Page 130 - Finance News
States must raise tax devolution concerns with Finance Commission: FM
The 16th Finance Commission, headed by Arvind Panagariya, has been tasked to make its recommendations available by October 31, 2025, covering an award period of 5 years
 "States must raise tax devolution concerns with Finance Commission: FM")
RBI may purchase Rs 2 trn of bonds in FY26, says DBS Bank's Vaidya
The Reserve Bank of India last week resumed bond purchase auctions after a gap of more than three years and plans to buy more in the coming weeks
 "RBI may purchase Rs 2 trn of bonds in FY26, says DBS Bank's Vaidya")
Rupee sinks to lifetime low as Trump tariffs shake global markets
The rupee declined to 87.28 per U.S. dollar before closing at 87.1850, down by nearly 0.7%, its biggest single-day percentage loss since Jan 13
 "Rupee sinks to lifetime low as Trump tariffs shake global markets")
India's avg customs duty cut to 10.6%, now moving towards Asean level: CBIC
The 10-nation bloc ASEAN (Association of Southeast Asian Nations) countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam
 "India's avg customs duty cut to 10.6%, now moving towards Asean level: CBIC")
Not concerned about rupee value, RBI managing volatility: Finance Secretary
Finance Secretary Tuhin Kanta Pandey said the Indian rupee is "free-float" and no control or fixed rate is applicable on the currency
 "Not concerned about rupee value, RBI managing volatility: Finance Secretary")
RBI's forex forward book climbed to near 4-year high on rupee angst
RBI buys or sells dollars in the FX forward market when it does not want its spot intervention to affect domestic liquidity and/or to maintain headline forex reserves
 "RBI's forex forward book climbed to near 4-year high on rupee angst")
Income Tax dept not an adversarial entity, but participative: CBDT chief
CBDT chairman Ravi Agrawal said the tax administration is committed to 'fostering stability and simplifying business operations' in India
 "Income Tax dept not an adversarial entity, but participative: CBDT chief")
Give suggestions on new income tax bill: CBDT chief asks industry
New income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax compliance easier
 "Give suggestions on new income tax bill: CBDT chief asks industry")
Rupee crosses 87 per dollar mark amid tariff hikes and safe haven demand
The rupee was trading at 87.16 per dollar at 10:31 IST.
 "Rupee crosses 87 per dollar mark amid tariff hikes and safe haven demand")
Rupee plunges 67 paise to hit record low of 87.29 against US dollar
At the interbank foreign exchange, the rupee opened at 87.00 and slipped further to 87.29 against the greenback in initial deals, a plunge of 67 paise from its previous close
 "Rupee plunges 67 paise to hit record low of 87.29 against US dollar")
Rupee strained by Trump tariffs; bonds await RBI's policy decision
There was little impact on the rupee from India's federal budget on Saturday. Indian shares, which were open for a special trading session, closed lower
 "Rupee strained by Trump tariffs; bonds await RBI's policy decision")
RBI likely to cut repo rate by 25 basis points: Business Standard poll
The domestic rate-setting panel has kept the policy repo rate unchanged for the last 11 consecutive meetings after raising it by 250 bps between May 2022 and February 2023
 "RBI likely to cut repo rate by 25 basis points: Business Standard poll")
Budget 2025: Individual credit score boost for 100 mn SHG members
Tucked away as an innocuous para in the Budget document, it says "PSBs will develop a 'Grameen Credit Score' framework to serve the credit needs of SHG members, and people in rural areas"
 "Budget 2025: Individual credit score boost for 100 mn SHG members")
STT collection estimates: Building castles in the air on shifting sands
To secure fiscal targets, sustaining STT growth remains a high-wire act in a windy market
 "STT collection estimates: Building castles in the air on shifting sands")
Reduced FY26 outlay for P2M promotion concerns industry, say experts
Incentives to promote such digital payments slashed for 2nd year straight
 "Reduced FY26 outlay for P2M promotion concerns industry, say experts")
Rupee not depreciating against any currency other than $: FM Sitharaman
Indian rupee has been under pressure in the last few months but it continues to be the least volatile currency against the US dollar among its Asian and global peers
 "Rupee not depreciating against any currency other than $: FM Sitharaman")
UPI volume scales new peak of 16.99 billion in January, shows NPCI data
The number of daily transactions for January stood at 14.33 million, up from 14.23 million in December, which translated into a daily transaction value of Rs 19,562 crore
 "UPI volume scales new peak of 16.99 billion in January, shows NPCI data")
Non-tax revenue from telecom pegged 33% lower at Rs 82,443 cr for FY26
The revised estimates for FY25 place revenue from telecom (under the head 'other communications services') marginally higher at Rs 1.23 trillion against the originally-expected Rs 1.20 trillion
 "Non-tax revenue from telecom pegged 33% lower at Rs 82,443 cr for FY26")
Budget proposes GST amendment: Track and Trace Mechanism to prevent evasion
The budget inserted a new clause in Central GST law to provide for a definition of Unique Identification Marking for the implementation of Track and Trace Mechanism
 "Budget proposes GST amendment: Track and Trace Mechanism to prevent evasion")
RBI partially devolves 10-yr green bond; $/rupee swap attracts 5 times bids
The RBI accepted Rs 1,054 crore worth of green bonds at the auction, against the notified amount of Rs 5,000 crore
 "RBI partially devolves 10-yr green bond; $/rupee swap attracts 5 times bids")