In­dian FM in­au­gu­rates non-tax rev­enue e-por­tal

The Pak Banker - - MARKETS/SPORTS -

With the In­dian Prime Min­is­ter's Of­fice set­ting a tar­get to switch at least 90 per cent of all of­fi­cial trans­ac­tions to pa­per­less mode by the end of 2016, Fi­nance Min­is­ter Arun Jait­ley launched a new e-plat­form for non-tax re­ceipts.

NTPC made the maiden pay­ment on the por­tal de­vel­oped by the Con­troller Gen­eral of Ac­counts, by re­mit­ting Rs.989 crore as an in­terim div­i­dend to the govern­ment. "This has a lot of ad­van­tages and will re­duce a lot of the man­ual work now and al­most in­stantly en­able the pay­ment at the dif­fer­ent cat­e­gories,"Mr. Jait­ley said at the in­au­gu­ra­tion. The ma­jor sources of non-tax rev­enue for the govern­ment are from div­i­dends paid by pub­lic sec­tor com­pa­nies, the Re­serve Bank of In­dia, etc. Dur­ing his pre­vi­ous year's Bud­get speech, Mr.Jait­ley had said that one ma­jor way to curb black money is to dis­cour­age cash trans­ac­tions in favour of elec­tronic trans­ac­tions. Mean­while, Mer­chan­dise ex­ports fell for the 14th con­sec­u­tive month with ship­ments in Jan­uary, 2016 con­tract­ing 13.6 per cent year-on-year to $21 bil­lion due to weak over­seas de­mand as well as fall in ma­jor ex­port items such as en­gi­neer­ing goods and pe­tro­leum prod­ucts.

Im­ports also fell dur­ing the month by 11 per cent to $28.7 bil­lion, re­sult­ing in the trade deficit nar­row­ing to an 11-month low of $7.6 bil­lion. The trade deficit would have been lower had the gold im­ports not recorded an 85.16 per cent in­crease in Jan­uary to $2.91 bil­lion.

Re­leas­ing the data, the com­merce min­istry said: "The trend of fall­ing ex­ports is in tan­dem with other ma­jor world economies. The growth in ex­ports have fallen for U.S.A. (-10.51%), Euro­pean Union (9.48%) and China (-7.01%) for Novem­ber 2015 over the cor­re­spond­ing pe­riod pre­vi­ous year as per WTO sta­tis­tics."

Seven­teen of the 30 ex­port sec­tors recorded a neg­a­tive growth in Jan­uary. Th­ese in­cluded ma­jor sec­tors such as en­gi­neer­ing goods (-27.6 per cent to $4.98 bil­lion), ready-made gar­ments (-6.1 per cent to $1.4 bil­lion) and pe­tro­leum prod­ucts (35.1 per cent to $1.9 bil­lion). Non-pe­tro­leum ex­ports in Jan­uary 2016 fell 10.55 per cent to $19.1 bil­lion.

Mer­chan­dise ex­ports dur­ing April 2015-Jan­uary 2016 this fis­cal reg­is­tered a neg­a­tive growth of 17.65 per cent over the same pe­riod in the pre­vi­ous fis­cal to $217.7 bil­lion. Pres­i­dent of the ex­porters' apex body, FIEO, S. C. Ral­han, said the coun­try may end up with mer­chan­dise ex­ports of around $260 bil­lion in 2015-16.

En­gi­neer­ing ex­porters body, EEPC In­dia, Chair­man T. S. Bhasin said, "Over­val­u­a­tion of ru­pee, af­ter ad­just­ing against the do­mes­tic retail in­fla­tion, is also eat­ing into the com­pet­i­tive­ness of the In­dian ex­ports.

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