- RBI TO SET UP COMPLIANCE PORTAL TO TRACK CYBDER FRAUDS: The Reserve Bank of India would set up a Compliance Tracking System Portal to tackle cyber frauds and establish a better redressal mechanism for consumers. With the digital transactions gaining momentum, this step is seen as a bid to promote and improve customer confidence in the digital channel. As per a RBI report on the data for reported frauds, 22.7% were cyber frauds in 2013-14 while the percentage was 34.1% in 2017-18, indicating a hike in cyber-related crimes.
- RBI BACKS HIGHER CAPITAL NORMS, NEED FOR PROMPT CORRECTIVE ACTION: The Reserve Bank of India has backed its policy of asking banks to maintain capital ratios that exceed global norms. It also upheld the Prompt Corrective Action (PCA) framework for weak banks, which were point of contention between the RBI and the government.
- ANGEL TAX RECOVERY PUT ON HOLD, RELIEF FOR START-UPS: Earlier the tax department had issued notices to Start-up companies for payment of Angel Tax. Now the Central Board of Direct Taxes (CBDT) has directed its officials from taking any coercive action or recovery measures for these start-up firms till a policy decision is taken. The Department of Industrial Policy & Promotion (DIPP) would soon constitute a committee to consider tax exemptions to Start-ups.
- SINGLE GST RATE MAY BE IMPLEMENTED IN FUTURE: Finance Minister Mr. Arun Jaitley has hinted that India could go ahead with a single standard GST rate in future. Such a scenario could materialize only when the revenue from GST rises significantly. He said the country should eventually have one standard GST rate. The government is also looking to simplify GST, reduce number of items in highest GST bracket.
- INDIA POST LAUNCHES E-COMMERCE PORTAL: India post has launched an E-commerce portal with an aim to provide an online market place to small artisans, self-help groups, women entrepreneurs in the rural areas as it operates a network of more than 1.5 lakh post offices in the country. The products sold will be shipped through its e-commerce portal, indiapost.gov.in via its speed post service.
- NCLT HELPS RECOVER Rs. 80,000 CRORE IN 2018 FROM IBC CASES: The National Company Law Tribunal (NCLT) has helped to resolve insolvency and bankruptcy proceedings of more than Rs. 80,000 crore this fiscal. The amount is expected to touch 1 trillion in 2019 with several big–ticket corporate cases pending. Plans are being crafted out to strengthen NCLT by increasing the number of judges and benches and provide adequate infrastructure to fast-track the process for speedy resolution.
- SEVEN PUBLIC SECTOR BANKS MAY GET Rs. 286 MILLION THROUGH RECAPITALISATION BONDS SOON: 7 Public Sector Banks (PSBs) will receive a capital infusion of Rs. 286 billion through the next tranche of recapitalisation bonds. All the banks, except Syndicate Bank, which are expected to receive capital infusion are under RBI’s Prompt Corrective Action (PCA) framework.
- NBFCs FEEL THAT OVER REGULATION IS AFFECTING THEIR LIQUIDITY: Some key Non-Banking Finance Companies (NBFCs) have told Prime Minister Mr. Narendra Modi that over regulation is affecting their liquidity and hurting the sector. Some of the NBFCs backed by Assocham met the Prime Minister and requested for easier regulatory norms. They also told that fund raising activity remains highly restricted which creates a fund crunch.
This post first appeared on IMPACT OF DEMONITIZATION OF CURRENCY IN INDIA IN 2016, please read the originial post: here
