(MENAFN- AzerNews)
By Trend
The Indian rupee has strengthened against the British Pound in
2022 though it has depreciated against the US dollar, Finance
Minister Nirmala Sitharaman said on Tuesday.
Global factors are the major reasons for the weakening of the
Indian Rupee against the US Dollar, she said in a written reply to
the Rajya Sabha.
“The British Pound, has weakened more than the Indian rupee
against the US dollar and therefore, the Indian rupee has
strengthened against the Pound in 2022,” she noted.
The nominal exchange rate is only one of the factors that impact
an economy, the minister said.
The depreciation of a currency is likely to enhance the export
competitiveness, which in turn impacts the economy positively while
it is also likely to impact the imports by making them
costlier.
In reply to another question, Sitharaman said GST rates or rate
slabs applicable on goods and services are prescribed on the
recommendations of the GST Council.
GST Council has not made any recommendation for change in the
existing GST rate slabs so far, she said, adding that a Group of
Ministers (GoM) has been constituted by the council in its 45th
meeting held on September 17, 2021.
One of the terms of reference of the GoM is to review the
current rate slab structure of GST, including special rates, and
recommend rationalisation measures, including a merger of tax rate
slabs, required for a simpler rate structure in GST.
Regarding Centrally Sponsored Schemes (CSS), she said a new
procedure for the flow of funds to the state governments was
introduced with effect from July 1, 2021.
As per the revised procedure, each state has to notify a Single
Nodal Agency (SNA) for each CSS and open a bank account of each
SNA, she said in another reply.
The CSS funds flow from the Centre to the consolidated fund of
the respective state and further to the bank account of SNA, she
said.
The new procedure has brought more transparency to the
availability of CSS funds in state treasuries and bank account of
SNAs, and this has led to better monitoring of the utilisation of
funds and availability of funds with SNAs for CSS
implementation.
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