Page 177 - Finance News

No duty relief for import of goods to help Wayanad landslide victims

Prefabricated buildings fall under the tariff heading 9406. Modular building units of steel fall under the tariff line 94062000. All the items under the heading 9406 can be imported freely

FM asks RRBs to devise suitable products aligning with MSME clusters

Sitharaman also asked sponsor banks and RRBs to recognise the challenges ahead and continue focusing on maintaining asset quality, expanding digital services

NRI deposits see nearly $4 billion inflows in April-June FY25: RBI data

In June, inflows into the various NRI schemes stood at $1.23 billion compared to $1.7 billion in May

Outward remittances under RBI's LRS drop 24% to $6.9 billion in Q1 FY25

In June 2024, overall remittances fell around 44 per cent Y-o-Y to $2.18 billion amid a decline in remittances across categories

Periodic revision of deposit insurance coverage warranted: RBI dy governor

At present, limited coverage option is adopted in India with uniform deposit insurance coverage limited to an amount of Rs 5 lakh per depositor of each insured bank

RBI releases framework for financial market self-regulatory organisations

The proposed self-regulatory organisations (SROs) can play a vital role in developing industry standards and best practices and ensuring that members adhere to these

FM Sitharaman meets heads of PSBs, exhorts banks to improve deposit growth

Deposits have been growing 300-400 basis points lower than the credit growth in the last few months, creating an asset-liability mismatch for banks

FinMin must identify high risk taxpayers in GST composition scheme: CAG

These high risk taxpayers were identified by audit from the data contained in GST returns

Rupee rises 11 paise to 83.84 against US dollar during early trade

Over the past shortened week, the rupee showed minimal fluctuation and narrowly steered clear of the critical 84 mark

Amid deposit mobilisation issues, Canara Bank on expansion mode: MD Raju

The chief executive noted that the bank launched 150 branches in fiscal 2023 '? 24 and is in the process of opening another 250 in FY25

Urgent need to address $4 trn financing gap to accelerate SDG progress: FM

"Our priority should be a people-centric growth path that empowers the most vulnerable and marginalised to participate in the development journey," she said

Sebi proposes to introduce liquidity window facility for bond investors

The Securities and Exchange Board of India (Sebi) has invited public comments on the draft circular till September 6

Open to exploring more ways to increase collaboration with IMF: FM

During the meeting, Gopinath congratulated the Finance Minister on policy continuity in the fiscal consolidation path being followed by the Government of India

Check high-value cash transactions at hotels, hospitals: CBDT to I-T Dept

Businesses, like hotels, halls, luxury retailers, IVF clinics, hospitals, designer stores, and NRI quota medical colleges, were identified where non-adherence to rules, large cash transactions happen

RBI flags breach of regulations by some NBFC-P2P lending platforms

Bars credit enhancement, caps aggregate exposure at Rs 50 lakh

Fintechs asked to sign up on financial cyber fraud reporting portal

To also appoint a nodal officer to attend to customer grievances and engage with law-enforcement agencies to prevent fraud

Gold loan demand stays strong despite cash disbursement curbs: CRISIL

According to CRISIL, growth for gold-loan NBFCs has been supported by favourable movement in gold prices

Reduce GST on online news subscriptions to 5%: MIB tells revenue dept

Printed newspapers, journals, and periodicals are presently exempted from the Goods and Services Tax while online news subscriptions at taxed at 18 per cent

Data story: How digital payments in India have evolved over the years

Widespread adoption of digital payments has facilitated rapid, low-cost transactions and easy withdrawals through banking and mobile apps

RBI might ask banks dealing with UAE to push direct rupee-dirham settlement

The move is part of India's attempt to increase trade settlement in the rupee and reduce reliance on the dollar, an ambition that has evaded most nations