The GST Council on Saturday deferred the Group of Ministers' recommendation to lower the 18% Goods and Services Tax imposed on life and health insurance premiums, Bihar Deputy Chief Minister Samrat Choudhary said. The Council needs further discussion on the matter before a final call can be taken, Choudhary, who heads the ministerial panel tasked at looking at the matter, told reporters.Register to read
Pension Fund Regulatory and Development Authority Chairman Deepak Mohanty expects the assets under management of pension schemes to touch INR 15 trillion by the end of the current financial year. As on Dec. 14, the assets under management were INR 13.80 trillion, up 27.3% on year.Register to read
India's foreign exchange reserves fell to a near six-month low of $652.87 billion in the week ended Dec. 13, data released by the Reserve Bank of India showed. On a weekly basis, the reserves fell $1.99 billion. Market participants cited the RBI's intervention, preventing volatility in the domestic foreign exchange market, as one of the primary reasons for the fall in reserves.Register to read
Twelve states have saved INR 1.28 billion till date after the implementation of route optimisation in their public distribution system supply chain, the Ministry of Consumer Affairs, Food and Public Distribution said in a release highlighting the major activities of the Food and Public Distribution Department this year. "With the completion of one year into the optimisation exercise, route optimisation assessments have been completed in 30 states. Results show tremendous promise, with transportation costs estimated to be reduced by around INR 2.50 billion per year," the release said.Register to read
India and the Asian Development Bank Friday signed a $350-million policy-based loan to expand India's manufacturing sector and improve the resilience of its supply chains, the commerce ministry said in a release. Register to read