Indian

Any attempt by govt to curtail central bank’s independence credit negative: Moody’s

Dec 10, 2018

To a query on the sovereign rating impact of the developments around RBI, Moody’s said, “While the motivation for the RBI Governor’s resignation is unclear, the independence of a country’s central bank is an important consideration in our assessment of a sovereign’s institutional strength.”

Govt to now contribute 14% to National Pension System, no tax on withdrawal

Dec 10, 2018

Tax exemption limit for lump sum withdrawal on exit has been enhanced to 60%, the minister said, adding that the entire withdrawal will now be exempt from income tax.Out of 60% of the accumulated corpus withdrawn by the NPS subscriber at the time of retirement, 40% is tax exempt and balance 20% is taxable.

Central govt teams in 6 states assessing drought situation: Agriculture Ministry

Dec 10, 2018

The report is first vetted by a sub-committee headed by the agriculture secretary. Thereafter, the recommendations are placed before the Union Home Minister Rajnath Singh-headed high level committee seeking approval for the release of funds from National Disaster Response Fund.

RBI to bring ‘ombudsman scheme’ to solve digital transaction complaints

Dec 7, 2018

With the digital mode for financial transactions gaining traction in the country, there is an emerging need for a dedicated, cost-free and expeditious grievance redressal mechanism for strengthening consumer confidence in this channel.

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