Forex kitty continues to scale new peaks, touches $414.78 billion

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The revenue collection post-GST has registered an uptrend in Bihar and Jharkhand in the current fiscal compared to the previous year, a senior official today said.

The revenue collection post-GST in Bihar has grown by 35 percent and by 20 percent in Jharkhand, said Sheo Narayan Singh, Chief Commissioner of Central GST and Central Excise (Bihar/Jharkhand) told a press conference here today. He said all apprehension about the filing of GST returns online were being addressed by simplifying the process.

The traders who had expressed apprehension over it are filing their returns online in a hassle-free manner and seva kendras set up across the country were addressing their problems, he said.

Around one crore traders have been registered under GST post-implementation, he added.

Singh, who was accompanied by the Commissioner GST and Central Excise, Jamshedpur, Ajay Pandey, said the Jamshedpur circle has registered a growth of over 10 percent on account of tax collection in 2017-18, compared to the previous year.

A target of Rs 4700 crore tax collection has been set for Jamshedpur circle in 2017-18 and more than the target has been achieved till date, they said adding the growth percentage is likely to be enhanced by the end of the current fiscal.

Jamshedpur circle had collected Rs 3300 crore as central excise and Rs 700 crore as service tax in the 2016-17 fiscal, Pandey said.The rally in the foreign exchange reserves continued for the fourth week in a row, and scaled a new peak at USD 414.784 billion in the week to January 19, helped by the rise in foreign currency assets, according to the Reserve Bank data.

The central bank data showed that the reserves rose by USD 959.1 million to touch during the reporting week.

In the previous week, the reserves had touched USD 413.825 billion after it rose by USD 2.7 billion.

The reserves had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating. But for the past four weeks, it has been on a continuous rally.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 934.6 million to USD 390.768 billion, the RBI said.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.

Gold reserves remained unchanged at USD 20.421 billion, the central bank said.

The country’s special drawing rights with the International Monetary Fund rose by USD 10.4 million to USD 1.531 billion, while the country’s reserve position with the Fund also jumped by USD 14.1 million to USD 2.06 billion during the reporting week, the central bank said.moneycontrol