Policy
RBI proposes regulations on export, import transactions
RBI released revised draft regulations under FEMA to streamline export and import transactions, aiming to enhance ease of doing business. Exporters with over two years of unrealised export proceeds exceeding Rs 25 crore must receive full advance or an irrevocable letter of credit for further exports. Advance remittance for gold and silver imports won't be allowed by authorised dealers.
EPFO simplifies claim settlement process; move to benefit over 77 million subscribers
EPFO has simplified its claim settlement process for over 77 million members by removing the need for a cheque leaf image and attested bank passbook. Additionally, employer approval is no longer required for seeding bank account details with UAN, expediting the claim settlement process and reducing grievances.
Parl panel flags delays in MGNREGA payments, calls for pension reforms in NSAP
A parliamentary panel has highlighted delays in MGNREGA wage payments and called for reforms in the NSAP to better support the vulnerable. The panel stressed the need for systemic improvements, timely fund allocation, increased pension amounts, and enhanced social security measures to alleviate financial distress among rural workers and vulnerable populations.
PF withdrawal process just got easier: Check all changes by EPFO
EPFO has eliminated the need to upload a cancelled cheque image or employer-verified bank account details for online PF withdrawals. This move, effective after a successful pilot, will speed up claim settlements for members and ease the process for employers. With immediate effect, over 14.95 lakh members awaiting approvals will benefit from the simplified process.
Unified Pension Scheme may be replicated to other stakeholders of NPS: DFS Secy
Financial Services Secretary M Nagaraju hopes the Unified Pension Scheme (UPS), ensuring 50% of the average basic pay drawn over the last 12 months, will be replicated for other stakeholders under the New Pension System (NPS). This scheme, recently introduced for central government employees, aims to enhance pension coverage and address fiscal sustainability.
Financing innovation essential for India's Viksit Bharat vision: Assocham's Sanjay Nayar
India aims to enhance its global competitiveness and innovation through increased investment in startups, focusing on sectors like AI, biotech, and advanced materials. This vision requires diversifying funding sources and activating domestic capital pools to strategically deploy capital towards deep tech sustainable solutions.
Govt to assess reciprocal tariffs announced by US President Trump in high-level meeting
The Prime Minister’s Office is holding a high-level meeting to evaluate the impact of the US' 27% reciprocal tariff on Indian goods. This follows US President Donald Trump's announcement of the tariffs, which are part of a broader strategy to address trade imbalances.
Recession, not Liberation Day! Swaminathan Aiyar sees India, US and world GDP slumping for Trump tariff 'insanity'
Trump Reciprocal Tariffs: US President Trump announced new tariffs on global trade, prompting concerns of economic turmoil. Economist Swaminathan Aiyar criticised the move, comparing it to the protectionist policies of the 1930s. India, along with China, Europe, and other nations, will face significant tariffs, potentially impacting manufacturing and causing a global economic slowdown. Aiyar warns of inflation and economic stagnation ahead.
India will navigate through the tariff challenges: Bernstein
India is set to handle tariff challenges through negotiations with the US, says Bernstein. Prior efforts, including a Bilateral Trade Agreement and tariff reductions on some American products, have paved the way. Despite short-term market negativity, proactive measures and the nature of India's export basket ensure shielding from long-term impacts.
Reinsurance treaty rates stay soft amid tight competition
Reinsurance treaty renewals on April 1 saw largely stable or softer rates due to competition among reinsurers. Despite continuing catastrophe risks, regulatory scrutiny, and new Irdai regulations, primary insurers secured significant discounts and enhanced treaty capacities, while cross-border reinsurers face operational challenges.
Must Watch
RBI appoints Poonam Gupta as deputy guv to steer monetary policy
Gupta succeeds Michael Debabrata Patra whose five-year term ended in January. In the interim, deputy governor M Rajeshwar Rao has been overseeing monetary policy. The choice of Gupta - an expert in developmental economics and international trade - reflects the government's focus on economic policy amid global uncertainty driven by US tariffs and trade war.
Poonam Gupta, former World Bank economist, appointed as RBI's deputy governor ahead of MPC meet
The Reserve Bank of India (RBI) has appointed Poonam Gupta as its new Deputy Governor. Gupta, who currently serves as the Director General at the National Council of Applied Economic Research (NCAER), will succeed Michael Patra in the role. This appointment is part of the ongoing leadership changes within the RBI.
Who is Poonam Gupta, new deputy governor at RBI set to replace Michael Patra?
Poonam Gupta has been appointed as the Reserve Bank of India's Deputy Governor, succeeding Michael Patra. Gupta, a Lead Economist for India at the World Bank, brings extensive operational and policy experience, previously working at NCAER, World Bank, IMF, and other prestigious institutions.
RBI committed to financial inclusion, balance stability with efficiency says governor Malhotra
Governor Sanjay Malhotra highlighted RBI's commitment to financial inclusion, customer protection, and regulatory optimization during its 90th anniversary celebrations. The RBI aims to balance financial stability with efficiency, embracing technology and innovation while maintaining core values of integrity, transparency, and public service commitment.
Pension shake-up for govt employees! NPS subscribers can now migrate to Unified Pension Scheme
NPS subscribers can now switch to the Unified Pension Scheme starting today by visiting the designated online portal. The UPS offers improved flexibility and benefits including an assured pension, assured family pension, and a guaranteed minimum pension. Central government employees have the option to choose between NPS or UPS. The scheme takes effect from April 1, 2025.
RBI@90! Earning people’s trust is RBI’s biggest achievement in nine decades, President Droupadi Murmu says
President Droupadi Murmu highlighted the Reserve Bank of India's trust earned over nine decades, emphasizing its commitment to price stability, growth, and financial stability. She noted the RBI's proactive measures against financial fraud and its role in fostering financial inclusion and digital payments.
