GAAR, it said, will come into force from April 1 and can be invoked only through a two-stage process involving a nod at the level of principal commissioner of income tax and a panel headed by a high court judge.
RBI Governor Urjit Patel on Wednesday said there is further scope for banks to reduce lending rates as the Reserve Bank has already brought down its policy rates by 175 basis points since January 2015.
With the government taking steps to improve ease of doing business and relax regulations, foreign direct investment into the country surged by 60 percent to USD 4.68 billion in November 2016.
RBI Governor Urjit Patel on Wednesday cut the economic growth forecast to 6.9 percent for the current fiscal from 7.1 percent estimated earlier, even as he said the economy will bounce back to 7.4 percent rate next fiscal.
Giving no respite to borrowers, the Reserve Bank for the second time in a row on Wednesday opted for a status quo in its key rates but shifted the stance of the monetary policy from 'accommodative' to 'neutral'.
The RBI said that weekly withdrawal limit for savings accounts will be increased from Rs 24,000 to Rs 50,000 from February 20 while there will be no limit on withdrawal from March 13.
Having returned to academia after a controversy-ridden stint at the RBI, former Governor Raghuram Rajan feels "great to be back" riding his bike in Chicago and hopes to "do it as long as" he can.
Other factors which will guide the RBI towards lowering the rates include Finance Minister Arun Jaitley cutting the fiscal deficit to 3.2 percent for next year and the dovish stance adopted by the US Fed.
The government on Tuesday allowed declarants to make deposits on one or more occasions in Pradhan Mantri Garib Kalyan Deposit Scheme(PMGKDS), 2016.
Over Rs 16,200 crore in black money has been detected by the government after investigations on global leaks about Indians stashing funds abroad, Parliament was informed Tuesday.
The rate-setting Monetary Policy Committee (MPC) on Tuesday began its third review meeting amid mixed expectations of possible rate cut by the Reserve Bank.
A series of consultations were held between the government and top RBI functionaries on demonetisation since February last year, before the central bank Board took a formal decision and conveyed it to the government which took the final call, Rajya Sabha was informed Tuesday.
As the government seeks to promote digital transactions, Finance Minister Arun Jaitley on Tuesday exuded confidence that the charges on such payments would come down with increase in volumes.
The RBI played an "admirable role" in bringing "incredible" stability to the rupee in the face of demonetisation and global upheavals like Brexit and the US elections, NITI Aayog Vice Chairman Arvind Panagariya has said.
The global economic order is expected to shift from advanced to emerging economies over the next few decades, and by 2040 India could edge past the US to become the world's second largest economy in purchasing power parity (PPP) terms, says a report.
Prime Minister Narendra Modi on Tuesday said that like Swachh Bharat, the decision on demonetisation is a movement to clean India from corruption and black money.
In implementing demonetisation what did not go as planned was that "a lot of bank officials really played it in the way that they should not have played it" and it was on a scale not anticipated, according to Arvind Panagariya, Vice Chairman of Niti Aayog.
The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.
Inter-ministerial panel Telecom Commission on Monday sought clarity from Trai on Rs 3,050-crore penalty that the watchdog recommended on three operators, including Airtel and Vodafone, for allegedly violating interconnect norms and its power to impose fine in such cases.
The Union Budget 2017-18 focuses on increasing tax compliance while at the same time safeguarding the honest tax payers from any harassment, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said on Monday
Disbanding FIPB will further improve ease of doing business and the respective regulators of the ministries concerned are "sufficient" to take care of investment proposals, Commerce and Industry Minister Nirmala Sitharaman today said.