Assume the worst regarding how long your unemployment could last and make conserving cash your topmost priority, suggests Sanjay Kumar Singh.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
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.
State Bank Chairman Pratip Chaudhuri's call last week for abolishing the mandatory cash reserve ratio had attracted a sharp reaction from RBI Deputy Governor K C Chakrabarty. CRR is the amount of deposits that banks park with the RBI as a prudential measure without earning interest on it.
'Those who looted the nation have fled the country.' 'Those with rooms full of cash have already converted their cash into gold and property.'
A flavour-of-the-season approach does not work in investing, suggests Deepesh Raghaw.
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
According to bankers, this is because the currency demand during the festival season is expected to remain strong.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
British banking major RBS on Thursday said it expects the Reserve Bank to cut key rate by 25 basis points or 0.25 per cent in its monetary policy review next week, leaving the cash reserve ratio (CRR) unchanged.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
Secured credit cards offer benefits similar to regular credit cards and hence an applicant should try and get a card with lower fees and more features, suggests Sarbajeet K Sen.
Syed Firdaus Ashraf goes to the bank to withdraw cash, a day after high denomination notes were withdrawn, and encounters a veritable battlefield.
Defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender. "The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI," Das told reportters in Mumbai.
In refusing to accept its failure, the government has sowed the seeds of further damage: by keeping India short of cash; reducing the headroom for responses to seasonal spikes in cash demand; and increasing the chances that groups will panic at temporary cash shortages, says Mihir Sharma.
Reserve Bank of India's move to cut cash reserve ratio has been welcomed by analysts.
Day 2: Syed Firdaus Ashraf attempts to deposit Rs 500, 1,000 notes in his bank account.
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Indian households put bulk of savings in bank deposits and insurance; the returns are minimal. If you're part of this, change.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
The Delhi police on Monday objected to a plea, seeking a city court to direct it to lodge a criminal case against Rajya Sabha member of Parliament Amar Singh for allegedly kidnapping a key prosecution witness of the 2008 cash-for-vote scam ahead of his deposition before a lawmakers' panel.
Prof Ananth Narayan, well known financial expert who works as a faculty member at the SP Jain Institute of Management and Research and the RBI's nominee director on the board of Yes Bank, expects a double-digit contraction in India's GDP this fiscal year. In the first of a two-part interview to Shobha Warrier/Rediff.com, Prof Narayan, below, says, "Giving liquidity and loan to cover the cash flow problem is not sufficient because you are essentially increasing the debt of many of these companies. And they might not be able to bear the burden."
Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021.
Even so, the PM's cash in hand is among the lowest when compared with his Cabinet colleagues
The report, which was submitted to the apex court on March 19, 2021, was made public on Monday. The three-member committee had also suggested many changes in the laws, including giving freedom to states to make Minimum Support Price (MSP) system legal.
There is not much bank employees can do, but some words of encouragement from the management would have helped. Stretched working hours and the tense atmosphere is taking a toll on their health.
State Bank of India Chairman Pratip Chaudhuri again made a strong pitch for a reduction in banks' Cash Reserve Ratio (CRR) at the Reserve Bank's mid-quarter review of monetary policy scheduled September 7.
The trust has around 35 kg of gold and will deposit the gold which is not in day-to-day use of the temple.
The Securities Appellate Tribunal has stayed a Sebi order that barred Franklin Templeton's Asia Pacific head Vivek Kudva and his wife Roopa from the securities market for one year.
The top ten richest candidates are from the Trinamool Congress which has won a second consecutive term.
Prime Minister's Economic Advisory Council Chairman C Rangarajan on Tuesday called RBI's policy action a "wise decision". The liquidity easing measures will have an impact on interest rates, he said.
PNB has rich experience in the integration of commercial banks.
The limit on withdrawal from current accounts has been enhanced to Rs 100,000 per week.
Only Rs 10,720 crore of the junked currency notes did not return to the banking system, rest 99.9 per cent was deposited raising question mark over the government's effort of curbing black money through the demonetisation.
The cabinet also approved ordinance to amend the RBI Act to extinguish the liability on the old notes.
An additional factor spurring the FMP launches is MFs' desire to retain investors as many such offerings are set to mature over the next two months.
Satish Kumar, a resident of Uttam Nagar and who used to work as a vegetable vendor in Keshopur Mandi, collapsed outside an Oriental Bank of Commerce branch, on Najafgarh road, while he was standing in a queue with his friends.
The corporate sector took production cuts, conducted inventory management and reduced staff to meet challenges following the govt's note ban decision
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The two states account for 24% of total accounts opened under financial inclusion scheme.
