India’s financial institutions should look at introducing supportive measures, including restructuring options, grace periods and tailored repayment plans, to help micro, small and medium enterprises (MSMEs) get back on track when they encounter difficulties, the Reserve Bank of India (RBI) deputy governor, Swaminathan Janakiraman, has said. Speaking to the Foreign Exchange Dealers’ Association of India […]
Leading economists are calling on the Chinese government bring in policies to boost consumer consumption, citing continued weak domestic demand as a barrier to improved economic growth. They say that boosting consumption will be the primary driving force supporting the country,s economic growth in the second half of 2024, and will be crucial for achieving […]
The Malaysian government has launched the National Fraud Portal (NFP) to exploit artificial intelligence’s (AI) ability to detect suspicious transactions through predictive analysis. Bank Negara Malaysia (BNM) governor Abdul Rasheed Ghaffour said one of the NFP’s main characteristics is its modular design that allows for continuous improvements to be made on the existing basic infrastructure. […]
India’s Finance Ministry should target high-risk taxpayers within the GST composition scheme to ensure they verify declared sales figures using additional sources, including third-party data, to prevent tax evasion. The country’s Comptroller and Auditor General (CAG) said that after studying a wide selection of composition taxpayers under central jurisdiction during the 2019-20 to 2021-22 period […]
China’s economy showed stable growth in July, with consumption boosted by holiday season spending, according to new figures from the National Bureau of Statistics (NBS). Recovery of domestic consumption continued; total retail sales of consumer goods recorded 2.7% growth year-on-year in July. On a monthly basis, the growth rate outpaced June by 0.7 percentage point, […]
The Chinese government has unveiled a series of guidelines for accelerating the country’s transition to a greener, more sustainable economy, the Xinhua News Agency has reported. It said the extensive guidelines “will further cement China’s leading role in the green transition, as well as indicate an unwavering determination to fulfil the nation’s carbon reduction commitment”. […]
Major change in the cheque-clearing process have been announced by the Reserve Bank of India (RBI). RBI Governor Shaktikanta Das unveiled the new initiative during the recent Monetary Policy Committee (MPC) meeting, saying the new system aims to cut the time needed for cheque clearing from the current two-day period to just a few hours. […]
The UAE’s laws on anti-money laundering and the financing of terrorism have been updated, the government has announced. It has introduced amendments designed to support efforts to fight financial crime, while consolidating the country’s technical compliance with international treaties, state news agency Wam reported. The changes will see the introduction of a National Committee for […]
China is showing ‘resilient economic growth’ boosted by the ‘post-pandemic recovery in private consumption’, according to a new report from the International Monetary Fund (IMF). The report said China’s GDP increased by 5.2% in 2023, growing 5% year-on-year in the first half of 2024. It said the economy has remained resilient despite the property sector […]
