State-owned banks have received guidance from the government to close Jan Dhan accounts whose beneficiaries are unwilling to keep them active, amid rising instances of such accounts being misused by fraudsters as mule accounts to defraud people, people aware of the development said.
The government on Wednesday cut interest rates on small savings schemes, including NSC and PPF, by up to 1.1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks. Interest rate on Public Provident Fund (PPF) has been reduced by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) will now earn 0.9 per cent less at 5.9 per cent. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on various small savings schemes for the first quarter of the financial year 2021-22 starting from April 1 has been revised, the finance ministry said in a notification.
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
The Lok Sabha on Tuesday passed the Finance Bill 2025, along with 35 government amendments, including one that abolishes a 6 per cent digital tax on online advertisements.
'The next decade will be even more transformative,' says Prime Minister Modi. 'We are moving from digital governance to global digital leadership.'
Interest rate on Public Provident Fund scheme was cut to 8.1%.
They don't just want better returns -- they're looking for global opportunities, more variety and smarter ways to grow their money, says Soubho Moulik, CEO, Appreciate.
With the reduction, term deposits of 1-3 years will now fetch an interest rate of 5.5 per cent from the existing 6.9 per cent.
ICC is mulling a dedicated fund of at least US$ 15 million for Test cricket that will help increase the players' match fee and address the migration of talent to T20 leagues.
'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
>The Indian Army still uses old British-era names and recruits soldiers based on caste or region, which hurts national unity, argues Colonel K Thammayya Udupa (retd).
Here are some tips for salaried class to reduce their tax burden as the financial year is nearing its close come March 31.
The interplay between domestic and foreign capital will shape India's equity markets.
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
Prime Minister Narendra Modi asserted on Tuesday that India's water will no longer flow outside the country but will be utilized in the nation's interest, a statement seemingly directed at Pakistan following his government's decision to put the Indus Waters Treaty in abeyance after the Pahalgam terror attack. Addressing the ABP Network's 'India@2047' Summit, Modi emphasized his government's focus on interlinking rivers, noting that water used to be a source of conflict among states, before alluding to India's stance against Pakistan while discussing water. He highlighted the finalization of the India-UK free trade agreement as a historic milestone and underscored the importance of prioritizing national interest for achieving objectives and realizing the country's potential. Modi highlighted the country's growth and development under his government's rule, emphasizing its focus on welfare schemes and digitalization. He reiterated his government's commitment to 'Nation First' and pointed to the recent reforms undertaken, including the new Waqf law and the ban on triple talaq, which he said were aimed at benefiting the marginalized sections of society.
'Decide on an asset allocation you are comfortable with and stick to it for the long term.'
Former Indian Prime Minister Manmohan Singh accused his successor, Narendra Modi, of lowering the dignity of public discourse and the gravity of the office of the prime minister by giving "hateful speeches" during the 2024 Lok Sabha election campaign. In an appeal to voters of Punjab ahead of the seventh phase of Lok Sabha polls, Singh asserted that only the Congress can ensure a growth-oriented progressive future where democracy and the Constitution will be safeguarded.
Asim Munir and his brand of short-sighted army officers give no inkling of paying heed, changing course or learning lessons from the past, observes Rana Banerji, who headed the Pakistan desk at RA&W.
Investors looking for a fixed-income product that is free of credit risk may invest in these bonds.
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
But to avail the benefit of this new tax-saving scheme you will need to ask your employer to make some changes to your CTC package.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.
Sinha, who is steering Sebi efforts to tackle the ponzi menace, said that in regions like West Bengal and North East -- where penetration of banking services is low -- have seen a larger number of people getting trapped in illegal money pooling schemes that promise high returns.
The withdrawal right is hemmed by many conditions.
Prime Minister Narendra Modi has lauded the Union Budget as a "people's budget" that fulfills the dreams of every Indian and said that it is a "force-multiplier" that will boost consumption, investment and growth. He highlighted a host of measures for different sectors, including welfare initiatives for gig workers, tax relief for the middle class, and support for the manufacturing sector.
'We don't know which bus is coming next. I know for sure whatever bus comes next, it will miss that too.'
Bharatiya Janata Party on Thursday issued a three-line whip to all of its Lok Sabha MPs asking them to be present in the House for the passing of the Union Budget 2025-26.
Prime Minister Narendra Modi on Monday said that Chief Minister Ashok Gehlot has already 'accepted defeat' by requesting him not to stop schemes initiated by the Congress in Rajasthan, and gave a guarantee that the Bharatiya Janata Party will not stop any scheme but only try to improve it.
The Supreme Court of India has transferred a Public Interest Litigation (PIL) concerning the safety and longevity of bridges in Bihar to the Patna High Court. The court expressed concern over the state government's handling of bridge collapses, noting that officials were suspended after incidents but reinstated after the public outcry subsided. The court also criticized the state's voluminous response to the PIL, which lacked explanations for the collapses. The Patna High Court will now monitor the state's efforts to ensure structural and safety audits of bridges in Bihar.
Investors should avoid making drastic changes to their asset allocation during a market correction.
After declining to a three-year low in FY24, the private sector investment is expected to fall further in the current financial year, India Ratings said in a research note.. The investments in the private sector are likely to plummet to below 11 per cent of the GDP in FY25, based on the trends from the latest national accounts data and company fillings, it noted.
An accurate early warning system that correlates rainfall and the potential for landslides. That is the imperative, say experts as rains create havoc in hills across India and the toll mounts in Kerala's Wayanad slopes where landslides buried entire homesteads and possibly hundreds of people.
'Women' as a political constituency appears to be an idea that has come of age. It is changing India in ways that we only dimly understand, asserts Aditi Phadnis.
Buying makes sense for those planning to stay in a city for at least 7 to 10 years. Financial preparedness is crucial.
"The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household consumption, savings and investment," Sitharaman said presenting what was dubbed as 'reformist' budget for the next fiscal in Lok Sabha.
A simple primer on how much money taxpayers can save under various sections of the Income Tax Act.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
'No retaliatory tariffs now. You can retaliate after a few months.' 'Today, there is no need to retaliate because it is a question of long term benefits.'
Indian drugmakers supply 47 per cent of the generic medicine requirements in the US, and tariffs would have increased prices in the US domestic market for patients, who are already dealing with drug shortages.
