INDIAN ECONOMY UPDATE

Important developments during the week:

  • Finance Minister makes a strong case for outsourcing of non-core functions like hospitality services of Indian Railwaysand presses for a transparent accounting system. He also indicated that the government will resist populist measuresfor the railways in the upcoming Union budget.
  • Finance minister says the government will soon rework its tax treaty with Singapore.
  • RBI says banks have issued currency worth over Rs 5.92 lakh crore to the public since the demonetisation of old highvalue notes last month.
  • The Goods & Services Tax (GST) Council clears a substantial part of the central legislation for the proposed tax regime, marking a significant progress towards this reform.
  • Income Tax Department warns taxpayers against sharing their user ID and password with any unauthorised person, saying they too will be liable to face consequences for misuse of their confidential information.
  • RBI Governor Urjit Patel will brief a parliamentary panel on January 19 on issues concerning demonetisation and its implications on the economy.

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