As per the recent Financial Stability Report (FSR) for June 2023, the Reserve Bank of India (RBI) has projected a further decrease in India’s Gross non-performing assets (GNPA) concerning scheduled commercial banks. After hitting a decade-low at 3.9% in March 2023, the GNPA is expected to fall further to 3.6% by March 2024.
RBI’s Forecasts on the Decline of GNPA
The RBI report also emphasized the strengthening of both banking and corporate sector balance sheets. It noted sustained growth in bank credit and low levels of NPAs. The Financial Stability Report is intended to gauge the nationwide stability and health of the financial sector. Non-performing assets (NPAs) are loans that have ceased to generate income for the lender due to default or non-payment. GNPAs consist of all defaulted loans taken from a financial institution.
Deferring TCS on International Credit Card Spending under LRS
In a move reversing its previous decision, the Indian government has decided to withhold the inclusion of international credit card spending outside India under the Liberalised Remittance Scheme (LRS). This means that no Tax Collected at Source (TCS) will be charged on such transactions for now. Additionally, the timeline for higher proposed TCS rates has been extended from July 1 to October 1, 2023.
Terms for LRS Payments
The Rs 7 lakh per financial year per individual threshold for TCS on all LRS payments will remain, implying that there will be no TCS on remittances up to Rs 7 lakh. Above this limit, different rates of TCS will apply based on the purpose of remittance. TCS is tax payable collected from the buyer at the point of sale and is monitored by Section 206C of the Income-tax Act.
Canada’s Open Work Permit Stream for H-1B Visa Holders
Canada has expressed intentions to establish an open work-permit stream, allowing up to 10,000 American H-1B visa holders to work in Canada. The H-1B visa is a non-immigrant visa that enables US companies to employ foreign workers with specialized skills. Approved applicants will receive open work permits for up to three years, providing them the flexibility to work for any employer across Canada.
India’s 5G & Beyond Hackathon 2023
The Department of Telecommunications (DoT), Government of India, has announced the ‘5G & Beyond Hackathon 2023’. The principal objective of this hackathon is to identify innovative ideas with an India-centric approach that can be converted into practical 5G and beyond products and solutions. This is open to individuals, students, start-ups, and academic institutions across India.
About 5G Technology
5G, or “fifth generation,” represents the latest generation of wireless communication technology. It operates in three bands: low, mid, and high frequency spectrum. 5G technology aims to deliver faster data speeds, lower latency, increased network capacity, and enhanced reliability compared to its predecessors, including 4G.
