FINANCE

Misuse of Jandhan Accounts Will be Punished: Govt

Misuse of earlier announcement by the Government that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department within the limit of Rs. 2.5 lakh will not be allowed any more, warned the government, There are some reports that some people are using other persons’ bank accounts to convert their ...

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26 Indians Probed for Swiss Accounts, Black Money: Minister

Based on the information provided by the foreign government (Germany) regarding banks accounts held by Indians in Liechtenstein and Switzerland, action under the Income-tax Act, 1961 has been taken on the 12 trusts/entities, involving 26 individuals of Indian origin/nationality, said Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha ...

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Move Over RBI, Banks on Their Own Now Ban Exchange for 1 Day

Neither the country’s central bank, nor the government could stop the banks from choosing their own course of action in the midst of currency crisis being faced in the country. On their own volition, banks under Indian Banks’ Association on Friday said that all banks will serve only their own customers for one day and will not exchange the old ...

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RBI May Reduce Rates, Hope Builders

While the nation reels under the impact of non-availability of exchange posed by demonetisation, especially in terms of exchanging the old Rs. 500 and Rs. 1000 notes for new ones, home seekers might just end up with positive gains from the scenario, hope builders, despite being wary of removal of black money. “It looks like being ‘advantage home buyer’ on ...

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Currency, Bank Crisis: Minimum Cash Withdrawal Increased to Rs. 2500, Exchane to 4500

The Union Finance Ministry today reviewed the position regarding availability and distribution of all denomination of bank notes and has decided to take some emergency measures to face the situation of severe cash crunch in the country. While the daily limit of cash withdrawal has been increased from Rs.4,000 to Rs.4,500, pensioners can now submit their life certificates up to ...

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There’s Enough Cash with RBI, Says Govt; Exempts Court Fee, Co-op Store Purchases, Toll Plazas

Following hue and cry over the shortage of new currency in banks and ATMs, the government said on Friday that the payment of old and demonetised notes will be allowed now even in court fee, consumer cooperative stores with ID proof, utility bill payment, and toll plazas. While cancelling the legal tender character of the existing series of high denomination ...

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Finally India, Japan Sign Nuclear Deal, What Next?

More than six years of nods and disagreements on several clauses of using Japan nuclear technology for reactors in India, Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe signed a deal in Tokyo today. After the deal, Modi said: “The Agreement for Cooperation in Peaceful Uses of Nuclear Energy marks a historic step in our engagement to build ...

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Currency Crisis Hits Common Man Hard as Banks Still Unprepared

While the middle class and the common man has appreciated PM Narendra Modi’s move to ban Rs.500 and Rs.1,000 notes to wipe out black money in the country ahead of polls in key states, the half-hearted or completely unprepared banks have been showing hell to common man. While RBI, the regulator said ATMs will start re-opening a day after the ...

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Currency Ban: RBI Lists Reasons, Alternatives, Warnings

Indian government has withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank till 8th November 2016 in view of counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes. Starting from 10th November 2016, members of public/ ...

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Modi Govt Bans Rs.500, Rs.1000 Notes, ATMs Crash, Banks Closed Tomorrow

Soon after Prime Minister Narendra Modi announced onslaught on black money banning Rs. 500 and Rs.1,000 currency notes, the rush to nearby ATMs by hapless citizens turned into a nightmare with ATMs not dispatching money due to overload on servers. Some ATMs dispensed merely Rs.100 notes that too if a customer opts for Rs.400 or less. All those in possession ...

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Japanese Curse? Tata Sons Sacks Cyrus Mistry, Ratan Tata is Back

In a shocking sensation to the business world, India’s Number One business conglomerate Tata Sons has ousted Cyrus Mistry as chairman and brought Ratan Tata back at the helm of affairs after the company lost a court case in a high-pitch battle in a case with erstwhile partner Japan conglomerate NTT Docomo. While the case is poised to make a ...

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Raju Narisetti Named CEO of Gawker Media by Univision

Univision Communications, which has acquired bankrupt Gawker Media for $135 million in August has named News Corp senior vice president Raju Narisetti as chief executive officer (CEO). Narisetti, former editor of MINT and Washington Post, and a veteran with Wall Street Journal owned by News Corp will step into the shoes of Gawker founder and former CEO Nick Denton to ...

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Nilekani Ventures into Microfinance Again, Ropes in Tata, Kelkar

Nandan Nilekani has again set his eyes on a microfinance venture after an experiment that failed a decade ago in Bangalore by his family members. This time he was able to rope in Ratan Tata, chairman emeritus of the Tata group, Nandan Nilekani, former chairman of the Unique Identification Authority of India, and former finance secretary Vijay Kelkar. Since technology ...

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Dy Governor Urjit Patel steps Into Raghuram Rajan Shoes at RBI

Thank you everyone for your warm wishes! I will give my best to live up to the expectation of people. — Urjit Patel (@UrjitPatel_) August 20, 2016 Urjit Patel, current deputy governor and architect of inlfation policy for the central bank, has been appointed new governor of the Reserve Bank of India, to succeed Raghuram Rajan who has apparently decided ...

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Impact of GST on Small Enterprises Positive: Expert

The GST tax reform can clearly a major landmark in India’s taxation policy since independence with the aim to streamline India’s fragmented tax system with a single levy. The passing of the GST bill is clearly good news for Indian businesses and will provide a huge fillip to the small and medium enterprises, say experts. The goal of GST being ...

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