Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting with the government over the fallout of Silicon Valley Bank's collapse. Rajeev Chandrasekhar, minister of state for electronics and information technology, held a virtual meeting with over 450 members from start-ups, venture capitalists, and investors who have been directly affected by the closure of SVB. He assured them that the IT ministry would put together a list of suggestions and give it to the finance minister on behalf of start-ups.
Singh made the remarks while addressing a "CEOs' Roundtable" at the 14th edition of Aero India at the Yelahanka Air Force station complex on the outskirts of Bengaluru.
The cap of Rs 10,000 on daily withdrawal has also been removed.
A Mumbai court on Tuesday rejected a bail plea of businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar and an accused in a money laundering case. He was arrested by the Enforcement Directorate (ED) in September under the Prevention of Money Laundering Act (PMLA) in the alleged ICICI Bank-Videocon money laundering case. Special PMLA judge P P Rajvaidya rejected the `regular' bail application of Deepak Kochhar, filed on merits of the case as against technical grounds.
In an otherwise agriculture- and public health-focused Union Budget 2018-19, artificial intelligence, machine learning, blockchain technology, internet of things -- jargons that found little or no mention in the previous Budgets -- managed to make their presence felt.
Political funding of elections has led to the rise in black money in the economy.
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
The government on Tuesday night announced that Rs 500 and Rs 1,000 will be no longer legal tender after November 8, midnight. Here are the details you need know
Yes Bank was the top loser in the Sensex pack, crashing 8.36 per cent, followed by NTPC, M&M, Vedanta, Sun Pharma and TCS, which lost up to 4.81 per cent lower.
The Association for Democratic Reforms slams the Budget proposals on political funding, says they lack teeth and show the "lack of political will" in proposing real reforms.
EPFO is also contemplating providing permanent or universal account number to it all active members by October this year.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
'The no-rate cut policy and preference to wait for the Budget and clarity on the fiscal front demonstrate RBI Governor Shaktikanta Das is maturing in his new role,' notes Tamal Bandyopadhyay.
KPH Dream Cricket Pvt Ltd, the owners and promoter of the IPL franchise Kings XI Punjab, has filed a criminal complaint against its title sponsor, NVD Solar Ltd and its officials, for "cheating and duping" them of around Rs 14 crore which they were supposed to pay it as per the contract.
Money saved is money earned, and cutting down your expenses could well be the single-most important step towards an organised financial life. Naval Goel shows you how to keep your finances organised.
The ED, early this year, also attached assets worth Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him.
Retirement fund body EPFO will provide permanent or universal account numbers on the pattern of core banking services to its over 5 crore active subscribers.
The Supreme Court on Monday said it would hear on July 20 a plea by Alt News co-founder Mohammed Zubair, seeking to quash FIRs lodged against him in Uttar Pradesh for allegedly outraging religious feelings, and directed that no precipitative steps be taken against him in the meantime.
Investors must withdraw funds, open a new trading account and transfer assets.
From compromised machines to mass email lists for spamming, electronically-transferring funds out of bank accounts to phishing attacks -- India's 100 million internet users have become prime targets for hackers across the globe.
India's cumbersome arms procurement procedures and a plodding Ministry of Defence bureaucracy have long been blamed for shortfalls in combat capability. Now there is another, more worrying, reason - a growing crisis of funds, magnified by the lack of tri-service coordination.
Move aimed at speeding up process, checking corruption in funds' transfer.
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
The maximum number of banks are from the US (74), followed by China (29) and South Korea (26).
According to the Reserve Bank of India's data, cash still accounts for 90 per cent of all monetary transactions in India.
The Reserve Bank of India has stated that banks cannot levy charges on paper-based transactions.
India's cumulative COVID-19 vaccination coverage was recorded at over 28.36 crore since January 16, according to the data from the Co-WIN portal.
Encore Software has entered into a strategic partnership with Datanet Systems Ltd to develop a unique application that will enable transfer of funds between two countries, using Encore's mobile, hand-held devices and Datanet's properietary smart-card
The high-level panel also asked the government to work towards re-orienting subsidies in a targeted manner from the crop sector to the non-crop sector and redesign the electronic National Agriculture Market.
Employees Provident Fund Organisation is likely to issue permanent account numbers to employees.
Electronic transactions are rising fast, so are cases of payment failure and delayed settlement. One needs to be proactive.
Challenges abound but innovation is key for new banks inorder to survive.
Watal panel had suggested an independent payments regulator be set up.
Timely payment under the MGNREGA is essential as it is a demand-driven scheme.
As long as the money has been 'paid or deposited in the previous year', an assessee should be eligible for tax relief, says Harsh Roongta.
'There has been a marked increase in four types of cases.' 'One is fraud related to online deliveries, online shopping and online groceries and liquor.' 'Second fake news, third hate speech and fourth sextortion.'
If you are new to investing andarenot sure how ademataccount worksoperates, here is everything you need to know aboutdemataccounts and what happens when you buy or sell shares online.
Continuing its probe into covert activities of Lashkar-e-Tayiba, the National Investigation Agency has arrested a man hailing Bihar in the national capital,
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