A single authority for sanctioning and processing GST refunds is in the offing as the Finance Ministry looks to speed up and simplify the process for exporters, an official said.
The Reserve Bank of India (RBI) on Friday proposed introducing a liquidity coverage ratio (LCR) for large non-banking finance companies (NBFC) to help tackle liquidity problems in the sector.
Senior citizens with a taxable income of up to Rs 5 lakh can now submit in banks and post offices Form 15H to claim exemption from TDS on interest income on deposits, according to a CBDT notification.
Cost of capital in India is quite high, which needs to be brought down, and there is also a need to create a land bank owned by public sector undertakings so that private investment can be attracted, Kumar said.
Sebi proposed reducing the overall time taken for rights issue to around 31 days as well as make the application and allotment process more efficient. Currently, rights issue process takes 55-58 days from the time company decides to launch the issue till listing.
The Income Tax Department proposed seeking more details including foreign donations received by trusts and institutions claiming deductions. The CBDT has issued a draft notification to amend Form 10B of the Income-tax Rules, 1962 by proposing changes in the audit report form to be filled by trusts and institutions.
Mutual funds can now invest in exchange traded commodity derivatives, except those on sensitive commodities, according to Sebi. To boost participation of mutual funds in the commodities market, the watchdog has allowed them to invest in Exchange Traded Commodity Derivatives with certain restrictions.
The decision to create a specialised supervisory and regulatory cadre within the RBI was taken at the meeting of the Central Board of the apex bank headed by Governor Shaktikanta Das. It was 576th meeting of the RBI Central Board.
The Enforcement Directorate has issued an order that virtually gags its officials posted at its headquarters here from interacting with journalists and said non-adherence to the new directive would invite "punitive action".