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.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
A regional bank in Japan today started operating ATMs for cash withdrawals, deposits and balance inquiries that do not require plastic cards but instead identify account holders by scanning their hands.
Currently, quoting the PAN is not mandatory for opening a bank account or buying an insurance policy.
Govt expects to save Rs 10,000 crore through this move.
With the revision, term deposit between 180-210 days less than Rs 1 crore (Rs 10 million) would now earn 7 per cent against existing 6.80 per cent, SBI said in a statement.
Keeping that much money out of the banking system has created a liquidity deficit that has forced banks to borrow as much as RS 1.6 trillion from the central bank to meet daily funding needs.
Noting that he fully respects the Supreme Court order on electoral bonds, Union Home Minister Amit Shah on Friday said the scheme was introduced to end black money in politics and added that it should have been improved rather than scrapped.
I-T sleuths are raiding 130 premises of the business houses in the cities of Chennai, Hyderabad, Thrissur and other locations in Kerala, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Delhi and West Bengal, I-T sources said.
Rs 6,000-cr disclosure just four days before scheme ends
As the 50-day deadline for completion of demonetisation process draws near, there is a growing consensus among bankers that the restrictions on withdrawal would have to continue even in the New Year so as to maintain orderly working at the banks.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
HDFC Bank on Monday reported a consolidated net profit of Rs 16,811 crore for the September quarter, its maiden quarterly earnings announcement after merging parent HDFC with itself. On a standalone basis, the largest private sector lender reported a net profit of Rs 15,976 crore. In the year-ago period, the net profit of the merged entity would have been Rs 11,162 crore on a consolidated level while the same on a standalone basis would have been Rs 10,606 crore.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
The vehicle was carrying cash in new currency notes for wage payment to employees of a tea garden.
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
Software major Infosys, which has a robust cash chest for sure and made no secret of its intention to buy out companies with a strategic fit, is finding it difficult to acquire right firms at the right price.
Foreign travels could come under closer watch of the income-tax department from the next fiscal year.
If Tamil Nadu voters preferred the DMK combine, it owed to the Modi-Annamalai combo's ideological battle which often crossed the line of political decency and also challenged 'Tamil pride', argues N Sathiya Moorthy.
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
RBI on Monday conducted an unprecedented level of liquidity infusion to the tune of Rs 3.3 lakh crore, in which banks bid for as much as Rs 4.5 lakh crore. The central bank said it would conduct a liquidity infusion auction of Rs 1 lakh crore on Tuesday as well, to help banks tide over the liquidity crisis.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
If a person has surplus cash for a short span of time like a week or a fortnight, Liquid Funds are good alternatives.
In a Facebook post on the second anniversary of demonetisation, Jaitley said in first four years of the National Democratic Alliance government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.
The income tax department on Friday warned against indulging in cash transaction of Rs 2 lakh or more, saying that the receiver of the amount will have to cough up an equal amount as penalty.
The Popular Front of India (PFI), banned recently by the government for alleged terrorist links and spreading communal hatred, has a "well-structured and organised" presence in the Gulf countries for raising and mobilising funds, the Enforcement Directorate said on Monday after a local court took cognisance of its latest charge sheet filed against three PFI office-bearers.
Bihar Chief Minister Nitish Kumar's son Nishant has cash and movable/immovable properties worth nearly Rs two crore to make him more than three times richer than his father, according to the declaration of assets and liabilities by Kumar for the calender year 2013.
Income tax collections recorded a whopping 54 per cent growth at Rs 12,498 crore (Rs 124.98 billion) in the first quarter of this fiscal
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The repo rate continues to be at 8 per cent while the cash reserve ratio has also been retained at 4 per cent despite inflation based on the Wholesale Price Index coming down to a 5-year low of 1.77 per cent in October.
'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
The Reserve Bank of India (RBI) on Tuesday told the Delhi high court that withdrawal of Rs 2000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience.
According to sources, Preneet Kaur, a Congress MP, is believed to have voted in support of the report.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
These schemes are a good choice for investors contemplating a large investment in equity funds. Instead of investing all the money in one go, they can do so in a staggered manner by parking it in these schemes and then transferring it to equity mutual funds through a systematic transfer plan.
The Lok Sabha ethics committee has cited the threats India faces from State and non-State cyber actors to indict Trinamool Congress MP Mahua Moitra for sharing her log-in credentials with businessman Darshan Hiranandani, noting that he has residency rights in Dubai and has close relatives who are foreign nationals.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
Disinvestment Secretary Mohammad Haleem Khan told Business Standard that till now, public sector companies were only allowed to invest in mutual funds, apart from putting money in bank fixed deposits, but the Cabinet had now approved the proposal to allow these companies to buy equities of other CPSEs.
Kerala-based journalist Sidhique Kappan, arrested in October 2020 on the way to Hathras where a Dalit woman had died after allegedly being gang-raped, has deep links with the Popular Front of India and is part of a larger conspiracy to "incite religious discord and spread terror", Uttar Pradesh government has told the Supreme Court.
