World economy moving closer to curb illegal transactions: FM
The Dollar Business Bureau Finance Minister Arun Jaitley, said that the world economy has moved quite closer in recent years and the countries across the world have decided through G-20 and other international forums to cooperate and coordinate with each other to punish those who are involved in illegal and illicit transfer of money across the border. He further said that the present government has taken various steps to squeeze the black money including undisclosed assets within and outside the country, and added, the government’s focus is on reasonable tax rates and ‘ease of doing business’ for incentivising people to abide by laws and avoid evasion of taxes etc, reported a PIB release. Various steps have been taken by the present government ...
RBI directs banks for tight monitoring of export finance
The Dollar Business Bureau A probe initiated by the Enforcement Directorate on a public sector Bank prompted the Reserve Bank of India issue a directive asking all the banks to tighten and monitor their export finance. A notable hike in the number and volume of advances received for exports remaining outstanding beyond the stipulated deadline on account of non-performance of such exports has forced the RBI to issue such a notification, said sources. Usually, the concerned exporters are reminded by the banks to complete their export commitments within the time limits. The RBI has asked the banks to forward such cases where the exporters fail to meet the export requirements to its regional offices within 21 days from the ...
