Economy Updates

  A set of changes related to income tax are coming into effect from the first day of the new financial year. One of the highlights is the 30% tax on cryptocurrency gains. What are the other changes? As the new financial year brings new tax rules, taxpayers should bear in mind that the deadline for filing late income tax returns for Assessment Year 2021-22 was March 31. If an assessee missed this deadline, he or she will have to pay a penalty and interest, and may even face imprisonment for violation. Further, not linking PAN with Aadhaar from today will carry a penalty... read more

Paytm has clarified stating the RBI ban does not impact on the services provided in partnership with other financial institutions. Shares of One97 Communications, the parent company of digital payments major Paytm, tanked nearly 14 per cent to hit a new low of Rs 672 on the BSE in Monday’s intra-day trade after the Reserve Bank of India (RBI) barred Paytm Payments Bank (PPBL) from onboarding new customers with immediate effect because of certain supervisory concerns. The stock feel below its previous low of Rs 728.50 touched on March 8, 2022. The stock has now declined 69 per cent when compared with its issue price of Rs 2,150. The company made its market debut on... read more

The Mahanadi Coalfields Limited (MCL) has crossed 157 million tonne (MT) in coal production in the financial year of 2021-22, to become the leading coal producing company in the country The Mahanadi Coalfields Limited (MCL), a unit of the CIL, has crossed 157 million tonne (MT) in coal production in the financial year of 2021-22, to become the leading coal producing company in the country, a release said. On March 12, 2022, the company produced 7.62 lakh tonne of dry fuel which is the highest in a day during the current financial year reaching 157.7 MT with a growth of around 16 per cent over the last financial year, the company release... read more

Gopinath's comments come at a time when the government is looking to bring a Bill on cryptocurrency regulation International Monetary Fund (IMF) chief economist Gita Gopinath said on Wednesday that cryptocurrencies were proving to be a challenge for emerging markets and that strong regulation was needed for the sector. She, however, said there were practical obstacles to banning cryptocurrencies, given their decentralised nature. Gopinath’s comments come at a time when the government is looking to bring a Bill on cryptocurrency regulation. It is learnt however, that the Union Cabinet on Wednesday did not take up the Bill for consideration. With the current Winter Session ending on December 23, the chances of it being tabled in Parliament seem remote. Speaking at an event organised by National Council of Applied Economic Research (NCAER), Gopinath also said that India’s fiscal and monetary policies will both need to be accommodative for the next few quarters, given the continuing un...

  The government had listed the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 for tabling and passage in this session A Union Cabinet meeting on Wednesday did not discuss a Bill regulating cryptocurrencies, which means that Parliament’s Winter Session ending on December 23 is unlikely to take up the legislation. The government had listed the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 for tabling and passage in this session. While the written listing had said that the Bill would prohibit all private cryptocurrencies in India, it was later clarified that the descriptor had been carried over from the listing of the Budget Session of Parliament. ger more updates on Economy & Policy here The Bill had not been introduced then and was not listed for the Monsoon Session either. Finance Secretary T V Somanathan and other officials have made two things clear: Cryptocurrencies will not be allowed as legal tender, and they may be ...