“The Indian regulator (RBI) has a lot of experience and they are the experts in the industry, they are always alert as always and not just now. So I’ll leave it there,” Sitharman said during a news conference, in response to a question from a journalist who asks if a committee of experts has been set up regarding the situation that arose following the damaging report by the US short seller Hindenburg Research on Adani Group.
The Minister addressed a joint conference following the usual post-budget meeting of the Apex Bank’s Central Board of Directors.
There has recently been a major crash in the Indian stock market in the wake of a report by US short seller Hindenburg Research on the Adani group.
The US firm has accused the Indian conglomerate of engaging in fraudulent transactions and share price manipulation, which Adani Group has denied.
The Supreme Court recently heard a petition asking for its intervention in the Adani case. The apex tribunal sought a response from the finance ministry and market regulator, SEBI, on how to ensure Indian investors are protected against sudden volatility in the future.
“More money in the hands of taxpayers”
Meanwhile, Sitharaman said the new tax regime announced in his budget would leave more money in the hands of taxpayers.
“The way we’ve allowed for the standard deduction and also the rates that have been set, the tax rates that have been set for different slabs, has actually left more money in the hands of the people, the taxpayer, the family,” he said.
Sitharaman in his latest budget has proposed extending the standard deduction benefit of Rs 50,000 to people opting for the new tax regime.
“I don’t think there is a need for the government to induce such measures. A person who earns his own money and who manages his own home is wise enough to know where he should put his money… So I have not discouraged him from doing so or I’m incentivizing him to do something in particular. It’s up to him to take a call,” she said.
Under the revamped preferential tax regime, which comes into effect from the next tax, no tax would be levied on income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5%; Rs 6-9 lakh at 10%, Rs 9-12 lakh at 15%, Rs 12-15 lakh at 20% and income of Rs 15 lakh and above will be taxed at 30%.
However, no tax would be levied on annual income up to Rs 7 lakh.
(With contributions from agencies)
