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Money Heist: RBI on how PMC pulled off the billion-dollar scam

The affidavit states that PMC Bank had submitted fraudulently manipulated data to RBI for sample checks.

Union Budget 2019 20

Nov 19, 2019, 11.38 PM IST

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UNION BUDGET 2019 20

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Minutes of the meeting are yet to be issued, which will have to be approved by the secretary be...

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  • Minutes of the meeting are yet to be issued, which will have to be approved by the secretary before the government’s stand becomes official. The government had in the Union Budget 2015-16 gave option to EPFO subscribers to opt for NPS. The move triggered massive protests from trade unions.

    At Rs 82,575 crore so far in 2019, foreign funds have sent in the maximum amount of money since the Modi era began in May 2014. FPIs infused Rs 97,350 crore in domestic equities in 2014. However, about Rs 41,000 crore came in between January and May, while Modi took oath on May 26, 2014. Between 2015 and 2018, the total FPI inflow into equities was Rs 57,656 crore.

    The fiscal deficit rose by 9.6 per cent to Rs 6.5 lakh crore in the April to September period (H1 FY20) from Rs 5.9 lakh crore in H1 FY19. This was equivalent to 92.6 per cent of the revised budget estimate for FY20, largely similar to the situation in H1 FY19 (92.2 per cent of the FY19 provisional accounts).

    In the session beginning Monday, the government is set to push for the passage of the contentious Citizenship (Amendment) Bill, a key BJP plank which is aimed at granting nationality to non-Muslim immigrants from neighbouring countries. The government has listed the bill in its items of business for the session, official sources said.

    Economic data for Sep'19 suggested 5.2% drop in core sector output growth, worst in 14 yrs.

    The budget had proposed a partial credit guarantee scheme worth Rs 1 lakh crore under which public sector banks would buy high-rated pooled assets of financially sound NBFCs, amounting to Rs 1 lakh crore this year under which govt will provide a one-time six months partial credit guarantee to public sector banks for first loss of up to 10%.

    In FY'19 and FY'18, the leverage was 2.2x and 2.6x respectively.

    While the ministry holds pre-budget consultations with representatives of different sectors and stakeholders, the Department of Revenue in the finance ministry perhaps for the first time put out circular seeking suggestions for changes in income tax rates for both individuals and corporates as well as in indirect taxes such as excise and customs duty.

    The scheme was announced in the 2016-17 Union Budget under which the funding was to be done on 50 per cent basis by the Centre as well as the World Bank.

    Debroy said that he believed the overall growth in this financial year would be "around 6 per cent".

    Fitch said it was revising the fiscal deficit forecast as revenue collection is likely to fall far short of the projections in the FY2019/20 Union Budget due to weak GST and corporate tax collections. Weak revenue collections resulting from sluggish economic growth and government's sweeping corporate tax rate cut were the other reasons, it said.

    After the first five months of 2018-19, the fiscal deficit — or the difference between the government’s total revenues and total expenditure — was at Rs 5.91 lakh crore, or 94.7% of the budgeted estimate.

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