Despite the spurt in economic activity, the persistently high rate of inflation remains the biggest concern for the economy. RBI Governor Shaktikanta Das said, earlier this month it was voted in favor of increasing the repo rate by 0.50% only to bring the rising inflation under control.
In the details of the Monetary Policy Committee (MPC) meeting released by the central bank on Wednesday, the governor said an increase in the repo rate will strengthen the RBI's commitment to price stability. The primary goal of the central bank is to keep inflation under check. This is a precondition for sustainable growth in the medium term. The 6-member MPC, headed by Das, had agreed to increase the repo rate for the second time to 4.9 percent on June 8.
The Repo rate may increase again
The Governor said that the time is opportune for another hike in the policy rate to effectively tackle inflation. That's why I will vote for a 0.50 percent hike in the repo rate once again. This will help in controlling high inflation. Along with this, it will also help in mitigating the effects of adverse supply-related problems.
$30 billion increase in foreign exchange reserves
The country's foreign exchange reserves have increased by $30.3 billion in 2021-22. During 2020-21, an increase of $ 99.2 billion was registered in it. RBI said on Wednesday that during this period the foreign exchange reserve increased by $ 47.5 billion. On the other hand, the current account deficit stood at 1.2% of GDP in 2021-22. There was a surplus position of 0.9 percent in 2020-21.
1% TDS on crypto payments above Rs 10,000
The Income Tax Department has issued a detailed guideline regarding TDS deducted on Virtual Digital Assets (VDA). Under this, it will be necessary to tell the date of cryptocurrency transfer and the mode of payment. The Finance Act-2022 has added section 194S to the Income Tax Act. Under this, one percent TDS will be deducted from July 1 on payment of VDA or crypto of more than Rs 10,000 in a year.
To implement the new provision, the Central Board of Direct Taxes June 21 has made some amendments to the Income Tax Rules concerning the filing of TDS returns in Form 26QE and Form 16E. The notification states that TDS deposited under section 194S has to be deposited within 30 days from the end of that month. In this way, the deducted tax will be deposited in Form 26QE along with the challan.
ICICI hikes interest on FDs
ICICI Bank has increased the interest rates on Fixed Deposits (FDs). Deposits of less than 2 crores will get 5 bps more interest. Now interest from 2.75 to 5.75% will be available on FDs at different times. You can also deposit money for 7 to 10 days. The new rate has come into effect on June 22.
Gold slips by Rs 205, silver by Rs 926
Gold prices fell by Rs 205 to Rs 50,487 per 10 grams in the Delhi bullion market on Wednesday due to softening of precious metals in the global market. Silver also became cheaper by Rs 926 to Rs 59,959 per kg. In the international market, gold was trading lower at USD 1,825 an ounce.
5 times increase in the number of air passengers
The number of domestic air passengers grew 5 times on a year-on-year basis to reach 12 million in May. In May last year, only 21 lakh people traveled. IndiGo had 70 lakh passengers and a 57.9 percent market share of 1.20 crore. Air India had 8.23 lakh passengers.
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