April 03, 2025

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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.

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.

RBI

2
Apr

RBI/2025-26/01 (Delhi)
Master Circular on SHG-Bank Linkage Programme

2
Apr

RBI/2025-26/02 (Delhi)
Master Circular – Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)

2
Apr

RBI/2025-26/03 (Delhi)
Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)

2
Apr

RBI/2025-26/04 (Delhi)
Master Circular – Lead Bank Scheme

2
Apr

RBI/2025-26/05 (Delhi)
Master Circular - Disbursement of Government Pension by Agency Banks

2
Apr

RBI/2025-26/06 (Delhi)
Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission

2
Apr

RBI/2025-26/07 (Delhi)
Master Circular on Board of Directors - UCBs

2
Apr

RBI/2025-26/08 (Delhi)
Master Circular – Basel III Capital Regulations

2
Apr

RBI/2025-26/09 (Delhi)
Master Circular - Prudential Norms on Capital Adequacy - Primary (Urban) Cooperative Banks (UCBs)

2
Apr

RBI/2025-26/10 (Delhi)
Reserve Bank of India (Classification, Valuation and Operation of the Investment Portfolio of Commercial Banks) Directions, 2023

2
Apr

RBI/2025-26/11 (Delhi)
Master Circular - Guarantees, Co-acceptances & Letters of Credit - UCBs

2
Apr

RBI/2025-26/12 (Delhi)
Master Circular - Guarantees and Co-acceptances

2
Apr

RBI/2025-26/13 (Delhi)
Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances

2
Apr

RBI/2025-26/14 (Delhi)
Master Circular - Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs

2
Apr

RBI/2025-26/15 (Delhi)
Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)

2
Apr

RBI/2025-26/16 (Delhi)
Master Circular – Housing Finance

2
Apr

RBI/2025-26/17 (Delhi)
Master Circular - Housing Finance for UCBs

2
Apr

RBI/2025-26/18 (Delhi)
Master Circular - Management of Advances - UCBs

2
Apr

RBI/2025-26/19 (Delhi)
Master Circular- Exposure Norms and Statutory / Other Restrictions - UCBs

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INDIAN ECONOMY

India-US trade deal key as Trump says drop barriers for reciprocal tariff exemption

US President Donald Trump on April 3 said that countries looking for exemptions from his “kind reciprocal tariffs” will have to lower duties on American goods and “stop manipulating their currencies.” “All the foreign presidents, prime ministers, kings and queens, ambassadors, and everyone else who will so...

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Tariff shocker can be India’s chance at trade reform

Donald Trump’s “Liberation Day” package of tariffs is being interpreted in India in three different ways. The immediate reaction is relief mixed with schadenfreude: At 26%, the tax on India is not the slap on the wrist that diplomats in New Delhi would have hoped for, especially after making concessions to...

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US tariff on Russian oil could inflate India’s import bill

Russian shipments of crude oil to India, that have rebounded in March after falling in February due to the US sanctions, are expected to slow down further if the US imposes tariffs on countries buying Russian oil. Furthermore, India’s import bill could rise significantly if Russian oil does come under tar...

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India should treat ‘Liberation Day’ for US trade as means to free its own domestic economy

Reciprocal tariffs on all imports to the US are scheduled to kick in from today. Donald Trump calls it 'Liberation Day' for US trade. The strategy is to weaponise tariffs to force countries to lower trade barriers and improve the competitiveness of US manufactured products. 'We're going to be very nice, relat...

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India to face 'discounted' 26% tariff from US; Trump slaps 34% on China

After weeks of anticipation, President Donald Trump unveiled a new set of tariffs on both allies and adversaries, aiming to address what he describes as unfair trade practices. The tariffs, which are set to impact countries that impose high duties on US exports, will see India facing a 26% tariff on its goods...

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India’s manufacturing PMI rises to 8-month high of 58.1 in March on strong orders growth

India’s manufacturing activity recovered the lost ground lost in February, picking up to its highest in eight months, at 58.1 in March as against 56.3 in the previous month, data released by S&P Global on Wednesday showed. The latest reading showed a substantial improvement in the health of the sector that wa...

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Krishi Nivesh to give a leg up to agriculture investments

To expedite investments under various agri-sector schemes, the government will let investors to benefit from its unified digital platform Krishi Nivesh. The facility is being used by a host of ministries including agriculture, food processing, Jal Shakti, new and renewable energy and fertilizers. Source...

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MARKET & FINANCE

10-year bond yield drops below 6.5% after 3 years

The benchmark 10-year bond yield on Wednesday fell below the 6.5% mark for the first time in more than three years on easing liquidity, govt's decision to almost equally spread its borrowings for the fiscal and the stability of rupee in recent weeks. In addition, there are heightened expectations that the RBI...

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US dollar falls 1% against euro as Trump unveils tariffs

The US dollar on Wednesday fell one percent against the euro as President Donald Trump announced he is signing an order imposing retaliatory tariffs on US trading partners. The dollar also slipped against other major currencies, including the British pound sterling and the Swiss franc....

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Indian cos raise Rs 58,000 cr in FY25 from overseas capital market

Indian companies have raised around Rs 58,000 crore from overseas capital markets in the recently concluded financial year (FY25). This was driven by a decline in hedging costs and strong demand for high-yield Indian papers among global investors. According to data from Primedatabase, domestic compani...

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GLOBAL CORPORATE

Over a sixth of global trade in jeopardy as US opens a front against all nations: MC Analysis

Over a sixth of global trade of nearly $24 trillion in 2023 is likely to be affected, as the United States imposed a 10 percent baseline tariff on all goods entering its territory on April 3. The US imported $3.8 trillion worth of goods in 2023, as the global imports settled at a little over $24 billion. W...

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Ahead of US Tariffs, Taiwan Says It Is 'Indispensable' to Global Supply Chain

Taiwan President Lai Ching-te said on Wednesday ahead of an announcement of sweeping import tariffs by the United States that the island is an "indispensable" member of the global supply chain and it would defend its companies' interests. Officials in President Donald Trump's administration, including Trea...

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Tesla's China-Made EV Sales Fall 11.5% Y/y in March

U.S. automaker Tesla sold 78,828 China-made electric vehicles in March, down 11.5% from a year earlier, data from the China Passenger Car Association (CPCA) showed on Wednesday. Deliveries of China-made Model 3 and Model Y vehicles increased 156.9% from the previous month. Chinese rival BYD, with its Oc...

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China Limits Companies From US Investments, Bloomberg News Reports

China has taken measures to limit its companies from making investments in the United States in an effort to gain more leverage in potential trade talks with U.S. President Donald Trump's administration, Bloomberg News reported on Wednesday citing people familiar with the matter....

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Chinese Firms Place $16 Billion in Order for New Nvidia Chips, the Information Reports

Chinese companies including ByteDance, Alibaba Group and Tencent Holdings have placed at least $16 billion in orders for Nvidia's H20 server chips in the first three months of the year, the Information reported on Wednesday, citing two people with direct knowledge of the transactions. In February, Reuters ...

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IMF chief says tariff uncertainty risks drag on global growth

The head of the International Monetary Fund said uncertainty around US President Donald Trump’s threatened tariffs risks denting global economic activity. “The sooner there is more clarity, the better,” IMF Managing Director Kristalina Georgieva said in an interview with Reuters on Monday. “Because uncerta...

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US tariffs may change global trade flows, make India more vulnerable to steel imports: SAIL chairman

The imposition of higher tariffs by the US may change the global "trade flows", increasing the chances of India becoming more vulnerable to steel imports, SAIL Chairman Amarendu Prakash said on Wednesday. The Donald Trump administration has proposed a 25 per cent tariffs on all steel and aluminium imports int...

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Tesla first-quarter sales fall 13% amid backlash against Musk, weak demand

Tesla's first-quarter sales slumped 13 per cent, its weakest performance in nearly three years, in a backlash to CEO Elon Musk's embrace of far-right politics and as consumers seek out newer models from rival electric-vehicle makers. Shares of the automaker fell about 6 per cent in early trading on Wedne...

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Banking

Punjab National Bank reports 13.6% loan growth in Q4

State-owned Punjab National Bank (PNB) on Wednesday said it has posted a credit growth of 13.6 per cent to Rs 11.17 lakh crore for the March quarter. Total advances were Rs 9.83 lakh crore at the end of March 31, 2024, PNB said in a regulatory filing. The lender reported a 14.3 per cent rise in total depos...

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HDFC Bank reduces deposit rates by 35 bps and 40 bps on select FDs

HDFC Bank, the country’s largest private-sector lender, has reduced interest rates on select fixed deposits (FDs) below Rs 3 crore, effective April 1, almost two months after the RBI’s rate-setting panel slashed the repo rate by 25 basis points. The lender has cut deposit rates by 35 basis points on fixed...

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Mudra disbursements are benefiting financially weaker states more: SBI Report

Pradhan Mantri Mudra Yojana (PMMY) disbursements are benefiting financially weaker regions more, improving financial inclusion in underdeveloped states, according to a report by SBI Research. “A financial inclusion metric show Mudra disbursements have a stronger impact on states with lower financial inclu...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switzerland July 2019 Click
Donald Trump unveils sweeping tariffs on all imports: Here's the full list

United States President Donald Trump on Wednesday announced a sweeping set of reciprocal tariffs, imposing a baseline 10 per cent tax on all imports and significantly higher rates on dozens of countries with which the US runs trad...

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Trump’s trade tactics: Will tariffs rewrite global economic rules?

The past three months have been more exciting for the global economy than the past three decades, thanks to Donald Trump and his most potent tool to settle scores: tariffs. If the tariffs' impact lasts longer than many would want,...

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US companies add 155k jobs in March

Hiring at US companies accelerated last month, rebounding from a weak February marked by severe weather in some regions of the country. Private-sector payrolls increased by 155,000 in March, according to ADP Research. That was ...

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Donald Trump unveils key tariff plan for new 'golden age' for America; here are key highlights

Speaking at the “Make America Wealthy Again” event at the Rose Garden, US President Donald Trump reflected on over five decades of what he described as economic exploitation by other nations, and declared that the US would no long...

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Mexico Lowers 2025 Growth Forecast to Still Rosy 1.5%-2.3%

Mexico's government sees its economy growing between 1.5% and 2.3% this year, down from a prior estimate of 2.0% to 3.0%, a draft budget from the country's finance ministry showed on Tuesday. The growth forecast, which the fina...

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Thailand May Lose up to $8 Billion From Potential US Tariffs, Says Official

Thailand could suffer a $7 billion to $8 billion export loss from potential U.S. tariffs if the U.S. administration were to even up levies between the two countries, but it has a strategy for trade negotiations, senior officials s...

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Standard Chartered Raises China 2025 GDP Growth Forecast to 4.8% From 4.5%

Standard Chartered on Wednesday revised its 2025 economic growth forecast for China to 4.8% from 4.5%, given "stronger-than-expected" real activity performance in the first two months and the March PMI survey. The bank said Chi...

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Trump Tariffs Will Have Massive Effect on Italian Companies, Business Lobby Warns

The effect of U.S. tariffs on Italian companies will be massive, the head of national industry lobby Confindustria said on Wednesday, calling for Europe to negotiate with President Donald Trump and avoid further escalation. Tru...

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Ghana Consumer Inflation Eases to 22.4% in March

Ghana's annual consumer inflation slowed for a third straight month to 22.4% in March from 23.1% the previous month, as food price pressures eased, the statistics agency said on Wednesday. The easing of inflationary pressures i...

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Brazil's Industrial Output Unexpectedly Falls in February

Brazil's industrial production unexpectedly fell in February from the previous month, official data showed on Wednesday, marking the fifth consecutive month without a positive reading as policymakers watch for signs of economic sl...

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Russian Central Bank Warns US Tariff Hikes May Slow Global Growth

U.S. tariff hikes may slow down world economic growth and fuel inflation, and oil prices could be lower than forecast for several years as a result of reduced global demand, the Russian central bank said on Wednesday. President...

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Trump Tariffs Won't Derail Fall in European Inflation, ECB's Villeroy Says

The U.S. administration's tariff hikes should not derail an ongoing decline in inflation in Europe, ECB policymaker Francois Villeroy de Galhau said on Wednesday, adding that the fall boosted the case for a fresh interest rate cut...

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Trump is about to bet the economy on a theory that makes no sense

TRUMP HAS MANY ARGUMENTS FOR TARIFFS. THEY'RE ALL WRONG. My local bookstore has been taking advantage of me for years. I have run a trade deficit, giving it money with nothing but books in return. At the same time I have been tak...

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US factory orders rise solidly in February

New orders for U.S.-manufactured goods increased solidly in February, likely as businesses front-loaded orders ahead of tariffs. Factory orders rose 0.6% after an upwardly revised 1.8% rebound in January, the Commerce Departmen...

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Trump's tariff tantrums: These six things could get more expensive for Americans after 'Liberation' Day

US President Donald Trump is set to announce a sweeping plan on Wednesday to place tariffs on potentially trillions of dollars’ worth of goods imported into the United States. It is still not yet known how much the tariffs will be...

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America is headed for a grim fiscal breakdown

Amid all the blaring headlines coming out of Washington, here’s a piece of news that is getting far too little attention: The US is on course for fiscal breakdown. That’s the unambiguous message from the Congressional Budget Offic...

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Trump's tariff rollout opens new era of uncertainty for global economy

President Donald Trump on Wednesday is set to announce the most expansive US trade restrictions in a century, at a stroke upending the postwar global trading system and posing difficult-to-predict economic risks. The administr...

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A world upturned: The lasting impact of Trump’s policies on global economies

The world’s major growth engines are about to run in reverse. The policies and uncertainties of US President Donald Trump’s second administration have hit a sluggish global economy with a transformational exogenous shock. Risks ar...

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INDIAN CORPORATE

Indian conglomerate Vedanta seeks global partner for $20 billion expansion plan

Indian metals-to-oil conglomerate Vedanta is looking for a global company to partner with on expansion projects worth $20 billion across zinc, aluminium, copper, iron, steel, oil, gas and power, as per a tender document. The bi...

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Amul brand's FY25 revenue rises 12 pc to Rs 90,000 cr; GCMMF turnover up 11 pc at Rs 66,000 cr

Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF), which sells dairy products under the 'Amul' brand, recorded an 11 per cent rise in its revenue to Rs 65,911 crore for the last fiscal, mainly driven by an increase in vol...

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Adani Ports records highest ever cargo volume at 41.5 MMT in March, posts 9% YoY growth

Adani Ports And Special Economic Zone Ltd (APSEZ) on Wednesday released its business update for the month of March wherein it announced that the company has handled 41.5 MMT cargo volume during the period. This, it added, was up 9...

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GST

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Assam

This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process. 1. Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be identified on the ...

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