Interest rates on PPF, NSC and other small savings schemes may be cut in the coming quarter to enable speedier transmission of monetary policy rate.
Less is More?
As per sources, interest rates on small savings schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP) may come down in the next quarter, in line with market rate. This is expected to lead to speedier transmission of monetary policy rate.
For the current quarter, the Government had kept interest rates steady on small savings schemes, including PPF, despite moderating bank deposit rates. [Financial Express]
You Owe Us An Explanation
Ecommerce platforms Amazon and Flipkart are likely to approach the Government for clarifications on the new proposed levy of 1% TDS on e-commerce transactions, which is likely to increase the burden on sellers on such platforms.
The documents said the e-commerce operator will have to deduct 1% TDS on the gross amount of sales or services or both. This provision will however not apply in cases where the seller's gross amount of sales during the previous year through e-commerce operator is less than ?5L and the seller has furnished his PAN or Aadhaar number. [ET]
Hand-curated Business News from Top Publishers & Platforms, Richly Crafted to Fit into One Wholesome Email. Subscribe Now to receive a nuanced 360 Degree account of key events from the World of Business and Finance every day.