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Govt collected Rs 98,681 cr from long-term capital gains tax on listed stocks in FY23: M0S Pankaj Chaudhary
July 30, 2024, 02:28 PM IST
The government collected Rs 98,681 crore as long-term capital gains (LTCG) tax on listed equities in 2022-23, an increase of 15% over the previous year, Minister of State for Finance Pankaj Chaudhary said in the Rajya Sabha. The LTCG tax on equities, introduced in 2018, has been increased to 12.5% in the Budget 2024-25. No proposal to abolish LTCG tax is under consideration.
Risk of data breaches and cyber frauds increases due to digitalization: RBI report
July 29, 2024, 7:59 PM IST
The report citing German data and statistics platform Statista said that globally, cybercrime costs are expected to reach $13.82 trillion by 2028, up from $8.15 trillion in 2023.
Digitization will help rupee go global: RBI report
July 29, 2024, 7:19 PM IST
The Reserve Bank of India (RBI) highlighted in its annual report on Money and Finance that digitalisation will accelerate the internationalisation of the rupee. This will reduce transaction costs for cross-border trade and investment and reduce foreign exchange risk.
To boost investment, Budget offers GIFT to compliant venture capital funds
July 27, 2024, 11:55 PM IST
The budget proposal exempts venture capital funds in GIFT City, Gujarat, from disclosing their sources of funding. This is aimed at facilitating compliance and encouraging investment. Tax exemptions will also apply to retail schemes and ETFs. However, the exemptions do not provide immunity from the Prevention of Money Laundering Act (PMLA).
RBI imposes penalties on 3 payment system operators
July 26, 2024, 7:56 PM IST
The RBI said a monetary penalty has been imposed on Payment System Operators (PSOs) Manappuram Finance and Ola Financial Services for non-compliance with certain provisions of Know Your Customer (KYC) instructions. Composition orders have also been issued to two Ola Financial Services and Visa Worldwide for violation of certain provisions.
RBI selects 5 entities under its regulatory sandbox scheme
July 26, 2024, 7:33 PM IST
The Reserve Bank has selected five entities to pilot innovative financial solutions under a regulatory sandbox. These include the Digital Infrastructure Company of Indian Banks, Signzy Technologies, Connectingdot Consultancy, Epifi Technologies and Finagg Technologies. The pilot aims to promote responsible innovation, improve efficiency and benefit consumers through better financial services. The pilot will begin in August 2024.
Digital payments to surge 12.6% by March-end 2024: RBI data
July 26, 2024, 5:46 PM IST
The Reserve Bank of India (RBI) reported a 12.6 per cent increase in digital payments across the country as of March 31, 2024, according to its Digital Payments Index (RBI-DPI). The index, which measures the adoption of online transactions, increased across all parameters due to significant growth in payment performance and infrastructure.
FY2025 gold bond float target reduced by 38%
July 26, 2024, 12:25 PM IST
Net sovereign gold bond issuances (after factoring in redemption) are now pegged at ₹15,000 crore this fiscal, against ₹26,138 crore in the interim budget and ₹25,352 crore in 2023-24 (revised estimate). Harish Galipelli, director, ILA Commodities India, said a growing number of retail investors are now parking their investable surplus in equities, anticipating better returns.
Focus on creating value in CPSEs, not forcing divestment just to meet targets: DIPAM Secretary
July 25, 2024, 3:53 PM IST
Pandey said there has been an improvement in the performance of public sector entities and markets have started valuing these entities in a much better manner. Further, LIC has contributed significantly to the total market capitalisation of CPSEs. As per the latest BSE data, LIC’s market capitalisation stands at Rs 7.2 lakh crore.
Customs duty structure review will focus on reducing number of duties: Revenue Secretary
July 24, 2024, 8:27 PM IST
The government is planning to simplify customs duty rates, aiming to reduce them from about a dozen to five, according to Revenue Secretary Sanjay Malhotra. The move, part of a comprehensive overhaul announced in the Budget, seeks to simplify the duty structure to facilitate trade, address inversion tax issues and minimise classification disputes.
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Simplified FDI, reduced corporate tax rates to significantly boost capital inflows: Deloitte India
July 24, 2024, 5:23 PM IST
Deloitte India highlighted the positive impact of the Budget announcements on capital inflows, emphasizing simplified FDI regulations, reduced corporate tax rates and the abolition of Angel tax to boost investment in startups. Economist Rumki Majumdar stressed the importance of stable capital for investment, particularly through FDI to boost private capex. The rationalization of customs duties, including changes in BCD rates for various sectors, is aimed at supporting domestic manufacturing and export competitiveness.
Government may cut lending if small savings inflows are high, official says
July 24, 2024, 02:43 PM IST
The NSSF consists of public investments in schemes such as postal deposits, savings certificates, public provident fund and senior citizens savings scheme among others.
Implement reforms, get interest-free loans: Centre to states
July 24, 2024, 12:26 PM IST
FM Nirmala Sitharaman announced ₹1.5 lakh crore loans for 50 years interest-free to states that collaborate on reforms. Special Assistance disbursement has been increased by ₹20,000 crore. States must reduce stamp duty, property taxes for women and engage in key labour and land reforms, including rural land administration, to enable creation of durable assets through zero-interest loans.
India’s public finances remain a weakness for its credit profile, says Fitch analyst
July 23, 2024, 5:57 PM IST
Fitch Ratings acknowledges India’s achievable fiscal deficit targets, noting continued financial weaknesses. Government’s commitment to deficit reduction is evident through reduced target. Significant investments announced for job creation and rural development. Aiming for economic growth and stability.
India Budget: Modi govt gives income tax exemption to some to boost spending
July 23, 2024, 3:14 PM IST
Budgetary fiscal measures: India on Tuesday announced income tax rate cuts to boost consumption amid economic hardship. The revised system now taxes annual income between Rs 0.3-0.7 crore at 5%, expanding the lower end and increasing the standard deduction for salaried employees. The changes are aimed at providing relief and encouraging spending, with some revenue sacrifices and additional mobilization anticipated.
Budget fiscal targets: Sitharaman hopes to further increase tax revenues in FY25
July 23, 2024, 02:49 PM IST
Budget tax collection target: Finance Minister Nirmala Sitharaman has proposed increasing gross tax collection in Budget 2024 to boost income and consumption, aiming for India to become the world’s third-largest economy. The government is targeting gross tax revenue of Rs 38.40 lakh crore, with Rs 22.07 lakh crore from direct taxes and Rs 16.33 lakh crore from indirect taxes, which are crucial for fiscal stability and funding development initiatives. Personal income tax collection is expected to increase, with a deadline for filing returns of July 31.
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