The Trump administration is exploring the possibility of dismissing Federal Reserve chief Jerome Powell, according to a top White House economic aide. This consideration follows President Trump's recent criticism of Powell, whom he accuses of political maneuvering.

India's foreign exchange reserves rose by $1.57 billion to $677.84 billion for the week ended April 11, according to the weekly data released by the RBI on Friday.

EaseMyTrip denied any connection to the Mahadev betting app after the Enforcement Directorate searched co-founder Nishant Pitti's premises. The search, part of a multi-state raid covering 55 locations, was conducted under the Prevention of Money Laundering Act. The company stated that no incriminating documents were found and no seizures were made during the search of their office.

Under President Trump, the U.S. is increasing its use of AI and surveillance to track and arrest immigrants, raising concerns about accuracy and privacy. Agencies like DHS and CBP are using tools like facial recognition and social media monitoring to track immigrants and justify warrants.

India's health ministry is actively exploring strategies to protect its pharmaceutical industry from potential US tariffs. Discussions involve a fixed tariff regime and waiving import tariffs on US pharma products. The US is also raising concerns about nutraceutical imports, prompting India to consider regulatory changes, potentially impacting the nutraceutical market.

President Trump has openly clashed with Federal Reserve Chair Jerome Powell over interest rate policy, even threatening to remove him. This unprecedented pressure on the Fed's independence raises concerns about potential destabilization of US financial markets. Experts warn that compromising the Fed's autonomy could weaken the dollar and increase interest rates, ultimately impacting the economy.

Indian banks, including HDFC Bank and SBI, are strategically reducing savings account interest rates by 25 basis points to protect profitability amid declining CASA ratios. This move aims to lower the cost of funds and improve net interest margins, even as deposit growth faces challenges. Experts anticipate limited fund migration despite depositors shifting towards higher-yielding term deposits.

UNCTAD projects India's economy to grow at 6.5% in 2025, driven by strong public spending and monetary easing, despite a slight slowdown from 2024. While global growth is expected to be 2.3%, India is forecasted to be the fastest-growing economy. Rising trade policy uncertainty and food price volatility remain concerns, but South-South economic integration offers opportunities.

Indian states are expected to see slower revenue growth in the financial year 2025-26 (FY26) compared to FY25, mainly due to weaker growth in non-tax revenue.

India's gold imports surged by 192.13% to $4.47 billion in March, driven by rising prices and strong investor confidence. This increase significantly impacted the country's trade deficit, reaching $21.54 billion. While gold imports rose, silver imports contracted sharply. Overall, gold imports for the fiscal year increased by 27.

With the yuan serving as an anchor for regional currencies, the rupee is likely to retain a depreciating bias in the near term, say experts.

In a significant reshuffle, the government has appointed new secretaries for key economic ministries, including finance, commerce, labour, and civil aviation. The finance ministry sees new heads for expenditure, economic affairs, revenue, and public enterprises. These appointments aim to bring in a new team to work with the finance minister and ensure continuity amidst global economic uncertainty.

GST registration: The govt said: "It is noted that varied practices are being followed by the officers in respect of verification of documents & details provided in FORM GST REG-01. It has been observed that while processing the application, avoidable clarifications are being sought by the officers leading to delay in getting registration as well as rejection of GST registration."

Businesses in India can now expect GST registration within 7 days, thanks to revised CBIC guidelines aimed at streamlining the process. Applications flagged as risky will undergo physical verification and be processed within 30 days. The CBIC has also provided a list of acceptable documents, cautioning officers against requesting unwarranted paperwork.

Since currently no MDR is charged on UPI transactions, there is consequently no GST applicable to these transactions.

The Union government has appointed four new members to the Central Board of Direct Taxes (CBDT). The Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi, approved the selection of Pankaj Kumar Mishra, Sanjay Bahadur, L Rajasekhar Reddy, and G Aparna Rao, all 1989 batch IRS officers. These appointments will bolster the decision-making capacity of the Income-Tax department.

The Madhya Pradesh High Court ruled in favor of the Income Tax Department in a dispute with Northern CoalFields Ltd, concerning ₹15,000 crore in overburden removal expenditure. The court determined that these costs, incurred to access new coal seams, are capital in nature, not revenue, and therefore not tax-deductible.

Gujarat has introduced a 5% vehicle tax exemption for electric vehicles until March 2026, aiming to boost sales after a significant decline. Buyers will now pay only 1% vehicle tax, resulting in substantial savings. The registration process is digitized through the Vahan 4.0 portal.

The income tax department has announced that DPIIT-recognized startups meeting specific criteria and submitting Form-2 are eligible for various tax exemptions and deductions under the Income Tax Act, 1961. This move, stemming from a 2019 government initiative, aims to boost the startup ecosystem by easing definitions and offering angel tax exemptions on investments up to Rs 25 crore.

In a bid to simplify GST registrations, the CBIC's recent directive aims to reduce compliance burdens and standardize procedures. Experts laud the move, but the key question remains: Will field-level implementation ensure the promised relief for startups and businesses? Here’s what they say.