Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ---- ❯
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ---- ❯
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ---- ❯
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
September 23, 2026
Show AI Summary
Diplomatic engagement amid armed conflict continues as parties discuss reopening strategic waterways, energy security, and a potential negotiated settlement.
Diplomatic engagement between the United States and Iran resumed amid an ongoing armed conflict. The engagement concerned reopening the Strait of Hormuz and returning to negotiations toward a settlement, while the United States position combined willingness to engage with threats of escalated military action if an agreement was not reached. Regional consultations also addressed risks to oil carriage, energy supplies, and navigation through strategic waterways.
September 23, 2026
Show AI Summary
Bilateral comprehensive trade agreement negotiations aim for conclusion at the G20, supporting diversification and renewed economic ties.
Comprehensive trade agreement negotiations between Canada and India are progressing, with both governments aiming to conclude discussions by the mid-December G20 summit. Formal negotiations commenced in March, accompanied by a broader commitment to complete the agreement by the end of 2026. The proposed arrangement forms part of renewed bilateral economic engagement and Canada's strategy to diversify trade relationships, strengthen market access and reduce dependence on a single market.
September 23, 2026
Show AI Summary
Diesel export restrictions may worsen refinery constraints and consumer fuel costs amid global refining capacity disruptions.
Possible restrictions on diesel exports are being considered to address rising domestic diesel prices amid disruption to global refining capacity. Oil industry representatives oppose an export ban, contending that it could aggravate refinery-sector constraints and worsen supply conditions. They advocate increased supply and operational flexibility instead of new export restrictions, while farm-state senators support a diesel export ban.
September 22, 2026
Show AI Summary
District-led economic development will align local resources, enterprise support and export promotion to strengthen regional economic opportunities.
The Uttar Pradesh Enabling District-Led Economic Growth project is proposed to convert district-specific resources into investment, employment, entrepreneurship and export opportunities. Its framework combines economic activity with stronger local administration and major investment proposals suited to local needs. Economic diversification is to expand manufacturing and services alongside agriculture, while local products are to receive improved design, packaging and access to global markets. Proposed measures also include enterprise development, women entrepreneurship, skills training, healthcare, agricultural processing and polyhouse development.
September 22, 2026
Show AI Summary
Healthcare access integration enables local outpatient ticketing and appointment booking through banking correspondents, alongside employee banking and patient-support initiatives.
The partnership integrates SKIMS outpatient ticketing and appointment booking with J&K Bank's Banking Correspondent network on a six-month pilot basis, enabling local access for patients in rural and remote areas. J&K Bank serves as SKIMS's banking partner, offers customised employee banking benefits, supports hospital infrastructure through corporate social responsibility assistance, enables public contributions to the poor-patient endowment fund through a mobile application, and provides digital financial literacy and wealth-management programmes.
September 22, 2026
Show AI Summary
Money-laundering searches prompt allegations of pressure on an urban development body and disruption of welfare delivery programmes.
Survey and search operations under the Prevention of Money Laundering Act covered 26 premises, including the Greater Mohali Area Development Authority office and the Principal Secretary for Housing and Urban Development. AAP alleged that the action was intended to create fear and pressure among government officers and impede welfare and development initiatives. It described GMADA as a revenue-generating authority whose resources support public welfare, urban infrastructure and planned development.
September 22, 2026
Show AI Summary
Public recruitment money laundering allegations include payments, examination-paper access, and recruitment-rule changes allegedly facilitating selected candidates.
Money-laundering proceedings concerning alleged irregularities in public-service recruitment examinations include a prosecution complaint against the former CGPSC chairman and others. Allegations concern payments to facilitate selections, access to examination papers for candidates, and collection of consideration. A former examination official is alleged to have aided a recruitment-rule amendment removing "nephew" from the definition of family, allegedly facilitating selection of relatives. The investigation is linked to an economic-offences FIR, a CBI complaint and related chargesheets.
September 22, 2026
Show AI Summary
Five-day banking demand drives a proposed nationwide bank strike after conciliation remains inconclusive during half-yearly closing.
Proposed nationwide three-day bank strike from 28-30 September 2026 follows an inconclusive conciliation meeting. The strike is linked principally to the demand for five-day banking, with reconsideration contingent on concrete and positive progress toward its implementation. Other demands cover pension upgradation, a uniform dearness allowance formula for pensioners, and an option for National Pension System-covered employees to switch to the old pension scheme.
September 22, 2026
Show AI Summary
PMLA maintainability turns on whether a private complaint can initiate money-laundering proceedings without a predicate-offence FIR.
Maintainability of PMLA proceedings is contested where the alleged scheduled offence originates in a private complaint rather than an FIR. Respondents contend that a private complaint cannot form the basis for an Enforcement Case Information Report, money-laundering investigation, or prosecution, because the statutory framework recognises predicate-offence action through an FIR or a complaint by a person authorised to investigate.
September 22, 2026
Show AI Summary
Related-party transaction disclosure and audit-report compliance proceedings conclude through settlement without admissions by five companies.
Securities-market settlement proceedings concerning five Adani group companies addressed alleged non-compliance with listing-related disclosure and audit-report requirements. Allegations included failure to disclose certain related-party transactions and audit or limited-review reports signed by firms lacking a valid peer review certificate. While adjudication remained pending, the companies proposed settlement without admitting or denying the findings of fact or conclusions of law.
September 22, 2026
Show AI Summary
Social media publication of court-related affidavits in pending money-laundering proceedings must not displace submissions through judicial process.
Use of court-related affidavits in pending money-laundering proceedings must remain within the judicial process. The Bombay High Court cautioned Vijay Mallya against publishing on social media an Enforcement Directorate affidavit served on his legal team before its submission to the court, stating that parties should place their submissions before the court and that such publication undermines the efficacy of judicial proceedings.
September 22, 2026
Show AI Summary
Related-party transaction disclosure and auditor peer-review compliance failures were resolved through settlement without admissions by listed companies.
SEBI settled adjudication proceedings against five listed companies concerning alleged related-party transaction disclosure failures, corporate-governance compliance, and audit or limited-review reports signed without valid peer review certification. The companies sought settlement without admitting or denying the findings of fact or conclusions of law after a show-cause notice proposed inquiry and penalties. The settlement terms were recommended by the High Powered Advisory Committee, accepted by the Panel of Whole Time Members, and implemented upon receipt of the prescribed settlement amounts.
September 22, 2026
Show AI Summary
Luxury wedding venture Aria Weddings integrates planning, production and storytelling to deliver bespoke celebrations across selected destinations.
Aria Weddings is launched by Bizspoke Pvt. Ltd. and Sol Production LLP as a luxury weddings and celebrations venture offering end-to-end planning, design and execution for personalised, experience-led celebrations across India and select international destinations. Its services cover concept development, experience and de cor design, entertainment, production, on-ground execution, photography, films and other visual content.
September 22, 2026
Show AI Summary
Related-party transaction disclosure compliance resolves adjudication proceedings concerning alleged listing and audit peer-review certification violations.
SEBI settled adjudication proceedings involving five Adani group companies concerning alleged non-disclosure of certain related-party transactions under listing regulations and the erstwhile listing agreement. The settlement also covered audit or limited-review reports signed by audit firms without valid peer-review certificates, with the entities collectively paying Rs 1.50 crore under the settlement terms.
September 22, 2026
Show AI Summary
Money-laundering enforcement includes searches of public-development and housing-administration offices as part of a PMLA investigation.
Enforcement Directorate searches at the Greater Mohali Area Development Authority and the office of Punjab's Principal Secretary for Housing and Urban Development form part of a PMLA investigation. The enforcement action is directed at institutional and official premises connected with public development and housing administration in Punjab, involving a development authority and a senior housing-administration office.
September 22, 2026
Show AI Summary
Missing-person FIR registration requires immediate action, while police must account for unidentified-body cremation and missing CCTNS records.
Missing-person investigations require immediate FIR registration upon receipt of information, without a preliminary inquiry, with relevant kidnapping and trafficking provisions incorporated. A missing child must ordinarily be presumed kidnapped or abducted from the outset. Police accountability has been sought over cremation of an unidentified body linked to a missing person, delayed family intimation, and missing recovery details on the CCTNS portal. Recovered persons should undergo Aadhaar verification or enrolment to support identification.
September 22, 2026
Show AI Summary
Hub-and-spoke flight security requires strengthened controls after an immigration-processing lapse exposed risks in seamless international passenger transfers.
Hub-and-spoke international flight operations allow passengers to complete check-in, immigration and customs formalities at designated spoke airports before travel to a hub, then board onward international flights without repeat processing while baggage is transferred seamlessly. Security and immigration compliance have been strengthened after an onward passenger transfer occurred without completed immigration procedures. A show-cause notice, staff suspensions and a review of carrier checks and balances form part of the response.
September 22, 2026
Show AI Summary
Talent assessment beyond examination results supports early identification, industry immersion, and individualized development for emerging-technology students.
Candidate assessment extends beyond examination results to evaluate passion and ambition, critical thinking and vision, grit and resilience, and empathy and teamwork through a structured six-stage selection process. Each student follows an individualized pathway integrating academic preparation, industry exposure and practical challenges. Students engage with real-world code, production lines and active research projects, supported by academic and industry mentors and an AI-enabled platform that develops independent thought, sound judgment and applied problem-solving.
September 22, 2026
Show AI Summary
Women's empowerment and leadership shaped a national image-consulting platform for professional learning, collaboration, recognition and confidence-building.
ILCI Image Fiesta - Season 4 brought together image consultants, professionals and allied experts for knowledge-sharing, collaboration and recognition, with emphasis on women's empowerment, leadership, life skills and professional confidence. Colour Intelligence was unveiled, addressing colour science, psychology and its application to identity, communication, branding and personal image. Educational sessions and panel discussions covered professional presence, entrepreneurship, resilience, behavioural mastery and opportunities for women. The ILCI Image Excellence Awards recognised 17 professionals and organisations across image consulting, styling, beauty, wellness, leadership and related fields.
September 22, 2026
Show AI Summary
Narcotics trafficking enforcement targets concealed cross-border and domestic cannabis, cocaine, and amphetamine movement through seizures and arrests.
Enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985 targeted drug trafficking through intelligence-led interceptions of cannabis, charas/hashish, cocaine and amphetamine consignments. More than 845 kg of contraband was seized across rail, road and airport transit points, with 15 persons arrested. Operations addressed cross-border and domestic movement, including concealment in clothing, baggage, commercial cargo, consumer-product containers and textiles, and extended to a receiver and organiser linked to amphetamine trafficking.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Finance, Credit and Markets (Speech delivered by Shri R. Gandhi, Deputy Governor on August 26, 2014 at "Credit Summit India 2014", organised by Association of International Wealth Management of India and National Institute of Securities Market (NISM))

September 4, 2014

Contents
Summary
Note

Note

-

Bookmark

Print

Print

The role of the financial system is to intermediate between lenders and borrowers and provide avenues for saving and help investors find their financing needs. The financial markets impact growth by channeling saving to firms and improving the allocation of capital. Moreover, efficient financial markets and institutions tend to lower search and transactions costs in the economy.

2. As the industrialized nations’ economies grew in the eighteenth, nineteenth and twentieth centuries, their financial systems also grew in depth and breadth. In the 19th century, London achieved its status as the world's leading financial centre, because the financial sector had developed rapidly in order to serve the needs of British industry and British exporters. Similar is the case with 20th century New York which played a similar role in relation to the American economy.

3. The relationship between financial development and economic growth is a subject of debate. Some economists just do not believe that the finance-growth relationship is important. For instance, Robert Lucas asserted in 1988 that economists badly over-stress the role of financial factors in economic growth. Moreover, Nobel laureate Joan Robertson declared in 1952 that "where enterprise leads, finance follows". According to this view, economic development creates demands for particular types of financial arrangements, and the financial system responds automatically to these demands.

4. The well-known former editor of "The Economist" Walter Bagehot expressed this in 1873 as follows "In England, however, ... capital runs as surely and instantly where it is most wanted, and where there is most to be made of it, as water runs to find its level".

5. However, it is now increasingly accepted that financial development has a positive effect on growth. Financial intermediation can affect economic growth by acting on the saving rate, on the fraction of saving channeled to investment, or on the social marginal productivity of investment.

6. The studies of McKinnon and Shaw in early seventies propounded that financial repression depresses growth; conversely, financial development should raise growth. A positive correlation between growth and indicators of financial development is well documented. A growing body of evidence suggests that financial institutions (such as banks and insurance companies) and financial markets (including stock markets, bond markets, and derivative markets) exert a powerful influence on economic development, poverty alleviation, and economic stability. This position holds good for India too.

7. It is imperative that our nation must achieve high economic growth to cater to growing aspirations of its people. To attain such growth large capital and efficient distribution of capital is needed which can only be possible through efficient and developed financial markets.

8. World Economic Forum has constructed an Index that measures financial development. Measures of financial development are captured across the seven pillars of the Index viz. Institutional environment; Business environment; financial stability; Banking financial services; Non-banking financial services; financial market; and financial access.

9. India is ranked 40th out of 62 countries in the World Financial Development Index in 2012. India’s rank in the parameters assessed in the Index is as under:

Parameter

Rank 2012

Institutional environment

56

Business environment

55

Financial stability

46

Banking financial services

45

Non-banking financial services

9

Financial markets

28

Financial access

45

10. While there may be debate on the methodology of rankings and the relative importance one may give to these rankings, it is pertinent to recognize the fact that there is tremendous scope for improvement. There is a need for working together in building more efficient financial markets.

11. Characteristics of financial markets development inter alia include:

  1. Size of financial institutions and markets (financial depth)
  2. Degree to which individuals can and do use financial institutions and markets (access)
  3. Efficiency of financial institutions and markets in providing financial services (efficiency), and
  4. Stability of financial institutions and markets (stability)

12. Market development is also dependent on the structure of the market and preference of savers for intermediation. In Asian economies there is a marked preference for bank intermediation. Bank-based finance has a special role to play for many economies in need of capital, and thus helps to ensure a well-balanced growth process. Benefit of bank-based finance relates to the intrinsic nature of the banking business: some projects cannot be financed directly by the market on account of significant information asymmetries between the borrowers and potential lenders. Banks can bridge this gap thanks to their comparative advantages in the assessment and monitoring of investment projects, which contributes to overcoming information asymmetries. Further, the economic literature on "relationship banking" has demonstrated that banks can contribute to alleviating the impact of sudden economic shocks on their clients. Banks are, however, financial intermediaries that by nature add cost to the allocation of capital.

13. In Asian economies banking is a marvelous mechanism for channeling into productive investments the huge flow of household savings generated, since those countries including Mainland China, have savings-to-income ratios that are three, four, or even more times than the countries in the West. For all its potential contributions to economic growth, banking remains fragile. The high leverage combined with their “extreme mismatch” of maturities (funding long-term assets with short-term and, in some cases, foreign currency-denominated liabilities) and reliance on demand deposits, makes them inherently vulnerable – and their economies to severe and recurring credit crunches.

14. Although banks play an important role in these economies by channeling funds from depositors to companies without access to capital markets, banking itself, says Nobel laureate Merton Miller from University of Chicago, is " basically a 19th century technology”. Today’s emerging Asian economies do not have well-developed capital markets and so remain heavily dependent on their banking systems to finance growth. However, as Miller argues, countries should develop a well fleshed out set of financial markets and associated institutions.

15. According to an Asian Development Bank's study the initiatives to develop bond markets should focus on: (i) sustaining a stable macroeconomic environment with low inflation and stable interest rates (ii) developing a healthy government bond market that would serve as a benchmark for the corporate bond market (iii) completing the post-crisis agenda of banking sector restructuring (iv) improving corporate governance (v) strengthening the regulatory framework for bond market (vi) rationalizing tax treatment of bonds (vii) broadening the investor base, and (viii) promoting the growth of regional bond market centers.

Indian Debt Market

Bank Credit

16. India has the distinction of long history of both banks and capital market. Economic history of India narrates how both have been vibrant in many important cities, though Mumbai has been dominating all others. Slowly and steadily, especially after nationalisation, the banking sector has emerged as THE source for investment funding.

17. In India, bank credit has been the significant contributor to the investment. Bank credit increased from ₹ 5 billion as at end March 1951 to ₹ 13 billion by March 1961, ₹ 47 billion by March 1971, ₹ 254 billion by March 1981, ₹ 1164 billion by March 1991, ₹ 5114 billion by March 2001, ₹ 39420 billion by March 2011 and ₹ 67352 billion by March 2014. What has been the contribution of capital market? During the 1970s, while capital market helped raising ₹ 10 billion worth of equity, bonds and debentures, banks extended credit worth ₹ 207 billion in that period. During the 1980s, the corresponding figures were ₹ 233 billion and ₹ 910 billion. In the 1990s, they were ₹ 1172 billion and ₹ 3950 billion respectively and in 2000s they were ₹ 2115 billion and ₹ 34206 billion respectively. In 2013-14, it was ₹ 556 billion and ₹ 9,556 billion respectively.

18. While the capital market has been disappointing, the private placement market in the past twenty years has been good. Though the issues thereat had been predominantly in the form of bonds and debentures, the growth in size has been very reassuring. It gained popularity from mid 1990s; from 1995-96 to 2000-01, this market raised ₹ 752 billion, in the next ten years, it helped raise ₹ 7614 billion and in 2013-14, this market raised ₹ 3899 billion.

19. Thus, the primary engine for Indian investments is the credit market. Despite all our efforts to develop corporate debt market, and calibrated increase in foreign capital, credit market remains the bulwark of Indian investment scenario.

OTC Market

20. In India, the small size of the OTC derivatives market, low level of complexity in products and regulatory structure that mandates that validity of any OTC derivative contract is contingent on one of the parties to the transaction being a regulated entity, resulted in orderly derivatives market development and lessened the concerns with regard to systemic risk. The OTC derivative products were introduced in a phased manner keeping in view the hedging needs of the real sector. Reserve Bank has focused on improving transparency and reducing counterparty risk in the OTC derivatives markets and fostered development of robust market infrastructure for trading, settlement and reporting of transactions. As India is committed to implementation of the G-20 / FSB reforms, reasonable progress has been made in implementing the OTC derivative reform measures in India. The status of reforms is as under:

  • Standardization: The process of standardization is planned to be undertaken gradually. CDS transactions are standardized in terms of documentation, coupon, coupon payment date, etc. IRS on Overnight Index Swap have been standardized from April 1, 2013. Other benchmarks in IRS would be standardized in a phased manner.
  • Central clearing: Calibrated steps towards central clearing of OTC derivative transactions are being taken. More than 70% of IRS trades currently being centrally cleared without regulatory mandate. CDS market is still developing and it may take more time to achieve the necessary market activity to support central clearing of CDS transactions. Timeframe for guaranteed settlement of CDS will be mandated after a critical level of volume is attained.
  • Exchange or electronic platform trading: Electronic platforms are available for transactions involving repos in Government securities, IRS, forward rate agreements and foreign exchange forwards. Report of the Working Group on Government Securities and Interest Rate Derivatives Markets (Chairman: Shri R. Gandhi) has also recommended introduction of an electronic swap execution facility (electronic trading platform) for the IRS market, and consider introduction of a CCP which may provide guaranteed settlement of trades executed through the electronic platform.
  • Reporting to trade repositories: As per existing regulatory guidelines, banks and primary dealers report IRS/FRA and foreign exchange derivatives transactions on CCIL reporting platform. With regard to CDS, all market makers must report all trades (including client trades) on the CCIL’s reporting platform. Presently, client trades in IRS are also being reported by banks.

Conclusion

21. I am sure in this Summit, you will all be discussing the credit investment market infrastructure, the various opportunities and challenges that the credit investment market offers and how to benefit out of this important segment of the financial market. I wish you all useful deliberations.

22. Thank you all for your attention

Topics

Acts Income Tax