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The Reserve Bank of India’s outstanding net short dollar position in the forward book surged to a record $200.06 billion at August-end from $136.77 billion at July-end, data released by the central bank on Monday showed.Short positions with a maturity of less than one year rose to $55.15 billion at the end of August from $47.66 billion in July, while positions with a maturity of more than one year nearly doubled to $176.57 billion from $91.54 billion.At the same time, the RBI's long dollar positions increased to $31.66 billion at August-end from $2.43 billion at July-end. All of these positions mature within one month. Consequently, after adjusting for long positions, the RBI's net short position in contracts maturing within one year fell to around $23.5 billion in August from $45.2 billion in July.“The short positions have increased on the back of FCNR(B) flows. The RBI has also let some positions to mature because looking at the data, if we include the amount of inflows, the ...

  The Reserve Bank of India (RBI) has approved the appointment of Anup Kumar Saha as managing director and chief executive officer (MD & CEO) of Kotak Mahindra Bank for a three-year term beginning January 1, 2027, the private sector lender said in a regulatory filing on Thursday.The bank said the RBI approval was received on September 30. The appointment is subject to further formalities, including approval from the bank’s members.“Based on an application made by the Bank, the Reserve Bank of India (RBI) has, vide its letter dated September 30, 2026 … accorded its approval under Section 35B of the Banking Regulation Act, 1949 for the appointment of Mr. Anup Kumar Saha as the new Managing Director & CEO of the Bank, for a period of three years, with effect from January 1, 2027,” Kotak Mahindra Bank said in its filing to the stock exchanges.Saha is currently a whole-time director (executive director) at Kotak Mahindra Bank. He joined the bank in January 2026 and, since March,...

  The Securities and Exchange Board of India (Sebi) has given the green signal to Jio Platforms' initial public offering (IPO), clearing the way for Mukesh Ambani-led Reliance Industries' telecom arm to proceed with its fresh-issue IPO.The offer, filed on June 19, received an observation letter from Sebi on Friday, with Kotak Mahindra Capital Company as the lead manager.According to the draft red herring prospectus (DRHP), the IPO will comprise a fresh issue of up to 270 million shares with a face value of ?10 each. The final issue price will be determined through the book-building process.This week, the market regulator has also given the go-ahead for the IPOs of Paras Healthcare, Pushp Brand India, M K Sons Fine Jewels, Sadbhav Futuretech, and Bharat PET, and the pre-filing of Paramotor Digital Technology.   -Business Standard 31st August,2026

  India's gross Goods and Services Tax (GST) collections rose 15.4% year-on-year to Rs 2.11 lakh crore in July 2026, driven by robust domestic revenues and a sharp increase in tax collections from imports, according to the government's monthly GST revenue report released on Saturday. Gross domestic GST revenue increased 10.1% to Rs 1.45 lakh crore from Rs 1.31 lakh crore in July 2025. GST revenue from imports rose 28.8% to Rs 66,511 crore, taking the total gross GST collections for the month to Rs 2.11 lakh crore. The latest GST collections suggest that domestic consumption and business activity remained steady despite geopolitical tensions in West Asia, with higher domestic and import-related tax collections supporting overall revenue growth. The report also showed that GST refunds continued to rise. Total refunds increased 13.1% year-on-year to Rs 29,968 crore, with export-related refunds processed through ICEGATE rising 22.7% to Rs 12,288 crore. After adjusting for refunds, ...

Asset quality is holding up in the micro, small, and medium enterprises (MSME) segment, but there are nascent signs of stress visible in micro enterprises, and the retail loan segment needs close monitoring, the Reserve Bank of India’s Financial Stability Report has noted.“In the MSME segment, while some nascent stress is visible in micro enterprises, the overall gross NPA ratio has shown improvement,” the report said, stressing that overall asset quality remains benign amid above-average loan growth in the MSME and retail segments.Household debt continued to rise, reaching 45.5 per cent of gross domestic product (GDP) at the end of September 2025.The increase was driven mainly by non-housing retail loans, which accounted for 58.4 per cent of total household borrowings as of March 2026. Borrowings for consumption purposes constituted nearly half of household debt, followed by loans for productive purposes, while loans for asset creation grew at a slower pace.Although gross NPA ratios i...

On July 1, the Goods and Services Tax (GST) will enter its tenth year. Over the past nine years, the GST Council has emerged as one of the country's most important tax policymaking bodies, deciding everything from rate cuts on essential goods to exemptions for key sectors.Here's a look at how proposals to change GST rates move through committees, negotiations and constitutional processes before they are officially notified. Who can propose a GST rate change? Unlike many other tax proposals, suggestions to revise GST rates can come from multiple sources. Industry associations, companies, state governments, central ministries, tax authorities and even judicial rulings can trigger a review of an existing GST rate or product classification.Businesses and trade bodies frequently submit representations seeking lower tax rates, exemptions or clarification on classification disputes. State governments can also recommend changes based on local industry concerns or revenue considerations...

  The Reserve Bank of India (RBI) will estimate the natural real rate of interest and potential gross domestic product (GDP) growth as part of its efforts to strengthen macroeconomic forecasting and policy analysis, according to the central bank’s annual report released on Friday.The RBI said the department’s goals for 2026-27 include improving GDP growth and inflation forecasting, assessing sectoral deployment of credit, including non-bank sources, estimating the natural real rate of interest and potential GDP growth, and reviewing the quarterly projection model.“During 2026-27, the Department will focus on strengthening macroeconomic forecasting and policy analysis. Accordingly, the Department has set the following goals: reviewing and improving GDP growth forecasting; reviewing and improving inflation forecasting; sectoral deployment of credit to include non-bank sources; estimating the natural real rate of interest; estimating potential GDP and its growth rate; and reviewing th...

  The Reserve Bank is expected to leave the key policy rate unchanged at 5.25 per cent this week and adopt a cautious stance that factors in the possible headwinds to inflation and growth trajectory amid the West Asia turmoil, experts opined.With surging energy prices, continuing supply chain woes and a depreciating rupee, primarily driven by external challenges, some experts are of the view that the Reserve Bank of India (RBI) may raise its inflation forecast and lower its GDP growth estimate at its bi-monthly monetary policy meet from June 3 to 5.After three days of deliberations, the six-member Monetary Policy Committee (MPC), headed by RBI Governor Sanjay Malhotra, will announce its decision on June 5.In April, the Reserve Bank had kept its key policy rate unchanged, adopting a cautious wait-and-watch stance as policymakers assessed the fallout from the West Asia conflict on energy supplies, inflation and growth.A research report from the SBI's economic research department expe...

  The Reserve Bank of India (RBI) on Wednesday issued final guidelines exempting non-banking financial companies (NBFCs) that do not avail of public funds, do not have a customer interface, and have assets of less than ?1,000 crore from the requirement to register with it. These NBFCs will be classified as “Unregistered Type I NBFCs”.Entities falling in this category will be exempt from registration requirements, provided they meet specified conditions, including operating a long-term business model without public funds or customer exposure. Boards must pass resolutions affirming compliance, while statutory auditors must certify the absence of public funds and customer interface.Existing NBFCs meeting these criteria have been given a one-time window to apply for deregistration by December 31, 2026 — introducing, for the first time, a structured exit route from the regulatory framework. Applications for deregistration must be made through the RBI’s PRAVAAH (Platform for Regulatory A...

  India’s efforts to steady the beleaguered rupee are likely to get harder in the coming months, as insufficient capital inflows replace speculative bets as the main pressure point.The Reserve Bank of India took aggressive steps recently to curb speculation, yet the currency fell to a record closing low on Wednesday. With the US-Iran war — now entering a third month — keeping oil prices elevated, and capital inflows muted, economists are widening their estimates of the nation’s balance of payment deficit.Kotak Mahindra Bank pegs the gap at $50 billion this fiscal year, versus deficits of $39 billion and $5 billion in the previous two years. IDFC First Bank sees it widening to $40 billion—$50 billion from an estimated $35 billion in the prior period. “The fundamental balance of payments picture continues to look weak, so the pressure on the rupee may persist,” said Rahul Bajoria, head of India economics research at BofA Securities India. “The RBI’s steps do provide relief, but we do...

  The Reserve Bank of India’s outstanding net short dollar position in the rupee forward market rose to $77.25 billion by the end of February, the highest since March 2025, the latest data by the central bank showed. The net short position by the end of January stood at $68.42 billion.Short positions in less than one year remained unchanged at $28 billion, while those in longer-than-one-year tenures rose by around $9 billion to $49 billion.Of the $77 billion net short dollar position, $10.9 billion was in one-month contracts, $5.9 billion in one- to three-month tenures, $11.7 billion is set to mature between three months and a year, and the remaining $49 billion was in contracts of more than a year.   -Business Standard 01 st  April,2026

  The Reserve Bank of India (RBI) late on Monday deferred the capital market exposure norms to July 1. These norms, which include acquisition financing guidelines, were scheduled to come into effect from April 1.RBI said it had received representations from banks, capital market intermediaries, and various industry associations seeking an extension of the effective date, and also flagging certain operational and interpretational issues for clarification."On a review, based on further discussions with the stakeholders, it has been decided to extend the effective date of the said Amendment Directions by three months to July 1, 2026," RBI said in a statement.Moreover, the regulator proposed a few changes while clarifying certain provisions relating to acquisition finance and exposures to capital market intermediaries. RBI said the definition of acquisition finance has been modified to include mergers and amalgamations. It also said acquisition finance may be extended only for ac...

  Gross GST collection increased by 8.1 per cent to over Rs 1.83 trillion in February, led by higher growth in revenues from imports and improved domestic sales.Gross domestic revenue rose 5.3 per cent to about Rs 1.36 trillion, while gross import revenue climbed 17.2 per cent to Rs 47,837 crore.Total refunds were up 10.2 per cent at Rs 22,595 crore.Total net Goods and Services Tax (GST) collection stood at over Rs 1.61 trillion, up 7.9 per cent year-on-year.Net cess revenue was Rs 5,063 crore, down from Rs 13,481 crore in February last year. GST rates on about 375 items were slashed, making goods cheaper, effective September 2025. Also, four tax slabs of 5, 12, 18 and 28 per cent were merged into two of 5 per cent and 18 per cent, with a highest 40 per cent slab for a select few ultra luxury goods and tobacco products.The GST collections had initially dipped in the first month of tax cut implementation, with revenues declining to Rs 1.70 trillion in November. The collection rose t...

  The net goods and services tax (GST) revenue in February rose 7.9 per cent year-on-year to ?1.61 trillion, excluding GST compensation cess receipts, marking the highest growth rate in the past six months, according to government data released on Sunday.In absolute terms, the net GST revenue for February is the third highest in the last six months, after January at ?1.7 trillion and October at ?1.69 trillion. On a sequential basis, February’s collection declined by nearly 5.7 per cent, the data showed.The Centre discontinued the compensation cess from February 1. The compensation cess of ?5,063 crore reported in February relates to transactions carried out in January. Total GST refunds rose 10.2 per cent, with domestic refunds declining 5.3 per cent and import-related refunds rising 26.5 per cent. Meanwhile, gross GST revenue increased 8.1 per cent to ?1.83 trillion, though sequentially it fell 5.05 per cent from January, when overall revenue stood at ?1.93 trillion. Gross revenue...

  THE FINANCE BILL, 2026 FAQ KEY FEATURES OF BUDGET 2026 MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL,2026

  The Budget has proposed to reduce the tax collected at source (TCS) for self-funded education and medical purposes abroad under the liberalised remittance scheme from 5% to 2%. However, the TCS rate for other purposes will continue at 20%. Govt had last year exempted remittances for education from TCS where such remittance is from a loan taken from a specified financial institution. The finance minister has also proposed to reduce TCS on overseas tour packages to 2%. Currently, TCS for such expenditure is levied at a rate of 5% (for remittances up to Rs 10 lakh) and 20% (for remittances beyond Rs 10 lakh). The move will boost foreign travel. Under the liberalised remittance scheme, all resident individuals, including minors, are allowed to freely remit up to $250,000 in a financial year without seeking prior approval from RBI. This enables an individual to send money to a child studying overseas for education, make an investment or take a vacation. Govt’s decision to slash TCS on...

  Tightened tax rules for sovereign gold bonds (SGBs) will arrow the scope of who canclaim capital gains exemption. The budget decisionsignals discomfort with SGBs eing used as a tax arbitrageinstrument rather than as along-term savings product.The Finance Bill 2026, presented on February 1, proposed amending the Incometax Act to clarify that theexemption will be availableonly to investors who subscribed to SGBs at thetime oforiginal issuance and holdthem continuously untilredemption on maturity(usually eight years). Premature redemption, even afterthe completion of the prescribed lock-in period, shallnot be eligible for exemption.The change, effective April 1,applies from tax year 2026-27and removes ambiguityaround secondary markettransactions.So far, gains from SGB saleswere exempt if they were held till maturity, irrespective ofhow long the bond was held orwhether it was bought in theprimary issue or from thesecondary market. “Only theprimary investor who continues to hold until...

  The budget has proposed a major reset in the taxation of share buybacks, shifting them from being treated as ‘deemed dividends’ back to capital gains. Under the proposal, buyback proceeds for individual shareholders will be taxed at 12.5%, significantly lower than the current slab-based rate of up to 30%. Tax treatment for promoters has also been rationalised: foreign promoters will face a 30% levy, while Indian promoters will continue to be taxed at 22%. Tax experts said the change corrects a distortion in equity taxation and restores buybacks as a more efficient capital-return mechanism. “With effect from October 2024, buyback proceeds were treated as dividends, taxed at regular rates, while the cost of acquisition was recognised separately as a capital loss. Less than 18 months later, the old system has been restored, but with added complexity—distinguishing between promoters, who do not get concessional rates, and non-promoter shareholders, who benefit from the lower capital ...

  Individuals who missed reporting small funds in foreign bank accounts, and other overseas assets like stock options or an apartment in their tax returns can now breathe easy. Under a one-time, six-month mini amnesty window announced in the budget, they can get the taxman off their backs for a fee of `1 lakh for assets up to `5 crore, as long as these were acquired with disclosed earnings. And where the source of funds is not revealed, a person can come clean by forking out 60% of the value of assets up to `1 crore. Over the years, tax officials have knocked on the doors of hundreds of residentswho remitted tax-paid moneythrough banking channels underthe Reserve Bank’s liberalised remittance scheme for failing to report overseas assets. Some werepulled up for offshore securitiesand properties bought when theywere working abroad as NRIs. Besides a hefty fine of `10 lakh,the black money law allows the income tax department to initiate prosecution gainst errant NRIs. While the big fi...

  Buying property from an NRI? Worried about obtaining TAN? Not anymore.To relax the compliance burden, the Budget has proposed that resident individuals and HUFs need not have a Tax Deduction and Collection Account Number (TAN) if they are purchasing a property from a non-resident Indian (NRI). The amendment will take effect from Oct 1, 2026. Under the proposed framework, resident individuals or HUFs can report the tax deducted at source (TDS) by quoting PAN, as is done when the transactions are between two residents. Presently, if a person buys an immovable property from a resident seller, the person is not required to obtain TAN to deduct tax at source. However, where the seller of the immovable property is a non-resident, the buyer is required to obtain TAN to deduct tax at source. Ameet Patel, partner at Manohar Chowdhry & Associates, said this used to be a detailed process. “At present, if a resident were to purchase an immovable property from an NRI, there is no separate...