President Trump has identified three candidates as frontrunners to replace Jerome Powell as Federal Reserve chair: his advisor Kevin Hassett, former Fed governor Kevin Warsh, and sitting Fed governor Christopher Waller.At the White House, Trump told reporters that Scott Bessent was initially considered, but the Treasury secretary declined interest. “I had four,” Trump said. “Now…
With India’s elderly population projected to reach 21 per cent by 2050, there is growing urgency for a robust retirement savings framework. UN data from 2023 shows that while 43 per cent of Indians were under 25, only 11 per cent were above 60, hinting at the demographic shift ahead. To address this challenge, the…
The Finance Ministry has launched a single-use, unidirectional switch option for central government employees who opted for the Unified Pension Scheme (UPS) to return to the National Pension System (NPS). The move gives staff and eligible retirees more clarity on their pension choices as the September 30, 2025 deadline approaches.Strict rules for switchingAccording to the…
The central government is likely to propose legislation during Parliament’s winter session to implement a tax on tobacco and related products, potentially replacing the existing GST compensation cess levied on these items.The present compensation cess, applied alongside the 28% GST, is expected to remain for a minimum of three months, allowing the government to complete…
File photo: Union minister Piyush Goyal (Picture credit: ANI) Union commerce and industry minister Piyush Goyal has assured that the reduction in Goods and Services Tax (GST) rates will directly benefit the common man, with industries across sectors committing to pass on the gains.Speaking to news agency ANI, Goyal said, “We have received assurance from…
Banks in several states are closed today, September 5, on account of Id-E-Milad and Thiruvonam, according to the Reserve Bank of India’s (RBI) holiday calendar for the month.Customers have been advised to check with their respective branches before visiting, reported ET.As per the RBI notification, banks will not be operational today in Gujarat, Mizoram, Maharashtra,…
Industry leaders and experts have said the newly announced GST 2.0 reforms will provide much-needed support to sectors impacted by the recent US tariff hikes, easing costs for consumers and boosting domestic demand. As per news agency ANI, stakeholders from textiles, automobiles, jewellery, exports and finance believe the rationalisation will help offset challenges posed by…
The latest Goods and Services Tax (GST) rate rationalisation is expected to deliver a significant boost to the fast-moving consumer goods (FMCG) sector, according to a report by Nuvama.As per news agency ANI, the brokerage noted that almost the entire FMCG pack will benefit from the announced tax cuts, which are likely to translate into…
The Gem and Jewellery Export Promotion Council (GJEPC) on Friday said that recent GST reforms have delivered significant relief to the diamonds and jewellery sector, easing costs for both exporters and consumers.The government’s move to exempt imports of natural cut and polished diamonds up to 25 cents under the Diamond Imprest Authorisation Scheme (DIAS) from…
Gold rate today: Gold prices soared by Rs 900 to Rs 1,06,970 per 10 grams in the national capital on Friday, edging closer to record highs amid rupee weakness, firm global trends, and expectations of a US Federal Reserve rate cut later this month.According to the All India Sarafa Association, gold of 99.5 per cent…
