From GST roll-out to easing daily ATM withdrawal limit: 5 key developments

In other news, Akhilesh Yadav rides away with SP's bicycle

Business Standard brings to you a list of five key developments across the country.

Stage set for GST roll-out on July 1

The Goods and Services Tax (GST) Council on Monday broke a deadlock over issues of administrative control over assessees and broadly agreed to roll-out the GST from July 1, instead of the earlier deadline of April 1. Whether a state or the Centre will assess an entity would be decided by a computer programme. The Council also resolved the logjam over the right to tax economic activities within 12 nautical miles from India’s coasts.

Akhilesh Yadav wins cycle race

Uttar Pradesh Chief Minister Akhilesh Yadav won the war for the Samajwadi Party’s (SP's) poll symbol, the bicycle, after the Election Commission settled the dispute in his favour, rejecting the claims of party patriarch Mulayam Singh. Akhilesh’s emergence as party boss could pave the way for an alliance of the SP, the Congress and the Rashtriya Lok Dal, to take on the Bharatiya Janata Party in UP. The announcement of a pact might come in a day or two, sources said.

IMF cuts India’s GDP growth forecast 

The Centre’s decision to demonetise high-value currency notes could have stolen India’s crown as the world’s fastest growing large economy, according to the International Monetary Fund (IMF), though the slowdown is likely to be temporary. IMF has cut India’s economic growth rate forecast by one percentage point to 6.6 per cent for 2016-17 — from its earlier estimate of 7.6 per cent — because of the effect of demonetisation on consumption and payments. If the projection holds true, the fastest growing large economy in the world would be China, which is forecast to grow at 6.7 per cent in 2016.

RIL Q3 profit rises 3.6%

Mukesh Ambani-led Reliance Industries Ltd reported a 3.6% rise in its net profit in the October-December quarter of 2016 on better margins in the refining and petrochemical businesses and higher other income. The company reported a consolidated net profit of Rs 7,506 crore against Rs 7,245 crore in the same period a year ago. In the July-September quarter of 2016, the company reported a 23% drop in net profit at Rs 7,206 crore on account of the high base because of exceptional income in the previous year.

Daily ATM withdrawal limit relaxed

The Reserve Bank of India (RBI) on Monday relaxed the per day cash withdrawal limit from automated teller machines (ATM) to Rs 10,000 per card, from Rs 4,500 currently. The weekly limit, however, remains unchanged at Rs 24,000. Current account holders can now withdraw up to Rs 1 lakh per week. Earlier, they were allowed to withdraw only up to Rs 50,000. This facility has been extended to overdraft and cash credit accounts as well.