Economy

Mar 52020
The Income Tax department has so far approached 5,627 firms and individuals with the suggestion to take advantage of the 'Vivad Se Vishwas' scheme, which was set up to resolve tax dispute cases pen
Finance Minister Nirmala Sitharaman says the decision to merge ten public sector banks will not be backed down. The Finance Minister said this amid speculation that the merger would not take effect on April 1, the date announced earlier. "The four big lending institutions will not be allowed to be delayed until they come into existence," she said. 
During the Central Budget, everyone's attention is turned to the RBI's monetary policy review. The final meeting of the six-member Financial Monitoring Committee (MPC) will be chaired by Reserve Bank Governor Shaktikanta Das. GDP growth is expected to reduce interest rates as the GDP declines to 5 per cent in the April-June quarter from 4.50 per cent in the July-September quarter, but MPC was not willing to do so in December. The main interest rate remained unchanged, pointing to the onset of inflation. Retail inflation rose to 4.62 per cent in October from 3.99 per cent in September.
The government has made it clear that expatriates only have to pay tax on their income from business or work abroad. Income from work or business abroad is not taxed in India. The Finance Ministry made the announcement on Sunday in the wake of misinterpretations in the media of its budget proposal to stay abroad for at least 240 days. The Budget Proposal is not intended to bring in foreign workers to the tax bracket.
There may be no income tax deduction in the Union Budget this year. This is because tax revenues will be less than Rs 2 lakh crore in the current fiscal. Income tax and corporate tax revenue are projected to decline by Rs 1.50 lakh crore over the current fiscal. With this, there will be a reduction of Rs 50,000 crore in GST. 
The Indian economy is projected to grow by 5.7% in the fiscal year 2019, according to the United Nations. According to the World Economic Situation and Prospects Report released on Thursday, it is expected to reach 6.6 in the 2020-21 financial year. The World Bank had predicted that India's growth would be five percent just days ago. What is significant is that the UN estimates more.
India's inflation rate rises sharply Retail inflation rose to 7.35 per cent in December. The Reserve Bank of India has crossed the 5.54 per cent mark in November and reached 7.35 per cent. This is the highest inflation since July 2014. In July 2014 it was 7.39 per cent. The country's economy is facing a slowdown. 
Sensex gains 47 points in opening trade The 30-share Sensex, which had gained nearly 60 points in early trade, touched a high of 4,1412. The Nifty traded 15 points higher at 12,180. On the BSE, 312 stocks gained while 113 stocks declined. 34 shares remain unchanged. 
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. SBI pilgrim branch offers all facilities of a normal bank Sannidhanam. Regional Manager Suresh Kumar Killiyott, Lead District Manager V Vijayakumaran, Officers Association Regional Secretary T R Prasanth, Staff Union Assistant General Secretary R Suresh Kumar also took part in the inauguration. Food squads to check hotels and shops in Sabarimala
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.

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