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Remedy by the GST Council to the Exporters

The GST council has specified 0.1 percent tax rate on goods acquired for export purposes in a relief to merchant exporters.A senior ministry official said that the exporters would be permitted to procure 0.1 percent tax on export of goods. The Council consented two proposals, to put a stop to cash blockage of exporters caused by upfront payment of GST on inputs, stated an official statement.  "One for immediate relief and the other for providing long-term support to exporters. Immediate relief is being given by extending the advance authorization (AA)/ Export Promotion Capital Goods (EPCG)/100 per cent EOU schemes to sourcing inputs from abroad as well as domestic suppliers," the statement said.It was mentioned that there is no need to pay IGST and cess on imports for the holders of AA/ EPCG and EOUs."Also, domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports and refund of tax paid on such supplies given to the supplier," it added.Furthermore, Public Sector Units and specified banks are also permitted to import gold without payment of IGST."This can then be supplied to exporters as per a scheme similar to AA," it added.The merchant exporters of India record for over 30 percent of the country’s exports that usually work on the margins of 2-4 percentage.Especially for those products having high GST imposition rates, the costing was disorganised as they got to pay GST and seek refund after a time lag, said FIEO in a statement. For the exporters, attempts would be made to initiate an e-wallet facility to provide liquidity from April 1.  The Directorate General of Foreign Trade (DGFT) will draw up norms, for the operation of e-wallet facility. FIEO had said earlier that, as most of the micro and small exporters borrow money to pay taxes, they are hit hard by GST. It is notified that based on the previous year’s exports and an average GST rate, under this facility e-currency is credited to exporter’s account. , When the duty paid supplies have to be undertaken, the money can be debited from e-wallet. When the proof of exports is made available, the amount can be credited to a running account, it said.Also Read GST's  Impact on Exports and Imports
Remedy by the GST Council to the Exporters
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Remedy by the GST Council to the Exporters 52 Remedy by the GST Council to the Exporters News Article
Saurabh Jain Oct 18, 2017
The GST council has specified 0.1 percent tax rate on goods acquired for export purposes in a relief to merchant exporters.A senior ministry official said that the exporters would be permitted to procure 0.1 percent tax on export of goods. The Counci...
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The Futility of Modi’s Reforms: A Red Flag for Indian Economy?

The back-to-back economic reforms proposed and implemented by PM Modi have recently been subjected to serious criticism by many of the finance stalwarts in the country. BJP Leader and former Union Finance Minister, Yashwant Sinha’s stance on the futility of Modi’s reforms, has especially sparked valuable conversations. In one of his recent statements, Sinha opines- “Demonetisation has proved to be an unmitigated economic disaster, a badly conceived and poorly implemented GST has played havoc with businesses and sunk many of them and countless millions have lost their jobs with hardly any new opportunities coming the way of the new entrants to the labour market.”A retrospection of the twin reforms that materialized in the 2016-2017 period bares some of the critical faux paus that were overlooked at the onset. Demonetization that came into effect on November 8, 2016, was intended to put an end to the illicit economic activities in India. The Goods and Services Tax (GST) implemented from July 1, 2017 was aimed at eliminating the cascading taxes imposed by the state and the central government, and creating a single, unified market. In reality, however, both the reforms resulted in a nationwide economic catastrophe. Speaking of demonetization, former Union Minister, Arun Shourie directly labelled it as- “the greatest blunder in 70 years”. Most hard-hit, as per reports, have been the sectors like- private investment, agriculture, construction industry and the import-export businesses. Private investments have drastically plummeted and GDP has steadily declined in every quarter, hitting a staggering 5.7% in the June quarter. The credit growth to the prominent industries have suffered multi-year lows owing to the high bank non-performing assets (NPA). The current state of affairs may worsen and precipitate unemployment in the upcoming years. What was supposed to be an economic revolution, turned out to be a chain of debacles. This economic downturn is mostly attributed to loosely formed and implemented policies. The top-down centralized approach adopted, has mostly been myopic and lacked adequate planning. Modi government, however, is still in a state of denial about the aftermath of these economic moves. Economists and the finance experts fear that the crises may aggravate if necessary actions are not taken at the earliest. Upliftment of the current state of things is an economic imperative at present.  
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The Futility of Modi’s Reforms: A Red Flag for Indian Economy?

The Futility of Modi’s Reforms: A Red Flag for Indian Economy?

Kranthi Tilak Reddy
The back-to-back economic reforms proposed and implemented by PM Modi have recently been subjected to serious criticism by many of the finance stalwarts in the country. BJP Leader and former Union Fin...
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Aftermath of GST on Indian Imports

There has been a setback in the preparation of tax refunds under the Goods and Services tax regime resulting in lockup of funds of the exporter. This had major impacts on the ability of the exporters to be internationally competitive. There was a meeting held on September 19 to discuss the issues that are related to export sector after GST implementation, with the head of the committee Revenue Secretary, Hasmukh Adhia.In the course of the meeting, the Federation of Indian Export Organisation stressed that the exporters refund process should be fast tracked by the government or as much as 65,000 crore could be blocked in the July-October period, that will affect the business potential of the exporters.The Indian exports were not doing well in the month before GST regime was implemented. The export growth rate fell during March-July before it inclined again in August. But the export organisations fear that the growth curve could decline again owing to the negative impacts of GST.For the inputs by the suppliers, it is a requisite for the exporters to pay GST. As the exports are tax free, they can demand refunds from the government.A speaker from the Federation of Indian Export Organisation said that the shooting liquidity crunch has affected majority of the exporters as the money paid by them in the form of tax are blocked by the government. The refund of the taxes for the month of July can be expected only in December.As the deadlines for filing the returns are persistently pushed back, the process of fund claiming is becoming more time consuming than anticipated.
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Aftermath of GST on Indian Imports

Aftermath of GST on Indian Imports

Kranthi Tilak Reddy
There has been a setback in the preparation of tax refunds under the Goods and Services tax regime resulting in lockup of funds of the exporter. This had major impacts on the ability of the exporters ...
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How is the Agitation Between US and North Korea Expected to Impact Global Economy

The tensions between US and North Korea has mounted after President Trump responded to the threats from North Korea’s leader Kim Jong Un, saying- "fire, fury, and frankly power, the likes of which this world has never seen before"The conflict between the two nations is aggravating, something that has not been witnessed in the last two decades. Assorted provocations from North Korea on missile launches and threats on experiments of nuclear weapons have contributed to build up the conflict.Many analysts and academics have started serious discussions on a physical engagement between the two nations.The nuclear or conventional conflicts would result in a disastrous loss of life and a widespread economic turmoil that is most likely to be a major international dispute.It is being said that since the end of the World War II, this would be the first time the use of nuclear weapons and the impacts would be worldwide.The eventual impacts on the economy, either on a local or a global scale and all other possible scenarios have been assembled by the researchers at Oxford Economics, who have stated their thoughts in a handy table.The pressure of the resulting economic shock would be mainly borne by the Korean Peninsula, but many of the other countries will also be adversely affected. It would be widespread worldwide, affecting supply chains. Most hard hit will be the South Korean export items such as- liquid crystals, semiconductors, automotive manufacturers and shipbuilding spares. The overall export curve is expected to undergo a sharp decline.  "The market impact is significant. Equities fall sharply in the region, accompanied by abrupt exchange rate and bond market adjustments," Oxford Economics' head of macro scenarios, Jamie Thompson, and economist Oliver Salmon wrote."While market prices generally rebound swiftly with the resolution of conflict, the impact on activity is more persistent," they added."Growth remains subdued in 2018 and 2019 — and not only for countries at the centre of the geopolitical tensions. Overall, global growth slows significantly, to an annual rate 0.4pp below baseline over this period, with emerging markets recording even larger undershoots."
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How is the Agitation Between US and North Korea Expected to Impact Global Economy

How is the Agitation Between US and North Korea Expected to Impact Global Economy

Saravana Bhaskar
The tensions between US and North Korea has mounted after President Trump responded to the threats from North Korea’s leader Kim Jong Un, saying- "fire, fury, and frankly power, the likes of which t...
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GST: The Revolutionary Move in Taxes

BENGALURU: A 17-year-old dream, the Goods and Services Tax (GST), finally became a reality on July 1. The move, as claimed, will be a great push for Prime Minister Narendra Modi’s reform for development.GST is said to be the mother of all taxes as it looks at replacing all the indirect taxes making way for a smooth economy. Before one seeks to understand this new system and its functionality, one needs to comprehend what is taxation and how it works.INDIAN TAX SYSTEMA tax is a contribution by an individual or organization to state revenue which is imposed by the government. There are two types of taxes, direct and indirect. Direct tax is something that a person pays directly from his pocket. For example, you earn some income and the government imposes a certain percentage to be deducted directly from your salary. In case of indirect tax, this is something an individual pays through a medium or channel, which means taxes are imposed on goods and services here. For example, you go to a restaurant and you pay a certain amount of tax called, ‘service tax’, ‘VAT’, or ‘sales tax’. Here, the customer ends up paying the tax for the goods or service that has been rendered.Income tax is the most known form of direct tax. This type of tax is applicable to both an organization and an individual. There are various tax slabs that the government decides for various groups. Anyone earning There is no need to get into direct tax, as GST has been implemented for smooth functioning of indirect taxes. It is also expected that GST will improve transparency in taxation and help build a corruption-free economy.HISTORICAL MILESTONES OF GSTThe BJP-led Atal Behari Vajpayee government in the year 2000 introduced the idea of GST which was overlooked by the finance minister of West Bengal, Asim Dasgupta. Later, Mr Vajpayee made a special request to the Chief Minister of West Bengal to let the Finance Minister to design the GST model.In 2006, P Chidambaram, Union Finance Minister, of the Congress, announced that GST would roll out in April 2010. In 2008, the Empowered Committee made a report on the structure and the recommendations that GST required.In 2009, the empowered committee suggested dual GST module, under which there would be two components Central GST and State GST and taxes like excise, state, VAT, entertainment tax, service tax, entry tax, etc,  would be absorbed under the broad umbrella of GST.The empowered committee had to ensure there was development in IT system and infrastructure for smooth functioning of GST, which was overlooked by Nandan Nilekani.GST was officially passed in 2016 by Rajya Sabha with the required amendments.WHY GST?The question now arises, why was GST implemented or even thought of? The rational approach by the central government to implement GST was to streamline all the indirect tax regime which means the tax levied on goods (central and state level) will be streamlined creating a common market for all. So if you look at it, a certain tax is levied on value added goods and services at every stage (sale to purchase). This means, a consumer will bear the GST charged by the last service provider and will not pay anything that has to go to the manufacturer. GST here is breaking the barrier between states and it integrates one single rate throughout. Thus, a great boost for Indian economy.With the introduction of GST, bills now carry ‘CGST’ and ‘SGST’ on our bills now. Here both the central and state government have been assigned with certain fiscal responsibilities and thus had their own tax rates that they levied, but now considering the Indian federalism, both central and state government shall impose 9% tax under GST. WHAT EXACTLY IS CGST AND SGST?One needs to know what CGST and SGST currently means. ‘CGST’ would mean the tax levied on supply of any good and service which is the revenue for the Central Government, the tax that comprise this structure are excise, service, additional tax. The collection of ‘SGST’ means, tax levied on supply of goods which is revenue for the State Government. Tax like VAT, entertainment, luxury and entry tax are merged under this tax.There is another tax, the ‘IGST; which is abbreviated as integrated goods and service tax, while SGST and CGST are essentially the Intra state movement tax under GST. For the supply of goods and services that happens between two states tax is levied at 18 percent.HOW IS IT A BOOST TO THE INDIAN ECONOMY?The implementation of GST it is claimed to boost the Indian economy and create a common market for all taxpayers. THE AREA OF CONCERNGST has affected many sectors in various ways, and while prices have shot up for things like home appliances, charges like school fees, mobile bills, wifi services have become an expensive affair. Also, the bright side of GST being that luxury cars will be cheaper, movie tickets are few of the things that are said to becoming economic.GST has made its impact in many sectors in India. Previously there were different tax rates allotted in each state making it difficult for the flow of foreign investments. Now, it has eased the process of trade or supply by implementing uniform rates. The main concern behind GST was to boost the economy. Petrol, diesel and alcohol were few of the components that the states agreed not to add under the bill of GST because they generate close to 40% revenue for the state. With the implementation of GST, which means no entry tax, the state saw a steep fall in the price of petrol by Rs 3 right after the bill was passed (prices varied from state to state).Every legislation contains its own pros and cons. But, GST weigh with pros higher than cons. it is addressed as a beneficial taxation because ultimately the impact is prices are going to go down.To know about GST Impact on basic expenses  
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GST: The Revolutionary Move in Taxes

GST: The Revolutionary Move in Taxes

Saurabh Jain
BENGALURU: A 17-year-old dream, the Goods and Services Tax (GST), finally became a reality on July 1. The move, as claimed, will be a great push for Prime Minister Narendra Modi’s reform for develop...
Continue reading

RBI’s Guidelines on Merchant’s Trade Transactions

Merchanting trade Trade can qualify as merchant’s trade transactions if goods imported by the merchant trader do not enter the Domestic Tariff area and aren’t altered in any manner. Goods that are parts of the merchant trade should comply with the current Foreign Trade Policy & other relevant regulations applicable to both exports & imports to India. Period & Funding Entire cycle of merchant trade has to be completed within 9 months. In case of an advance payment, there can’t be any pending foreign exchange to be paid or received for the final settlement beyond 4 months of making the first payment. The start date for the merchant trade would be either when the trader receives exports leg advance or pays in advance for the import leg. In cases where the advance payment isn’t made, the date of shipment would be considered. The transaction can be considered to have ended on the date of payment of import settlement, or on the date of export settlement, whichever comes later. In cases where payments are received or paid in advance, the shipment date would be considered as completion date of the transaction. Credit can be availed either by way of buyer’s credit or supplier’s credit for import leg of the merchant trade transactions. Merchant trader can’t avail buyer’s/supplier’s credit for the amount received as advance payment from the overseas buyer. Merchant trader can avail discounting facility for the export leg of the transaction. Role of an AD Bank 1.Compliance of KYC, AML and other relevant guidelines while handling merchant’s trade transactions lies with the AD bank.2. Both export and import leg of the transaction should be routed through the same AD bank.3. Documents like invoice, packing list, transport documents & insurance copies should be verified by the AD bank to ensure the authenticity of the transaction.4. If the merchant trader receives an advance payment against the export, AD bank should tag the same for making the payment under import leg of the transaction. However, funds received as advance payment can be deposited in interest bearing account for short term.5. Merchant trader can issue LC (letter of credit) to the supplier against definite export order.6. Merchant trader can use his EEFC (exchange earners foreign currency) balances to make payment to the overseas seller. Reporting AD bank has to ensure matching of export/import legs of all merchant’s trade transactions and report any anomalies to the RBI on half yearly basis, not beyond 15 days of half yearly closing. Merchant traders would be caution listed if their out standings reach 5% of their yearly export earnings.
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RBI’s Guidelines on Merchant’s Trade Transactions

RBI’s Guidelines on Merchant’s Trade Transactions

Kranthi Tilak Reddy
Merchanting trade Trade can qualify as merchant’s trade transactions if goods imported by the merchant trader do not enter the Domestic Tariff area and aren’t altered in any manner. Goods that are...
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Foreign Trade Policy to Boost Exports

The Commerce Ministry is looking forward at the measures to be announced as a segment of review of Foreign Trade Policy to boost exports, said  Commerce Secretary Rita Teaotia.The review of the policy is almost at its logical closure and the exercise will be finalised by September, she said.The Trade Promotion Council of India (TPCI) along with the Commerce Ministry  is organising this show. Although most of the Indian exporters are persistently participating in international events, arrangement of such big events would provide a substantial platform to most domestic players to reach out to global buyers. "We are looking to see what are those measures by which we can actively support the exporting community," she said here.She also mentioned about the curtain raiser event “Indus Food” which is a mega international food and beverage trade show, to be held at Greater Noida in the coming January. The show is set to start off by the 18th of January next year expecting as good as 400 participants from 35 countries to take part in the two-day show."The show will give an opportunity to Indian exporters to showcase their wide range of products in the food sector," she added.Food and Beverages business draws USD 33 billion per year globally. This show is initiated to make a marketplace for domestic products to showcase to global markets. When questioned about the rising non-trade barriers in the sector, she replied that this is reality in the global market place today but the government is aiding exporters to tackle with such complications.As we know, India is the chief producer of rice, sesame, wheat, milk, mango, banana and other marine products. There are also plans of organising a three-day World Food India 2017 in November by the Food processing ministry. Mohit Singla, Chairman, TPCI, stating on the occasion said- “In spite of such a huge potential, India lacked a platform of its own, which highlights the food production capacities of the country.”"We are organising this show on the lines of globally established food trade shows like SIAL, Anuga and Gulfood. We are sure that Indus food will immensely help the buyers to establish the required network and expand their businesses internationally," he exclaimed.
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Foreign Trade Policy to Boost Exports

Foreign Trade Policy to Boost Exports

Piuesh Daga
The Commerce Ministry is looking forward at the measures to be announced as a segment of review of Foreign Trade Policy to boost exports, said  Commerce Secretary Rita Teaotia.The review of the polic...
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India to Fuse with Global Foreign Exchange Committee

Under the guidance of Bank Of International Settlements(BIS) a committee has been organised. This committee is a newly set up forum of central bankers and experts operating towards promotion of vigorous transparent FOREX market. The committee is an international confederation owned by 60 member banks depicting countries around the globe. India will shortly get a seat on the Global Foreign Exchange committee (GFXC). Financial Stability Board (FSB) is an international framework in the interest of global financial system. FSB board briefed that to power the conduct standards in adherence to international markets, ‘Global Code of Conduct for the Foreign Exchange Markets' are included. This was made aware in the G20 Summit  that was participated by Prime minister Narendra Modi in a progress report on ‘reducing misconduct risks in the financial sector’.The latest GFXC will retain and update the code, incorporating private and public sector representatives of 16 international forex trading centres from the Foreign Exchange Committee. The current GFXC,  which meets often is like substitute but more informal organisation consisting of eight foreign exchange committees composed of those from Australia, Euro area, Canada, Japan, Hong Kong, Singapore, UK and the US. Representatives from the foreign exchange committees of sixteen international forex trading centers formed a committee that was organised in London during a meeting of public and private sectors in May.This committee furnishes a forum to be updated on the current market trends and developments and to exchange viewpoints.The GFXC has decided to soon lay its foundations or similar structures in China, Brazil, Mexico, India, Korea, South Africa, Sweden and Switzerland.
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India to Fuse with Global Foreign Exchange Committee

India to Fuse with Global Foreign Exchange Committee

Saravana Bhaskar
Under the guidance of Bank Of International Settlements(BIS) a committee has been organised. This committee is a newly set up forum of central bankers and experts operating towards promotion of vigoro...
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Lowering Gold Import Tax a Strong Recommendation by Trade Ministry

India is the second largest consumer of gold in the world. Over the years the imports of gold metal has inclined to a great level irrespective of the gold rates. Gold, in our Indian history is viewed more than an investment material and has its own cultural significance.The trade ministry of India sees scope to lower the import tax on gold. Previously in 2013, tax has been raised three times to ten percent to keep a tight rein on imports. As of now, the current account deficit has grown to be the world’s second largest consumer of  gold metal. “There is a case for lowering import duty, as it is directly linked to the current-account deficit, which has been improving”, Manoj Dwivedi, joint secretary at the trade ministry, informed the reporters in Mumbai. “It will be one of the strong recommendations on the budgetary side from the ministry.”Most of the gold used by the nation is imported from other countries. The deficit has continued to stay at convenient level for the finance ministry to reduce the tax rates and support the gold industry, Dwivedi mentioned. “We have been saying that an ideal rate for the industry is 2 percent,” he said, referring to the import tax on gold. “It can be brought down in a phased manner or in one go.”Current deficits is an abundant measure of trade.  According to the Reserve Bank of India the deficits have tapered down from 1.1 percent in 2015-2016 to 0.7 percent of gross domestic product in 2016-2017. There, record of narrow current deficits have stopped the depreciation on rupees.According to the valuation from the World Gold Council, local consumption of gold is projected to increase from 650 metric tons to 750 metric tons to almost ranging between 850 metric tons to 950 tons by 2020. Indians who purchase gold during festive seasons, marriages and other special occasions as part of the wardrobe collection and as gifts are drafted with good news as a cut in import tax would in turn reduce the purchase price of the jewelry. It shall also act as an impediment for the smuggling of the precious gold metal.
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Lowering Gold Import Tax a Strong Recommendation by Trade Ministry

Lowering Gold Import Tax a Strong Recommendation by Trade Ministry

Piuesh Daga
India is the second largest consumer of gold in the world. Over the years the imports of gold metal has inclined to a great level irrespective of the gold rates. Gold, in our Indian history is viewed ...
Continue reading

Adieu Libor! Beginning of a new era, SONIA

The London Interbank Offered Rate is a benchmark rate offered by most of the lending banks. The LIBOR rates serve as the base for calculating interest rates. It's important for users of LIBOR to adopt and ensure a smooth transition in the coming years, if LIBOR gets phased out. Therefore, there is an advice to work on planning transitions to alternative reference rates that are grounded on actual transactions. If reports are to be believed, the financial world could be bidding farewell to our well known friend LIBOR by the end of 2021 & could be welcoming SONIA a more interesting name! Libor, tarnished by the credit crunch and an axiom for corruption might be on its way out as per investment firm, Janus Henderson’s Head of Interest Rates, Mr.Mitul Patel."Sonia is likely to become to the new bench benchmark rate, and although the transition will be lengthy and difficult, it now appears inevitable," Janus Henderson's Patel said. Libor is reportedly used to price transactions worth over US$300 trillions across the world; this could be scrapped by the end of 2021 and replaced with “SONIA”, rate based on actual transactions. Mr. Bailey, Chief executive of Financial Conduct Authority (FCA) said, “the change needs transition period of four to five years to obviate the risks & financial impacts associated with an abrupt change.” “The Libor benchmark administrator(ICE Benchmark Administration) and associate banks could continue to submit Libor as they do now, but the FCA could no longer oblige banks to submit rates and there was no guarantee it would survive”, Bailey said. "It is not only potentially unsustainable, but also undesirable, for market participants to rely indefinitely on reference rates that do not have active underlying markets to support them," Bailey mentioned. He also stated that the benchmark rate hasn’t exactly translated to transactions as expected."It is because the underlying market that Libor seeks to measure, the market for unsecured wholesale term lending to banks is no longer sufficiently active." There was a little prospect of the markets becoming substantially more active in the near future, according to Mr Bailey. The Bank of England has apparently started fine tuning its overnight sterling funding rate Sonia, which is relatively tougher to be manipulated as it is based on actual transactions, unlike LIBOR.
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Adieu Libor! Beginning of a new era, SONIA

Adieu Libor! Beginning of a new era, SONIA

Kranthi Tilak Reddy
The London Interbank Offered Rate is a benchmark rate offered by most of the lending banks. The LIBOR rates serve as the base for calculating interest rates. It's important for users of LIB...
Continue reading

Markdown in Bank Restructure Corporate Loans to 2.04 Lakhs in the Fy 2017

Finance Minister Arun Jaitley in Rajya Sabha today, announced that in accordance to the data tabulated by him, there has been a decline in the amount of corporate loans restructured in the past three years. The Finance Minister, on responding to questions on whose loans have been restructured and at what terms stated- "Any restructuring is to be carried out in accordance with detailed guidelines issued by RBI on restructuring like Joint Lenders' Forum (JLF), Strategic Debt Restructuring (SDR) and Scheme for Sustainable Structuring of Stressed Assets (S4A).” The bank-restructured loans approved to corporations were worth Rs3,70,279 crore and Rs2,99,111 crore in the financial years 2014-2015 and 2015-2016 respectively. There has been a depreciation in restructured corporate loans to Rs 2,04,884 crore during the last financial year. The finance minister further stated that "the names and details of borrowers are covered under section 45E of RBI Act, 1934 and banking laws which (the Act and banking laws) oblige financial institutions to maintain secrecy about the affairs of their constituents." Jaitley said that banks can promote restructuring, including short-term debts to term loans and re-schedulement or repayment time-frame for borrowers who are subjected to provisions for restructuring of farm loans in the event of natural calamities, to avail the benefit of retention of asset classification. "For agricultural accounts that became impaired on account of reasons other than natural calamities, restructuring is allowed in terms of RBI guidelines on Income Recognition and Asset Classification (IRAC)," Jaitley said.
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Markdown in Bank Restructure Corporate Loans to 2.04 Lakhs in the Fy 2017

Markdown in Bank Restructure Corporate Loans to 2.04 Lakhs in the Fy 2017

Saravana Bhaskar
Finance Minister Arun Jaitley in Rajya Sabha today, announced that in accordance to the data tabulated by him, there has been a decline in the amount of corporate loans restructured in the past...
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