Economy News

Reserve Bank of India (RBI)

RBI tightens domestic Money Transfer rules, adds new security factors

The Reserve Bank of India (RBI) has tightened rules for domestic money transfers, requiring banks to record the name and address of beneficiaries. Remitting banks must register the remitter with a verified cell phone number and an 'Officially Valid Document (OVD)'. Jul 25, 2024
CBDT

Simplified Capital Gains Tax Regime, says CBDT

The Central Board of Direct Taxes (CBDT) has taken a significant step towards simplifying the taxation of capital gains in India. In a comprehensive set of Frequently Asked Questions (FAQs), the CBDT has explained the new capital gains tax regime effective July 23, 2024 as introduced in the Union Budget 2024-25. Jul 25, 2024
Union Finance Minister Nirmala Sitharaman, Minister of State in Finance Pankaj Chaudhary and other members of finance ministry leave to present the budget in Parliament

How full Budget 2024 compares with Interim Budget: Explained

The Union Budget 2024-25 focuses on empowering youth, women, farmers, and the poor, with significant allocations for employment and skilling. Fiscal consolidation is strengthened, with a reduced fiscal deficit target and lower planned gross market borrowing. Revised tax slabs and a comprehensive review of the Income Tax Act aim to simplify tax compliance and boost sectors. The budget retains a high allocation for the Ministry of Defence, promoting 'Aatmanirbharta' in Defence technology and manufacturing. Jul 24, 2024
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