|RBI sets up task force on Public Credit Registry||24 October 2017|
|GSTN launches offline option for GSTR-3B returns filing||23 October 2017|
|Banks to now match original IDs with photocopies: PMLA||23 October 2017|
US credit rating agency Moody's raised India's sovereign rating to Baa2 from its lowest investment grade of Baa, while changing the outlook for the country's rating to stable from positive. Since 2004, Moody raised the sovereign rating for the first time ignoring a haze of short-term economic uncertainties to bet on the nation’s prospects from a raft of policy changes by the government.
The Union Cabinet led by the Prime Minister Narendra Modi has given its consent for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST. The decision was followed up immediately after the sharp reduction in the GST rates of a large number of items of mass consumption. This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices.
Union Government's key Economic Reforms may also benefit ETF. These reforms are Insolvency and Bankruptcy Code 2016, Digital Economy, Bank recapitalization, GST, Liberalization of FDI, Introduction of Daily Fuel pricing, Revival package for DISCOMs, etc.
India is likely to achieve strong growth over the next decade and emerge as the world’s third-largest economy, overtaking Japan in nominal GDP by 2028, says a report titled ‘India 2028’ by Bank of America Merrill Lynch.
The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for signing the Joint Interpretative Declaration (JID) between India and Colombia.
The Reserve Bank of India has asked banks to provide doorstep banking facilities to senior citizens who are more than 70 years of age and differently-abled persons by December 2017.
All types of chewing gum, chocolates, preparation for facial make-up, shaving and after-shave items, shampoo deodorants, washing powder detergent and granite and marble will now attract 18 per cent GST rate.
The Reserve Bank of India would soon be launching a new public awareness campaign through text messages to educate public about various banking regulations and available facilities.
According to the most recent Grant Thornton International Business Report India has slipped to the 7th position in the Business Optimism Index (BOI) in the September quarter, from the second position in the previous three months. The survey suggests that this ranking is showing the clear signs of lag in the economy.
The state government Haryana on 2 November 2017 signed a memorandum of understanding (MoU) with an integrated trade facilitation services organisation - Verbind - to set up a logistics and trading hub in the state.
The report of Master File needs to be submitted in Form 3CEAA and the Country-by-Country Report in Form 3CEAD. An international group having multiple Indian constituent entities can designate one constituent entity to furnish the Master File.
With this, any Indian Citizen, resident or non-resident, between the age of 60- 65 years can now join NPS and continue up to the age of 70 years in NPS. Moreover, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS.
Union Government is making fertilizers available to farmers at subsidized prices through fertilizer manufacturers or importers. For making funds available to the fertilizer companies against the subsidy claims, Union Ministry of Finance had approved SBA for an amount of Rs 10000 crore with Government interest liability limited to G-Sec rate.
India jumped over 30 ranks this year to attain 100th spot in the ease of doing business list. It was ranked at 130th position in the 2017 Doing Business Report. India is the only country in South Asia and BRICS economies to feature among most improved economies of the DB Report this year.
Earlier in 2017 itself, the banking sector witnessed the consolidation of State Bank of India (SBI), which merged operations of its five associate banks and Bharatiya Mahila Bank with itself, marking the first consolidation move following the bad loan crisis.
India has sent its first consignment of wheat to Afghanistan through Iran’s Chabahar port. The move has been seen as a landmark one to operationalise the new strategic transit route, bypassing Pakistan. The shipment was flagged off from Kandla port in Gujarat by Indian External Affairs Minister Sushma Swaraj and her Afghan counterpart Salahuddin Rabbani.
India has imposed anti-dumping duty on certain stainless steel products from the European Union and other nations including China and Korea, in order to protect the domestic industry from cheap imports.
Qatar has announced that it would be introducing a minimum wage for workers. The country has been under global scrutiny over its alleged ill-treatment of migrant labourers.
The task force will be headed by YM Deosthalee, ex-CMD of L&T Finance Holdings. The other members of the task force are Sekar Karnam, Vishaka Mulye, Rashesh Shah, Sriram Kalyanaraman, Bidisha Ganguly, Sharad Sharma, Vivek Srivastava, Parvathy V. Sundaram and Anujit Mitra.
This offline facility will provide an opportunity to the taxpayer to verify the details of GSTR 3B before filing GSTR-3B returns and minimise chances of error. It is designed to help taxpayers to prepare their GSTR-3B return on their computer system.
The Government has set a mandatory rule for banks and financial institutions (FIs) to check the original identification documents of individual person dealing in cash above the prescribed threshold of fifty thousand rupees, to tackle the use of forged or fake copies.
The IMF has suggested a 3-pronged approach for structural reform in India that includes Addressing the banking and corporate sector weaknesses, continued fiscal consolidation through revenue measure, and Improving the efficiency of labour and product markets.
The Union Minister for Communications, Manoj Sinha has launched the Sampoorna Bima Gram Yojana, an initiative for expansion of client base of Postal Life Insurance. The main objective of the scheme is to cover all households in the identified Sampoorna Bima Gram village.
RBI has announced a fresh guideline on the issuance and operation of PPI (Prepaid Payment Instruments). It has also has issued stricter Know Your Customer (KYC) norms for the users of prepaid instrument or mobile wallets. With these guidelines to complete full KYC formalities, the mobile wallet user can now send-receive money between wallets of different companies and banks seamlessly through Unified Payments Interface (UPI).
The Tamil Nadu Cabinet has approved the implementation of the 7th Pay Commission recommendations to benefit the state government employees and teachers. The decision was taken at a cabinet meeting after receiving a report from a high-level committee led by State Finance Department Principal Secretary K Shanmugam.
SANKALP is Rs 4455 crore centrally sponsored scheme including Rs 3300 crore loan support from World Bank whereas STRIVE is a Rs 2200 crore central sector scheme with half of the scheme outlay as World bank loan assistance.
Gujarat Government would be setting up 16 new Gujarat Industrial Development Corporation (GIDC) townships in 2400 hectare area to encourage the Small and Medium Enterprises (SMEs).
The Reserve Bank of India (RBI) has decided to launch a financial literacy drive in 80 blocks in 9 states on a pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases.
The RBI (Reserve Bank of India), issued instructions for NBFC (Non-banking Financial Companies) that operate peer-to-peer (P2P) lending platforms. According to the new guidelines, no NBFC can start or carry on the business of a P2P lending platform without attaining a Certificate of Registration from now onwards. These guidelines issued by Reserve Bank of India will be known as the Non-Banking Financial Company - Peer to Peer Lending Platform and will come into force with immediate effect.
Government of India and European Investment Bank (EIB) on 5 October 2017 signed the Finance Contract for lending of €300 million for Bangalore Metro Rail Project Phase II Line R6. The agreement was signed by S. Selvakumar, Joint Secretary (BC), Department of Economic Affairs, Ministry of Finance and Andrew McDowell, Vice President of EIB.