RBI’s Diwali Plan: Transporting 102 Tonnes of Currency from England As the festive season approaches in India, the Reserve Bank of India (RBI) has initiated a significant logistical operation to ensure adequate currency supply during Diwali. The central bank plans to transport 102 tonnes of new banknotes from England to meet the anticipated demand during…
Drop in India’s Foreign Exchange Reserves to $688.26 Billion India’s foreign exchange reserves have witnessed a notable decline, now standing at $688.26 billion as of October 20, 2023. This decrease, amounting to $4.84 billion, is a significant concern for the Indian economy, as these reserves play a crucial role in maintaining the country’s financial stability…
Global Public Debt Set to Exceed $100 Trillion, Warns IMF Introduction to the Concern The International Monetary Fund (IMF) has issued a stark warning that global public debt is projected to surpass a staggering $100 trillion in the coming years. This alarming figure highlights the growing financial challenges faced by nations worldwide as they navigate…
RBI Monetary Policy Committee Reshuffling: A Comprehensive Analysis Introduction to the Reshuffle The Reserve Bank of India (RBI) recently underwent a significant reshuffling of its Monetary Policy Committee (MPC), which has sparked widespread discussions among economists, policymakers, and market participants. This reshuffle aims to enhance the efficacy of the committee in formulating and implementing monetary…
India’s Foreign Kitty Reaches All-Time High at $689.24 Billion Introduction: India’s foreign exchange reserves, often termed as the “foreign kitty,” have reached a fresh record high of $689.24 billion. This remarkable achievement is being hailed as a significant milestone in India’s financial growth, providing a buffer against economic uncertainties and fostering stability in the country’s…
India and UAE Strengthen Audit Cooperation Strengthening Bilateral Audit Cooperation India and the United Arab Emirates (UAE) have recently taken significant steps to enhance their cooperation in the field of audit and financial management. This strategic partnership aims to bolster transparency, improve financial oversight, and foster a more robust economic relationship between the two countries….
Central Board of Indirect Taxes and Customs (CBIC): Overview, Establishment, Missions, and Functions Introduction to CBIC The Central Board of Indirect Taxes and Customs (CBIC) is a crucial institution in India responsible for administering indirect taxes, including Customs duties and Goods and Services Tax (GST). Established under the Central Board of Revenue Act, 1963, CBIC…
India Reduces Windfall Tax on Petroleum Crude: Impact on Economy and Consumers The Indian government’s decision to reduce the windfall tax on petroleum crude has significant implications for both the economy and consumers. This move comes amidst rising concerns over inflation and the impact of high fuel prices on various sectors. Let’s delve deeper into…
RBI Expands Gold Hedging Options for Residents Amidst Price Surge The Reserve Bank of India (RBI) has recently announced an expansion in gold hedging options for residents amidst a significant surge in gold prices. This move comes as a response to the growing demand for hedging mechanisms among residents to mitigate risks associated with gold…
India’s Foreign Exchange Reserves Reach Record High India’s foreign exchange reserves have recently hit a record high, showcasing the resilience and strength of the nation’s economy. The Reserve Bank of India (RBI) reported that the country’s forex reserves surged to a remarkable $642.453 billion in the week ending March 25, 2024. This achievement marks a…
