Finance Minister Nirmala Sitharaman on Friday assured cash-starved Yes Bank depositors that their money is safe and the RBI is working on an early resolution of the issue. "I'm in continuous interaction with the Reserve Bank of India (RBI). The central bank is fully seized of the matter and has assured they will give a quick resolution. I want to assure every depositor that their money shall be safe. Their monies are safe," Sitharaman told reporters in New Delhi.
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
Adani Group is exploring legal options after being slapped with a Rs 5,500-crore tax notice, allegedly for overvaluing imported equipment, by the Mumbai wing of the Directorate of Revenue Intelligence.
Payment aggregators should have a minimum net worth of Rs 100 crore and if they don't manage to arrange that money within one year of putting out final guidelines, they should stop doing their business, says central bank's draft paper.
Customers using mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo have been absolved of liability for fraud if it is reported within three days.
The most common complaint of financial consumers is cumbersome processes, complicated products, usurious charges, and mis-selling of products, which finally don't deliver what is promised or as expect, notes Debashis Basu.
'Those who are talking of adopting the Narasimha Rao-Manmohan Singh policy must understand now that what was a reform then is no longer a reform now,' argues Sukumar Mukhopadhyay who was associated with the 1991 economic reforms.
The RBI, which has no interest or mechanism to get feedback from bank customers, is unaware of this. If made aware, it remains silent, proving that it has no problem in allowing lenders to short-change its customers, says Debashis Basu.
'He's at best a holding-CEO. Not one who will re-imagine the bank,' a senior banker and former colleague tells Raghu Mohan about HDFC Bank CEO & MD Sashidhar Jagdishan.
'Facilitating conversion of well-run NBFCs into banks is urgently needed.'
Downloading songs, movies, books? You may have to pay tax on it.
For Pinarayi, a victory in Thrikkakara would have come as public endorsement of his development initiatives, including controversial K-Rail project, which has witnessed widespread protest
RBI Governor Shaktikanta Das on Thursday said financial inclusion will continue to be a "policy priority" for the central bank to make the post-pandemic recovery more equitable and sustainable. The Reserve Bank of India will very soon be coming out with the first financial inclusion index, which will assess progress in terms of access, usage and quality, Das said, while speaking at the Economic Times Financial Inclusion Summit. It is the responsibility of all stakeholders to ensure that the financial ecosystem (including the digital medium) is inclusive and capable of effectively addressing risks like mis-selling, cybersecurity, data privacy and promoting trust in the financial system through appropriate financial education and awareness, he added.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
As the industrial era wanes, the network era looms, notes Ajit Balakrishnan.
The FAQ also clarified that companies, including Titan, which supplies watches and jewels through their own websites will not be considered as e-commerce operators
Sanjay Jalona, CEO & MD of LTI says the push would be to increase digital business and look at outcomes in projects for customers.
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
Physical KYC takes anywhere between two to five working days to get done, V-KYC, only a few minutes.
The Union health ministry on Tuesday said that aid received from other countries has been distributed in different states to help deal with the rising number of COVID-19 cases.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
RBI has cited "legal impediments" in sharing the reports.
Central bank sees action as discriminatory, unfair
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
Govt doesn't buy restaurants' input tax excuse and has swing into action and looking into profiteering complaints on social media against prominent restaurant and franchise chains.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
A recent data released by the Central Statistics Office (CSO) confirm that both the manufacturing and mining sectors shrunk in 2013-14 with fall in output.
Ironically, West Bengal, which has been seeking a postponement of the GST roll-out, has fared better among most other states.
The Directorate of Revenue Intelligence (DRI) has slapped a Rs 5,500-crore show-cause notice on Adani group for alleged over-valuation of capital equipment imports.
While mobile wallets are still busy exploring the multiple facets of interoperability, experts believe that bringing in new customers would be costly affair and the numbers of new wallet users might not see a major hike anytime soon.
Airtel, Vodafone-Idea and other telecom operators may have to pay the government a whopping Rs 1.42 lakh crore following the Supreme Court order last week that sent shock waves through an industry already grappling with billions of dollars in debt and an intense tariff war to retain customers.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
The changes made in the revised GST draft throw up fresh issues but, overall, most of these look sensible, says T N C Rajagopalan.
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