United States Debt Ceiling Crisis Subject :Economy Section: Fiscal Policy Concept : With the ongoing U.S. debt ceiling crisis, finance leaders of the Group of Seven (G7) nations warned for further global economic uncertainty Background On January 19, 2023, the United States hit its debt ceiling limit of $31.4 trillion, leading to a […]
Expected Credit Loss (ECL)-based loan loss provisioning framework Subject : Economy Section: Monetary Policy Concept : Banks have requested the RBI for one more year’s time to implement the system of Expected Credit Loss (ECL) for provisioning of loans. Background In January 2023, the RBI came out with a draft guideline proposing adoption […]
What the govt’s new GST compliance measures say and how they could impact businesses Subject :Economy Section: Fiscal Policy Context: In two significant measures to curb tax evasion and increase compliance under the Goods and Services Tax (GST) regime, the government has decided to lower the threshold for businesses to generate e-invoice for business-to-business (B2B) […]
RBI joins with 12 other regulator to tackle greenwashing risk Subject: Economy Section: Monetary Policy Concept : The Global Financial Innovation Network (GFIN) is organizing its first-ever Greenwashing TechSprint to combat greenwashing risks in financial services. The Reserve Bank of India (RBI) has announced its participation among 12 other international regulators in this […]
Ensure complete transition away from Libor: RBI tells banks/FIs Subject: Economy Section: Monetary Policy Context: The Reserve Bank of India has asked banks financial institutions to ensure that new transactions undertaken by them or their customers do not rely on or are priced using the US$ LIBOR (London Interbank Offered Rate) or the Mumbai Interbank Forward […]
GST e-invoicing to include smaller firms from August 2 Subject : Economy Section: Fiscal policy Concept : Centre has made it mandatory for all businesses with an annual turnover of ₹5 crore to use e-invoices from August 1. The Central Board of Indirect Taxes and Customs (CBIC), which notified the reduction from the […]
RBI gold reserves rise to 794.64 tonnes Subject : Economy Section: External Sector Concept : RBI has increased its gold reserves by 34.22 tonnes YoY to reach 794.64 tonnes at the end of March 2023, according to the central bank’s data. Gold is considered a safe-haven asset and has been historically used to […]
RBI wants banks to sign new locker agreement with clients Subject: Economy Section: Monetary Policy Context: Users of lockers will have to sign a fresh agreement with their respective banks, The Reserve Bank of India asking for revisions in the existing document. Details: What is the new regulation regarding lockers? The revised safe deposit locker […]
Chartered accountants, company secretaries now under ambit of money laundering law Subject: Economy Section: Fiscal Policy Context: Notifying changes to the Prevention of Money Laundering Act, the Finance Ministry has brought in practicing chartered accountants, company secretaries, and cost and works accountants carrying out financial transactions on behalf of their clients into the […]
MSCI tweak: What triggered the sell-off in HDFC twins? Subject: Economy Section: Monetary Policy Context: Market participants said MSCI intends to delete HDFC from MSCI Global Standard Index and at the same time add HDFC Bank to the large cap segment of MSCI Global Standard Indexes This means that the weight of the […]