Briefly Business: Tight money policy,global factors impacting growth rate: FM

Tight money policy,global factors impacting growth rate: FM

Written by Agencies | Published: February 22, 2012 1:47 am

Tight money policy,global factors impacting growth rate: FM

new delhi: Attributing economic slowdown to RBI’s tight money policy and global financial problems,Finance Minister Pranab Mukherjee Tuesday said the country needs to target a double-digit growth rate. “India has to target a double-digit or near double-digit growth in the not too distant future. We must learn to sustain high growth over extended period of time,” he said at a conference of Assocham.

Reserve Bank may consider another CRR cut

mumbai: The Reserve Bank of India (RBI) will consider another cut in the cash reserve ratio (CRR) in the next monetary policy review if the liquidity situation remains tight. “To the extent an opportunity for CRR cut is available,we will also consider that,” RBI Deptuy Governor Subir Gokarn,who handles monetary policy at the central bank,said on the sidelines of an industry event.

No I-T returns if salary below R5 lakh per year

new delhi: Salaried employees earning up to Rs 5 lakh a year will not be required to file income tax returns from this year,says a Finance Ministry notification. However,the tax payer has to provide PAN to the employer and has to disclose his income from other sources to the employer.

REC to raise Rs 3,000 cr through tax-free bonds

new delhi: REC has been authorised to “issue,through a public issue,during the financial year 2011-12,tax-free,secured,redeemable,non-convertible bonds of rupees 1,000 each,aggregating to rupees Rs 3,000 crore…,” the Finance Ministry said.

Coal India to incur Rs 6,500 cr extra burden

new delhi: Coal India has said that it will incur an additional burden to the tune of Rs 6,500 crore per annum on account of 25 per cent increase in workers’ wages under the new pact. It signed a pact with its subsidiaries and representatives of central trade unions to increase wages by 25 per cent on January 31.

Mahindra group posts profit of R832 crore

new delhi: Diversified business group Mahindra & Mahindra Tuesday posted a consolidated profit of Rs 831.8 crore for the quarter ended December 31, 2011. It had posted a consolidated net profit of Rs 834 crore during Q3 of the previous fiscal.

Foreign bank deposits,paintings to attract tax

new delhi: Deposits in foreign banks,paintings,sculptures and expensive watches may come under the wealth tax net as part of the government’s drive to unearth black money. Wealth Tax will be levied at 1 per cent on taxable assets exceeding Rs 1 crore.

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