A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
'67 per cent of our transactions happen digitally and about 93 per cent of transactions happen outside the branch.' 'Despite that, there is ample scope for promoting banking-related activities in branches.' 'So, for some time, we will have to, probably, live with the same structure.'
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
A well-run non-banking company has better margins than a bank, but the objective of setting up Ujjivan was to provide comprehensive financial inclusion, Ujjivan Small Finance Bank MD & CEO Samit Ghosh tells Anup Roy in an interview.
The Supreme Court on Tuesday constituted another five-judge Constitution bench which will hear five crucial cases including the challenge to the central government's 2016 decision to demonetise Rs 500 and Rs 1000 currency notes.
PMO asked income-tax department to submit report on action taken against identified benami owners
As Prime Minister Narendra Modi defended the demonetisation move, the united opposition hit back at the government over common man's suffering.
Did Sheena Bora board a Jet Airways flight on July 22, 2012, a full three months after her death in April 2012?
Move can also bring a huge change in the way business is done in India, where firms use multiple current accounts, often for even individual projects, making them difficult to monitor.
With GDP down by 2 per cent, while 99 per cent of banned notes make way back to the banking system, whom did demonetisation benefit?
The Reserve Bank of India (RBI) has approved a three-member committee of directors to run the day-to-day functioning of cash-strapped Lakshmi Vilas Bank.
This week, as the I-T department scanned the deposits, reality hit them: Only a minuscule percentage of the Jan Dhan accounts had been used for money laundering.
The RBI notification said there is no change in weekly withdrawal limits and such disbursals should predominantly be in the denomination of Rs 500
Bankers need to take a call on whether they will allow technology firms to run banks or banks themselves will turn into tech firms, says Tamal Bandyopadhyay.
Pankaj Gupta filed his nomination papers for the Chandni Chowk Lok Sabha seat, Atishi for East Delhi, Gugan Singh North West Delhi, Raghav Chadha South Delhi, Dilip Pandey North East Delhi and Brajesh Goel for New Delhi.
The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said. Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the 'State of Economy' said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace. "Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
The Wadia group-owned airline is building a new management team and putting in place strategies for efficient operations. Leading the change is Cornelis Vrieswijk, the airline's new chief executive officer.
Because they can easily find them out by analysing your financial transactions.
ICICI Bank's new offer is for those with savings in fixed deposits but no immediate liquidity
Of the 59 assembly constituencies, three have been categorised as 'sensitive' and 590 localities marked as 'vulnerable,' according to the police.
"I have been in this business (banking) for two decades. While doing business nothing wrong has been done. However, irregularities may happen. If irregularities have happened, there is punishment for it. I am ready to face punishment," state Cooperatives Minister Subhash Deshmukh said.
Available evidence suggests that we are on the way to a very costly failure of the current demonetisation scheme, says M R Narayana.
Capital markets regulator Sebi on Monday came out with a framework for operationalising the gold exchange, wherein the yellow metal will be traded in the form of electronic gold receipts (EGRs). The stock exchange desirous of trading in EGRs may apply to Sebi for approval of trading in the new segment, the regulator said in a circular. The bourses can launch contracts with different denomination for trading or conversion of EGR into gold. Under the new framework, the entire transaction has been divided into three tranches-- creation of EGR; trading of EGR on stock exchange and conversion of EGR into physical gold.
73-year-old dies in Mumbai, 75-year-old in Kerala.
Ahead of Saturday's event, here's a lowdown of ready references for the auction.
The 66-year-old leader's income for the year 2019-20 was Rs 10,34,370.
Indian bonds remained volatile over the past week on uncertainties over the maiden offshore sovereign bonds issuance, according to a report by DBS Group Research.
Jaitley said future transactions would be substantially digital as India moves towards a less-cash society
A gunman working with HDFC bank fled with Rs 19,50,300 cash at Kamlacity Complex N M Joshi Marg in south-central Mumbai. The gunman Shafik Ahmed, 25, and the bank's cashier withdrew cash from the bank in order to deposit it in various ATM centres.
Gaurav Garg, head of research at CapitalVia Global Research Limited will answer your stock market queries.
Equities went into a tailspin on Wednesday after the Reserve Bank surprised the market with a mid-cycle rate hike in a bid to tame soaring inflation.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
The PFI is alleged to have been continuously involved in anti-government propaganda and spreading the narrative that Muslims were being persecuted in India.
Banks now ride on what is defined as a "banking outlet". This is a fixed-point service unit, manned by either the bank's staff or its business correspondent (BC), where all kinds of services - acceptance of deposits, encashment of cheques, cash withdrawal or lending of money - are provided for a minimum of four hours per day, for at least five days a week. Banks are now turning to reposition the manner in which they acquire customers, report Abhijit Lele and Raghu Mohan.
The balance sheet of the Reserve Bank plays a critical role in the functioning of the country's economy.
Some people have tried to secure their unaccounted cash by donating it to temples by taking its management into confidence and making receipt of such donations as anonymous donors
Details of identity and residence will not be required for exchange of notes between April 1 and June 30.
While payments banks surely lose money, their operating ratios were looking better in 2017-18 compared to the year before. This implies that as customer volumes start picking up, the business models may perk up too, says R Jagannathan.
'The message the BJP is sending is that they are in no way responsible for Uddhav's downfall and it was only Shinde who is to be blamed.'
