23 Feb 2017

Closing down of 'ghost accounts'

The RBI held interest rates steady at its recent monetary policy review. It adjusted its overall policy stance to neutral from easy to reflect hardening commodity prices and external concerns. The RBI GDP forecast has been adjust downwards to 6.9% for the current fiscal year and 7.4% for next, largely reflecting the impact of demonetization. On the fiscal side, indirect tax collection has increased by 23.6% year to date, largely due to duty increases on fuel. Direct taxes collection is 10% up. The government has closed 33 million fake, duplicate and 'ghost' accounts saving some $3bn in subsidy payments.

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