar Upadhyay. The petitioner has contended that there are loop holes in the system in relation to transfer of foreign funds which could be used by separatists, naxals, maoists, fundamentalists, and terrorists. "Counsel f...

[ad_1] MUMBAI: Indian residents will likely need to provide proof of exposure to foreign exchange risks to take advantage of the Reserve Bank of India 's opening up of the non-deliverable forward market ( NDF ), bankers said. The Reserve Bank of India, while announcing its last policy decision, said it will permit banks with IFSC banking units to offer non-deliverable forex derivative contracts involving the Indian rupee to local residents. An IFSC Banking Unit or "IBU" is a bank permitted by the Reserve Bank of India to operate from an International Financial Services Centre (IFSC). Previously, IFSC banking units were permitted to transact in rupee NDF forex derivatives contracts only with non-residents and with other eligible banks. A non-deliverable forward is a contract that is settled without delivery of the rupee. The RBI will set out guidelines for the new NDF framework, clarifying whether residents have to provide proof of exposure to foreign exchange. ...

[ad_1] NEW DELHI: Wholesale price-based inflation contracted for the third straight month in June on the back of easing food, fuel and manufactured product prices. The gap between retail and wholesale inflation widened. Data released by the commerce and industry ministry on Friday showed inflation, based on the wholesale price index (WPI), fell 4. 1% in June, sharper than the 3. 5% in May. The contraction in the rate of inflation in June, 2023 is primarily due to fall in prices of mineral oils, food products, basic metals, crude petroleum & natural gas and textiles, according to the government statement. Earlier this week, data released by the National Statistical Office (NSO) showed retail inflation rose to a threemonth high of 4. 8% in June, higher than the 4. 3% in May. The food index rose to 4. 5% during the month from nearly 3% in May. Vegetable prices contracted 22% and manufactured product prices declined 2. 7% in June. Prices of cereals and pulses remained firm, mirr...