Economy

Nov 192019
State Bank of India (SBI) started the pilgrim service branch here at Sannidhanam. The inauguration of the branch was done by Deputy General Manager K Sivaprakash.
The Reserve Bank of India (RBI) has decided to waive the charges levied on banks for Real Time Gross Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) transactions from July 1. Banks were advised to pass on the benefits to their customers. Separately, the RBI has formed a committee to review the entire gamut of automated teller machines’ (ATMs’) charges and fees.
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2019-20 here today. Her First Meeting was with the stakeholder Groups from Agriculture and Rural Development Sectors.
The total gross GST revenue collected in the month of January 2019 is Rs 1,02,503 crore of which CGST is Rs 17,763crore, SGST is Rs 24,826 crore, IGST is Rs 51,225 crore(including Rs 24,065crore collected on imports) and Cess is Rs 8,690 crore (including Rs 902crorecollected on imports). In FY 2018-2019, it is for the third time that GST Revenue collection has crossed One Lakh Crore. The total number of GSTR 3B Returns filed for the month of December up to 31st January 2019 is 73.3lakh.
State-run lender Bank of India posted a ₹4,737.56 crore loss in the October-December quarter on higher provisioning. The move to provide a higher sum for bad loans could help the lender exit the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI) as the net non-performing asset ratio has fallen below 6%.
India and Japan signed the Exchange of Notes and Loan Agreements between Dr.C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and Mr Katsuo Matsumoto, Chief Representative, JICA, New Delhi. The development assistance loan is for the following three projects:
Section 44AB of the Income-tax Act, 1961 (‘the Act’) read with Rule 6G of the Income-tax Rules, 1962 (‘the Rules’) requires prescribed persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD. The existing Form No. 3CD was amended vide Notification No. GSR 666(E) dated 20th July 2018 with effect from 20th August 2018.
Reserve Bank of India is releasing soon new 100-rupee notes, having a new lavender and smaller in size than the prevailing 100-rupee notes. The new denomination has a motif of- "Raani Ki Vav on the reserve depicting the Indian cultural heritage"- RBI release concludes.
India replaces France becomes the sixth-largest economy in the world according to the data released by the world bank on GDP of countries in the world in 2017. Surprisingly India is now after the United Kingdom, India's GDP had a $2,597 trillion as France had $2,582 trillion, less than India's helped to gain the place. The United Kingdom has recorded their GDP as $2,622 trillion in 2017, the US stands as No.1 at $19,390 trillion and China stands no.2 $12,237 trillion.
India has made it clear that crude oil prices have gone beyond limits, it has not only hurt India's fiscal balance, any more hike of oil prices would hurt the global economy. India a major consumer of petroleum products in the world, the stress created by the steep increase of crude oil prices, it will have dents on the global economy, it is like adding fuel to the fire when the worlds' economy has threats by the trade-war between China and U.S, its repercussions felt by all the countries in the world, individually and collectively.
The issues of the proposed mega free trade deal will be discussed soon by the Chinese officials in a visit to India. The discussions started in Cambodian Capital Phnom Penh in 2012. Mega-regional trade deals are a fragile global economy. These trade deals are seen as a means to insulate economies from market uncertainties in an environment of falling aggregate demand. The mega-deal aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights. 

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