Page 14 - Banking Finance December 2023

ROUNDUP

Honours 2023 for its Sustainability Re- IBBI finished the three-year review 22,172 people in the Dibrugarh district
porting Standards Board initiative. process in 2021. The insolvency regu- are eligible for AMFIRS 2021's Cat-
lator asked for public feedback on the egory-III relief. Under Category-III of
IBM inks 3 pacts with IT rules for this year's annual review in AMFIRS 2021, borrowers with out-
May of this year. standing principal balances of up to Rs.
Ministry 25,000 and accounts that had become
US technology major signed three Record 7.85 crore I-T re- non-performing assets (NPAs) as of
agreements with the IT ministry per- March 31, 2021, are considered eli-
taining to artificial intelligence, semi- turns filed till Oct 31 gible for benefits.

conductors. The action is significant The Income Tax Department regis-
because India is preparing to make a tered a record number of filing of In- First rapid train to be
bigger play in cutting-edge technolo- come Tax Returns (ITRs) till 31st Octo-
gies. ber, 2023, which was the due date for named Namo Bharat
Rajeev Chandrasekhar, the minister of filing of ITRs (other than ITR 7) for tax- The first regional rapid train in India
state for electronics and IT, stated, payers not having any international or was named "Namo Bharat" on the eve
"These are the technologies that will specified domestic transaction, in of Prime Minister Narendra Modi's in-
auguration, running between Delhi
shape the future of tech, represent whose case books of account were re- and Meerut.
tremendous opportunities for aca- quired to be audited.
demic, startup, and innovation ecosys- More than 7.65 crore ITRs were filed The PM would flag off the "RapidX
tem, as well as the broader opportu- for AY 2023-24 till 31st October, 2023, train," which would connect Sahibabad
nity of creating global standard tal- which is 11.7% higher as compared to and Duhai Depot, and inaugurate the
ent." the 6.85 crore ITRs filed for AY 2022- priority section of the Delhi-
23 till 7th November, 2022, the due Ghaziabad-Meerut Regional Rapid
IBBI looks for ideas to date for filing such ITRs in the preced- Transit System (RRTS) corridor, accord-
ing year. Further, total number of ITRs ing to a statement released by the
make compliance easier filed in FY 2023-24 for all assessment Prime Minister's Office announcing the
The Insolvency and Bankruptcy Board years up to 31st October, 2023 stands launch.
of India (IBBI) has extended an invita- at 7.85 crore, an all-time high when Government sources, however, pre-
tion to public and regulated entities to compared to a total of 7.78 crore ITRs dicted that the train would soon be
submit recommendations for steps filed in FY 2022-23. called "Namo Bharat."
that would streamline, facilitate, and
lower the cost of adhering to its regu- Assam CM Sarma advises "India's first Regional Rapid train
lations. "#NamoBharat" Train is indigenously
against taking out loans manufactured with a designed speed
This action is consistent with the bud- potential of 180 kmph and an opera-
get announcement made this year, in from Microfin lenders tional speed potential of 160 kmph,"
which Nirmala Sitharaman, the Minis- Himanta Biswa Sarma, the chief min- the Ministry of Housing and Urban Af-
ter of Finance and Corporate Affairs, ister of Assam, appealed to the state's fairs' official X handle later stated.
stated that financial regulators would women population not to take out
be asked to conduct a thorough review loans from microfinance companies, Possible government tax
of the current regulations in order to claiming that the interest rates they
streamline, ease, and lower the cost of charge are unreasonably high and cut for Tesla electric ve-
compliance. make it nearly impossible for borrow- hicles
At the moment, IBBI reviews its regu- ers to repay their debts at such rates. The Indian government is thinking of
lations twice a year, once after releas- Sarma participated in the formal relief implementing a new policy for electric
ing a call for public comments, and distribution for Dibrugarh district ben- vehicles that would reduce import
once every three years, depending on eficiaries under "Category - III" of the taxes for automakers who commit to
a set of criteria that includes goals and Assam Microfinance Incentive & Relief some local manufacturing. This would
results attained. Scheme (AMFIRS) 2021. facilitate the entry of high-end EV

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