News digest: RBI monetary policy review, Mallya held in UK, and more

From govt blinks, cuts excise duty on petrol, diesel to PE firms make record exits of $9.4 bn in 2017, BS brings you up to date with latest news

Excise duty on petrol, diesel cut by Rs 2/L; Govt may suffer Rs 26k-cr loss

Facing public resentment over the recent spike in fuel prices, the government on Tuesday cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday. According to sources, the finance ministry was initially reluctant to reduce the duty due to revenue concerns, but relented after discussions with the petroleum ministry on implementing steps to bring down petrol prices to Rs 60-65 a litre. (Read more)

Monetary policy review: Why RBI might not cut rates today

The six-member Monetary Policy Committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, will announce its interest rate decision today. Analysts largely expect the central bank to maintain the status quo, but add there could be a rate cut later in the financial year. There are also some who see the rate-cut cycle, which started on January 15, 2015, by bringing down the repo rate to 7.75 per cent from 8 per cent, to have reached its end. (Read more)

PE firms make record exits of $9.4 billion in 2017

Private equity (PE) investors have sold a record $9.4 billion worth of shares in the first nine months of the year, against the previous high of $6.6 billion in 2016. (Read more)

Tax department to engage with corporates to spur receipts

Amid slowing growth in advance tax collections, the income-tax department is exploring enhanced engagement with the top 100 companies to facilitate compliance. A committee set up under the direct tax department to review assessment and scrutiny has identified “taxpayer segmentation” to improve collections. (Read more)

Vijay Mallya held in UK in money laundering case, gets bail

Beleaguered liquor baron Vijay Mallya was arrested here on Tuesday in a money-laundering case filed by the Enforcement Directorate (ED), before being released on bail by the Westminster Magistrates' Court. (Read more)

Govt plans new schemes to add shine to gold savings

In line with the thinking that gold should be looked upon more as a currency than a commodity, the government and the Reserve Bank of India (RBI) are considering gold-based savings products, for which returns would be with reference to gold, but with no need to purchase the yellow metal. (Read more)