Overseas Indians book a returns trip, send home a record $29 billion in Q3

To be sure, remittances are a source of permanent flows, unlike repatriable NRI deposits, and these help in narrowing the current account deficit (CAD), which has steadily shrunk as a percentage of India's gross domestic product (GDP).

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ET Graphics: New fiscal year, new disclosures; All you need to know

The commencement of the new financial year marks the initiation of various alterations in compliance prerequisites, as highlighted by ET. These changes encompass a spectrum of regulatory adjustments aimed at enhancing financial governance and ensuring adherence to updated standards.

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Export growth for 2024 will be led by PLI and Make In India schemes: GTRI

India's export sector, notably electronics, shows promising growth with smartphone exports projected to exceed USD 15 billion in FY2024. Ajay Srivastava highlights trends and emphasizes the need to revive traditional sectors for global competitiveness.

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Need to remain alert about financial service innovations: RBI

RBI deputy governor M Rajeshwar Rao highlights the evolving financial landscape, challenges with new trends, and the importance of balanced regulations for niche players, emphasizing the need for responsible innovation in the market.

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Only principal commissioners or higher officials can probe into GST, other sensitive matters: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory for high-ranking officials, such as the principal commissioner or above, to approve investigations, searches, or questioning in GST matters related to large industrial houses, multinationals, and those with national implications. This move, aimed at minimizing instances of harassment, follows a directive from Finance Minister Nirmala Sitharaman to adopt a more taxpayer-friendly approach. Taxpayers can also approach designated officials of the rank of principal commissioner in case of grievances during an investigation.

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Tax department detects HRA fraud with illegal usage of PANs

Income tax department uncovered a PAN fraud scheme where individuals misused PANs for house rent allowance claims, leading to the detection of numerous high-value cases. The misuse may entail legal repercussions, including penal interest and tax payments.

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US continues monitoring India's restrictions on ICT imports, raises concerns on digital trade barriers

The United States has expressed ongoing concerns about India's restrictions on the import of certain information and communications technology (ICT) products, including laptops, tablets, and servers. In its National Trade Estimate Report on Foreign Trade Barriers for 2024, the US Trade Representative highlighted issues such as politically motivated content takedown requests and complex customs procedures in India.

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Micro enterprises' share in total exports rises, drops for SMEs

Micro enterprises' exports grew to 6.63% in January, while small and medium enterprises' shares decreased. Top MSME export sectors are engineering goods, gems, garments, rice, and chemicals. Various factors affect exports, including freight costs and Western world economic challenges.

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On track: Core growth at 3-month high of 6.7% in Feb

India's core sectors saw a 6.7% growth in February, with various industries showing positive trends. Steel output increased, while fertiliser production contracted. Economists predict a 4-6.5% expansion in the Index of Industrial Production for February.

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