March 22, 2023

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Langkawi International Maritime and Aerospace Exhibition (LIMA'23)

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Exchange Rates


Notification No. 15/2023 (Delhi)
Exchange rate Notification No. 15/2023-Cus (NT) dated 16.03.2023-reg



RBI/2022-23/184 (Delhi)
Reporting and Accounting of Central Government transactions for March 2023


RBI/2022-23/185 (Delhi)
Implementation of Section 51A of UAPA,1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Amendments to 102 entries

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Nano urea could save Rs 25,000 cr in fertilisers subsidy annually: House panel

A parliamentary panel on Tuesday said that precise application of nano-urea at critical crop growth stages can replace 25 – 50% of usage of conventional application of soil nutrient thus resulting in savings on fertiliser subsidy. “With the use of nano urea, the exchequer can save $3 billion equivalent to ...

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Resilient economic growth in Q3 reflected in improvement in employment indicators: Finmin report

Expressing optimism about improvement in the country’s labour market on the back of higher growth in the third quarter of the fiscal, the finance ministry has defended the periodic labour force survey (PLFS) and said the current weekly status (CWS) to assess employment is in line with international norms. Var...

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India to defy slowdown, to maintain growth pace: RBI

Notwithstanding the global slowdown and the bank collapses in the US, a Reserve Bank of India (RBI) article on Tuesday took the sanguine view that Indian economy might maintain the current year’s pace of expansion in the next financial year. Referring to the forecasts between 6-6.5% for the country’s GDP g...

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India’s ‘eye-watering’ 1.7 per cent spend on transport upgrade to set stage for $5 trillion economy

India will spend a whopping 1.7 per cent of its GDP on transport infrastructure this year — around twice the level in America and most European countries — a feat that has been noticed even by The Economist which called it ‘eye-watering’ upgrade that will set stage to achieve a USD 5 trillion economy. Prime M...

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India’s steadying economy shows signs of weakening consumption

India’s economic activity held steady in February though there were early signs of slowing consumption amid concerns of future growth prospects and hawkish monetary policy. The needle on a dial measuring the so-called animal spirits was unchanged from January when it moved left after picking up speed for ...

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Retail inflation may moderate in coming months: FinMin monthly review

India’s headline retail inflation is expected to moderate further in the months to come, as low wholesale inflation will transmit to consumer prices, the Ministry of Finance said in its latest monthly economic review (MER) on Monday. ...

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Inflows into NRI deposits more than double in April 2022-January 2023

The bank accounts of non-resident Indians (NRIs) received $5.95 billion during April 2022-January 2023, more than doubling from the $2.7 billion in the equivalent period in FY22. Also, breaking the streak of decline in outstanding amounts, NRI deposits rose to $136.81 billion at the end of January 2023 fro...

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Panel formed to onshore Indian innovation to GIFT IFSC

With the ripple effects of the collapse of the Silicon Valley Bank (SVB) felt deeply by Indian startups, the International Financial Services Centres Authority (IFSCA) on Tuesday set up a committee of experts to formulate a roadmap to ‘onshore Indian Innovation’ to Ahmedabad’s GIFT IFSC. The ten-member pan...

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Credit Suisse crisis sends shivers amongst wealthy Indians

The Credit Suisse Group AG crisis is likely to make a dent on the way well-off Indians view international wealth managers, a firm backed by Liechtenstein’s royal family said Tuesday. Rajesh Cheruvu, chief investment officer and managing director at LGT Wealth India Private Ltd., said in the past 15 years o...

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US seeks to prevent China from benefiting from $52 billion chips funding

The U.S. Commerce Department on Tuesday released proposed rules to prevent $52 billion in semiconductor manufacturing and research funding from being used by China and other countries deemed of concern. The proposal limits recipients of U.S. funding from investing in the expansion of semiconductor manufact...

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Argentine mining exports hit 10-year high as lithium, EVs take off

Argentina’s mining exports hit historic levels last year, the government said on Tuesday, powered by surging lithium income as the South American agricultural powerhouse targets profits from the metal key to meeting booming electric vehicle (EV) demand. ...

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US fund giant Vanguard reportedly looking to shut China business, exit Ant JV

Vanguard Group, an US-based asset management major, has decided to shut its main office in the Chinese city of Shanghai after exiting Ant Group joint venture, a Reuters report said on Tuesday quoting five sources with knowledge of the matter. The Pennsylvania-based fund house, with $7.1 trillion in assets und...

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Govt evaluating measures to bring down tax burden on PE/VCs in India

The government is evaluating measures to bring down the tax burden on foreign investors that put money in alternative investment funds (AIFs), which include venture capital (VC) and private equity (PE) domiciled in India. The move follows the report submitted by a panel led by M Damodaran, former chairman of ...

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This is how global banking crisis can impact India in different ways

Though the US government support for Silicon Valley Bank (SVB) and Signature Bank, and the UBS buying Credit Suisse have calmed the nerves, the global banking crisis can have widespread impact for quite some time. The US witnessed banking failures earlier this month, leading to SVB and Signature Bank being ta...

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‘Indian banking system resilient thanks to strong deposit base’

FIIs continue to exit India, having withdrawn close to $2.6 billion this year so far. Do you see any revival? Patil: We started the year with negative flows because valuations were relatively expensive for India compared to fellow emerging markets (EMs). And China, which had underperformed significantly over...

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How RBI’s watchful eye saved Indian banks from Credit Suisse fallout, global banking contagion

India’s banks are likely to remain unaffected by the fallout of the Credit Suisse crisis, which resulted in a fire sale of the Swiss banking giant to rival UBS. While it might be thought that this is due to Credit Suisse’s meager presence in the country, experts suggested that the domestic banking system rema...

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US govt ready, Janet Yellen gives big assurance to bank depositors

Treasury Secretary Janet Yellen said on Tuesday the US government could repeat the drastic actions it took recently to protect bank depositors if smaller lenders are threatened. “Our intervention was necessary to protect the br...

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Energy bill help drives UK borrowing to February record

Energy support schemes for households pushed government borrowing in February to its highest level for the month since records began in 1993. Borrowing, the difference between spending and tax income, was £16.7bn, last month, t...

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Sri Lanka says latest bailout funds can be used for fiscal support - Bloomberg News

The International Monetary Fund (IMF) is allowing Sri Lanka to utilise funds from its latest bailout for fiscal support, unlike previous loans that could only be used to ease balance of payments crises, central bank governor Nanda...

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Ukraine clinches $15.6 billion IMF loan, a first for nation at war

Ukraine won staff backing for a $15.6 billion loan from the International Monetary Fund, setting up the first loan to a nation at war in the institution’s 77-year history. The IMF and the government in Kyiv reached a staff-level ...

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DoT seeks Rs 33,111 cr for BSNL AGR dues, expects PSU to become profitable by FY 2027

The Department of Telecom has sought Rs 33,111 crore for payment of adjusted gross revenue dues of state-run BSNL which is likely to be made in the upcoming April-June quarter, according to a Parliamentary panel report. In a submi...

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Ferra Aerospace India enters agreement with Dynamatic Technologies for aerospace manufacturing

Ferra Aerospace India, a subsidiary of Ferra Australia, on Tuesday entered into a contractual agreement with Bengaluru-based Dynamatic Technologies Limited to enhance their scale and capabilities in strategic aerospace manufactur...

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L&T’s hydrocarbon business bags ‘major’ order worth Rs 5,000- 7,000 crore from overseas client

Larsen & Toubro (L&T), on Tuesday, announced that it has secured multiple offshore packaged from an overseas client. In an exchange filing, the company said that it has won major contracts in the range of Rs 5,000- Rs 7,000 crore...

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We want to become No. 1 EV player in India, says Hyundai's Unsoo Kim

Following the launch of the new Verna on Tuesday, Hyundai Motor India CEO and Managing Director Unsoo Kim talks to Surajeet Das Gupta about the reasons behind the firm’s big push in sedans and its game plan in electric vehicles. E...

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GST ITC restriction on CSR spend: Why businesses are worried about potential challenges

Seamless flow of Input Tax Credit (ITC) is the cornerstone of a robust Value-Added Tax (VAT) architecture. Simply put, say Company A - whether a manufacturer, service provider or trader, who purchases goods or services for business purposes, the VAT charged by its vendors is typically available as a set-off t...

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Advisory for the taxpayer wishing to register as “One Person Company” in GST

As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering as ‘One Person Company’ while they take GST registration. Upon analysis, it has been noticed that the option...

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