The idea is to save customers the inconvenience of opening and closing bank accounts or keeping multiple accounts if they have to shift to a new location or find their bank's services unsatisfactory.
More than one-third of this amount (Rs 6,000 crore or Rs 60 billion) is likely to go to the country's largest lender, State Bank of India, while the demand for most other banks is less than Rs 1,000 crore (Rs 10 billion) each.
Pay healthy advance tax, but can't make up for large companies' volumes.
With the prevailing uncertainty in equity markets and an indefinite postponement of hopes of any recovery, retail investors accessing stock markets through equity mutual fund schemes are wriggling out fast.
Wants all services included in tax, with a negative list.
The much-awaited talks between India and Mauritius over renegotiation of their tax treaty may begin soon, with India pushing for changes in the clause on the treatment of the capital gains tax.
A couple of options are on the table, from buyback, cross-holding, selective public offers of only big companies to residual stake in companies with minority government ownership.
Finance Minister Pranab Mukherjee is likely to oppose suggestions to introduce a financial transaction tax, commonly known as tobin tax.
The slowdown fear, as substantiated by various parameters like the HSBC Purchasing Managers' Index as well as the Index of Industrial Production, has gripped large companies but the smaller entities still seem hopeful of excellent growth. At least, tax collection figures show this trend.
Kejriwal's supporters have bombarded Income Tax offices with cheques and demand drafts, offering to pay his tax dues.
Under pressure on the black money issue, the government plans to monitor high-value savings and investments more closely to net tax evaders.
Budget documents in the future may give a preview of the government's finances for the next few years. The finance ministry is considering moving to a multi-year approach in budgeting to utilise resources better and bring in more transparency in accounting, according to official sources.
E-filing through the Centre's online tax payment application Automation of Central Excise and Service Tax will be a must not only for returns due after October 1, but also for returns of past periods which have not been filed yet or are to be revised.
Proposed scheme will not provide immunity to tax defaulters.
The four-day tour, beginning September 21, includes World Bank-International Monetary Fund meetings, as well as interactions with investors.
Top ministers from about 20 states and some officials from the finance ministry are leaving for a 10-day trip to Europe next week.
This is not the first time that industry has been slow in responding. The finance ministry had to send repeated reminders to industry captains to get feedback on quite a few discussion papers in recent times.
Industry's wait for new bank licences may get a bit longer as the Reserve Bank of India's (RBI's) suggestions to amend the Banking Regulation Act will not be incorporated in the report of the Standing Committee on Finance in the Banking Laws (Amendment) Bill, 2011.
At present, India is only a member of various committees of the 34-member organisation.
They say enough correction already; monthly net investment hits 24-month high.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances