The Election Commission on Friday virtually made it mandatory for political parties to deposit their funds in banks and not to exceed ceiling limits in financial assistance for candidates to ensure transparency and accountability.
All categories of NRI deposits saw net inflows in July.
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety.
'With 27 days to go, the total bank deposits has come tantalisingly close to the Rs 14 lakh crores of banned notes which was in the financial system on November 8.' 'Black money hoarders may have actually laundered their black money into white,' argues Rajeev Sharma.
Currently the currency in stock is about Rs 2 lakh crore and the reserves are adequate to meet any unusual spurt in demand
The faster growth in bank credit than deposits is behind the present cash crunch, the Reserve Bank of India (RBI) has said.Year-on-year credit growth was 23 per cent till December 3, while deposit growth was only 15 per cent, as compared to RBI's projection of 20 per cent and 18 per cent, respectively, for 2010-11.
Trinamool Congress MP Mahua Moitra on Thursday pleaded innocence to the 'cash-for-query' allegation levelled against her and told a parliamentary committee that the charge is motivated by animus of advocate Jai Anant Dehadrai after she broke off her personal relations with him, sources said.
The State Bank of India (SBI) on Tuesday evening submitted details of electoral bonds to the Election Commission of India in compliance with the Supreme Court order.
Interest rates on fixed rate home loans have been increased by 0.75 per cent to 8.50 per cent from the current level of 7.75 per cent with effect from November 17, 2004.
What surprises will the finance ministry and the RBI spring on us next? Put on your thinking caps and predict the next boomerang coming our way!
rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
The bank will be responsible for taking the mixed gold to mint and getting it purified.
The second fortnight of September saw Rs 3 lakh crore of time deposits, something unique, followed by liquidation of Rs 1.2 lakh crpre of these right after.
Deposits of Rs 3 lakh are "justified" if a person has an annual taxable income of Rs 10 lakh and the tax department will "not touch" him.
Only cash deposits of over Rs 250,000 in bank accounts will be scrutinised by the tax department and in case of mismatch with I-T returns, tax plus 200 per cent penalty would be levied
rediffGURU Samkit Maniar answers readers' personal income tax queries
Mukesh Ambani-led RIL, which had a cash chest and marketable securities worth over Rs 90,000 crore (Rs 900 billion) at the end of the last fiscal, is known for very effectively managing its financial resources by placing them in liquid instruments and highly rated securities.
Budget carrier Go Airlines, which has rebranded itself as 'Go First', has filed preliminary papers for an initial share sale worth Rs 3,600 crore.
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
The CBDT has begun the process of matching the deposits in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), or Jan-Dhan accounts, with the profile of the depositors.
The Rs 2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5 per cent estimated by the RBI, a report said on Monday. The real GDP growth for the first quarter of FY24 will come at 8.1 per cent with an upward bias and the Reserve Bank of India's 6.5 per cent estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect Q1 FY24 GDP growth at 8.1 per cent with an upward bias due to the impact of Rs 2000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5 per cent, basis the RBI estimate," a note said.
Under 'Operation Clean Money', the I-T department had sent SMS and e-mails to 18 lakh people
The stage is set for the loading of cash into automated teller machines (ATMs) through the cassette-swap mode with an initial four-phased roll-out across 30 cities from June 1. The lockable cassette-swap will do away with the current practice of open-cash replenishment into ATMs. Cash-in-transit (CIT) firm personnel, tasked with loading cash into ATMs, will not have to touch it anymore. Cash-handling will be done by CITs at the cash centre, and the task of taking into account the amount of cash remaining from the last cassette-load will also be made simpler.
Reiterating warnings made in dropped leaflets, the IDF's Arabic spokesman Lieutenant Colonel Avichay Adraee directed Palestinians to continue moving south of Wadi Gaza.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
She has been called again on Wednesday for a fresh round of grilling.
The Mumbai police's crime branch, during the interrogation of the duo, found Pal and Gupta were given the shooting task by Anmol Bishnoi, the younger brother of jailed gangster Lawrence Bishnoi, but they had no idea they had to fire at Khan's residence till the delivery of arms, said the official.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
A public interest litigation was filed in the Delhi high court on Monday against permission to exchange Rs 2000 banknotes without obtaining any requisition slip and identity proof.
However, RBI would continue to nudge banks to cut lending rates
Evading the eagle eyes of the Election Commission, political parties in Tamil Nadu have come up with innovative ways to attract voters, the latest being the 'mobile contact' system, in which they contact the electorate over cell phones.
MSS bonds are issued with the objective of providing the central bank with a stock of securities with which it can intervene in the market for managing liquidity. These securities are not issued to meet the government's expenditure.
"If the money is legitimate which had been previously withdrawn from bank or earned legally and saved and had been disclosed, there is nothing to worry about," Jaitley said.
The chargesheet against the associate of Shiv Sena-UBT MP Sanjay Raut was submitted before the court's registry and it will come up before the special judge for cases under the Prevention of Money Laundering Act after scrutiny of papers.
NBFCs are mainly dependent on funding their operation from their own cash flows.
Two to five volunteers, with the support of bank employees, could offer guidance and help to customers.
Ask the question "How much cash do you need?" and the most likely answer you'll get is "As much as I can lay my hands on." What we are looking at is the liquid funds deposited in savings bank accounts and stored in cupboards and bank lockers.
