Following the RBI’s circular to banks exempting KYC-compliant accounts from scrutiny even if the deposited amount exceeded Rs 5000, banks today began accepting the junked Rs 500 and Rs 1000 notes without any questions. With
Amidst a deluge of rules and notifications issued by the Reserve Bank of India following the demonetisation move announced by the government on November 8, the central bank today partially withdrew a controversial rule that
As part of its ongoing efforts to promote digital transactions in the country, the government on Wednesday asked all public sector banks to bring down the charges for different types of electronic payments up to
Taking forward the government's initiative to effectively block subsidised cooking gas to higher income groups, the Income Tax department will soon begin sharing personal data--like PAN, residential address and mobile number--of a taxpayer earning ov
Finance Minister Arun Jaitley today said the government's decision to tweak the presumptive income norms would reduce the tax liability by up to 30 per cent for those small traders opting for digital transactions. He
Axis Bank MD and CEO Shikha Sharma today said the bank has hired KPMG to conduct a forensic audit for enhanced due diligence and building more safeguards as she is "embarrassed and upset" over the
India's central banking institution, the Reserve Bank of India (RBI) has supplied as much as Rs 5.50 lakh crore in new currency to the banking system so far and more currency will be infused in
Post demonetisation, an astounding Rs 1,00,10,000 (one crore ten thousand) was deposited in the account of a worker at Khidiya branch of Bank of India in Hoshangabad area of Madhya Pradesh. Bank officials said it
In a shocking development, the Central Bureau of Investigation (CBI) has arrested two employees of cash department of Reserve Bank of India (RBI) in Bengaluru in connection with alleged conversion of Rs 1.99 crore of
India and Tajikistan today inked a pact to share financial intelligence to counter money laundering and financing of terrorism as they decided to strengthen defence cooperation. The pact was among three signed by the two
In view of the proposed rollout of the Goods & Services Tax (GST) early next year, demonetisation is a well-timed move, Godrej Group Chairman Adi Godrej said today. "Demonetisation will certainly be a good thing
The price of petrol was today hiked by Rs 2.21 per litre and that of diesel by Rs 1.79 at Delhi excluding local levies. The price revision was to come into effect yesterday,
Black money holders have been given one last chance by the government to come clean until March-end next year by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation. Offering
BJP MP Subramanian Swamy today filed a complaint against Tata Sons interim Chairman Ratan Tata and Unitech officials for allegedly laundering money to Unitech companies to obtain 2G spectrum licence. Swamy, who filed the complaint
The unprecedented cash shortage following the scrapping of old Rs 500 and Rs 1,000 notes will come to an end by mid-January next year, NITI Aayog CEO Amitabh Kant said today. Disruption in the economy
With subdued demand in the aftermath of demonetisation leading to softening of costs of vegetables and other kitchen staples, India’s wholesale inflation slipped for the third straight month to settle at 3.15 per cent for
The Enforcement Directorate (ED) on Wednesday conducted a raid and seized Rs 2.19 crore from Chandigarh as part of its operation to check hawala trade in the wake of demonetisation. Officials said the sleuths of
The Central Board of Direct Taxes (CBDT) today cautioned tax payers against misusing the provisions of revised tax returns for past years to pass off their undisclosed income. The CBDT pointed out after the government’s
Cyclone Vardah has caused a destruction of worth over Rs 6,700 crore (USD 1 billion), industry body ASSOCHAM said today.
ndia's annual retail inflation eased last month to 3.63 per cent from 4.20 per cent in October and 5.41 per cent reported during the corresponding period last year.
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