New Delhi: Union Finance Minister Arun Jaitley has said that his ministry and the Reserve Bank of India (RBI) have taken a major policy decision on dealing with the non-performing assets of Indian banks. An announcement is expected in a few days.
"The government and the RBI have taken a policy decision on dealing with NPAs...we will announce the decision in a few days," Jaitley said at the Indian Business Leader Awards organised by CNBC-TV18 in New Delhi.
Jaitley refused to elaborate what the decision was. He also said that it was likely that the Goods and Services Tax (GST) would be rolled out on July 1.
The GST bills, that are the final hurdle, will be introduced in Parliament next week, he added. This should clear the way for the roll out of GST as per the timeline.
GST is the biggest reform in indirect taxes since 1947 and envisages replacing a plethora of taxes with a single rate.
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