Friday, August 24News That Matters

Tag: Reserve Bank of India

No proposal to lower the excise duties on petrol and diesel: Finance Ministry

No proposal to lower the excise duties on petrol and diesel: Finance Ministry

Economy, National
Consumers will continue to pay higher taxes on petrol and diesel as the government has no plans to lower the excise duty on fuel. This is because notwithstanding the robust collections from the Goods and Services Tax, the Centre continues to remain vigilant about its fiscal health. “There is no proposal to lower the excise duties on petrol and diesel. We are not looking at anything of the sort at the moment,” said a senior government official. While the dividend payment from the Reserve Bank of India at ₹30,659 crore is lower than estimated ₹58,000 crore and uncertainty over the projected ₹72,500 crore from disinvestment receipts, the Centre is keeping a close eye on its fiscal projections. Global prices still low A major source of comfort is the still low prices of crud
99% demonetized currency finds its way back into the system — It’s a success not failure & here’s why!

99% demonetized currency finds its way back into the system — It’s a success not failure & here’s why!

Opinion
The debate over the achievements of demonetization is not settled yet. Ever since the Reserve Bank of India put out its annual report which revealed that close to 99 per cent currency returned to the banks, political parties such as Congress, CPI(M) and TMC have attacked the government and asked Prime Minister Narendra Modi to apologise for undertaking a move that disrupted the country's growth momentum. Senior politicians like P Chidambaram and Mamata Banerjee called the demonetization a big scam which facilitated the conversion of black money. Their argument is fairly simple. They say that the government had expected dividend of close to Rs 4-5 lakh crore, however, the RBI data shows it got just Rs 16,050 crore. So, was it wise decision to lose one per cent GDP for just Rs 16,000 cror...
Reserve Bank of India (RBI) has cleared a proposal to introduce notes of Rs 200

Reserve Bank of India (RBI) has cleared a proposal to introduce notes of Rs 200

Economy
The Country’s supreme banking authority, the Reserve Bank of India (RBI), has cleared a proposal to introduce new currency notes of Rs 200 denomination, according to a report by LiveMint. The decision was taken at the Reserve Bank Of India board meeting held in March, two officials of the RBI were quoted as saying in the news report. They didn’t want to be identified as they aren’t authorized to speak to the media. The process of printing the new Rs 200 notes is likely to begin in June after the central government officially approves this new denomination note, said one of the two people cited earlier. When contacted Reserve Bank Of India spokesperson declined to comment. The move to introduce lower denomination notes comes against the backdrop of the Central government’s mov