New Delhi, June 17

The direct tax collection till mid-June this fiscal increased 45% to over Rs 3.39 lakh crore, buoyed by decent advance tax mop-up, the I-T Department said on Friday.

This includes corporate tax at over Rs 1.70 lakh crore and personal income tax, including security transaction tax, at over Rs 1.67 lakh crore.

"The figures of direct tax collection for the FY23, as on June 16, 2022, show that net collection is at Rs 3,39,225 crore compared to Rs 2,33,651 crore over the corresponding period of the preceding year, up 45%," the Central Board of Direct Taxes said.

Mumbai, June 16

The RBI on Thursday lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms.

The central bank had barred the US-based payment gateway from onboarding new customers until it complies with storage of Payment System Data norms.

"In view of the satisfactory compliance demonstrated by Mastercard Asia/Pacific Pte. Ltd...on storage of payment system data, the restrictions imposed...on onboarding of new domestic customers have been lifted with immediate effect," the RBI said. The RBI had barred Mastercard from onboarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021.

Mumbai, June 16

The first tranche of Sovereign Gold Bond for 2022-23 will open for subscription for five days from June 20, the RBI said on Thursday. It further said the second tranche will be available for subscription during August 22 to 26.

"The tenor of the SGB will be eight years with an option of premature redemption after 5th year to be exercised on the date on which interest is payable," the RBI said, and added, minimum permissible investment will be one gram of gold. — PTI

Eight-year tenor

The tenor of Sovereign Gold Bond will be eight years with an option of premature redemption after 5th year to be exercised on the date on which interest is payable

New Delhi, June 16

Jet fuel price was today hiked by the steepest ever 16 per cent to catapult rates to an all-time high in step with hardening international oil rates. The price of aviation turbine fuel (ATF), the fuel that helps aeroplanes fly, has been increased by Rs 19,757.13 per kilolitre, or 16.26 per cent, to Rs 1,41,232.87 per kl (Rs 141.2 per litre) in the national capital, according to a price notification of state-owned fuel retailers.

The hike, which comes on the back of a marginal 1.3 per cent (Rs 1,563.97 per kl) cut in rate earlier this month, takes jet fuel prices to record high across the country. But for the one-off decrease on June 1, ATF prices have been on the rise throughout 2022. In all, rates have been increased 11 times this year. This has led to rates almost doubling in six months.

Mumbai, June 16

The Reserve Bank on Thursday raised the Additional Factor of Authentication (AFA) limit from Rs 5,000 to Rs 15,000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and UPI for recurring transactions.

It implies, additional authentication will not be need for payment of Rs 15,000 per transaction.

"On a review of implementation of the e-mandate framework and the protection available to customers, it has been decided to increase the...AFA limit from Rs 5,000 to Rs 15,000 per transaction," the Reserve Bank said in a circular.

The Reserve Bank of India (RBI) has, over the past decade, put in place various safety and security measures for card payments, including the requirement of AFA, especially for 'card-not-present' transactions.

Under e-mandate, an individual can give standing instruction to the bank to debit a specific amount automatically on recurring basis.

Mumbai, June 16

The RBI on Thursday lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms.

The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms.

"In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd...on Storage of Payment System Data, the restrictions imposed...on on-boarding of new domestic customers have been lifted with immediate effect," the RBI said in a statement.

The RBI had barred Mastercard Asia / Pacific Pte from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021.

Mumbai, June 15

The rupee plunged 18 paise to close at a new all-time low of 78.22 against the US dollar on Wednesday as a lacklustre trend in domestic equities and persistent foreign fund outflows weighed on investor sentiment.

At the interbank foreign exchange market, the local currency opened firm at 77.99 and finally settled at its all-time low of 78.22, down 18 paise over its previous close of 78.04. The rupee has now closed at record lows for four straight sessions.

"Expectation is that US central bank could raise rates by 50 bps. Hawkish comments could continue to keep the dollar supported at lower levels. Major crosses remained under pressure following broad gains in the dollar," said Gaurang Somaiya, Forex amp; Bullion Analyst, Motilal Oswal Financial Services.

New Delhi, June 15

Indian enterprises are feeling more confident about their management competence as they recover from the Covid crisis, according to the latest study of management capability of Indian companies by the All India Management Associationand KPMG.

The sentiment is the highest since 2018 with the overall Management Capability Development Index (MCDI) at 74.5 compared to 71.6 in 2018.

Mumbai, June 15

The State Bank of India has hiked the minimum interest rates on home loans to 7.55 per cent effective Wednesday.

The move follows a 50 basis points hike in repo rate to 4.9 per cent by the RBI last week. In May also, the RBI had hiked repo rate by 40 basis points.

The lender has hiked its External Benchmark-based Lending Rate to a minimum of 7.55 per cent effective today as compared to 7.05 per cent earlier, as per its website.

New Delhi, June 15

After State Bank of India, another public sector lender Indian Bank has made pregnant women with over three months pregnancy "temporarily unfit" to join the bank, inviting criticism from various organisations.

As per the guidelines and criteria for physical fitness for pre-employment recently issued by Indian Bank, candidates will be re-examined six weeks after delivery for the appointment of selected post.

"A woman candidate, who as a result of tests, is found to be pregnant of 12 weeks' standing or over, should be declared temporarily unfit until the confinement is over. The candidate should be re-examined for a fitness certificate six weeks after the date of labour, subject to the production of medical certificate of fitness from a registered medical practitioner," it said. Hence, the joining of such women would be delayed and such candidates would lose seniority. The All-India Democratic Women's Association condemned the decision.

Mumbai, June 14

Benchmark indices stayed on the backfoot on Tuesday after the previous session's rout as risk-off sentiment prevailed amid weak global cues and persistent foreign fund outflows.

Lacklustre macroeconomic data and the rupee staying near its lifetime low further dampened buying appetite, traders said.

Global investors were in wait-and-watch mode ahead of the US Federal Reserve's policy decision on Wednesday amid expectations of accelerated rate hikes to cool scorching inflation, they added.

Sliding for the third straight session, the Bombay Stock Exchange benchmark dropped 153.13 points to settle at 52,693.57 — its lowest since July 30, 2021. On similar lines, the NSE Nifty declined by 42.30 points to end at 15,732.10.

New Delhi, June 14

The Competition Commission of India (CCI) on Tuesday said it has approved the proposed acquisition of the entire shareholding of AirAsia India by Air India.

The proposed combination envisages the acquisition of the entire equity share capital of AirAsia (India) Pvt Ltd by Air India, a notice issued by the fair trade regulator said.

AirAsia India is a joint venture between TSPL and Air Asia Investment Limited (AAIL), with TSPL presently holding 83.67% and AAIL owning a 16.33% stake.

Air India along with its subsidiary Air India Express is engaged in the business of providing domestic scheduled air passenger transport service, international scheduled air passenger transport service, air cargo transport services, and charter flight services in India.

New Delhi, June 14

Fitch Ratings on Tuesday said the RBI is likely to raise interest rates further to 5.9% by December 2022, on deteriorating inflation outlook.

In its update to Global Economic Outlook, Fitch said India's economy faces a worsening external environment, elevated commodity prices, and tighter global monetary policy.

"Given the deteriorating outlook for inflation, we now expect the RBI to lift rates further to 5.9% by December 2022 and to 6.15% by the end of 2023 (vs. previous forecast of 5%) and to be unchanged in 2024," Fitch said. — PTI

Economic outlook

Fitch said India's economy faces a worsening external environment, elevated commodity prices, and tighter global monetary policy

New Delhi, June 14

Wholesale inflation surged to a record high of 15.88% in May as crude oil prices rose and heatwave resulted in costlier vegetables and fruits, strengthening the possibility of a further interest rate hike by RBI. — PTI

Editorial: Reining in inflation