Welcome you to the Thirty First edition of DevMantra Times for the month of September 2023. CBDT has notified Form 71 to enable TDS Credit for Previously Declared Income in ITRs which will generate free cash flows to many entities.This is a welcome move by the CBDT.
Economic Updates: Reserve Bank Of India’s Liquidity Withdrawal Pushes Bank Cd Issuances To 3-month High
The Reserve Bank of India’s move to withdraw liquidity from the banking system has forced lenders to scout the market for funds,pushing up the issuances of certificates of deposits (CDs) to a three-month high for the previous fortnight. Banks raised over 350 billion rupees ($4.24 billion) via CDs in the fortnight ended Aug. 25, data from CCIL’s F-Trac platform showed. That is the highest since the two weeks ended May 19, or before the central bank withdrew the highest level currency notes.
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