'The government's principal aim should be to reduce the volume of cash transactions.' 'That would bring more of the Indian economy within the purview of taxation.' 'The current downturn in economic activity due to a lack of adequate cash is likely to be limited to a year,'
Centre says the very object of demonetisation and elimination of black money will be defeated if a fresh window is given.
The humble Rs 100 bill had several takers on an otherwise normal weekday evening across the country on Tuesday night, even as police had to be deployed outside ATMs to control the crowd waiting eagerly to get their hands on the banknote.
Demonetisation should be judged to have delivered some immediate gain if at least around Rs 2 trillion gets immobilised.
Payment banks may not be viable option to attain financial inclusion.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
According to the report, financial assets of the Indian households are predominantly in the form of bank deposits, followed by life insurance - a pattern that got disrupted after note ban
What should investors do post-demonetisation?
"The response (to the PMGKY) has not been so good...about Rs 5,000 crore of income was declared in PMGKY," Revenue Secretary Hasmukh Adhia said.
Investors who issued units in liquid and overnight funds, as well as those with a short-term holding of less than 30 days, are likely to be impacted the most, say experts.
Pranjal Kamra, CEO, Finology Ventures, lists seven efficient ways to cope with the rise in EMIs even as you balance your monthly budgets.
Bharatiya Janata Party's prime ministerial nominee Narendra Modi, who is contesting from Vadodara Lok Sabha seat in Gujarat, has declared his total assets at Rs 1.51 crore and he does not own any vehicle.
Women are multitasking and management queens. The pointers here can easily be managed by all women along with juggling their current tasks at hand. Superheroes are fictional whereas superwomen are real. They are all around us!
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
The department had sent SMSes and emails to 18 lakh people who made suspicious deposits of over Rs 500,000 during the 50-day demonetisation period.
'The entire explanation of the episode is difficult to digest.'
None of the four benchmarks suggested by the RBI is ideal as banks in India create loan assets from their deposits and not borrowing from the regulator or market, says Tamal Bandyopadhyay.
'Historically, the lead-up to a general election tends to be excessively volatile and big losses are perfectly possible.'
The founder of the newly floated Raijor Dal -- arrested in December 2019 over sedition charges - bagged 57,219 votes as an Independent, garnering support from 46.06 per cent of the electorate.
'It is critical that the Covid curve does not have a fat tail and the chain is broken quickly.'
Demonetisation is the biggest reason for the rise in preference for small savings.
Firms that have a turnover of under Rs 1 cr can pay tax without maintaining books.
Keep regular track of financials, including cash flow and management changes
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
The Jan-Dhan accounts are zero balance accounts, comes with a life cover of Rs 30,000 per person, and an accidental cover of Rs 100,000. An active user of the account can also get overdraft facility of Rs 5,000 from banks.
How long will the RBI allow the government to borrow cheaply? A change in policy direction will see rates climb and bond values fall. Investors in debt funds are therefore at risk, as are people invested in the heated stock market, warns T N Ninan.
Frequent flight cancellations and the Airports Authority of India's decision to put SpiceJet on a cash-and-carry mode have made online travel agencies nervous.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
Now, more than 60 per cent of depositors of the bank will be able to withdraw their entire account balance.
On November 12, 2021, the Reserve Bank of India (RBI) decided to ring in uniformity in asset classification and income recognition across all lending institutions. Shadow banks, or non-banking financial companies (NBFCs), like commercial banks, are to test non-performing assets (NPAs) on a daily basis and upgrade them to "standard assets" only when interest and principal arrears are settled by borrowers. This is going to create all manner of headaches for shadow banks and their clientele. Says Y S Chakravarti, managing director and chief executive officer (CEO), Shriram City Union Finance: "NPA levels will go up, especially of small borrowers.
In one of Britain's biggest jewellery heist, robbers have made off with an estimated 200 million (Rs 1,858 crore) worth of jewels from the most exclusive jewellery district.
The yellow metal now trades at a 0.5 per cent premium over its landed cost, compared to a 4 per cent discount in mid-September because jewellers have voluntarily withdrawn the display of cash price from their website.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
The man, son of retired SBI employees, had readied fake seals and challans of the public sector lender, and had other paraphernalia like a cash counting machine needed 'to run a bank branch', on an upper floor of his residence at Panruti, about 25 km from Cuddalore.
The gains will be gradual as the measure will be executed over 12 months or so.
'Slowly, but surely, India will move towards a low-cash economy.'
It's been 51 days since Prime Minister Narendra Modi took his 'mitron' by surprise when he announced that Rs 1,000 and Rs 500 would no longer be legal tender. What will the PM tell us on 31/12?
Assume the worst regarding how long your unemployment could last and make conserving cash your topmost priority, suggests Sanjay Kumar Singh.
Post demonetisation, there has been a hike in collection of personal income tax
Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18.
