Chinese banks lowered their benchmark lending rates for the first time in seven months, in a move telegraphed by officials when they eased monetary policy to counter US tariffs. The one-year loan prime rate was lowered to 3% from 3.1% previously, according to a statement from the People’s Bank of China on Tuesday. That’s in … Read more
The Reserve Bank of India (RBI) on Monday, May 19, said it has granted an in-principle approval to Emirates NBD Bank PJSC, UAE, to establish a wholly-owned subsidiary (WOS) in India. The move is in line with the RBI’s Scheme for Setting up of WOS by Foreign Banks in India. Emirates NBD currently operates in … Read more
For the first time in over a century, the United States has lost its top-tier credit status from all major rating agencies, as Moody’s Ratings, on Friday, downgraded the US government’s credit rating by one notch, highlighting deepening concerns over the nation’s fiscal stability. Moody’s downgraded the US government’s credit rating from AAA to AA1 … Read more
The International Monetary Fund (IMF) has slapped 11 new conditions on Pakistan for the release of the next tranche of its bailout programme and warned that tensions with India could heighten risks to the scheme’s fiscal, external, and reform goals, according to a media report on Sunday (May 18). The new conditions imposed on Pakistan … Read more
The Reserve Bank of India may pay a whopping dividend of ₹3 trillion to the government on May 23 this year, according to a CNBC-TV18 poll of top economists. And a few who closely follow monetary and fiscal policy, including this writer, believe there is a good chance of the actual number being higher than … Read more
Vice President Jagdeep Dhankhar on Saturday said that people cannot help economies of nations, through import or travel, that are inimical to the interests of India. His remarks came amid trade and tourism boycott of Turkiye and Azerbaijan following their support to Pakistan in the conflict with India after Operation Sindoor. Addressing an event here, … Read more
India’s Commerce and Industry Minister Piyush Goyal is on his way to the United States to meet the American Commerce Secretary Howard Lutnick, followed by the USTR (US Trade Representative) Jamieson Greer. While the Minister will be in the US till 20th May, India’s negotiating team led by Chief negotiator Rajesh Agrawal will negotiate with … Read more
For many Indian families, it’s been a point of pride – and often livelihood – that their children send money back from the United States. But these families may be in for a bit of a shock – when they see less money in their accounts. That’s because a new tax has been proposed in … Read more
Goods and Services Tax (GST) is a relatively new piece of legislation and, in over seven years since its implementation, significant litigation has arisen across various issues. This is primarily due to the fact that the law on many crucial aspects remains unsettled, and divergent interpretations exist across different jurisdictions. Consequently, under GST, taxpayers have … Read more
Sri Lanka has restructured nearly $931 million in lines of credit and buyers’ credit facility agreements with the Indian government, the island nation’s finance ministry said on Thursday (May 15). The deal between the two countries will facilitate deeper cooperation on multiple projects including an energy hub agreed to during a visit by Indian Prime … Read more