The goods and services tax (GST) introduced to track the trail of transaction has in fact increased illegal activities in terms of billing by multiple times. ‘Bill selling’, a practice common in the construction sector among those who inflate cost of projects, has gone up four-five times after the launch of GST.
Plan and Policy
Plan & Policy
RBI on Tuesday tightened norms for liberalised remittance scheme (LRS) by making quoting of permanent account number (PAN) mandatory even for transactions below $25,000.
Under LRS, all resident individuals, including minors, are allowed to freely remit up to $2,50,000 per financial year for any permissible current or capital account transaction or a combination of both.
Housing loans of up to Rs 35 lakh, for dwellings costing less than Rs 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank of India (RBI) said on Tuesday. PSL loans are relatively cheaper than market interest rate.
There is enough liquidity in the banking system to lend to genuine borrowers despite some banks struggling due to RBI’s supervision (prompt corrective action – PCA), high provisions and mounting non-performing assets (NPAs).
Speaking to reporters after meeting heads of public sector banks (PSBs) here on Tuesday, finance minister Piyush Goyal said bankers have decided to embark on a strategy to give a push to lending to genuine corporate borrowers as well as small businesses with a view to support the uptick in the economic activity.
The current account deficit at 2.5 per cent of the gross domestic product won’t be a worry as the government has the required instruments to deal with any imbalance created due to foreign fund outflow, economic affairs secretary Subhash Chandra Garg said on Tuesday.
“The 2-2.5 per cent CAD is not a problem for us. If there is stability, in the current year capital account (inflows) should be good enough to take care and we may not worry even if it (CAD) reaches 2.5 per cent,” Garg said.
In a surprise move, the BJP on Tuesday pulled out of the three-year-old ruling coalition with the PDP in Jammu and Kashmir and called for governor’s rule, which appeared imminent, after which chief minister Mehbooba Mufti quit.
The three-year Jammu and Kashmir government, wracked by bitter political feuds and worsening security challenges, collapsed today with the BJP pulling out of its alliance with the PDP setting the stage for yet another round of governor's rule.
Amid the tug of war between the AAP dispensation and Lieutenant Governor, Delhi chief minister Arvind Kejriwal has found the support of three more regional players — Shiv Sena, Samajwadi Party (SP) and Janata Dal United.
While senior SP leader Ram Gopal Yadav visited deputy chief minister Manish Sisodia and Health minister Satyendar Jain at the hospital, and assured them that if need be, “we will also sit on dharna”, JD(U) spokesperson Pawan Verma told a TV news channel on Sunday, “An elected government should be allowed to work without any interference.”
As Delhi chief minister Arvind Kejriwal’s sit-in at the lieutenant governor’s office entered the 8th day, the Delhi government and its IAS officers on Monday showed signs of a thaw with both sides expressing their readiness for talks to end the impasse.
India no longer enjoys the advantage of demographic dividend as it’s saddled with crores of youngsters with low skills unsuited to the economy, claimed a human resources and education expert. Chairman of Manipal Global Education TV Mohandas Pai claimed India already has 10 crore people in the 21-35 age-group with bad skills, unsuited for the economy. “There is no demographic dividend,” he said.