Finance News

Outward remittances under LRS rise 10.6% in October, shows RBI data

In the August-October quarter of financial year 2024, Indians remitted $8.37 billion overseas, compared to $9.05 billion during the same period last year

NRI deposits see $12 bn inflows in April-October FY25, shows RBI data

The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits

RBI net sells $9.2 bn in October, highest monthly sale since September 2022

The rupee had breached the 84 per dollar mark on October 11 of the current year

Rupee hits new low for sixth straight session; settles at Rs 85.20

Liquidity deficit widens to 7 month high

Fintech disbursements rise 21.3% in H1FY25, disbursal value grows 40%

Disbursals were also higher by 9.5 per cent from 51.5 million in H2FY24, according to data by the first self-regulatory organisation in fintechs

GST on old used cars only when sale price higher than depreciated value

In any other cases, GST is payable only on the value that represents the margin of the supplier i.e. the difference between selling price and the purchase price. Again, where such margin is negative

States' sops may divert resources away from infra development: RBI article

The report said that several states have announced sops in their 2024-25 Budgets; such spending may divert resources away from critical social and economic infra development

India's small businesses drive jobs growth, wage gains curbed by inflation

The number of small manufacturing businesses, mainly family- owned units such as garment makers, auto component makers and food processing enterprises, grew to 20.15 million

UPI QR transactions jump 33% at retail stores this year: PayNearby

UPI transactions at retail stores have increased by 33 per cent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, says a report.

Finance ministry weighs phasing out customs duty exemptions in Budget 2025

Exemptions under review include bulk drugs used in insulin production, raw materials for lab-grown diamonds, plastics used in optical fiber production, and more

Rupee falls 9 paise to close at fresh record low of 85.20 against dollar

Increased demand of dollar due to month-end payment obligation and the fear of an aggressive import tariff by the Donald Trump administration in the US strengthened the greenback

Rupee depreciates 5 paise to hit all-time low of 85.16 against US dollar

At the interbank foreign exchange, the rupee opened at 85.10 and slid further to hit a fresh all-time low of 85.16 against the greenback, registering a loss of 5 paise from its previous closing level

B2B payments firm Infibeam Avenues to roll out RediffPay after NPCI nod

This is the first step in the company's foray into consumer facing businesses

Mid-Year Review: Govt sets focus on public spending, social security net

Targets fiscal deficit 'lower than 4.5% of GDP'

Banks lobby RBI to approve new benchmark for overnight indexed swaps

The move is intended to improve price discovery in the interest-rate swap market

Rupee fails to recover, remains flat at 85.04 against dollar in early trade

Forex traders said the rupee stayed weak due to significant dollar demand amid higher crude oil prices

CII calls for reforms in priority sector lending framework ahead of Budget

The CII pointed out that despite being successful, the PSL framework required recalibration to stay relevant

NPS Vatsalya growing, onboards 75,000 people since launch: PFRDA chairman

Finance Minister Nirmala Sitharaman had in September launched NPS Vatsalya, a scheme for minors to secure their future

Number of UPI apps grows in 2024, yet top two command maximum market share

In 2024, NPCI issued 20 third party application approvals. This was much higher than three and four issuances in 2022 and 2023 respectively

Punjab demands greater financial support during pre-Budget meet with FM

The Punjab government has proposed an incentive of Rs 2,500 per acre, with Rs 2,000 per acre from the Centre and Rs 500 per acre from the state