The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
Posts tagged Rediff
Banks to start exchange of Rs 2000 notes on May 23 (19-05-2023)
The Reserve Bank of India on Friday announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. The bank notes in Rs 2,000 denomination will continue to be a legal tender, the RBI said in a statement. In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.
Forex kitty jumps $3.5 bn to $599.53 bn (19-05-2023)
The overall reserves had jumped by $7.2 billion to $595.98 billion for the previous reporting week. It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion.
Shein is ready to make its second entry into India (19-05-2023)
Chinese fashion e-commerce platform Shein is expected to make a second entry into India and has tied up with Reliance Retail for this, according to a source in the know. The source said as part of the tie-up, Shein would source goods from India for its global operations. Also, the manufacturing of its products could happen in the country and they could be exported.
Trash to treasure: Life jacket for sustainable fashion (19-05-2023)
Prime Minister (PM) Narendra Modi has been at the forefront of climate action and saving the environment campaigns – whether plogging at a beach in Mahabalipuram in 2019 or wearing a sky-blue ‘sadri’ jacket to Parliament made of material recycled from plastic bottles. Made by Karur-based sustainable fashion brand EcoLine Clothing (EcoLine), a brand of Shree Renga Polymers, front runner in polyethylene terephthalate (PET) bottle recycling and sustainable textiles in India run by IITians, the company recycles PET bottles and upcycles them into value-added products, such as garments. Three months on, the phone lines of Senthil Sankar, managing partner at Shree Renga Polymers and EcoLine, have been ringing non-stop since the jacket made out of recycled plastic at Karur, Tamil Nadu’s textile capital, was worn by the PM to Parliament on February 8.
Domestic airlines carried 1.29 crore passengers in Apr (19-05-2023)
Domestic airlines flew 1.29 crore passengers in April, a rise of more than 22 per cent compared to the year-ago period, according to official data released on Friday. However, the domestic air traffic number last month at 128.88 lakh was marginally lower than the 128.93 lakh recorded in March. In April 2022, the number of passengers carried by airlines stood at 105.47 lakh.
Sensex snaps 3-day losing run, climbs 298 points (19-05-2023)
Among the Sensex firms, Tata Motors jumped over 3 per cent. Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra and Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank were the other major gainers. NTPC, Asian Paints, Titan and Power Grid were among the laggards.
Sebi probe into Adani drew blank: SC-appointed panel (19-05-2023)
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group’s stock rallies, and that Sebi has “drawn a blank” in its probe into alleged violations in money flows from offshore entities into the conglomerate. But the six-member panel said there was an evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research, and profiting from squaring off positions after prices crashed post-publication of the damning allegations. “At this stage, taking into account the explanations provided by Sebi, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation,” the panel said in the report submitted to the Supreme Court.
Sebi probe into Adani drew blank: SC-appointed panel (19-05-2023)
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group’s stock rallies, and that Sebi has “drawn a blank” in its probe into alleged violations in money flows from offshore entities into the conglomerate. But the six-member panel said there was an evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research, and profiting from squaring off positions after prices crashed post-publication of the damning allegations. “At this stage, taking into account the explanations provided by Sebi, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation,” the panel said in the report submitted to the Supreme Court.
Stricter rules against suspicious trading on cards (19-05-2023)
The Securities and Exchange Board of India (Sebi) has proposed new regulations to deal with suspicious trading activities-a move that will empower the market watchdog to go after entities making unusual profits without any fundamental basis. The regulator has issued a discussion paper, inviting feedback on the draft of the Sebi (Prohibition of Unexplained Suspicious Trading Activities in the Securities Market) Regulations, 2023, which are aimed at curbing front-running, use of mule accounts, pump and dump schemes, and misuse of social media influencers. Currently, Sebi’s Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) and Prohibition of Insider Trading (PIT) Regulations deal with such activities.