Nandan Nilekani talks about moving towards a cashless economy and freedom of Internet, among others
While most banks in India store all this data on Indian servers in their core banking systems, the current directive addresses new-age payment and fintech companies operating in the space
Former Reserve Bank of India governor Raghuram Rajan said that Rs 65,000 crore is required to help the poor affected by the coronavirus-induced lockdown. He also laid stress on the need to restart the economy while taking precautions.
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 govt has a lot more to do then just open bank accounts for the poor in the Jan Dhan scheme.
The police have almost no way of tracking the $200 billion plus money flowing online during this World Cup.
'Why has this turned out to be one of the greatest humanitarian crisis that has caught the Centre and the states in a bind with no answers to this unexpected tsunami?' asks Brigadier Narender Kumar (retd).
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
'It is common knowledge that cash is anonymous.' 'When demonetisation was implemented, one of the intended objectives was to put identity on the cash holdings in the economy.' 'With the return of Rs 15.28 lakh crore in the formal banking system, the almost entire cash holding of the economy now has an address.' 'It is no more anonymous,' says Arun Jaitley.
It is important to celebrate when your first paycheck arrives, but is equally important to ensure that you take the time to learn some very important personal finance lessons, so that you can put your salary to work for you and grow a savings corpus.
The FinMin will pay Rs 5,324 crore (Rs 53.24 billion) for Jan-March.
Sebi sets Sept 30 deadline to apply for Sahara refund
The two states account for 24% of total accounts opened under financial inclusion scheme.
Challenges abound but innovation is key for new banks inorder to survive.
Around 81 per cent of the workers constitute the unorganised sector - devoid of any social security cover and outside the purview of a complex set of labour laws.
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
'On the tax front, most of the Budget proposals are sensible'.
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
Its economy dependent on tourist arrivals, the hill state is looking at a summer of discontent. Not that the rest of the year promises to be any different. Ashwani Sharma reports from Shimla.
'Rate cut should reiterate RBI's commitment in providing confidence to consumers and small business.'
In the past two weeks China has cut interest rates.
'The current economic contraction is certainly due to the lockdowns as a response to the pandemic, which is an act of God.' 'Nobody has seen such a thing in the last 100 years.' 'Saying that this was an act of mismanagement is largely incorrect'
In a marathon address to the nation from the ramparts of the Red Fort, Prime Minister Narendra Modi on Saturday underlined India's unity and diversity and the progress of his 15-month-old government's policies.
From Dabur to HUL, here are 10 stocks with significant rural exposure in the auto, agri-chemical and fast moving consumer goods sectors, which should see an uptick in sales growth.
Already embroiled in Sushma Swaraja and Vasundhara Raje controversies, the Bharatiya Janata Party-led Union government does not want to get caught in a petty fight between two regional parties.
'Jobs will exist at very high levels or low levels of skill sets.' 'People, who are in middle level jobs, are the ones who are facing the problem as such jobs are fast disappearing because of technological advancement.'
Led by the country's largest lender State Bank of India, banks have opened over 3 crore basic accounts within a fortnight of the launch of the scheme on August 28.
'When he first came to office, my belief is that the PM's reading of the landscape was that, with a vanquished Congress and fragmented Opposition, he was looking at least at two terms in office. This reading perhaps allows for a more cautious, gradual approach.' 'It was only a matter of time before the government was forced to come face-to-face with a serious corruption scandal. This is not a commentary on the BJP, but a statement about India's political economy.' 'There is growing concern about the government's commitment to freedom of expression, religious tolerance, and an independent civil society. Thus far, the positive movement on strategic and economic matters has crowded out these concerns, but they are lingering beneath the surface.'
The resignation is sure to create more political firestorms for the government as it comes on the eve of the winter session of Parliament where the Opposition has already made it clear to the treasury benches that infringing on the RBI autonomy would be a big talking point for them.
To facilitate foreign direct investment (FDI) in high- speed rail projects, the government is likely to allow private sector entry in operations.
Payment banks may not be viable option to attain financial inclusion.
The Reserve Bank of India has cut repo rates, the rate at which it lends money to banks, by 75 basis points since January this year, but most banks have not lowered lending rates.
'The leadership is confronted with an economy growing at its slowest pace in 20 years,' points out Claude Smadja.
In a presentation prepared for the incoming Narendra Modi-government, the ministry listed national oil companies losing focus on domestic exploration as well as legal disputes around signed contracts with private explorers among the five things that went wrong during the United Progressive Alliance regime.
He said digitisation was aimed at bringing in accountability and added that more cash would bring with it social evils.
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
Jailed chief of Sahara conglomerate Subrata Roy has once again been provided with an AC conference room with services like Internet and video-conferencing at the Tihar prison as per a Supreme court order to complete negotiations for raising funds for his bail.
A bank account is a must to get the refund and those without it have been asked by Sebi to open an account with a scheduled bank.
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
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