March 31, 2025

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IMC EVENTS

Important Information for Gift City Bulletin

International Financial Services Centres Authority (IFSCA) Bulletin Oct-Dec 2024

NOTICE

Notifications

 
CUSTOMS

29
Mar

Notification No. 17/2025 (Delhi)
S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962

29
Mar

Notification No.18/2025 (Delhi)
S.O…….(E).- In exercise of the powers conferred by section 157 read with section 84 of the Customs Act, 1962

29
Mar

Notification No.20/2025 (Delhi)
G.S.R. (E). In exercise of the powers conferred by section 157, read with sections 30, 30A, 41, 41A, 53, 54, 56, sub-section (3) of section 98 and sub-section (2) of section 158 of the Customs Act, 19

29
Mar

Circular No. 09/2025 (Delhi)
Procedure for import/export through Personal Carriage - reg.

29
Mar

Circular No. 10/2025 (Delhi)
Implementation of the Sea Cargo Manifest and Transhipment Regulations (SCMTR)-reg.

28
Mar

Notification No.16/2025 (Delhi)
S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 read with section 3 and sub-sections (1) and (1A) of section 5 of the Customs Act, 1962

27
Mar

Notification No. 15/2025 (Delhi)
G.S.R. 190(E). - In exercise of the powers conferred by clause (a) of sub-section (1) read with sub-section (2) of section 7 of the Customs Act, 1962

INCOME TAX

31
Mar

Notification No. 23/2025 (Delhi)
G.S.R. 207(E).––In exercise of the powers conferred by section 44AB and section 295 of the Income-tax Act (43 of 1961)

31
Mar

Notification No. 24/2025 (Delhi)
S.O. 1510(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961

29
Mar

Notification No. 22/2025 (Delhi)
G.S.R. 195(E). In exercise of the powers conferred by section 295 read with section 194T of the Income-tax Act, 1961

29
Mar

Circular No. 05/2025 (Delhi)
Order under section 119 of the Income-tax Act, 1961 for waiver on levy of interest under section 201(IA)(ii)/ 206C(7) of the Act, as the case maybe, in specific cases -regarding.

26
Mar

Notification No. 21/2025 (Delhi)
G.S.R. 193(E).—In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB of the Income-tax Act, 1961

RBI

28
Mar

RBI/2024-25/133 (Delhi)
General Notification for Sale and Issue of Government of India Securities (including Treasury Bills and Cash Management Bills)

28
Mar

RBI/2024-25/134 (Delhi)
Special Clearing Operations on March 31, 2025

27
Mar

RBI/2024-25/132 (Delhi)
Gold Monetization Scheme (GMS), 2015 - Amendment

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LIVE MARKET

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INDIAN ECONOMY

Jobs, capex likely top goals, in new manufacturing policy

The government is planning a new policy to give the manufacturing sector a leg up, as it reckons that the current set of schemes hasn’t met the objective of increasing India’s share in global manufacturing. According to official sources, the new policy, to be implemented at the earliest, will take into accoun...

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Petroleum products exports up 4% in volume in April-Feb, value down 7%

India’s petroleum product exports grew by 3.7% in volume terms, reaching 59.0 million tonne (MT) during April–February, compared to 56.9 MT in the same period last fiscal, according to data from the Petroleum Planning and Analysis Cell. The increase was primarily driven by higher shipments of motor spirit, pe...

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Direct benefit transfers 16% lower at Rs 5.8 lakh crore in FY25

The Centre’s transfer of assorted subsidies and sops to the beneficiaries through the direct benefit transfer (DBT) fell by 16% year-on-year to approximately Rs 5.8 lakh crore in FY25, reflecting reduced leakages and a slower pace of implementation in certain schemes.DBT transfers had reached a record Rs 7.16...

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Ease of Doing Business 2.0: New panel to begin work on business reforms for cutting red tape

A high-level committee on regulatory reforms in the non-financial sector will soon begin its work to improve ease of doing business as announced in the Budget 2025-26, Finance Secretary and Economic Affairs Secretary Ajay Seth said on Saturday. The panel, announced by Finance Minister Nirmala Sitharaman i...

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RBI to shift focus on growth over inflation in April MPC meet, cut repo rate by 25 bps: Care Edge

Reserve Bank of India's monetary policy committee is expected to shift its focus from concerns around inflation to supporting growth in its next Monetary Policy Committee (MPC) meeting in early April, Care Edge Ratings said. The rating agency in a report stated that the MPC will go for another 25-basis-poi...

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FTA with UK may help push India's exports of leather, textile, jewellery, marine goods

The proposed free trade agreement with the UK is expected to boost India's exports in various sectors, including leather, textile, jewellery, marine and processed agri products, parliament was informed on Friday. In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada ...

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Merchandise exports may fall slightly to $435 billion in FY25: GTRI

The country's merchandise exports, which have been contracting since October last year, are expected to decline slightly by the end of this fiscal year and fall below $435 billion, think tank GTRI said on Sunday. Exports dipped 10.85 per cent in February to $36.91 billion due to volatility in petroleum pri...

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CPSE dividends hit a record Rs 74,000-crore in FY25

The Centre’s dividend receipts from public sector enterprises (CPSEs) have exceeded the budget target (revised estimate) of Rs 55,000 crore by 34% to reach nearly Rs 75,000 crore in 2024-25, setting a new record. The dividend receipts from CPSEs – an important source of non-tax revenues- in FY25 is 16% mor...

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India-US trade talks conclude, sectoral negotiations on bilateral trade to start soon

India and the United States have agreed to initiate sectoral discussions under the proposed Bilateral Trade Agreement (BTA) in the coming weeks, the Ministry of Commerce announced on Saturday. This decision follows a four-day negotiation between senior officials from both nations, which concluded in New Delhi...

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India, US conclude round of trade talks; no clarity over reciprocal tariffs

India and the United States have wrapped up a key round of negotiations for a proposed bilateral trade agreement, government sources told PTI on Saturday. The discussions, led by a team of US officials headed by Assistant US Trade Representative for South and Central Asia Brendan Lynch, are reportedly making ...

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MARKET & FINANCE

FIIs dump Rs 1.27 lakh crore in FY25 as DIIs buy Rs 6 lakh crore in domestic equities

Foreign Institutional Investors (FIIs) were net sellers in FY2025, offloading domestic equities worth Rs 1,27,401 crore. The intensity of selling, reduced significantly in March which saw a sell-off worth Rs 3972.61 crore. Domestic Institutional Investors (DIIs), on the other hand, remained buyers throughout ...

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Japan to give crypto assets legal status as financial products, Nikkei says

Japan's Financial Services Agency (FSA) plans to revise the Financial Instruments and Exchange Act to give crypto assets a legal status as financial products, the Nikkei business daily said on Sunday, without citing sources. As part of the move, crypto assets will be put under insider trading restrictions ...

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FPIs pour Rs 31k crore in equities in last 6 trading sessions on attractive valuations, macro factors

Foreign investors have infused nearly Rs 31,000 crore in the Indian equity markets in the last six trading sessions of the month primarily due to attractive valuations, appreciation in the rupee and improvement in macroeconomic indicators. The re-emergence of Foreign Portfolio Investors (FPIs) as buyers contr...

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GLOBAL CORPORATE

Global automakers say Donald Trump's tariffs will be painful for them, US consumers

Whatever domestic economic gain comes from US President Donald Trump's new 25 per cent tax on imported cars – and experts are skeptical – automakers around the world are bracing for a lot of pain. In Japan, South Korea, Mexico, Canada and across Europe, the world's largest automakers employ millions of peo...

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Australia Forecasts Hit to Resource, Energy Export Earnings From Lower US Dollar

Australia's mining and energy export earnings are expected to fall 6% in the financial year through June, with prices of its key iron ore shipments declining, the government said on Monday. Profits are forecast fall to A$387 billion ($243 billion) from A$415 billion the previous year due to "the impact of ...

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Europe races to secure critical minerals as global supply tensions mount

A top European Union official visited a strategic metals site in central Greece on Thursday, after the bloc announced plans to accelerate production of its own critical minerals and reduce dependence on China. Stéphane Séjourné, an executive vice president at the European Commission, toured an aluminium pl...

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This move by Trump to make cars unaffordable for many American families. Here's why

Working-class car buyers will be the hardest hit by U.S. President Donald Trump's 25% tariff on imported vehicles because almost all low-cost new cars sold in the United States are built elsewhere. Lower-income buyers will suffer another blow from expected hikes in used car prices as demand surges and supp...

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Trump may not honour auto tariff protections won by Canada, Mexico in 2018

Canada and Mexico won protections against potential new US auto tariffs in 2018 as part of the US-Mexico-Canada Agreement on trade, but there is no evidence that President Donald Trump will honour those commitments as he imposes 25 per cent duties on global automotive imports. The side letters to the USMC...

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S Korea, China, Japan agree to promote regional trade as Trump tariffs loom

South Korea, China and Japan held their first economic dialogue in five years on Sunday, seeking to facilitate regional trade as the three Asian export powers brace from US President Donald Trump's tariffs. The countries' three trade ministers agreed to "closely cooperate for a comprehensive and high-leve...

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INCOME TAX

Claimed HRA but skipped TDS? Income Tax department comes knocking with notices

Individuals who have claimed House Rent Allowance (HRA) exemptions in their tax returns over the past few years but failed to deposit the applicable Tax Deducted at Source (TDS) on the rent paid are now being served notices by the Income Tax Department. The taxmen are seeking verification of the previous-y...

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Crypto traders dodging TDS via Binance under I-T lens

Many Indians trading on the world's largest crypto exchange Binance have come under the glare of the tax authorities. Over the past few weeks, the Income Tax (I-T) department has inquired whether the 1% tax deducted at source (TDS) levied on such deals have been collected. Local investors must either provi...

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Tax implications for Indian investors while investing in US Stocks

Indian investors are diversifying globally at an unprecedented pace. Recent data reveals a staggering 108% year-on-year increase in equity investments through the Liberalised Remittance Scheme (LRS), with total remittances reaching $8.37 billion in 2024. This isn’t merely a passing trend but a fundamental shi...

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Banking

Tightening microfinance loan norms to defuse risk for overleveraged borrowers: S&P Global Ratings

Tightening regulations and stricter underwriting standards in Indian microfinance will rein in growth plans for sector lenders and defuse risk build-up for overleveraged borrowers, said S&P Global Ratings. Credit analyst at S&P Global Ratings, Shinoy Varghese, believes that tightening regulations will weig...

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Three-lender cap rule for microfinance from April 1, further stress likely in short term

Microfinance lenders, both banks and non-banks, are gearing up to follow a new rule that caps a borrower’s access to a maximum of three lenders from April 1. The limit is aimed at stopping overleveraging, often blamed for the current sectoral stress. This move is likely to escalate the pain for both lender...

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BankTech investment projected to hit $1 bn by 2027 end: Cedar-IBSi Capital

Venture capital fund Cedar-IBSi Capital on Sunday said investment in the country's BankTech sector is projected to reach $1 billion by the end of 2027. It said as the country is progressing towards achieving its gross domestic product target of $7 trillion by 2030, the banking sector will be a key driver f...

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Credit card spends at 7-month low in Feb amid stress in unsecured loans

Credit card spends dropped to a seven-month low of Rs 1.67 trillion in February, according to the latest data released by the Reserve Bank of India, amid stress in unsecured loans and a rise in household debt. Spends stood at Rs 1.84 trillion in January. Point-of-sale transactions for the month added up t...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switzerland July 2019 Click
South Korea February Factory Output Rises Faster Than Expected

South Korea's factory output rose in February, government data showed on Monday, beating market expectations. Industrial production rose 1.0% in February from a month earlier on a seasonally adjusted basis, compared with a dip ...

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Japan Factory Output Up, but Soft Outlook and Cooling Retail Sales Pressure Economy

Japan's factory output rose at a better than expected pace last month, but cooling retail sales growth and a slowdown in production expected by manufacturers in the near term pointed to the growing strains for an economy facing ri...

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Analysis-For China and US Inc, Trump's Trade War Feels Much Worse This Time

Orders have evaporated for Richard Chen, who manufactures Christmas decorations in southern China for U.S. retailers, including Walmart and Costco, facing crippling U.S. tariffs. "The orders are half of what they were last year...

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Make Europe Great Again Trades Are Gaining Traction

A more independent, less U.S.-reliant Europe is taking shape and investors sense opportunities in a long-shunned region that go beyond just snapping up defence shares. Yes, there is reason for caution since massive German spend...

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Analysis-Shrinking US Risk Premium to Divert More Cash Into Europe

The premium investors enjoy from holding U.S. government debt over that of Germany is set for its biggest quarterly drop in years, with tectonic fiscal policy shifts on both sides of the Atlantic expected to shrink this gap furthe...

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China's manufacturing at 12-month high on strong orders, PMI rises to 50.5

China's manufacturing activity expanded at the fastest pace in a year in March, a factory survey showed on Monday, with new orders boosting production, giving the world's No.2 economy some reprieve as it deals with an intensifying...

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Goldman Sachs raises US recession probability to 35% amid Trump tariff concerns

Goldman Sachs has updated its economic outlook and warned of increasing inflation, higher US tariffs, along with greater risk of recession. It also outlined the possibility of a US recession in the coming 12 months at 35%, up from...

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Charting the global economy: US inflation picks up before tariffs

Consumer spending was weaker than expected again in February while a key inflation metric picked up, in a double whammy for the US economy before the brunt of tariffs. Markets and world leaders are all bracing for next week, wh...

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INDIAN CORPORATE

Apple strengthens manufacturing in India! Foxconn plans to roll out 25-30 million iPhones, more than double of last year

Foxconn intends to produce 25-30 million Apple iPhones at its Indian facilities this year, which would be an over twofold increase from the previous year's output. This comes as Apple expands its manufacturing presence in India an...

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Adani Green Energy operationalises another 480 MW renewable projects at Khavda

Adani Green Energy Limited, through its various wholly-owned stepdown subsidiaries, has operationalized an aggregate 480.1 MW power projects at its mega Khavda renewable energy site in Gujarat. With the commissioning of the pla...

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PC Jeweller cuts 56 pc debt in FY25 to Rs 1,800 cr, to become debt-free by Mar FY26: MD Balram Garg

PC Jeweller Ltd has reduced bank loans by more than half to about Rs 1,800 crore this fiscal year and aims to become debt-free by March next year on better sales and fundraise, its MD Balram Garg said. PC Jeweller, which sells gol...

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IndusInd International assumes control of Reliance Capital as Anil Ambani's co withdraws petition

Reliance Capital's lenders have withdrawn their petition against IndusInd International Holdings Ltd (IIHL) before the National Company Law Appellate Tribunal (NCLAT), PTI has reported. The Committee of Creditors (CoC) informed...

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Adani, Aditya Birla groups to compete in wire & cable industry after cement

After cement, billionaire Gautam Adani's group and Kumar Mangalam Birla's Aditya Birla Group are set for a face-off in the wires and cable business with both conglomerates announcing forays into the high double-digit growth sector...

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'Will rise again': Byju Raveendran promises comeback and company relaunch

Byju Raveendran, the founder of beleaguered education technology startup Byju’s, on Sunday promised a turnaround for rebuilding the erstwhile empire from scratch, brick by brick. “Broke, not broken. We will rise again,” Raveen...

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Govt to convert Rs 37K cr Voda Idea dues into equity, raise stake to 49%

Vodafone Idea (Vi) said on Sunday that the government will convert its outstanding spectrum auction dues into equity shares worth Rs 36,950 crore, increasing its stake in the beleaguered telecom company from 22.6 per cent to appro...

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