India
India runs one of the most extensive financial repression regimes among large economies: banks must hold 18% of deposits in government and other approved securities, insurers and the EPFO face minimum government-bond allocations, and small-savings deposits are channelled into government securities at administered rates. Outbound capital is capped under the Liberalised Remittance Scheme and taxed at source, priority sector lending directs 40% of bank credit, and the RBI absorbed nearly half of central government bond issuance through open market purchases in 2025-26.
- 17 em vigor
- 0 aprovada
- 2 propostas ou em discussão
Medidas em
Como o índice é construído
Cada segmento representa a contribuição de uma categoria de regras ou do pilar de mercado para o índice. A barra completa vale 100.
- Demanda cativa 12,2
- Financiamento pelo banco central 6,4
- Controles de capitais 12,4
- Tetos de juros 5,6
- Viés prudencial favorável à dívida soberana 4,0
- Crédito direcionado 6,4
- Incentivos fiscais 5,0
- Restrições a ativos reais 2,4
- Tributos sobre transações 1,0
- Pilar de mercado 5,3
Índice = 80% × regras (69,2) + 20% × mercado (26,5) = 60,6
O método em linguagem simples
- Pilar de regras (0–100). Cada uma das 9 categorias pode somar até o seu peso (os pesos somam 100). A intensidade de uma categoria cresce com cada medida em vigor: uma medida conta pelo seu fator de intensidade (0,25 para intensidade 1, 0,5 para 2, 0,8 para 3), e cada medida adicional preenche parte do espaço restante. Assim, a abrangência contribui com retornos decrescentes: duas medidas de intensidade 3 resultam em 96%.
- Pilar de mercado (0–100). Média dos indicadores de mercado abaixo: quanto a taxa básica de juros real é negativa e quanto da dívida pública é detido pelo próprio banco central e pelos bancos do país.
- Índice. 80% de regras + 20% de mercado quando há dados de mercado; caso contrário, apenas regras. Leis aprovadas que ainda não se aplicam entram apenas na perspectiva; propostas nunca entram.
As 9 categorias
Peso = máximo de pontos que uma categoria pode acrescentar ao pilar de regras. Intensidade = parcela desse peso preenchida pelas medidas em vigor. Abra uma categoria para ver as medidas contabilizadas; “O que é isto?” mostra os instrumentos por trás dela, no mundo e ao longo da história.
- Peso 16Intensidade 95%Pontos 12,2
Manutenção obrigatória de dívida pública por fundos de pensão, seguradoras ou bancos. O que é isto? →
Demanda cativa: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 3 de 3 0,8 6,5 2 de 3 0,5 2,8 2 de 3 0,5 2,8 - Peso 16Intensidade 50%Pontos 6,4
Compras de dívida pública pelo banco central, controle da curva de juros, financiamento monetário direto. O que é isto? →
Financiamento pelo banco central: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 2 de 3 0,5 6,4 - 1 proposta não contabilizadasPeso 16Intensidade 97%Pontos 12,4
Limites à transferência de dinheiro para o exterior, limites a investimentos no exterior, controles cambiais. O que é isto? →
Controles de capitais: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 2 de 3 0,5 2,5 2 de 3 0,5 2,5 2 de 3 0,5 2,5 2 de 3 0,5 2,5 2 de 3 0,5 2,5 - Peso 14Intensidade 50%Pontos 5,6
Tetos ou limites de juros sobre depósitos ou empréstimos e taxas de juros administradas. O que é isto? →
Tetos de juros: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 2 de 3 0,5 5,6 - Peso 10Intensidade 50%Pontos 4,0
Regras prudenciais que favorecem a dívida soberana (ponderações de risco zero, regras de reservas de liquidez, isenções no índice de alavancagem). O que é isto? →
Viés prudencial favorável à dívida soberana: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 2 de 3 0,5 4,0 - Peso 10Intensidade 80%Pontos 6,4
Empréstimos direcionados pelo Estado, orientação do crédito e exigências de investimento no país ou em prioridades estatais. O que é isto? →
Crédito direcionado: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 3 de 3 0,8 6,4 - Peso 7Intensidade 89%Pontos 5,0
Privilégios tributários para títulos públicos ou penalidades tributárias sobre ativos concorrentes. O que é isto? →
Incentivos fiscais: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 3 de 3 0,8 3,7 1 de 3 0,25 0,7 1 de 3 0,25 0,7 - 1 proposta não contabilizadasPeso 6Intensidade 50%Pontos 2,4
Controles de aluguéis, restrições imobiliárias e limites à posse de ouro, dinheiro em espécie ou criptoativos. O que é isto? →
Restrições a ativos reais: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 2 de 3 0,5 2,4 - Peso 5Intensidade 25%Pontos 1,0
Tributos sobre transações financeiras, impostos do selo e cobranças semelhantes sobre ativos não governamentais. O que é isto? →
Tributos sobre transações: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 1,0
Pilar de mercado 26,5 / 100
A média dos indicadores com dados disponíveis, com peso de 20% no índice (5,3 pontos aqui).
Taxa básica de juros real
16,1 / 1000,9% · jun. de 2026
Taxa básica de juros menos inflação. Uma taxa real de +2% ou mais recebe pontuação 0; −5% ou menos recebe 100; entre esses limites, a pontuação varia linearmente. Os poupadores perdem mais quando ela é muito negativa.
Taxa básica de juros de 5.25% menos inflação ao consumidor de 4.38% (em doze meses), 2026-06.
Dívida detida pelo banco central e por bancos nacionais
36,9 / 10022,2% of government debt · 2025-Q4
Parcela da dívida pública detida pelo banco central do país e pelos bancos nacionais. 0% recebe pontuação 0; 60% ou mais recebe 100; entre esses limites, a pontuação varia linearmente.
Banco central: 5.14% + bancos nacionais: 17.01% da dívida do governo geral, 2025-Q4.
Indicadores
Dados observados de fontes internacionais, ao lado das regras acima. Juros reais abaixo de zero significam perda de poder de compra para os poupadores.
Taxa básica de juros, inflação e taxa real
Quem detém a dívida pública
O efeito de liquidação segue Reinhart e Sbrancia: com uma taxa real negativa, cerca de −(taxa real × dívida) do PIB são transferidos dos poupadores para o Estado a cada ano. O cálculo usa a taxa básica de juros, portanto deve ser tratado como uma estimativa aproximada. Fontes: BIS, BIS central bank policy rates; BIS consumer prices; IMF, IMF DataMapper: World Economic Outlook (October 2026); Fiscal Monitor (October 2026); Menzie D. Chinn and Hiro Ito, The Chinn-Ito Index (KAOPEN): a de jure measure of financial openness; IMF, Sovereign Debt Investor Base for Advanced Economies / for Emerging Markets and Developing Economies (Arslanalp and Tsuda).
Medidas
Todas as medidas acompanhadas aqui, com sua base legal e fontes. Apenas medidas em vigor entram no índice.
Em vigor (17)
Gold import duty raised to 15%
Acrescenta 2,4 pontos ao índice
In May 2026 the government raised basic customs duty on gold from 5% to 10% and the Agriculture Infrastructure and Development Cess from 1% to 5%, lifting the import duty from 6% to 15%. With 3% IGST the total effective tax on imported gold is about 18.4%.
Por que entra no cálculo: Making gold, a traditional household store of value, much more expensive steers savings toward domestic financial assets and conserves foreign exchange.
Sem instrumento legal: acordo voluntário ou informal.
20% tax collected at source on foreign remittances for investment
Acrescenta 2,5 pontos ao índice
Under section 394 of the Income-tax Act, 2025 (formerly section 206C(1G) of the 1961 Act), banks must collect tax at source of 20% on LRS remittances for investment and other non-specified purposes above Rs 10 lakh per person per year. From 1 April 2026 the rate for education and medical remittances above Rs 10 lakh is 2%.
Por que entra no cálculo: Tying up a fifth of every large outbound investment remittance until the tax is reclaimed raises the cost of moving savings abroad and favors domestic assets.
Crypto-asset transaction reporting by service providers (CARF)
Acrescenta 2,5 pontos ao índice
Section 509 of the Income-tax Act, 2025 (carried over from section 285BAA, inserted into the 1961 Act by the Finance Act 2025 with effect from 1 April 2026) obliges prescribed reporting entities to file statements on crypto-asset transactions with the tax authority. The Finance Act 2026 (section 101, substituting section 446) sets penalties of Rs 200 a day for failing to file and Rs 50,000 for inaccurate information or failed due diligence. According to a law-firm summary of the CBDT guidance note of 24 July 2026 (the official note could not be opened), India implements the OECD Crypto-Asset Reporting Framework through Rules 241-244 and Form 167 of the Income-tax Rules, 2026: reporting covers calendar years from 2026, with the first filing due by 31 May 2027, and Indian providers report users who are tax-resident outside India, while India receives data on its own residents from partner jurisdictions.
Por que entra no cálculo: Automatic exchange of crypto-platform data with partner jurisdictions removes the anonymity of holding crypto offshore, so residents who move savings onto foreign platforms to escape the 30% tax and TDS can be identified.
Base legal Income-tax Act, 2025 (No. 30 of 2025), Section 509(1) - obligation to furnish information on transaction of crypto-asset e mais 2
Income-tax Act, 2025 (No. 30 of 2025), Section 509(1) - obligation to furnish information on transaction of crypto-assetFonte primária
“Any person, being a reporting entity, as may be prescribed, in respect of a crypto-asset, shall furnish information in respect of a transaction of such crypto-asset in a statement”
Finance Bill, 2025 (enacted as Finance Act, 2025), Clause 85 inserting section 285BAA of the Income-tax Act, 1961 (Notes on Clauses)Fonte primária
“crypto-asset shall have the meaning assigned to it in sub-clause (d) of clause (47A) of section 2. This amendment will take effect from 1st April, 2026.”
Finance Bill, 2026, Clause 87 substituting section 446 of the Income-tax Act, 2025 (penalty)Fonte primária
“fails to furnish such statement within the time prescribed under the said section, the prescribed income-tax authority under that section may impose on him, a penalty of ₹ 200 for every day”
Priority sector lending targets for banks
Acrescenta 6,4 pontos ao índice
Under the RBI's 2025 Priority Sector Lending Directions, effective 1 April 2025, domestic commercial banks (other than regional rural banks and small finance banks, which face a 75% target) must direct 40% of adjusted net bank credit (ANBC) or credit equivalent of off-balance sheet exposures, whichever is higher, to priority sectors, including 18% to agriculture.
Por que entra no cálculo: A large share of bank lending is allocated by state priorities rather than by price, which can lower returns on bank assets and, with them, the rates banks can pay depositors.
Base legal Reserve Bank of India (Priority Sector Lending – Targets and Classification) Directions, 2025, FIDD.CO.PSD.BC.13/04.09.001/2024-25, Paragraphs 1.2 and 7.1
Reserve Bank of India (Priority Sector Lending – Targets and Classification) Directions, 2025, FIDD.CO.PSD.BC.13/04.09.001/2024-25, Paragraphs 1.2 and 7.1Fonte primária
“40 per cent of ANBC as computed in para 6 above or CEOBSE, whichever is higher.”
RBI open market purchases of government securities
Acrescenta 6,4 pontos ao índice
Between 4 April 2025 and 13 February 2026 the RBI bought Rs 6,39,203 crore of government securities through OMO purchase auctions, equal to 47% of the Rs 13,65,000 crore the Centre raised in that period. It announced a further Rs 1,00,000 crore of purchases in two tranches on 9 and 13 March 2026.
Por que entra no cálculo: Heavy central bank buying absorbs a large share of new government bond supply and holds down yields, lowering the government's borrowing cost and the return on bonds held by savers.
Base legal RBI announces OMO Purchase of Government of India Securities, Press Release 2025-2026/209, Paragraphs 1–2 e mais 1
RBI announces OMO Purchase of Government of India Securities, Press Release 2025-2026/209, Paragraphs 1–2Fonte primária
“the Reserve Bank will be conducting OMO purchase for an aggregate amount of ₹50,000 crore on May 06, 2025.”
Reserve Bank of India Act, 1934 (Act 2 of 1934), Section 17(8)Fonte primária
“the Purchase and sale of securities 9[of the Central 10[Government or a 1[State] Government]] of any maturity”
Removal of inflation indexation on long-term capital gains
Acrescenta 0,7 pontos ao índice
For transfers from 23 July 2024, long-term capital gains are taxed at a uniform 12.5% without the indexation benefit that previously adjusted the purchase cost for inflation; resident individuals and HUFs selling land or buildings acquired before that date pay no more than under the old 20%-with-indexation rule. Short-term gains on listed shares and equity funds rose from 15% to 20%, while the annual exemption for listed equity gains rose to Rs 1.25 lakh.
Por que entra no cálculo: Taxing nominal rather than inflation-adjusted gains means savers in bonds, gold and property can pay tax on gains that are partly or wholly inflation, lowering real after-tax returns.
Minimum approved-securities holdings for life and general insurers
Acrescenta 2,8 pontos ao índice
The Insurance Act, 1938 requires life insurers to hold not less than 50% of their controlled funds, and general insurers a minimum of 30%, in approved securities, which include Government of India securities. IRDAI's 2024 investment regulations and its master circular of 17 May 2024 restate the rule and list central government bonds, Treasury Bills, state government bonds and guaranteed loans as the qualifying categories.
Por que entra no cálculo: Half of life insurance policyholder funds must sit in government and similar paper, giving the state a captive long-duration buyer for its bonds.
Base legal Master Circular on Actuarial, Finance and Investment Functions of Insurers, IRDAI/ACTL/CIR/MISC/80/05/2024, Chapter 3, section IV, paragraph 4.11(1); section VIII
Master Circular on Actuarial, Finance and Investment Functions of Insurers, IRDAI/ACTL/CIR/MISC/80/05/2024, Chapter 3, section IV, paragraph 4.11(1); section VIIIFonte primária
“a Life Insurer to hold not less than 50% and a General Insurer to hold a minimum of 30% in Approved Securities”
FIU-IND registration of crypto service providers and blocking of unregistered offshore exchanges
Acrescenta 2,5 pontos ao índice
Since 7 March 2023, exchanging, transferring or safekeeping virtual digital assets for others is a regulated activity under the Prevention of Money-laundering Act, so every VDA service provider serving Indian users, onshore or offshore, must register with FIU-IND as a reporting entity. FIU-IND has issued non-compliance notices to unregistered platforms (9 offshore ones including Binance and Kraken in December 2023, 25 offshore ones in October 2025 and 15 more in September 2026) and sought to make their apps and URLs unavailable: in 2023 by asking MeitY to block them, and since October 2025 by issuing its own takedown notices under section 79(3)(b) of the IT Act.
Por que entra no cálculo: Residents can only use exchanges that register in India and so fall under Indian KYC, reporting and 1% TDS collection, while unregistered foreign platforms are made unreachable. This closes off the main way to hold crypto outside the domestic tax and surveillance net.
Base legal Notification S.O. 1072(E) under the Prevention of Money-laundering Act, 2002, Section 2(1)(sa)(vi) PMLA - activities (i)-(v) relating to virtual digital assets e mais 2
Notification S.O. 1072(E) under the Prevention of Money-laundering Act, 2002, Section 2(1)(sa)(vi) PMLA - activities (i)-(v) relating to virtual digital assetsFonte primária
“(i) exchange between virtual digital assets and fiat currencies; (ii) exchange between one or more forms of virtual digital assets; (iii) transfer of virtual digital assets;”
PIB press release, Ministry of Finance, Show cause notices under section 13 PMLA; URL blocking request to MeitYFonte primária
“Director FIU IND has written to Secretary, Ministry of Electronics and Information Technology to block the URLs of said entities that are operating illegally without complying with the provisions of the PML Act in India.”
PIB press release, Ministry of Finance, Section 13 PMLA notices; takedown under section 79(3)(b) IT Act and rule 3(1)(d) of the Intermediary Guidelines (Amendment) Rules, 2025Fonte primária
“These obligations are activity-based and are not contingent on physical presence of the entity in India.”
LCR treatment of government securities, including the SLR carve-out (FALLCR)
Acrescenta 4,0 pontos ao índice
Under the RBI's Basel III liquidity coverage ratio rules, government securities count as Level 1 high-quality liquid assets. Commercial banks (other than regional rural, local area and payments banks) may also count government securities held within their mandatory SLR as Level 1 assets up to 16% of NDTL under FALLCR, taking the total carve-out from mandatory SLR to 18% of NDTL (2% MSF plus 16% FALLCR).
Por que entra no cálculo: The same government bonds banks are forced to hold for SLR also satisfy their liquidity coverage requirement, so government debt is the cheapest way to meet both rules.
Base legal Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards, Paragraphs 4–6
Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards, Paragraphs 4–6Fonte primária
“Government securities as Level 1 HQLA under FALLCR within the mandatory SLR requirement up to 16 per cent of their NDTL.”
Flat 30% tax and 1% TDS on crypto assets, with no loss set-off
Acrescenta 3,7 pontos ao índice
Income from transferring any virtual digital asset (VDA) is taxed at a flat 30%, with no deduction except cost of acquisition, no set-off of VDA losses against any other income and no carry-forward. Buyers must deduct 1% tax at source on the consideration paid for a VDA (no deduction where the year's consideration does not exceed Rs 50,000 for individual/HUF payers with no business income or turnover within the audit limits, or Rs 10,000 for other payers), and must ensure the tax is paid before releasing crypto-for-crypto consideration. Introduced by the Finance Act 2022 as sections 115BBH and 194S of the 1961 Act, the rules now sit in section 194(1) (Table Sl. No. 4) and section 393(1) (Table Sl. No. 8(vi)) / 393(4) (Table Sl. No. 12) of the Income-tax Act, 2025, in force from 1 April 2026. Failing to pay over VDA TDS is a criminal offence under section 476: the Finance Act 2026 replaced the original 3 months to 7 years of rigorous imprisonment with simple imprisonment of up to two years where the unpaid tax exceeds Rs 50 lakh, up to six months for Rs 10-50 lakh, and a fine otherwise.
Por que entra no cálculo: The 30% rate applies regardless of holding period and losses are ring-fenced and lost, so crypto is taxed far more heavily than equities or exempt government savings, while the 1% TDS on gross turnover drains liquidity from active trading and makes every on-shore trade visible to the tax authority.
Base legal Income-tax Act, 2025 (No. 30 of 2025), Section 194(1), Table Sl. No. 4 e mais 3
Income-tax Act, 2025 (No. 30 of 2025), Section 194(1), Table Sl. No. 4Fonte primária
“Any person. Any income from the transfer of any virtual digital asset. 30% (a) No deduction in respect of any expenditure (other than cost of acquisition, if any)”
Income-tax Act, 2025 (No. 30 of 2025), Section 194(1), Table Sl. No. 4, column E(b)Fonte primária
“no set off of loss from transfer of the virtual digital asset computed herein shall be allowed against income computed under any provision of this Act”
Income-tax Act, 2025 (No. 30 of 2025), Section 393(1), Table Sl. No. 8(vi) (TDS 1%)Fonte primária
“(vi) Any sum by way of consideration for transfer of a virtual digital asset. Any person.”
Finance Bill, 2022 (enacted as Finance Act, 2022), Clause 59 inserting section 194S of the Income-tax Act, 1961Fonte primária
“deduct an amount equal to one per cent. of such sum as income-tax thereon”
Industry-wide cap on mutual fund overseas investment
Acrescenta 2,5 pontos ao índice
SEBI limits overseas investment by the whole Indian mutual fund industry to USD 7 billion, with a separate USD 1 billion limit for overseas ETFs. In early 2026 only about 28 international mutual funds and 6 international ETFs were open to fresh money because the cap was nearly used up.
Por que entra no cálculo: Retail savers cannot freely diversify abroad through domestic funds, so their savings stay in Indian assets, including government bonds.
Base legal SEBI Circular SEBI/HO/IMD/IMD-II/DOF3/P/CIR/2021/571 — Enhancement of Overseas Investment limits for Mutual Funds, Paragraphs 2.1–2.2
SEBI Circular SEBI/HO/IMD/IMD-II/DOF3/P/CIR/2021/571 — Enhancement of Overseas Investment limits for Mutual Funds, Paragraphs 2.1–2.2Fonte primária
“US $ 1 billion per Mutual Fund, within the overall industry limit of US $ 7 billion.”
Statutory liquidity ratio for banks (18% of NDTL)
Acrescenta 6,5 pontos ao índice
Banks must keep at least 18% of their net demand and time liabilities (NDTL) in cash, gold or unencumbered approved securities, mainly central government dated securities, Treasury Bills and State Development Loans. The ratio was cut in 25 basis point steps from 19.50% to 18% on 11 April 2020 and is now set out in the RBI's 2025 CRR and SLR Directions for commercial banks.
Por que entra no cálculo: Nearly a fifth of the deposit base of the banking system must be parked in government paper regardless of yield, creating a large, price-insensitive buyer of central and state government debt.
Base legal Reserve Bank of India Notification DBR.Ret.BC No.11/12.02.001/2018-19 — Maintenance of Statutory Liquidity Ratio, Paragraphs (i)(f) and (ii)(A)
Reserve Bank of India Notification DBR.Ret.BC No.11/12.02.001/2018-19 — Maintenance of Statutory Liquidity Ratio, Paragraphs (i)(f) and (ii)(A)Fonte primária
“(e) 18.25 per cent from January 4, 2020 (f) 18.00 per cent from April 11, 2020.”
Administered small-savings rates with proceeds lent to government
Acrescenta 5,6 pontos ao índice
The Ministry of Finance sets interest rates on post office and small-savings schemes each quarter; for October-December 2026 they were left unchanged, with PPF at 7.1%, NSC at 7.7% and the Senior Citizen Savings Scheme and Sukanya Samriddhi Yojana at 8.2%. Net collections go to the National Small Savings Fund, which invests them in special state and central government securities.
Por que entra no cálculo: A large pool of household savings is collected at rates fixed by the borrower itself and lent directly to central and state governments outside the market, so the government, not the market, decides what these savers earn.
Liberalised Remittance Scheme cap of USD 250,000 a year
Acrescenta 2,5 pontos ao índice
Resident individuals may send abroad up to USD 2,50,000 per financial year under the scheme for permitted current and capital account transactions combined; larger amounts need RBI approval, except documented medical, education and emigration costs. Remittances for margin or margin calls to overseas exchanges are not allowed, and banks may not lend to residents to fund capital account remittances under the scheme.
Por que entra no cálculo: The cap keeps most household wealth inside India's financial system, where banks and institutions are required to hold government debt.
Base legal Master Direction – Liberalised Remittance Scheme (LRS), FED Master Direction No. 7/2015-16, Part A, paragraphs 1–2, 5, 7 and 12
Master Direction – Liberalised Remittance Scheme (LRS), FED Master Direction No. 7/2015-16, Part A, paragraphs 1–2, 5, 7 and 12Fonte primária
“resident individuals up to USD 2,50,000 per Financial Year (April-March) for any permitted current or capital account transaction or a combination of both.”
EPFO investment pattern with a minimum government-securities share
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The investment pattern notified by the Labour Ministry requires the Employees' Provident Fund Organisation to invest at least 45% of fresh accruals in central and state government securities, with equity capped at 15% and invested only through ETFs or index funds.
Por que entra no cálculo: Mandatory retirement savings of formal-sector workers are steered mainly into government bonds, with only a small share allowed into equities.
Sem instrumento legal: acordo voluntário ou informal.
Securities transaction tax on shares and derivatives
Acrescenta 1,0 pontos ao índice
Securities transaction tax, introduced in 2004, is charged at 0.1% of value on both purchase and sale of shares traded for delivery. From 1 April 2026 the rate on futures rose to 0.05% from 0.02%, on option premiums to 0.15% from 0.1%, and on exercised options to 0.15% from 0.125%.
Por que entra no cálculo: The levy adds a cost to every trade in shares and derivatives, trimming returns on market investments that compete with bank deposits and government-run savings.
Tax-exempt status of PPF and other government savings schemes
Acrescenta 0,7 pontos ao índice
Contributions to the Public Provident Fund qualify for a deduction of up to Rs 1.5 lakh a year in the old tax regime (section 80C of the Income-tax Act, 1961, which the Income-tax Act, 2025 replaced from tax year 2026-27), and interest and maturity proceeds are exempt. Sukanya Samriddhi Yojana and the Employees' Provident Fund enjoy similar exempt-exempt-exempt treatment.
Por que entra no cálculo: Full tax exemption makes government-run savings schemes, whose proceeds fund government borrowing, more attractive than taxable market alternatives.
Em discussão (2)
RBI opposition to stablecoins and non-interest-bearing e-rupee CBDC as the sanctioned alternative
Não entra no índice
The RBI argues against bringing stablecoins into the financial system, saying foreign-currency stablecoins would make capital controls harder to enforce and threaten monetary sovereignty, and that India's existing payment systems leave 'little justification' for them. It promotes the e-rupee (e₹) CBDC instead: retail e-rupee has been live in a pilot since December 2022 through wallets from banks and non-banks, normally linked to the user's savings account, alongside a wholesale pilot and programmable, purpose-bound versions. The e-rupee pays no interest; the RBI's 2022 concept note chose a non-interest-bearing design partly to avoid banks losing deposits.
Por que entra no cálculo: Keeping dollar stablecoins out of the regulated system preserves the effectiveness of capital controls such as the LRS cap, and the official digital substitute is a zero-interest RBI liability held through domestic banks rather than a yield-bearing or foreign-currency asset.
Base legal Keynote address at the Mint Annual BFSI Conclave 2025, Paras 21 and 30 (Weakening Capital Account Management; Policy Approach for India) e mais 3
Keynote address at the Mint Annual BFSI Conclave 2025, Paras 21 and 30 (Weakening Capital Account Management; Policy Approach for India)Fonte primária
“Stablecoins pose challenges for capital flow management (CFM) as domestic households diversify their balance sheets by including foreign-currency denominated stablecoins.”
Keynote address at the Mint Annual BFSI Conclave 2025, Para 30Fonte primária
“This leaves little justification for their integration into the financial system, even before considering the broader risks they pose.”
Digital Rupee (e₹) FAQs, Q17 (interest) and Q6 (retail pilot live since December 2022)Fonte primária
“Given the cash-like features of e₹, there is no interest payable on the wallet balances.”
Concept Note on Central Bank Digital Currency, Instrument Design (remuneration)Fonte primária
“Also considering that physical cash does not carry any interest, it would be more logical to offer non-interest bearing CBDCs.”
Proposed ban on private cryptocurrencies (Cryptocurrency and Regulation of Official Digital Currency Bill)
Não entra no índice
In July 2019 an Inter-Ministerial Committee chaired by the Economic Affairs Secretary recommended banning private cryptocurrencies, with fines and penalties, and published a draft 'Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019'. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which would prohibit all private cryptocurrencies with some exceptions for the technology and set up an RBI digital currency, was listed for introduction in the 2021 winter session; no record of its introduction was found. Since 2022 the government has taxed crypto rather than banned it, and a Department of Economic Affairs crypto consultation paper, reported in January 2025 as due by March 2025, had not been found published as of this check.
Por que entra no cálculo: An outright ban on holding and trading private crypto would remove it entirely as an alternative store of value outside rupee deposits and government-backed savings.
Base legal Report of the Inter-Ministerial Committee on Virtual Currencies and draft Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019, Recommendation on private cryptocurrencies e mais 1
Report of the Inter-Ministerial Committee on Virtual Currencies and draft Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019, Recommendation on private cryptocurrenciesFonte primária
“the Group has recommended banning of the cryptocurrencies in India and imposing fines and penalties for carrying on of any activities connected with cryptocurrencies in India.”
Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 (listed in Lok Sabha Bulletin Part II; never introduced), Key objectives (as listed)Fonte primária
“Seeks to prohibit all private cryptocurrencies in India while allowing for certain exceptions that promote the technology of cryptocurrency.”
Revogada (1)
RBI ban on banks serving crypto users and exchanges (2018, quashed 2020)
Não entra no índice
An RBI circular of 6 April 2018 barred all RBI-regulated entities (banks, NBFCs, payment system providers) from dealing in virtual currencies or providing services to anyone dealing in them, including accounts for exchanges and payments for crypto purchases, and gave them three months to exit such relationships. The Supreme Court set the circular aside as disproportionate on 4 March 2020, and on 31 May 2021 the RBI told banks they could no longer cite it.
Por que entra no cálculo: Cutting the fiat on- and off-ramps made it practically impossible for residents to move rupee savings into crypto through the banking system.
Base legal RBI circular RBI/2017-18/154 DBR.No.BP.BC.104/08.13.102/2017-18, Paragraphs 2-3 e mais 2
RBI circular RBI/2017-18/154 DBR.No.BP.BC.104/08.13.102/2017-18, Paragraphs 2-3Fonte primária
“entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs.”
Judgment, Internet and Mobile Association of India v. Reserve Bank of India, W.P.(C) No. 528 of 2018, Para 7.1Fonte primária
“the impugned Circular dated 06-04-2018 is liable to be set aside on the ground of proportionality.”
RBI circular RBI/2021-22/45 DOR.AML.REC 18/14.01.001/2021-22, Paragraph 1Fonte primária
“the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.”
Antes de hoje
15 exemplos de India no conjunto de instrumentos, do passado e do presente, agrupados conforme a função do instrumento. Cada um inclui links para o instrumento, seus outros exemplos e a lei citada.
DirecioneDirecione a poupança para o Estado
Demanda cativa
Investimento obrigatório de depósitos postais e de pequenos poupadores em títulos públicosNational Small Savings Fund (Custody and Investment) Rules, 2001, under Article 283(1) of the Constitution
1999 → atualmenteEm vigorIncentivos fiscais
Isenções de ganhos de capital em títulos públicosIncome-tax Act 1961, section 47(viic), Sovereign Gold Bonds
2017HistóricasDemanda cativa
Índices legais de liquidez cumpridos com títulos públicosReserve Bank of India Master Direction on CRR and SLR, 2021, paras 13-14 (under Section 24 of the Banking Regulation Act, 1949)
2021 → atualmenteEm vigorDemanda cativa
Parcelas mínimas de títulos públicos para fundos de pensão e seguradorasIRDAI Master Circular on Actuarial, Finance and Investment Functions of Insurers, Ref. IRDAI/ACTL/CIR/MISC/80/05/2024 of 17 May 2024, para 4.11 (restating Insurance Act, 1938, ss. 27A and 27B)
2024 → atualmenteEm vigorCrédito direcionado
Cotas obrigatórias de crédito para setores prioritáriosRBI (Priority Sector Lending – Targets and Classification) Directions 2025, paragraph 7
2025 → atualmenteEm vigor
ContenhaContenha o preço do dinheiro
Financiamento pelo banco central
Descobertos do Tesouro e adiantamentos para cobrir insuficiências de caixaReserve Bank of India Act 1934, section 17(5); Ways and Means Advances arrangements
1997 → atualmenteEm vigorFinanciamento pelo banco central
Financiamento automático de déficits por letras do TesouroAd hoc Treasury-bill financing practice; Government–RBI arrangements replaced by Ways and Means Advances in April 1997
1997HistóricasTetos de juros
Proibição de juros sobre contas correntesMaster Direction DBR.Dir.No.84/13.03.00/2015-16, Interest Rate on Deposits Directions, section 5
2016 → 2024HistóricasFinanciamento pelo banco central
Alongamento de prazos e Operation TwistRBI Press Release 2020-2021/627 of 12 November 2020, Special Open Market Operations
2020Históricas
BloqueieBloqueie as saídas
Restrições a ativos reais
Limites à propriedade de ouro e licenciamento de sua negociaçãoGold control under the Defence of India Rules (from 9 January 1963), Gold (Control) Act 1968 (Act 45 of 1968), repealed by the Gold (Control) Repeal Act 1990
1963 → 1990HistóricasControles de capitais
Cotas para compras de moeda estrangeira e remessas ao exterior por residentesReserve Bank of India, Liberalised Remittance Scheme under FEMA 1999 and the FEM (Current Account Transactions) Rules (limit USD 250,000 per financial year)
2004 → atualmenteEm vigorControles de capitais
Proibições, licenças, cotas e tarifas punitivas sobre importação e exportação de ouroRBI A.P. (DIR Series) Circular No. 107 of 4 June 2013
2013HistóricasControles de capitais
Proibições, licenças, cotas e tarifas punitivas sobre importação e exportação de ouroRBI A.P. (DIR Series) Circular No. 25 of 14 August 2013 (80:20 scheme)
2013HistóricasRestrições a ativos reais
Restrições ao financiamento de compras de imóveis no exteriorRBI A.P. (DIR Series) Circular 106, 1 June 2015, paragraphs 2-4; Liberalised Remittance Scheme
2015HistóricasRestrições a ativos reais
Exclusão de usuários e corretoras de criptoativos do sistema bancárioRBI Circular DBR.No.BP.BC.104/08.13.102/2017-18, 6 April 2018
2018Históricas
Leituras adicionais
- Indian Financial Sector: Structure, Trends and Turns
Mohan, Ray · IMF, 2017
Traces India’s shift from state-directed finance toward gradual liberalization, including lower reserve and government-security requirements and the end of automatic deficit monetization. It finds substantial progress while noting continued public-bank dominance and remaining administered rates.
- The Liquidation of Government Debt
Reinhart, Sbrancia · IMF, 2015
Reconstructs government debt portfolios to measure the transfer from savers to governments when controlled interest rates combine with inflation. It finds substantial postwar debt liquidation and explains why high debt after the global financial crisis could revive these policies.
- Tracking Global Demand for Emerging Market Sovereign Debt
Arslanalp, Tsuda · IMF, 2014
Extends sovereign investor-base measurement to emerging markets, separating domestic banks, nonbanks and central banks from foreign holders. It documents post-crisis foreign inflows and country differences in banks’ government-debt exposure, useful for evaluating funding dependence and potential captive demand.
- Financial Repression and Exchange Rate Management in Developing Countries: Theory and Empirical Evidence for India
Kohli, Kletzer · IMF, 2001
Models how repression generates fiscal revenue and helps manage an exchange rate under capital controls. India’s experience around the 1991 devaluation shows how dependence on implicit financial taxation complicates liberalization and exchange-rate adjustment.