RBI eases norms for wedding cash withdrawals
Posted Date : 22-Nov-2016 , 10:46:26 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday decided to give some relief to those getting married before December 30. The central bank has eased the norms for getting money from the banks for the purpose of wedding by modifying its circular that was issued on November 21.
The government has put a c...
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RBI |
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Small merchants can transfer up to Rs 50K via e- transactions till Dec 30 - RBI
Posted Date : 22-Nov-2016 , 10:34:36 pm | Posted By CASANSAAR
Small merchants can now transfer funds up to Rs 50,000 through semi-closed prepaid instruments (PPIs) linked to bank accounts. The balance in these instruments is limited to Rs 20,000.
The above measures will be effective from November 21 to December 30, 2016, subject to review, the central bank ...
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RBI |
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Govt exemts parking fee at airports till Nov 28
Posted Date : 22-Nov-2016 , 10:27:24 pm | Posted By CASANSAAR
As people continue to face cash crunch after the scrapping of high value notes, the government has decided not to levy parking fee at airports for another week, till midnight of November 28.
The waiver, which was initially for a week starting from midnight of November 14, had ended yesterday.
...
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General |
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Bombay HC questions RBI’s, finance ministry’s conflicting demonetisation orders
Posted Date : 22-Nov-2016 , 08:31:27 am | Posted By CASANSAAR
The Bombay high court on Monday asked the Ministry of Finance to clarify the reason behind the conflict between the demonetisation notification issued by the ministry and the RBI circular of November 14, which keeps district central cooperative (DCC) banks out of the demonetisation policy.
&ldquo...
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Banking |
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RBI gives borrowers extra 60 days to repay home, car loans up to Rs 1 Cr
Posted Date : 22-Nov-2016 , 08:25:03 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has allowed both individuals and companies with loans up to Rs 1 crore an additional grace period of 60 days to repay their loans in the wake of the demonetization.
This is applicable for ongoing loans where the dues are payable between November 1 and December 31, ...
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RBI |
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Banks get about Rs 5.44 L cr worth of scrapped notes
Posted Date : 22-Nov-2016 , 08:14:56 am | Posted By CASANSAAR
People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency.
The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and Novem...
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Banking |
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RBI sets stiff riders for Rs 2.5 lakh withdrawal for weddings
Posted Date : 22-Nov-2016 , 08:13:59 am | Posted By CASANSAAR
Wedding card, copies of advance payments made for booking marriage hall and caterers will be required for withdrawing Rs 2.5 lakh from own accounts, as per stringent conditions imposed by RBI on either of the parents to meet wedding expenses.
Four days after the government announced special dispe...
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RBI |
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Centre-State stalemate over GST jurisdiction continues
Posted Date : 20-Nov-2016 , 07:21:28 pm | Posted By CASANSAAR
Stalemate between the Centre and states over administrative control under the proposed goods and services tax (GST) regime continued today with an informal meet called by Finance Minister Arun Jaitley failing to break the deadlock.
Mr. Jaitley’s informal meeting with state finance ministers...
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GST |
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Income Tax Dept warns violators will face seven years in jail in case of suspect cash
Posted Date : 20-Nov-2016 , 07:15:05 pm | Posted By CASANSAAR
Warning people against depositing their unaccounted old currency in someone else’s bank account, the tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years...
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Income Tax |
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RBI proposes Islamic Window in Banks
Posted Date : 20-Nov-2016 , 07:05:48 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country.
Both the Centre and RBI are exploring the possibility of introduction of Islamic banking for l...
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RBI |
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No leakage of CA Final Direct Tax Laws paper - ICAI
Posted Date : 20-Nov-2016 , 07:00:35 pm | Posted By CASANSAAR
No leakage of question paper relating to Paper 7, Direct Tax Laws of CA Final examination held on 13th November 2016.
Our attention has been drawn to some unfounded reports in social media on alleged leakage of question paper relating to Direct Tax Laws, Paper 7 of CA Final Examination held on 13...
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ICAI |
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Income Tax Department sends notices over Suspicious Bank deposits
Posted Date : 19-Nov-2016 , 09:33:16 pm | Posted By CASANSAAR
The Income Tax Department has issued hundreds of notices demanding to know sources of the suspiciously large sums of cash deposited in banks, as the central government tries to tie the loose ends of their anti-black money drive more than a week after they announced they were doing away with old high...
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Income Tax |
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Centre conducts sensitisation seminar on GST
Posted Date : 19-Nov-2016 , 09:28:24 pm | Posted By CASANSAAR
Racing against time to meet GST deadline, the Centre today held a sensitisation workshop for over 400 officials on the new indirect tax regime which Cabinet Secretary P K Sinha described as moving away from tax exemptions to seamless flow of credit and tax payments.
The workshop, held a day befor...
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GST |
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ICAI not in favour of foreign firms in audit services sector
Posted Date : 18-Nov-2016 , 10:38:55 pm | Posted By CASANSAAR
The government said the Institute of Chartered Accountants of India (ICAI) has not supported the opening up of audit service sector to foreign firms.
ICAI is the apex body of chartered accountants in the country.
In a written reply to the Lok Sabha, Minister of State Arjun Ram Megh...
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ICAI |
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Banks Tomorrow Will Not Swap Old Notes For New, Except For Seniors
Posted Date : 18-Nov-2016 , 10:28:26 pm | Posted By CASANSAAR
Banks tomorrow will not exchange the old 500 or 1,000 rupee notes for new bills, allowing only senior citizens to make the one-time swap for upto Rs. 2,000. On Sunday, banks will remain shut.
"After this inking and all, we have seen for the last two days now, there is a visibly less rush in ...
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Banking |
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FinMin warns people against parking black money in others' accounts
Posted Date : 18-Nov-2016 , 10:17:47 pm | Posted By CASANSAAR
Seeking to close all the gaps for people to turn their black money into white, the Finance Ministry on Friday warned those who are using others' accounts to hoard their cash, and that the person allowing his or her account to be misused is also liable for prosecution.
"Tax evasion activi...
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Finance |
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Several banks slash FD rates by up to 1% after surge in deposits
Posted Date : 18-Nov-2016 , 10:07:44 pm | Posted By CASANSAAR
Several banks have slashed their Fixed Deposit rates by up to 1 per cent after the surge in deposits following demonetisation.
Canara Bank announced lowering its deposit rates in the range of 0.05 to 0.25 per cent while United Bank of India slashed rates of short-term deposits by 1 per cent. ...
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Banking |
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Over 8,100 defaulters owe Rs 76,685 cr to banks
Posted Date : 18-Nov-2016 , 10:04:34 pm | Posted By CASANSAAR
Public sector banks (PSBs) have reported 16 per cent rise in number of wilful defaulters at 8,167 who collectively owe them Rs 76,685 crore at the end of March 2016.
As against the previous year, there is 16 per cent rise in wilful defaulters owing over Rs 25 lakh each to 8,167 from 7,031 at the ...
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Banking |
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Cannot disclose details on release of new Rs 500 notes - RBI
Posted Date : 18-Nov-2016 , 05:53:38 pm | Posted By CASANSAAR
The Reserve Bank of India today informed the Madras High Court that it cannot disclose details regarding the release of new Rs 500 denomination currency to the banks for distribution due to security reasons.
The submission was made by the counsel for RBI on a petition seeking a direction to the R...
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Banking |
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Long queues outside banks a 'Serious Issue' - SC
Posted Date : 18-Nov-2016 , 05:51:06 pm | Posted By CASANSAAR
The Supreme Court today dubbed as a "serious issue" the long queues outside banks and post offices and expressed its reservation on the Centre's plea seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification demonetising R...
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Banking |
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Transactions in relation to which quoting PAN is Mandatory
Posted Date : 18-Nov-2016 , 08:17:22 am | Posted By CASANSAAR
The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The list un...
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PAN |
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Sebi eases PAN verification process for FPIs
Posted Date : 18-Nov-2016 , 08:11:30 am | Posted By CASANSAAR
To ease the PAN verification process at the time of account-opening of FPIs, markets regulator Sebi today said intermediaries can verify the PAN of FPIs online through a website authorised by the Income Tax department.
However, FPIs would have to provide the copy of the PAN card to their in...
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PAN |
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Mandatory to quote PAN for Rs 2.5L deposits: CBDT
Posted Date : 18-Nov-2016 , 08:04:16 am | Posted By CASANSAAR
Quoting of PAN for cash deposits aggregating to Rs 2.5 lakh or more in bank accounts after the withdrawal of old 500 and 1000 rupees notes is mandatory, the tax department said.
Quoting PAN is mandatory for cash deposit of over Rs 50,000 in a single day in scheduled or a cooperative bank.
The ...
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CBDT |
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Govt allows dispensing cash through debit card from selected petrol pumps
Posted Date : 18-Nov-2016 , 07:54:52 am | Posted By CASANSAAR
The government allowed dispensing cash of up to Rs 2,000 through debit card swipe at some selected IOCL, BPCL and HPCL petrol pumps. The initiative has been launched by the public sector oil companies in association with State Bank of India to ease the burden on banks and ATMs.
The facility...
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Banking |
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0 | Hits : 908
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Centre moves SC to stay proceedings against demonetisation
Posted Date : 17-Nov-2016 , 05:26:56 pm | Posted By CASANSAAR
The Supreme Court today agreed to hear a fresh plea of Centre seeking a stay on the proceedings before various high courts and other courts except the apex court against its decision to demonetise high denomination currency notes of 500 and 1,000.
The bench agreed to the contention of Attorney Ge...
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RBI |
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Relief for farmers, families celebrating weddings, Govt issues guidelines on withdrawal norms
Posted Date : 17-Nov-2016 , 05:23:35 pm | Posted By CASANSAAR
In a breather for farmers across the country ahead of the onset of Rabi season, Economic Affairs Secretary Shaktikanta Das Thursday announced that farmers can withdraw up to Rs 25,000 per week from the payment they receive for agriculture produce in form of cheque or RTGS. Further, the government ha...
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Banking |
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0 | Hits : 2069
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Income Tax lens on current account deposits over Rs 12.5 lakh
Posted Date : 17-Nov-2016 , 08:27:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) amended rules in the Income Tax Act and asked banks to furnish a statement of financial transaction in one or more current accounts of a person for cash deposits of Rs 12.5 lakh and above between November 9 and December 30.
The CBDT's notification on N...
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Income Tax |
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Jewellery shops remain shut for 6th day after alleged reports of tax evasion
Posted Date : 17-Nov-2016 , 08:21:26 am | Posted By CASANSAAR
Gold and jewellery establishments in the national capital remained shut for the 6th day on Wednesday after the Income Tax Department carried out surveys following reports of alleged profiteering and efforts at tax evasion due after the government's demonetization move.
The government last wee...
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Income Tax |
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Income Tax department notices to charitable, religious organisations
Posted Date : 17-Nov-2016 , 08:18:21 am | Posted By CASANSAAR
The Income Tax department has issued notices to hundreds of charitable and religious organisations in the country enjoying tax exemption.
The organisations have been asked to inform the department about their cash balances as of 8th of this month when the government demonetised 500 and 1,00...
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Income Tax |
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Customer PAN must for deposit exceeding Rs 50,000: RBI to banks
Posted Date : 17-Nov-2016 , 08:17:31 am | Posted By CASANSAAR
In the wake of demonetisation of high-value currency, RBI has asked banks to ensure that customers submit a copy of permanent account number (PAN) card for any cash deposit exceeding 50,000 rupees, if it is not already seeded with the account.
The apex bank said this in a notification with ...
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Banking |
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