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EquityPandit

EquityPandit
ECONOMY

RBI Sells Bonds for 11th week, Longest Streak in Nearly Three Years

On 17th January, the rupee closed at 86.61/$.

Data published on Friday indicated that the RBI sold bonds worth 11.95 billion rupees (about USD 161.85 million) in the week ending September 20, bringing the total sale for the 11 weeks to 240.6 billion rupees.

The data revealed that the Reserve Bank of India (RBI) has continued to sell government bonds from its portfolio for eleven consecutive weeks, marking its longest streak since January 2022.

According to Gaura Sen Gupta, chief economist at IDFC First Bank, small bond sales could help address bond demand and supply dynamics. She highlighted that demand has been supported by bond index inclusion flows and long-term investor interest.

Gupta proposed that the small quantity indicates the RBI’s intention to make sales without causing disruption. She also noted that sales of this kind could persist as the banking system’s liquidity conditions are anticipated to remain comfortable due to the increase in core liquidity.

To align them with its monetary policy, the central bank typically adjusts banking system liquidity and rates by selling or buying bonds. However, these operations also impact yields.

The banking system liquidity in India has maintained an average surplus of over one trillion rupees during the July-September quarter.

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ECONOMY

Provident Fund Update: Govt Raises Auto-Settlement Limit to ₹5 Lakh for 7.5 Crore Indians

Dhruva Kulkarni

EPFO is set to enhance the auto settlement limit for advance claims from Rs 1 lakh to Rs 5 lakh, pending final approval from the Central Board of Trustees (CBT), benefiting 7.5 crore members.

The auto-mode claim settlement, introduced in April 2020 for illness, now covers education, marriage, and housing, with claims processed within three days.

In the current financial year, EPFO has settled a record 2.16 crore auto-claims as of 6th March 2025, up from 89.52 lakh in 2023-24. The rejection rate dropped to 30% from 50% last year, while validation formalities have been reduced from 27 to 18, with plans to cut them to six.

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The process is now IT-driven, eliminating human intervention and reducing claim settlement time from 10 days to 3-4 days.

EPFO will also introduce UPI-based PF withdrawals by May or June 2025, potentially benefiting other schemes like the General Provident Fund (GPF) and Public Provident Fund (PPF).

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ECONOMYINDIA

Govt to impose 10% import duty on desi chana from 1st April

Dhruva Kulkarni

The government will impose a 10% import duty on desi chana (Bengal gram) from 1st April.

In May last year, the government allowed duty-free import of chana to boost domestic availability and control prices. This waiver was set to last until 31st March 2025.  

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According to a finance ministry notification dated 27th March, the import of Bengal gram will now attract a 10% duty starting from 1st April.  

Government data estimates chana production at 11.5 million tonnes in 2024-25, up from 11 million tonnes in the previous year.

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ECONOMY

India Considers Tariff Cuts on Key US Imports, Decision Pending

Dhruva Kulkarni

India is exploring tariff reductions on select US imports, with key government departments actively discussing the matter. While deliberations are still in the early stages, no final decision has been made.

A comprehensive review of import categories and existing duties is underway to assess potential reductions to strengthen trade and economic ties between the two nations.

Some key product categories that may see lower basic Customs duties include:

  • Medical & Scientific Instruments (7.5%-10%)
  • Cruise Ships (10%)
  • Aircraft (2.5%)
  • Spacecraft (10%)
  • Cars (100% for CIF value above $40,000, 70% below this threshold)
  • Turbo Jets/Propellers (7.5%)
  • High-End Jewellery (20%)
  • Gems & Jewellery (20%)
  • Footwear (35%)
  • Plastic Polymers (7.5%-15%)
  • Organic Chemicals (7.5%)

In 2024, India’s imports from the US reached $35 billion, reflecting a 6.7% increase from the previous year.

While discussions on tariff cuts continue, stakeholders closely watch developments that could impact trade flows between countries.

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ECONOMY

RBI Governor Urges Stronger Measures Against Money Laundering, Terror Financing

Dhruva Kulkarni

RBI Governor Sanjay Malhotra on 26th March stressed the need to strengthen India’s anti-money laundering (AML) and counter-terrorism financing (CFT) measures.  

Speaking at the FATF (Financial Action Task Force) Private Sector Collaborative Forum, he highlighted India’s globally recognised efforts and the crucial role of private sector collaboration in financial security.  

While technology enhances business, he warned, it also enables advanced money laundering risks, requiring proactive measures.

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Malhotra called for better data quality and the use of AI (Artificial Intelligence), ML (Machine Language), and blockchain to improve AML risk assessment and threat detection.  

He emphasised balancing security with inclusion, as over 90% of India’s adults now have bank accounts.  

The RBI will continue enhancing AML and CFT measures, improving KYC (Know Your Customer) and digital onboarding, and streamlining cross-border payments.

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ECONOMY

UP CM Yogi Adityanath: Unemployment Down, Per Capita GDP Up Since 2017

Dhruva Kulkarni

On Monday, CM Yogi Adityanath highlighted Uttar Pradesh’s economic progress and welfare initiatives while marking eight years of the state’s NDA government.

He stated that the unemployment rate has dropped below 3% from 19% in 2016, while per capita income has risen from Rs 46,000 in 2017 to Rs 1,24,000. UP has also transitioned from a deficit economy to a revenue-surplus state without imposing additional taxes, with banking transactions reaching Rs 29.66 lakh crore.

Infrastructure has grown significantly, with UP leading in expressways and metro operations and hosting India’s first rapid rail service. The government is developing state development regions around cities like Lucknow, Varanasi, and Kanpur to boost urban expansion. At the same time, welfare programs provide free rations to 15 crore people and housing for 56 lakh families.

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In the energy sector, electrification has nearly doubled, with 1.21 lakh more villages connected since 2017 and solar power production rising from 228 MW to 2,653 MW.

Healthcare and education have expanded significantly, with medical colleges increasing from 12 to 80, alongside nursing and paramedical institutions improvements. The CM reaffirmed his commitment to making UP a $1 trillion economy.

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