As regards Euro, the conversion rate for calculating taxes on imported goods has been fixed at Rs 86.55, as compared to Rs 85.05 on September 6, according to a finance ministry statement.
The pecuniary limit was raised last week following amendment in the rules of Recovery of Debts due to Banks and Financial Institutions Act, 1993.
Coming Monday, September 3 is not a pan-India holiday and banks only in some states where a holiday is declared under the Negotiable Instruments Act, 1881, will remain closed, it said.
The court, however, asked the Centre to talk to the central bank to get some relief for the petitioners using the provisions of the RBI Act within 15 days.
The ministry would consult the RBI as per the Allahabad High Court order, which today refused to give any interim relief to private power companies from the RBI's February 12 order on NPAs.
Restrictions aimed at straitjacketing virtual currencies have had the reverse impact. Despite a correction in the price of most cryptocurrencies, transactions have gone up substantially in both volume and value after the RBI’s April circular
The comfortable forex reserve built up over the last three years will help the government deal with the volatility in oil prices in the international market, the official said.
Sources said the finance ministry has proposed to issue a "general exemption" notification under a section of Customs Act to exempt goods from Basic Customs Duty and IGST, which are "imported/supplied for donation for the relief and rehabilitation of the people of Kerala affected by the floods".
In order to rationalise and make the process of issuance of certificate for no deduction of tax or deduction/collection of tax at lower rate electronic, the existing Form No 13 and relevant IT Rules are required to be amended.
The government treasury has been bogged down by liquidity issues and monetary support to state-run banks.
Last month, India had imposed safeguard duty on solar cells imports from China and Malaysia for two years to protect domestic players from steep rise in inbound shipments. The duty was imposed following recommendations by the Directorate General of Trade Remedies (DGTR) under the commerce ministry.
FinMin had budgeted for a surplus of Rs 45,000 crore for the current financial year. Therefore, a higher-than-estimated of Rs 5,000 crore would lead to a windfall for the Centre.
A relaxation in the rules will help weaker banks, which are foregoing fresh lending, to meet the RBI’s capital adequacy ratio
The Railway Convention Committee on Internal Resource Generation has said that the impact of pension payment on the railways at the moment is around Rs 50,000 crore annually.
The ministry has cited an increase in the fares on the already-operating network for its refusal to release the additional funds.
The second phase of the scheme is expected to entail subsidy only for electric buses and setting up of charging infrastructure for all categories of vehicles.
The CPSE ETF comprises 10 state-owned bluechips and shares in these companies can be sold only till the government stake in them reaches 55 per cent.
Compelling foreign firms to relocate their servers would offer Paytm an opportunity to steal a march on rivals as they will be more focused on compliance, rather than growth, in the short term.
If these banks are unable to meet the norm by August deadline, the Department of Financial Services will have to approach the Securities and Exchange Board of India (Sebi) for exemption, sources said.
Arun Jaitley had announced Subramanian’s departure in a Facebook post, saying he would return to the US later this year
Goods and Services Tax (GST) was rolled out in the intervening night of June 30 and July 1, last year, in a ceremony held in the Central Hall of Parliament.
"Both IDBI Bank and LIC are independent organisations. We have left all the decisions to bank boards and we are not going to micromanage them," a senior finance ministry official told reporters on the sidelines of the two-day annual summit of the Asian Infrastructure Investment Bank.
Financial Services Secretary Rajiv Kumar will chair the meeting of all stakeholders tomorrow where the issues and concerns will be discussed at length, a senior finance ministry official said.
“This is the best job I have ever had and probably ever will,” he told the reporters, adding that the last date for his role as the CEA is yet to be fixed.
Punjab CM Amarinder Singh seeks PM Modi's in the settlement of Rs 31,000 crore food account for procurement of wheat and paddy.