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    December 29, 2017
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    Government receipts and expenditure: tax, non-tax, devolution and major revenue versus capital spending profiles.
    Monthly consolidated accounts report central receipts composed of Tax Revenue, Non-Tax Revenue and Non-Debt Capital Receipts (loan recoveries and disinvestment), and show substantial transfers to states as Devolution of Share of Taxes. Total expenditure is allocated between Revenue Expenditure (notably Interest Payments and Major Subsidies) and Capital Expenditure, with proportions reported relative to the fiscal year budget estimates.
    December 29, 2017
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    Reference Rate for US Dollar sets rupee exchange rates and underpins derived euro, pound and yen rates.
    The Reserve Bank of India published the Reference Rate for the US Dollar, comparing it to the previous business day, and stated that the SDR Rupee rate will be based on that reference rate; it further supplied rupee rates for the euro, pound sterling and the Japanese yen derived from the US Dollar reference and middle cross currency quotes.
    December 28, 2017
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    Reference rate for US Dollar sets the benchmark for derived euro, pound, yen rates and the SDR rupee valuation.
    Publication of the Reference Rate for the US Dollar establishes the official benchmark exchange rate for the rupee; using that reference and cross currency middle rates, derived exchange rates for the euro, pound sterling and yen are provided, and the SDR Rupee rate is declared to be based on the published reference rate.
    December 27, 2017
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    Cooperative federalism: economists urged to advise states on tailored policies for inclusive development and social security.
    The address stresses that growth must be paired with imaginative policies to reduce social and regional inequalities, treating investment in health and education as investment in human capital. It notes that many development issues reside in the State List, argues that fiscal devolution requires complementary evolution of ideas, and urges economists to work with states under an era of Cooperative Federalism to provide regionally tailored policy counsel. The speech also calls for policies and social security measures responsive to the expanding informal or gig economy and for analysis of initiatives that promote financial inclusion and entrepreneurship.
    December 27, 2017
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    Reference rate for US dollar determines exchange rates for major currencies and sets the SDR rupee linkage.
    The Reserve Bank of India publishes a daily Reference Rate for the US dollar and uses that rate with cross currency middle rates to derive exchange rates for major currencies; the SDR-rupee rate is based on this Reference Rate.
    December 26, 2017
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    Reference rate for US Dollar updates official exchange benchmarks and sets the basis for the SDR Rupee rate.
    Reserve Bank of India published the Reference Rate for the US Dollar and, using that reference with middle cross currency rates, provided corresponding exchange rates for the euro, pound sterling and Japanese yen against the rupee; the release specifies that the SDR Rupee rate will be based on the stated reference rate.
    December 23, 2017
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    Foreign company registration: obligation to file prescribed documents within thirty days and investor awareness promoted.
    Foreign companies must register and file prescribed documents with the Registrar of Companies within thirty days of establishing a place of business in India under the Companies Act and the Companies (Registration of Foreign Companies) Rules; investor education and protection is mandated to be promoted through outreach measures and coordinated awareness campaigns.
    December 23, 2017
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    Government securities auction: price-based re-issue with multiple-price method and non-competitive allocation accepted electronically.
    Re-issue auctions of four central government stocks will be conducted through price-based auctions using the multiple-price method, with the issuer holding an option to retain additional subscription within the overall notified amount. Auctions will be conducted electronically on the central bank's core banking platform with specified windows for non-competitive and competitive bids; a capped portion of each notified issue will be allotted under the Non-Competitive Bidding Facility. Successful bidders make payment on the prescribed settlement date and the stocks are eligible for when-issued trading per central bank guidelines.
    December 22, 2017
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    Credit facilitation for MSMEs expands: banks must boost lending and waive collateral for small enterprise loans.
    Banks and financial intermediaries must expand credit to MSMEs through growth targets and allocation priorities favouring micro-enterprise accounts, establish specialised MSME branches and adopt enterprise-cluster measures, link micro credit goals to adjusted net bank credit, exempt small loans from collateral requirements up to the prescribed threshold, and simplify working-capital calculation to a minimum percentage of projected turnover; SIDBI's Udyamimitra portal provides an online loan origination and handholding platform integrating multiple lenders and fintechs to improve accessibility.
    December 22, 2017
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    Reference exchange rate determination sets derived cross currency rupee rates and SDR-rupee linkage for valuation.
    RBI published the reference rate for the US Dollar and directed that, using that reference and middle cross currency quotes, rupee exchange rates for euro, pound sterling and yen be derived and that the SDR Rupee rate be based on the stated reference rate.
    December 21, 2017
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    Reference rate for US dollar set; derived exchange rates for euro, pound and yen against the rupee announced.
    Announcement establishes the Reserve Bank of India Reference Rate for the US Dollar as the operative market benchmark on December 21, 2017, notes the prior day's rate for comparison, and, using that reference rate and cross currency middle rates, provides derived exchange rates for the Euro, Pound Sterling and Japanese Yen against the Rupee; it also states that the SDR Rupee rate will be based on the published reference rate.
    December 20, 2017
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    Reference rate for US Dollar published; cross currency exchange rates and SDR Rupee linkage set from the RBI benchmark.
    The Reserve Bank of India published the Reference Rate for the US Dollar for December 20, 2017, noting the prior day's figure, and designated that derived exchange rates for the Euro, Pound Sterling and Japanese Yen are calculated from that US Dollar reference using cross currency middle rates; the SDR Rupee rate is to be based on the published reference rate.
    December 19, 2017
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    Interest subvention scheme reduces borrowing costs for farmers, pairing timely repayment incentives with disaster relief and crop insurance.
    Government measures to reduce farmer indebtedness combine an interest subvention scheme for short term crop loans with timely repayment incentives, automatic disaster relief lending measures directed by the central bank including loan restructuring and moratoria in declared calamity areas, and a comprehensive crop insurance programme to stabilize farm incomes; these measures are supported by central agricultural development schemes and are accompanied by analysis warning that loan waivers can harm state finances unless constrained by threshold limits.
    December 19, 2017
    Show AI Summary
    Reference rate for the US dollar published; sets rupee benchmark and determines SDR Rupee linkage and cross currency rates.
    The Reserve Bank of India published the daily reference rate for the US dollar and the prior day's rate, establishing the operative rupee benchmark. It also provided exchange rates for euro, pound sterling and yen calculated from the dollar reference and middle cross-currency quotes, and specified that the SDR Rupee rate will be based on the published reference rate.
    December 19, 2017
    Show AI Summary
    Government bond auction: multiple-price reissues open via competitive and non-competitive bids with E Kuber electronic submission.
    Re-issues of a floating rate bond and multiple dated government stocks will be sold by price-based auction using the multiple price method through RBI's E-Kuber system, with defined electronic bid windows for competitive and non-competitive bids, a reservation for eligible individuals and institutions under the Non-Competitive Bidding Facility, scheduled result announcement and payment dates, and eligibility of the stocks for When Issued trading under RBI guidelines.
    December 18, 2017
    Show AI Summary
    Reference rate publication establishes exchange rates for major currencies and determines the SDR rupee rate for the reporting date.
    Publication of a Reference Rate for the US Dollar establishes the official rupee benchmark for the reporting date and, using that rate with middle cross currency quotes, sets the rupee exchange rates for the euro, pound sterling and Japanese yen; the SDR Rupee rate will be based on the published reference rate.
    December 16, 2017
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    Monetary policy framework: price stability via an independent committee underpins reforms to secure financial stability and resolve stressed banks.
    The speech emphasises price stability as the primary monetary objective implemented via a statutory Monetary Policy Committee, noting early re anchoring of inflation expectations while urging vigilance. It underscores the IBC and Banking Regulation (Amendment) as pivotal to resolving stressed assets, complemented by a government recapitalisation plan and governance reforms for public sector banks, and advocates use of foreign exchange reserves and active capital flow management as macro prudential instruments to insulate the economy from volatile cross border flows.
    December 16, 2017
    Show AI Summary
    Sovereign Gold Bond subscription: online digital payments receive a per gram discount and settlement follows each subscription window.
    Sovereign Gold Bond Series III set a specified issue price per gram for each subscription window with bonds issued on the Monday succeeding each three day subscription period and a settlement date tied to that window. The Government, in consultation with the central bank, allowed a per gram discount for investors who apply online and make payment through digital modes, linking the preferential price to the online application and digital payment condition.
    December 15, 2017
    Show AI Summary
    Reference rate for US dollar published, with corresponding euro, pound and yen exchange rates and SDR rupee linkage.
    The Reserve Bank of India published the Reference Rate for the US Dollar and, using middle rates of cross currency quotes, provided derived rupee exchange rates for the euro, pound sterling and yen; it further states that the SDR rupee rate will be based on the published reference rate.
    December 14, 2017
    Show AI Summary
    Reference rate for US dollar published; corresponding euro, pound and yen rupee rates and SDR basis indicated.
    Publication of a reference rate for the US dollar sets the official rupee price and is compared with the prior day; the notice derives rupee exchange rates for the euro, British pound and Japanese yen from that reference using middle cross currency quotes, and specifies that the SDR Rupee rate will be based on the stated reference rate.

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      RBI Reference Rate for US $

      December 28, 2017

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      The Reserve Bank of India’s Reference Rate for the US Dollar is ₹ 64.1716 on December 28, 2017.

      The corresponding rate for the previous day (December 27, 2017) was ₹ 64.1577.

      Based on the reference rate for the US Dollar and the middle rates of the cross-currency quotes, the exchange rate of EUR, GBP and JPY against the Rupee are given below:

      Currency

      Date

      December 27, 2017

      December 28, 2017

      1 EUR

      76.2258

      76.5631

      1 GBP

      85.8366

      86.2210

      100 YEN

      56.68

      56.89

      Note : The SDR-Rupee rate will be based on the reference rate.

      Ajit Prasad

      Assistant Adviser

      Topics

      ActsIncome Tax