Skip to main content

FM Nirmala Sitharaman chairs 28th Financial Stability and Development Council (FSDC) meeting

 FM Nirmala Sitharaman chairs 28th Financial Stability and Development Council (FSDC) meeting



Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired the 28th Meeting of the Financial Stability and Development Council (FSDC) in New Delhi, on February 21, 2024.

The FSDC, inter alia, deliberated on issues related to macro financial stability and India’s preparedness to deal with them. The ongoing inter-regulatory issues were also discussed to support GIFT IFSC in its strategic role to become one of the world’s premier international financial centres and perform its envisioned role of facilitating foreign capital and financial services for the domestic economy.

The FSDC discussed various issues related to formulation of strategy for implementing the decisions of the FSDC and the Union Budget announcements. These, inter alia, included:

·         prescribing uniform KYC norms, inter-usability of KYC records across the financial sector, and simplification and digitalisation of the KYC process;

·         kickstarting fund-raising by social enterprises through social stock exchanges;

·         to arrest the harmful effects of unauthorised lending through online apps and measures to curb their further spread.

The FSDC considered the domestic and global macro-financial situation and emphasised that the members need to maintain constant vigilance and continue their proactive efforts towards detecting emerging financial stability risks and taking the necessary measures to maintain the resilience of the financial sector. The FSDC members also decided to strengthen inter-regulatory coordination to further develop the financial sector so that it continues to provide the requisite financial resources for inclusive economic growth.

The FSDC also took note of the activities undertaken by the FSDC Sub-Committee chaired by the Governor, RBI, and the action taken by members on the previous decisions of the FSDC.

   The Press Release can be accessed at: https://pib.gov.in/PressReleasePage.aspx?PRID=2007736


YouTube link for more tax update

https://www.youtube.com/gstinfotamil?sub_confirmation=1


By GST Info Tamil



Comments

Post a Comment

Popular posts from this blog

GST LUT – File Letter of Undertaking (LUT) Online

Letter of Undertaking is commonly known as LUT. The  GST LUT  is prescribed to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that he/she would fulfill all the requirements prescribed under  GST  while exporting without making IGST payment. Know more about  exports under GST. Filing Letter of Undertaking is mandatory to export goods or service or both without payment of Integrated Taxes (IGST). If LUT has not been furnished, the export can only be made through payment of IGST or by furnishing an export bond. Initially, only the options of export bond was allowed. However, to improve ease of doing business, the Government introduced LUT. LUT was to be filed offline at the concerned GST office. Now, the Government has made the process of filing GST LUT online. Now, exporters can file LUT online through their respective GST Portal account easily by following the steps below. Eligibility for Export under LUT All GST registered goo...
Post a Comment
Read more

What is a Letter of Credit?

What is a Letter of Credit? An LC is a contract by which a bank guarantees the seller that the buyer will make the payment for the goods and services. The use of LCs to effect payment is widespread in international trade. This is because they offer security of payment for and receipt of goods to the parties involved in the trade transaction who may be in different countries. You can choose from the different types of LCs available according to your specific requirements. What are the different types of Letters of Credit? The different types of Letters of Credit offered by banks in India are as follows: Documentary A documentary LC is an obligation by the issuing bank to pay the agreed amount to the beneficiary (usually the seller) on behalf of the applicant (buyer) upon receipt of specified documents. Sight LC or Usance Credit A sight LC guarantees the payment once the beneficiary (the party which is about to receive the payment) presents the sight LC to the ban...
Post a Comment
Read more

What is the mode of payment under Section 80G?

What is the mode of payment under Section 80G? Taxpayers in India can claim deductions under Section 80G for eligible donations. Here are the key modes through which donations can be made: Cheque: Donations made via cheque are eligible for Section 80G deductions. Demand Draft: Contributions made through demand drafts also qualify for Section 80G benefits. Cash (for donations below Rs 2,000): Cash donations are accepted for deductions if they are below Rs 2,000. Note:  In-kind contributions such as food, material, clothes, medicines, etc., and donations exceeding Rs 2,000 should not be in cash to qualify for Section 80G deductions. Criteria for Deductions: Eligible Donations: Various donations specified in Section 80G are eligible for deductions. Deduction Percentage: The deductions can be up to 100% or 50% with or without restrictions, as specified in Section 80G. Section 80G Deduction: Eligible List of Funds/Charitable Institutions for Donations The prescribed funds and charitable...
Post a Comment
Read more