"During the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19," the finance ministry said in a statement Saturday.
“States should not be made to bear the burden of borrowing, which in any case is likely to be higher than the rate at which the central government will be able to borrow,” Badal said in the letter dated July 3, a copy of which was seen by ET.
Generally, monetisation of debt means the central bank printing currency for the government to take care of any emergency spending and to bridge its fiscal deficit.
"Signs of the wheels of the economy beginning to churn are evident from the following facts: unemployment rates have tapered down from their peaks in May, e-toll collections are higher, as are e-way bills, digital transactions and GST collections which are back to the Rs 90,000 crore levels.
The report also said counterfeiters are having a free-run due to the pandemic-driven disruptions to organised supply chains and the resultant spike in consumer demand.
India is the largest borrower, which accounts for 25 per cent of the total lending by Asian Infrastructure Investment Bank (AIIB) so far, the bank's vice president D J Pandian told in an interview.
Established in 2017, the India-UN Development Partnership Fund is a dedicated facility within the United Nations Fund for South-South Cooperation. It is supported and led by the Government of India, managed by the United Nations Office for South-South Cooperation, and implemented in collaboration with the United Nations system.
The grant, which is financed by the Japanese government, will be used to procure thermal scanners and essential commodities to strengthen India's COVID-19 response, Asian Development Bank (ADB) said in a statement.
The issue of GST compensation was raised by Opposition members of the standing committee on finance that met on Tuesday to deliberate on 'Financing the innovation ecosystem and India's growth companies'. The Opposition members also sought a discussion on the state of the economy.
Former Dy Governor Viral Acharya returned to the New York University to teach in 2019, prematurely ending his term after a tussle with the government over the RBI’s autonomy. He, along with governor Urjit Patel and his predecessor Raghuram Rajan, cleaned up the banking system and introduced tough rules to ensure unscrupulous borrowers don’t game the system.
The circular tightened norms on recognition of stressed assets, scrapped other restructuring schemes and said bad loans would only be resolved under the IBC. Section 7, which had not been used before, allows the government to give directions to the RBI in matters of public interest.
While AIIB typically lends to large infrastructure projects in India, this marks its first loan to a non-banking financial company.