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India’s Current Account Deficit Jumps To 1.4% Of GDP In December Quarter: RBI

CAD

The Reserve Bank of India (RBI) has revealed that the current account deficit (CAD) widened to $7.9 billion in the Oct.-Dec. quarter of the current financial year. The current CAD is 1.4% of GDP as compared with $3.4 billion, or 0.6%, recorded in the preceding quarter. CAD was $7.1 billion in the third quarter of the fiscal 2015-16. The RBI has ... Read More »

GST: Small traders yet to adopt digital technology; demand delay in roll out

The Confederation of All India Traders (CAIT) has urged the government to postpone the roll out of Goods and Services Tax (GST), citing the reason that small businesses are yet to adopt the required digital technology. CAIT said that it would prefer the roll out of GST on September 1, as 70% of small businesses are not yet prepared for ... Read More »

GST set for July launch; States agree on primary structure

The final draft of Central GST (C-GST) and Integrated GST (I-GST) has been approved by the GST Council in its meeting today. In its next meeting on March 16, the Council will carry out discussions for approving the State-GST and Union Territory-GST (UT-GST) laws. The C-GST and I-GST will now be presented in the Parliament for approval in the second ... Read More »

States reach consensus on GST; roll out by July

Economic affairs secretary Shaktikanta Das has informed that the Goods and Services Tax (GST) will be rolled out by July 2017. He said that the States have agreed to the details of GST and it will not be delayed any further. It may be recalled that earlier some States had raised objections to the tax structure of GST, which had ... Read More »

New 1000 note to be launched soon; fake Rs 500 notes printed in Pakistan

Sources have revealed that new Rs 1000 currency notes will soon be released by RBI. Reports claim that RBI has already started printing the new Rs 1000 currency notes. On the condition of anonymity, sources have revealed that the release of new Rs 1000 notes was scheduled for January 2017, but the same could not be achieved because of the ... Read More »

Asian Millennials Face Critical Retirement Finance Crunch – Manulife Survey

Average millennial expects to accumulate only one-third of what is typically required for retirement 3 in 10 millennials expect to run out of money in retirement, and nearly 4 in 10 expect to carry mortgage debt into their retirement years HONG KONG, CHINA – 21 February 2017 – A new survey of Asian investors reveals that millennials in the region are at substantial ... Read More »

Debit card transactions to cost less with reduced MDR

The Reserve Bank of India (RBI) has issued a draft circular, which talks about reducing the Merchant Discount Rate (MDR). The MDR is a charge that is levied on debit card transactions. The RBI has proposed rationalization of MDR charges to encourage people to use digital payment modes. The RBI feels that the momentum of digital transactions need to be ... Read More »

Overseas FDI down by 57%: RBI

In a report released by the Reserve Bank of India (RBI) today, it has been revealed that direct investments made overseas by Indian companies has declined by 57.3% in January 2017. Overseas FDI by Indian companies in January 2017 was only $ 1.82 billion. The corresponding figure for January 2016 was $4.25 billion. The overseas FDI for January 2017 is ... Read More »

UBI to be launched by next year; alleviate poverty: Arun Jaitley

The Universal Basic Income (UBI) scheme is expected to be launched over the next one year’s time. UBI will aim to provide a minimum amount of cash to poor people, so that they can meet their basic needs. Finance Minister Arun Jaitley said that the scheme would be launched on a trial basis in some parts of the country over ... Read More »

Industrial output shrinks 0.4% in December due to demonetization

The effect of demonetization of Rs 500 and Rs 1000 notes could clearly be seen on industrial activity as output contracted to four-month low of 0.4% in December. The worst hit was the consumer durables segment, which came down by more than 10%, largely due to unavailability of cash among people. In November, the industrial output was 5.7 percent and ... Read More »

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