Forex

Forex reserves surge to record 392.867 bn

India's foreign exchange reserves have surged by 1 (point) 536 billion US Dollars to touch a fresh lifetime high of 392(point) 867 billion dollars in the week ended 28th July 2017. 

An RBI release said that foreign currency assets, a major part of the overall reserves rose by 1.609 billion dollars to 368.759 billion dollars. In the previous week, the reserves had increased by 2.27 billion dollars to 391.33 billion dollars. 

Gold reserves remained unchanged at 20.35 billion dollars. India's special drawing rights with the International Monetary Fund went up by 3.9 million dollars to 1.495 billion dollars, while the country's reserve position declined by 77.2 million dollars to 2.263 billion dollars. 

Account Number Portability

Reserve Bank to announce its third bi-monthly policy review of current fiscal

The Reserve Bank of India will announce the third bi-monthly policy review statement of this fiscal this afternoon. The six members Monetary Policy Committee led by RBI Governor Dr. Urjit Patel began two day meeting in Mumbai yesterday. 

AIR Correspondent reports that the RBI Monetary Policy Committee meeting's outcomes are keenly awaited by all stakeholders including industry and stock markets. 

Account Number Portability

RBI asks banks to work towards account number portability

Reserve Bank of India Deputy Governor S S Mundra has asked banks to work towards account number portability, as it will be a far-reaching step towards enhancing competition and improving customer service. 

Speaking at the annual conference of banking ombudsmen in Mumbai, he said banks should look forward to providing more choices to the new generation of customers who are more technology savvy. 

Income Tax Return

Last day of filing Income Tax Return today; No extension of deadline

The last date for filing of the Income Tax Returns for the financial year 2016-17 will not be extended beyond today's deadline, a top official said. The Income Tax Department said it has no plans to extend the deadline as it has already received over two crore returns electronically, reports PTI.

On reports of the e-filing website facing some glitches, the official said that no major glitches have been reported with the department's e-filing website http://incometaxindiaefiling.gov.in/ barring a few times when the portal was interrupted for maintenance.

Banking Regulation Amendment Bill 2017

Banking Regulation Amendment Bill 2017 & others bills scheduled to be tabled in Lok Sabha

The Banking Regulation (Amendment) Bill, 2017, the Companies (Amendment) Bill, 2016, the National Bank for Agriculture and Rural Development (Amendment) Bill, 2017 and The Companies (Amendment) Bill, 2016 is scheduled to be come up for consideration and passage in the Lok Sabha today. 

The Indian Institutes of Information Technology (Amendment) Bill, 2017 and the Indian Institutes of Management Bill, 2017 will also come up for consideration and passage in the Lower House.