RBI
RBI report flags large-scale variation in property tax collection across civic bodies
There is a large-scale variation in property tax revenue of municipal bodies of different states. For instance, municipal bodies in Delhi and Gujarat recorded the property tax revenue receipts of Rs 2,940 crore and Rs 1,548.69 crore respectively during 2019-20. On the other hand, the property tax revenue of Uttar Pradesh and Rajasthan was Rs 936.77 crore and Rs 343.98 crore respectively during the same year.
Demonetisation 'one of critical steps in series of transformational economic policy': Centre to Supreme Court
The Ministry of Finance, in an affidavit, said: "The withdrawal of legal tender character of a significant portion of total currency value was a well-considered decision. It was taken after extensive consultation with the RBI and advance preparations". It further added that demonetisation was also a part of larger strategy for combating the menace of fake money, terror financing, black money and tax evasion.
Indian banking sector resilient, yet should keep eye on macroeconomic situation: RBI Governor
At the same time though, Governor Shaktikanta Das asked public as well as private sector banks to remain watchful of the evolving macroeconomic situation and take necessary mitigating measures to minimise their impact on balance sheets and contain financial stability risks.
Retail inflation slides to 6.77% in October
Though food inflation in October fell to 7.01 per cent from 8.6 per cent in the previous month, prices of meat and egg, milk, vegetables, and cereals rose. Retail inflation in October though was at a three-month low from a five-month high of 7.41 per cent in September.
No new Rs 2,000 notes printed from 2019-2022, says RTI reply
The RTI application filed by IANS disclosed that the Bharatiya Reserve Bank Note Mudran (P) Ltd printed 3,542.991 million pieces of Rs 2,000 notes in the financial year 2016-17, which drastically came down to 111.507 million notes in 2017-18 and was further reduced to 46.690 million notes in 2018-19.
Indian e-rupee to boost digital payments sans bank accounts
The rollout of the e-rupee has been one of the most sought-after developments, since its announcement in the FY23 Union budget. Jaya Vaidhyanathan, CEO of BCT Digital, said that the RBI's commencement of the pilot of the digital rupee marks appreciable progress in the journey toward digital payments.
Digital currency to cut RBI's cash management costs, drive financial inclusion
A key reason that is considered to have triggered the move towards the digital rupee was reducing the cost associated with physical cash management. An RBI concept note says that the cost of cash management in India has continued to be significant. The total expenditure incurred on security printing during April 1, 2021 to March 31, 2022 was Rs 4,984.80 crore as against Rs 4,012.10 crore in the previous year (July 1, 2020 to March 31, 2021).
Ready to deal in digital rupee? Find out what exactly it is
The RBI had further announced that within a month of this pilot project of digital rupee (eRs), a similar project for the retail segment would also be launched in closed user groups comprising customers and merchants. Details regarding this would be made public soon, it had added.
Forex reserves rise to $531 billion during week ending October 28
According to a weekly supplement issued by the Reserve Bank of India (RBI), the overall reserves had dropped by $3.847 billion to $524.52 billion in the previous week. In October 2021, the country's foreign exchange reserves had touched $645 billion. However since then, the reserves have been falling.
RBI panel holds meeting to draft response to Centre on failure to check inflation
According to a statement issued by the central bank, the MPC's meeting was held "to discuss and draft the report to be sent to the Government by the RBI under the provisions of Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI MPC and Monetary Policy Process Regulations, 2016".
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