The rupee depreciated 20 paise to close at 63.84 in Monday's trade due to the looming debt default crisis in Greece.
Also, the NSE Nifty was up 34.65 points, or 0.42 per cent, at 8,353.05 in early trade.
Raghuram Rajan had last week said he expected that India's economy would be able to withstand any impact from the crisis in Greece thanks in part to its foreign exchange reserves
As per the proposal, Value Added Tax, which is flat 20% as of now, can vary from 12.5 to 30% on all goods, including liquor, CNG, petrol and diesel.
Shares of Bharat Forge plunged 4.03%, Tata Motors was down 2.07%, Havells India went down by 1.66% on BSE.
Indian economy, which is little more than $2 trillion, recorded a growth rate of 7.3% in 2014-15.
Terming the situation as dynamic and evolving, Mehrishi said, the crisis may have an indirect impact on India by way of its outcome on the European currency euro.
The Sensex was down 166.69 points or 0.6 per cent at 27645.15, and the Nifty slipped 54.40 points or 0.6 per cent at 8326.70.
The rupee had lost 2 paise to close at 63.64 in a range-bound trade on month-end demand for the greenback from importers despite its weakness overseas.
Rajan had asked central banks across the world to revisit "rules of the game" to find a solution, as he warned of problems similar to the Great Depression of 1930s emerging again.
Lower opening in the domestic equity market, weighed on the rupee
As many as 86.87 crore pieces of Rs 100, 56.19 crore pieces of Rs 500 and 21.75 crore pieces of Rs 1,000 were shredded.
All the banknotes in the denomination of Rs 100 issued by the RBI in the past will continue to be legal tender, it said.
The more-than-$100 billion Employees' Provident Fund Organisation (EPFO) intends to place an initial 1 per cent of its investments in exchange traded funds, increasing to 5 per cent of the annual total in equity products.
The market on Thursday continued its upward journey with the benchmark BSE Sensex rebounding 166 points to 27,895.97 on buying in capital goods, realty and banking shares.
| June 24, 2015, 11:13 am IST
Seeking to send a stern message to chronic evaders, the Income Tax department plans to take stringent action against them to ensure that they are prosecuted.
| June 24, 2015, 10:48 am IST
India is among the most cash-intensive economies in the world, with a cash-to-GDP ratio of 12 percent, almost four times that of markets such as Brazil and Mexico
The rupee resumed at Wednesday's closing level of 63.60 at the Interbank Foreign Exchange (Forex) and hovered in a restricted range of 63.55 and 63.63 before finishing at 63.62, showing a loss of just two paise.
The forms were simplified by the Finance Ministry after public outcry over the clause that sought mandatory disclosure of foreign trips and dormant bank accounts.
The I-T department, in the new ITRs, has also sought the Aadhaar number of filers and has also given options for providing two email ids to it.
| June 23, 2015, 8:34 pm IST
The Narendra Modi government on Monday proposed income tax benefits for individuals who make payments through debit and credit cards. A draft proposal by the Finance Ministry has also asked card companies to remove transaction charges on card payments at petrol pumps, gas agencies and for railway tickets. Tax expert Subhash Lakotia answers every tax queries from across the country.
A single member recommended a 75 bps rate cut to lower the cost of capital.
Numbers, statistics, tables, graph are all important to impart the conviction in analysis, but beyond everything, sometimes there is just the psychology in economy that works.