India’s IIFL Finance facing liquidity crunch after gold loan business curbs: Report petek, June 21, 2024 India’s IIFL Finance is facing a liquidity crunch as banks have turned cautious while lending to it following a clampdown on the non-bank lender’s gold loan business, a senior official and two bankers told Reuters. “Banks are neither sanctioning new lines (of credit) nor disbursing from already sanctioned limits,” the official at the company, who did not want to be named, said. Banks have stopped lending to IIFL Finance’s gold and other businesses, the official said, adding that the impact of the curbs on the overall business is likely to be around 5 billion rupees ($60 million). IIFL Finance did … Continue Reading
Finance Minister Nirmala Sitharaman: GST exemplifies cooperative federalism, empowering states | BusinessNews petek, June 8, 2024 The Goods and Services Tax (GST) collections as a percentage of Gross Domestic Product (GDP) have reached pre-GST levels, Union Finance Minister Nirmala Sitharaman said on Monday. Underlining the milestones achieved under the GST regime, Sitharaman said it is a myth that all GST collections are “pocketed by the Centre”, adding that GST contributes significantly to state revenues. The statement by Sitharaman came on the day of her having administered the oath to Justice (Retd) Sanjaya Kumar Mishra as the President of the GST Appellate Tribunal (GSTAT). Mishra’s appointment marks the beginning of the operationalization of the GSTAT, a crucial … Continue Reading