In August, RBI allowed 11 business houses to start a payments bank.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Madhya Pradesh Home Minister and Bharatiya Janata Party leader Narottam Mishra on Wednesday said actor Aamir Khan should stay away from advertisements and acts which hurt religious sentiments after a bank commercial featuring Khan and actor Kiara Advani faced criticism from sections of netizens.
Kochhar's counsel argued that according to Section 35B (b) of the Banking Regulation Act, prior approval of the RBI is required to terminate the contract of a bank's chairman or managing director. But in this case, the RBI approval came after the termination letter was served.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
'Given that the market is now demanding disciplined growth, well-run companies should be able to demonstrate profitability with the cash on hand.'
Credit card spends jumped 57 per cent year-on-year (YoY) in September, aided by the festive season. According to the latest Reserve Bank of India (RBI) data, in September, credit card spends totalled Rs 80,477.18 crore compared to Rs 77,981 crore in August, thereby registering a 3.2 per cent growth sequentially, despite the high base. In the corresponding period last year, credit card spend was to the tune of Rs 51,356.68 crore.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
The African Union on Saturday joined the G20 after all member countries accepted Prime Minister Narendra Modi's proposal to bring the key bloc of the Global South to the high table of the world's top economies, a major diplomatic achievement of India's presidency.
A five-judge Constitution bench headed by Justice Sanjay Kishan Kaul, in a unanimous verdict, ruled that its 2014 verdict, which had struck down a provision of the Delhi Special Police Establishment (DSPE) Act, 1946 providing immunity to such officers in graft cases, will have retrospective effect.
Leading up to the International Women's Day on March 8, this is the first of a four-part series that talks about how women can invest to achieve their long-term financial goals.
The government has also allowed individuals from the private sector to apply for the post
The deadly coronavirus has forced us to adopt new ways of life.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
The "opaque" electoral bonds scheme for funding political parties will "destroy democracy" as it promotes corruption and does not allow a level playing field between the ruling and opposition parties, the petitioners challenging the validity of the scheme told the Supreme Court, which on Tuesday observed election funding was a "complicated issue".
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
'The second generation of migrant labourers is not enthusiastic about continuing in this field.' 'The parents of the next generation do not wish their children to be part of this trade.'
The first tranche of Sovereign Gold Bonds 2021-22 will be open for subscription for five days from Monday, the finance ministry said in a statement. The bonds will be issued in six tranches from May 2021 to September 2021, it said on Wednesday. The subscription period for 2021-22 Series I will be May 17-21, and bonds will be issued on May 25.
As per RBI, the CRO shall be a senior official in the hierarchy of an NBFC and shall possess adequate professional qualification/ experience in the area of risk management.
If only you had thought ahead, you would have stocked snacks and biscuits, bread and cake, and vegetables suited for Amma or pondatti to make your favourite bajji and pakoda, observes N Sathiya Moorthy.
More than 127 million new bank accounts have been opened.
SBI has twice hiked interest rates on fixed deposits within a month, but an investor still gets better returns at the post office.
This comes after the arrest of Syndicate Bank Chairman S K jain.
Observing that there are "definite and proved" allegations that complaints of the victims of violence in the aftermath of the West Bengal assembly polls were not even registered, the Calcutta high court on Thursday ordered a Central Bureau of Investigation probe into all alleged cases of heinous crimes like rape and murder, while accepting the recommendations of a National Human Rights Commission panel.
Haryana Deputy Chief Minister Dushyant Chautala on Tuesday indicated that there were shortcomings by the administration in assessing the situation in Nuh, where a communal violence erupted on July 31 during a religious procession.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
These changes will entail a relook at the various laws governing banks in the country - the two Bank Nationalisation Acts (passed in 1970 and 1980); the State Bank of India (SBI) Act of 1955; and the Companies Act of 2013.
'Those who looted the nation have fled the country.' 'Those with rooms full of cash have already converted their cash into gold and property.'
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
'The stockbroker should have a good balance sheet to support its scale of operations. It should also have proper risk management in terms of margins so that it doesn't go bankrupt during extreme market movements.' 'The broker must have a track record of navigating several market cycles in an ethical and transparent manner.'
A day after fact-checking website Alt News co-founder Mohammad Zubair was arrested by the Delhi Police, officials said on Tuesday that his 'objectionable tweet of 2018 led to a Twitter storm with hate speeches, detrimental to communal harmony'.
'Hamas is going to be prepared. There will be booby traps and tunnels; it's going to be door to door fighting.'
The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained its guns on the Adani Group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently.
High voter turnout was recorded in most of the seven assembly constituencies in six states where by-elections were held on Tuesday.
A fierce competition among parties to offer freebies and guarantees, a scramble for tribal, OBC, women votes and a touch of Hindutva -- all have combined to make the Madhya Pradesh assembly polls a high-stakes battle with main rivals BJP and the Congress pulling out all the stops to gain power.
Govt renews search for five PSU bank chiefs; norms relaxed.
In separate letters to the two banks, located at Mylapore area, he said that under the relevant party laws, he continued to be the AIADMK treasurer.
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
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