Shaktikanta Das, face of DeMo, named RBI Guv

Announcement day after Patel quit post12 Dec 2018 | 11:06 AM

NEW DELHI:The government today cleared the name of former Finance Secretary Shaktikanta Das as the new Governor of Reserve Bank of India (RBI), the post that fell vacant after Urjit Patel’s abrupt resignation yesterday.

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Shaktikanta Das

New Delhi, December 11

The government today cleared the name of former Finance Secretary Shaktikanta Das as the new Governor of Reserve Bank of India (RBI), the post that fell vacant after Urjit Patel’s abrupt resignation yesterday.

Das is a 1980-batch Tamil Nadu cadre retired IAS officer, who is currently a member of the 15th Finance Commission led by former bureaucrat NK Singh.

He shot into spotlight in late 2016 by becoming the bureaucratic face of demonetisation in the weeks following Prime Minister Narendra Modi’s televised note-ban announcement. At present, he also represents India at the G-20 in a role of a sherpa.

The notification said: “The Appointments Committee of Cabinet (ACC) has approved the appointment of Shaktikanta Das as Governor, RBI, for a period of three years.”

Initially, Modi brought in Das to head the revenue department in the Finance Ministry before moving him to economic affairs, where he helped lead the charge on demonetisation in late 2016.

Das was the Economic Affairs Secretary till May 2017. In the weeks after demonetisation, he became a familiar face during press conferences where he pushed the government’s line that the note-ban would curb black economy, counterfeit money, besides spurring digital transactions. — TNS

Surjit Bhalla resigns from PM’s Economic Advisory Council

12 Dec 2018 | 12:06 AM

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12 Dec 2018 | 12:06 AM

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11 Dec 2018 | 1:05 AM

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Sensex sinks as exit polls spook investors

11 Dec 2018 | 1:05 AM

MUMBAI.:Indian equity benchmark Sensex saw its worst session in two months on Monday, tumbling 714 points after “unfavourable” state exit poll results for the ruling BJP unnerved investors who were already cautious in view of falling rupee and weak global cues.

Urjit Patel resigns as RBI Governor, cites personal reasons

11 Dec 2018 | 10:21 AM

NEW DELHI: Reserve Bank of India Governor Urjit Patel, whose differences with the Narendra Modi government was no secret, today resigned from his post with immediate effect, citing “personal reasons”.

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tax advice

No tax on foreign allowance paid during deputation period abroad

10 Dec 2018 | 12:07 AM

Q. My wife is a teacher with Delhi administration and now on deputation in a university in China. The Government of India deputed her and Consulate in China is paying her salary. For five months in AY 2018-2019, she got only basic pay of Rs 88,500 per month of her pay scale after conversion in US dollars. She received foreign allowance in US dollars in AY 2018-2019 which is non-taxable under Section 10(7). Please clarify whether basic pay of Rs 4,42,000 received in US dollars is taxable? If so, under what section? — Bhupal Walia

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09 Dec 2018 | 1:00 PM

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