Tax revenues at the end of the first quarter stood at ₹5.06 lakh crore, 22% higher than the same quarter last year. Non-tax revenues contracted by 51.2% in the same period due to 69.4% lower surplus transferred by the RBI to the Centre, pulling down the overall revenue receipts that grew by a tepid 5.2%.
Many importers had filed the refund claims after the Supreme Court order, but their claims are still stuck. "It is directed that if any IGST amount is collected, the same shall be refunded within six weeks along with statutory rate of interest," Justice NV Anjaria said, while admitting the petition by Louis Dreyfus Company India Pvt Ltd Vs Union of India.
Non-dollar currencies like the Euro, British Pound Sterling, and Japanese Yen are included in the foreign currency assets when expressed in US dollar terms. Other parts of the currency reserves saw a growth. It's worth $38.502 billion now, up from $38.502 billion in the week that ended on July 22nd. (RBI) data revealed a $106 million increase in the value of Indian SDRs held by the International Monetary Fund (IMF) during the week.
As per the regulations, Piramal, which already has a promoter stake in a life insurance firm, cannot pick up a similar stake in another life insurer. Pramerica Life Insurance Limited (PLIL) is promoted by Piramal Group.
The transaction includes acquisition of 99.96 per cent stake in IDFC Asset Management Company Ltd and 100 per cent shareholding in IDFC AMC Trustee Company Ltd.
Large banks (individual or consortia) can develop digital interfaces connecting all the players in the supply-chains. Such platforms can enable seamless end-to-end journeys that cover procurement, invoicing and financing. For large banks, especially the public sector, this gives an opportunity to enter the digital era.
The states for which Post Devolution Revenue Deficit(PDRD) Grant has been recommended by the 15th Finance Commission during 2022-23 are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal.
The recent RBI regulations are more focused on payments businesses for regulating BNPL players. It should not have too much impact on the home loan market. On the other hand RBI is quite bullish in increasing the home loans penetration in India and in October last year came up with a circular to rationalize the risk weights on housing loans by linking them with LTC (Loan-to-Cost ratios) for loans sanctioned up to March 2022.