Lending rates to start easing only in second half of FY'25: Report
Bank deposit rates are unlikely to rise further. But the structural shift in the system will keep downward rigidity intact. Hence, banks’ lending rate is expected to remain high in FY’25 with some modest softening towards the end.
Govt contemplating changes in SARFAESI, DRT laws; to provide legal sanctity to e-notices
The Finance Ministry has set up a panel to propose amendments to the SARFAESI and DRT Acts, aiming to expedite debt recovery. E-notices were to be granted legal sanctity for faster recovery. Meetings were held, discussing enhancements to DRTs for efficient debt recovery.
I-T recovers ₹73,500 cr in pending bills
The income tax department has recovered ₹73,500 crore of pending dues in the current financial year up to March 15, with corporate tax dues amounting to ₹56,000 crore, personal income tax at ₹16,500 crore, and undisclosed income from foreign assets at ₹50 crore. The recovery is part of a targeted plan to increase collection of outstanding tax arrears. The department has seen an improvement in recovery efficiency, with efforts including using technology to track defaulters and setting zone-wise targets for field formations.
Government's dividend collection from CPSEs hits record Rs 61,149 crore
Dividend receipts in the first half of March alone totalled nearly ₹10,000 crore. The revised estimate in the interim budget last month estimated the dividend collection for 2023-24 at ₹50,000 crore, higher than initial target of ₹43,000 crore.
Net direct tax collections likely to surpass FY24 target of Rs 19.45 lakh crore
Net direct tax collections from April 1, 2023, to March 15, 2024, stood at Rs 18.95 lakh cr, up 14.05% year on year, buoyed by advance tax collections of Rs 9.10 lakh crore, officials said.
Central Banking London selects RBI for Risk Manager Award
Reserve Bank wins Risk Manager Award at Central Banking Awards 2024 in London for implementing a new enterprise-wide risk management framework, overcoming challenges from 2012, and being acknowledged for large staff size.
AI increases cybersecurity challenges manifold for financial institutions: RBI Guv Das
Governor Shaktikanta Das addressed the Annual Conference of RBI Ombudsman, emphasizing the importance of data analysis, cybersecurity, fraud prevention, and efficient grievance redressal mechanisms for financial institutions to protect customer information and enhance customer service.
Cos under recast get more time to file modified income returns
CBDT allows companies in business reorganisation to file modified returns by June 30, offering relief amidst Finance Bill 2022 implications. The decision aims to ease compliance burdens, promote tax transparency, and reduce court interventions for affected entities.
Centre may save ₹45k cr on lower capex by states, subsidy payout
Central government plans to cut fiscal 2024 spending by ₹45,000 crore with savings from subsidy bill reductions, states' under-utilisation, and improved tax collections. Softening fertiliser prices and revised expenditure estimates also contribute to the savings.
Northeast among biggest gainers of GST, says Finance Minister Sitharaman
Speaking at the Indian Institute of Technology in Guwahati, Sitharaman said the compounded annual growth rate (CAGR) of GST revenue of the north-eastern states has been 27.5% since its introduction in 2017-18. This was way above the CAGR of 14.8% under the earlier indirect tax regime. Elevated tax mop up has enabled these states to spend more on development programmes, she added.
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Unicorns to add $1 trn to economy by 2030, generate 50 mn jobs: CII study
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Indian economy is resilient... changes in bilateral trade are a huge opportunity, says Crisil CEO
"The fiscal discipline of the government means that its expenditure would be a little controlled. We are hoping for a normal monsoon, so the agriculture sector will be okay. At 6.8%, India would still be the fastest-growing major economy," says Crisil CEO Amish Mehta
States' capex focus pivots away from roads to social services
States are expected to reduce their capital expenditure on roads in FY25, focusing more on social services like public health and education. This shift is partly due to the post-pandemic realization of the need to develop human capital. States are also aiming to meet their fiscal targets, with some compromising on road spending to achieve this. While overall spending on roads by states is set to increase, the growth rate is slowing down compared to previous years. The central government is also expected to reduce its spending on roads in FY25.
PFRDA inaugurates app for financial inclusion, boost NPS
PFRDA Chairperson Deepak Mohanty has introduced a new web application by Zerodha Broking Limited, enhancing access to the National Pension System (NPS) for subscribers. This initiative aims to simplify NPS management and increase its appeal, especially among the younger generation, by highlighting the benefits of early enrollment and its availability to NRIs.
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