Faceless Income Tax Assessment Set To Be Tweaked; SEBI’s T+0 Settlement Doesn’t Find Many Takers

Faceless Income Tax Assessment Set To Be Reworked To Make It Taxpayer Friendly

Faceless India is reviewing the faceless income tax assessment mechanism to make it more taxpayer-friendly, following suggestions that the programme can be made more effective, the Economic Times reported.

A hybrid formula is being examined that could allow taxpayers to pick either the faceless scheme or in-person resolution, the report said. The scheme was introduced on April 1, 2021, to reduce the human interface in tax disputes and assessments. Under the system, the income tax department processes returns, issues refunds, conducts tax assessments and scrutiny, and manages appeals. The assessing officer is assigned cases at random, without following geographical jurisdiction. Officials said the scheme is being reviewed to assess effectiveness and noted the idea is to ease compliance further for taxpayers. Read More

SEBI T+0 Finds Few Takers During Soft Launch Phase, Changes Likely In The Offing

The Securities and Exchange Board of India (SEBI) experiment with the same-day settlement cycle has found few takers during its soft launch phase, which was rolled out for just 25 stocks, the Business Standard reported.

Since its introduction in March, the T+0 mechanism—parallel to the mainstream T+1 cycle where trades are settled on a next-day basis—has logged a turnover of just Rs 5.7 lakh on NSE. Of the total, over 80 per cent, or Rs 4.63 lakh, was registered on March 28, the launch day. On the BSE, it is even lower at under Rs 3 lakh. Industry players said T+0 came close on the heels of the T+1 rollout and didn’t gain wider acceptance despite its benefits. More here

Delay In Monsoon Adds To Worries Over Rising Food Inflation

A sluggish monsoon leading to subpar kharif sowing could queer the pitch further for food inflation, which already remains elevated, the Economic Times quoting economists.

Some economists said they were hopeful of an improvement in rainfall as the season progresses. Retail inflation hit a 12-month low of 4.75 per cent in May but food inflation stayed almost unchanged at elevated level of 8.69 per cent. June rainfall has been below normal, as per the India Meteorological Department. The cumulative rainfall till June 21 was 17 per cent below the long-term average (LTA), while the weekly rainfall (till June 19) was 33 per cent below the LTA. Overall, basin-wise reservoir levels were in deficit and below last year's level as well. More here

Finance Ministry Tells Banks To Revive Inoperative PM Jan Dhan Accounts 

The Union Finance Ministry has asked Public Sector Banks (PSBs) to revive inoperative accounts under the Pradhan Mantri Jan-Dhan Yojana, the Business Standard reported.

A banker, who attended the meeting, said it is part of the financial inclusion initiative, as some individuals tend to forget about these accounts after opening them. The Finance Ministry had convened a meeting of PSB heads to assess the progress of various financial inclusion schemes, including PM Vishwakarma, Jan Suraksha, and Mudra Yojana. The meeting was chaired by Financial Services Secretary Vivek Joshi.  As of December 6, 2023, about 20 per cent of PMJDY accounts nationwide were inactive, the then Minister of State for Finance Bhagwat K Karad had said in a written reply to the Rajya Sabha. More here

Satellite-Based Toll To Be Operational On 5,000 Km Highways By December 

The Ministry of Road Transport and Highways wants to enable satellite-based toll collection on all national highways in the country over the next few years, and will have the Global Navigation Satellite System framework operational on 5,000 km of national highways by December, the Business Standard reported.

Indian Highways Management Company Ltd chairman and managing director Vishal Chauhan said the Centre wants to build a case study with the 5,000-kilometre pilot by the end of FY25 before it proceeds with the nationwide rollout of the programme. The company has floated an expression of interest for the implementation of Global Navigation Satellite System across the country earlier this month. More here

Banks Want RBI Clarification On Credit Card Network Choice 

Some banks have approached the Reserve Bank of India (RBI) for clarity on guidelines requiring them to offer existing credit card customers a choice of networks such as Rupay, Visa, and MasterCard, the Economic Times reported.

RBI guidelines issued in March this year said card issuers must provide this option at the time of issuance and renewals. A senior bank executive said clarification had been sought on issues such as if choice of networks needs to be offered to all existing customers or only at the time of renewals. The RBI guidelines will take effect in September 2024. The circular had observed some arrangements between card networks and card issuers are not conducive to the availability of choice for customers. More here