Section 148 of the IT Act Subject: Economy Section: Fiscal Policy Context: The Supreme Court on Wednesday held that the reassessment notices issued under the unamended Section 148 of the Income Tax Act on or after April 1, 2021, will not be deemed to be invalid just because they were issued under the […]
Liquidity overhung Subject: Economy Section: Monetary Policy Context: Dominance of ample system level surplus liquidity, resulting in a large liquidity increase in the net RBI Cause: Credit to government -The increase in the net RBI credit to the government could be on account of large monetary accommodation to the government in terms of Ways […]
Lending Rate Subject: Economy Section: Monetary Policy Context: Close on the heels of the Reserve Bank of India’s decision to hike the policy repo rate and cash reserve ratio, banks have started hiking lending rates with ICICI Bank and Bank of Baroda (BoB) kicking off the exercise. Details: Bank of Baroda has hiked […]
NRI Investments Subject: Economy Section: External Sector Investment made by an Indian entity that is owned and controlled by an NRI on a non-repatriation basis won’t be considered for the calculation of indirect foreign investment, the department for the promotion of industry and internal trade said in a notification. Hitherto, non-repatriable NRI investments […]
GST Compensation Subject: Economy Section: External Sector Context: GST compensation dues to States for 2021-22 stood at ₹78,704 crore, due to inadequate balance in the Compensation Fund Details: The levy of the compensation cess, which was to cease on June 30 this year, has been extended till March 2025-26 with a view to […]
RBI rate hike Subject: Economy Section: Monetary Policy Context: The RBI’s rate setting panel on Wednesday announced an ‘off-cycle’ increase in benchmark interest rates. Details: Rise in Repo Rate– by 40 basis points to 4.4% with immediate effect. Increase in the cash reserve ratio (CRR) by 50 basis points (bps) from 4 per […]
Fed Reserve Monetary Policy Subject :Economy Section: External Sector Context: The Federal Reserve raised interest rates by the steepest increment since 2000 and decided to start shrinking its massive balance sheet, deploying the most aggressive tightening of monetary policy in decades to control soaring inflation. Decisions taken: Increase Benchmark rate– The increase in […]
Open Network for Digital Commerce (ONDC) project Subject: Economy Context: The Government claims that ‘as UPI is to the digital payment domain, ONDC is to e-commerce in India.’ Details: ONDC is incorporated as a private non-profit (Section-8) company to establish the public digital infrastructure needed to expand access to India’s e-commerce ecosystem – […]