India's foreign exchange reserves surged by USD 15.267 billion to USD 653.966 billion by March 7, 2024, following a USD 10 billion forex swap by the RBI. Foreign currency assets and gold reserves saw significant increases, while the reserve position with the IMF decreased slightly. This marks the largest weekly rise in over two years.
Related news
President Trump has announced new tariffs on imported goods, dubbing it “Liberation Day.†The tariffs target countries including the EU, South Korea, Brazil, and India to spur domestic investment. However, experts warn of higher consumer costs, potential job losses, and strained international relations. Critics remain skeptical of the economic impact.
The government proposes increasing the TDS threshold on rent from Rs 2.4 lakh to Rs 6 lakh annually as announced by Finance Minister Nirmala Sitharaman in her Budget 2025 speech. This move aims to reduce TDS transactions, offering relief to small taxpayers and simplifying compliance.
The year-end travel surge sees Indian tourists benefiting from simplified visa processes in over 50 countries. Destinations like Thailand, Seychelles, Hong Kong, Malaysia, and Turkey offer easy access with visa-free or visa-on-arrival options. These relaxed entry norms enable Indian travelers to plan spontaneous international holidays without extensive preparation.
Yes Bank disclosed that it has received a demand notice for Rs 2,209 crore from the income tax department for the 2019-20 assessment year. Although the reassessment confirmed the original income assessment without additional changes, an unexpected demand including interest has been raised against the bank.
Tata Pension Management erroneously listed Divinion Advisory Services, owned by the family of Tata Sons executive Suprakash Mukhopadhyay, as a Tata group company in August 2022. While the error was corrected in subsequent disclosures, Mukhopadhyay's connection to Divinion, including CSR contributions and solicitation of investments, raises potential conflict of interest concerns under Tata Sons' code of conduct.
RailTel Corporation's shares jumped 9.6% after securing a Rs 25.15 crore contract from HPCL for MPLS/Internet services over five years. Despite recent gains, RailTel stocks have seen a YTD decline of 16.80%. Currently trading at Rs 328 with a 6.10% increase, the stock shows neutral momentum with an RSI of 52.
IndiGo's parent company, InterGlobe Aviation, faces a Rs 944.2 crore penalty imposed by the Income Tax department for the Assessment Year 2021-22. The company described the order as erroneous and plans to pursue legal remedies, stating it will not significantly impact its financials, operations, or other activities. The dispute arises from an appeal still pending adjudication.
Ola Electric Mobility Ltd. opened 3,200 new stores in a single day, expanding its footprint to 4,000 showrooms and service centers across India. This move seeks to address customer service issues and regain market share amidst intense competition and regulatory scrutiny. The expansion prepares for upcoming vehicle launches.
New Income Tax Bill 2025: The language used in the Bill at many places is extremely lucid and is reader friendly as it has tables and formulas as against the traditional verbose style.
The Federal Reserve decided to maintain its benchmark lending rate between 4.25% and 4.50% despite President Trump's calls for reductions. The Fed highlighted stable unemployment and solid labor conditions, while acknowledging elevated inflation. Experts are uncertain about future rate cuts amid Trump's trade and immigration policies.