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  Fixed-income investors are in for another treat. The interest rate of RBI Floating Rate Savings Bonds 2020 (Taxable) (FRSBs) is all set to hit 8 per cent for the first time since its inception. Popularly known as RBI 7.15% Bonds, it currently offers an interest rate of 7.35 per cent. The interest rate on these bonds is reset every six months and is due on July 1, 2023, next. How interest rate of RBI Floating Rate Savings is calculated Unlike other bonds, the interest rate of these bonds is not fixed. It is linked to the interest rate of the National Savings Certificate (NSC), a small savings scheme offered by the Union government. RBI Floating Rate Savings Bonds will pay 0.35 per cent higher than what NSC offers. The interest rate of NSC is reviewed every quarter along with other small savings schemes. If the interest rate on NSC goes up, then the RBI Floating Rate Savings Bonds 2020 (Taxable) will offer a higher interest rate accordingly. Similarly, if the interest rate of NSC goes

  Sources said Sebi has been writing to various regulators in several jurisdictions over the past few weeks regarding the Adani issue The Securities and Exchange Board of India’s (Sebi’s) investigation into the Hindenburg allegations is making slow progress when it comes to obtaining information from overseas regulators, particularly around ultimate beneficial ownerships of certain foreign portfolio investors (FPIs), said people in the know. “Establishing ultimate beneficial ownerships for FPIs is a very complex exercise. Several jurisdictions allow omnibus structures where the end beneficiaries are not required to be captured or are based in some other geographies. This entails writing to different regulators, some of whom may not be entitled to share information due to different pacts,” said a person in the know.Sources said Sebi has been writing to various regulators in several jurisdictions over the past few weeks regarding the Adani issue. Some of the information sought includes b

  Union Finance Minister Smt. Nirmala Sitharaman chairs review meeting with Central Board of Indirect Taxes & Customs (CBIC) Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a review meeting with Central Board of Indirect Taxes & Customs (CBIC), here today. The review meeting was attended by the Revenue Secretary; Chairman, CBIC and Members of CBIC. The comprehensive review covered a variety of work areas including trade facilitation, tax payer services, grievance redressal of the trade; finalisation of disciplinary cases and infrastructure projects, and progress of the upcoming Palasamudram campus of the National Academy of Customs, Indirect Taxes & Narcotics (NACIN). The Finance Minister emphasised the need for continuously improving tax payer services. With respect to grievance redressal, Smt. Sitharaman desired that in each Zone interaction be organised with members of trade and industry who are part of the GST ecosystem to know their i

  Finance Minister Nirmala Sitharaman on Saturday directed Central Board of Indirect Taxes & Customs to introduce its automated GST return scrutiny by next week and to implement an action plan to increase the taxpayer base through enhanced use of technology. Sitharaman, did a comprehensive review with CBIC and covered a variety of work areas, including trade facilitation, tax payer services, grievance redressal of the trade and finalisation of disciplinary cases and infrastructure projects, In a statement, the finance ministry stated that Sitharaman asked CBIC to intensify its drive against fake billing/Input Tax Credit (ITC) and undertake a comprehensive root cause analysis by studying the typology of cases already booked and come up with recommendations on technology based solutions to address the menace and prevent its occurrence. The FM emphasised the need for continuously improving tax payer services and in respect to grievance redressal desired that in each zone interaction b

  April 1 marks the beginning of the new financial year. There are many changes that will come into effect in the new financial year. These changes can impact your money and taxes. Here is a look at all the income tax changes will come into effect from April 1, 2023.   1. New income tax slabs under new tax regime Budget 2023 has revised the income tax slabs under the new tax regime. As per the announcement made, the income tax slabs have been reduced from six to five. The new income tax slabs under the new tax regime are as follows:   Income range (In Rs) Income tax rate (%) 0 to 3,00,000 0 3,00,000 to 6,00,000 5 6,00,000 to 9,00,000 10 9,00,000 to 12,00,000 15 12,00,000 to 15,00,000 20 Above 15 lakh 30   The new income tax slabs under the new tax regime comes into effect from April 1, 2023 for FY 2023-24. Do note that new income tax slabs under the new tax regime will be applicable to all the incomes earned in FY 2023-24, provided you opt for new tax regime in FY 2023-24.   2. No inco

  Under pressure to bring down retail inflation and keep pace with global peers, the Reserve Bank may go in for 25 basis points hike in benchmark interest rate, probably the last in the current monetary tightening cycle that began in May 2022, at the bi-monthly policy to be unveiled on Thursday. The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24. The Reserve Bank of India (RBI) has already increased the repo rate by a total of 250 basis points since May in a bid to contain inflation though it has continued to remain above the central bank's comfort zone of 6 per cent for most of the time. The two key factors which the RBI Governor headed committee will deliberate intensely while firming up the next monetary policy are -- elevated retail inflation and the recent action taken by central banks of

  The upcoming Monetary Policy Committee (MPC) comes at a very crucial juncture. Domestic growth is  recovering but there are some signs of weakness. Consumer price inflation is likely to moderate, but core inflation remains sticky, even while food inflation keeps raising its ugly head. On the global front, economic uncertainties have spiked further up with the recent bank failures, raising the threat of a systemic failure in the financial sector.   -Livemint 3 r d  April, 2023.