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Import Duty Hike on 19 Non Essential Products

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The central government raised import duty on 19 non essential products on Wednesday. The import duty was increased to 20% on washing machines, air conditioners and refrigerators. The changes is the custom duty will be effective from the Midnight of 26 – 27, September. The government has taken this decision to narrow down the Current Account Deficit. The Current Account Deficit is the difference between inflow and outflow of foreign exchange. The Current Account Deficit value was widened to 2.4 percent of the country’s GDP in the first quarter of 2018. The government has taken this tariff measure to curb the import of non essential items.

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Lavender Colour New Rs 100 Notes to be issued by RBI Shortly

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New Rs 100 Note

The Reserve Bank of India has announced that new Rs 100 notes will be issued shortly. The new Lavender colour Rs 100 notes will be added to the existing new series of colourful currencies released by the RBI. Printing and distribution of new Rs 100 notes will be increased gradually accordingly the RBI’s report. The report also mentioned that 66 mm x 142 mm is the dimension of the new lavender colour Rs 100 notes. The New Rs 100 notes will have the signature of Mr. Urjit Patel, The Reserve Bank Governor.

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