Rising prices of cereals and concerns over rice production in the 2023-2024 crop year due to insufficient rains followed by floods could be the possible causes.
The CBI has booked seven suspected punters in connection with two separate cases related to alleged fixing of matches in IPL 2019 "based on inputs" from Pakistan, officials said on Saturday.
Retail depositors are earning negative returns on their bank deposits and hence, there is a need for reviewing taxes on interest earned, economists at the country's largest lender SBI have said. If not for all the depositors, the taxation review should be carried out for at least the deposits made by senior citizens who depend on the interest for their daily needs, the economists led by Soumya Kanti Ghosh said in a note, which pegged the overall retail deposits in the system at Rs 102 lakh crore. At present, banks deduct tax at source at the time of crediting interest income of over Rs 40,000 for all the depositors, while for senior citizens the taxes set-in if the income exceeds Rs 50,000 per year.
The situation could worsen if weather predictions of more rain in the capital and upper catchment areas come true.
rivals Congress, JMM and TMC and Samajwadi Party.
Justice Dangre noted that the allegations against the BJP leader and his son were "unsubstantiated."
Prime Minister Narendra Modi, who is in the United States for a three-day state visit, has gifted an eco-friendly lab-grown 7.5 carat diamond, placed in Kashmir's exquisite Papier mache box, to First Lady Jill Biden.
Zimbabwe batsman Brendan Taylor is facing a ban from the International Cricket Council (ICC) after admitting he received a $15,000 "deposit" for spot-fixing, though he said he was blackmailed and never went through with the arrangement.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
Launching a scathing attack on Prime Minister Narendra Modi, Opposition parties on Wednesday alleged that selective leak of information on demonetisation of 500 and 1000 rupee notes to 'friends of BJP' and demanded making public the names of those who had bought gold and foreign exchange of over Rs 1 crore since April.
Chief Minister Siddaramaiah after a Cabinet meeting here on Wednesday said that the government has decided to go for open market tender to procure rice, whose process will start from Thursday.
Rashtriya Janata Dal chief Lalu Prasad was fined Rs 6,000 by a court in Jharkhand's Palamu district on Wednesday for violating the model code of conduct during the 2009 assembly elections in the state.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
Concerned over inflationary pressures in the economy, the Reserve Bank of India (RBI) is bringing down surplus liquidity in the system rapidly. It has fallen to pre-Covid levels and almost 2 per cent of banks' net demand and time liabilities (NDTL). NDTL shows the difference between the sum of demand and time liabilities (deposits) of a bank (with the public or the other bank) and the deposits in the form of assets held by the other bank.
Lakhs of employees of public sector banks continued their strike on the second day on Friday as well to protest against proposed privatisation of banks by the government impacting normal operation across the country. Shutters of branches across many parts of the country on Friday were down following the strike call given by the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW). As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals remains paralaysed due to the two-day strike ending later in the day.
The hotelier from Panchmarhi, during his deposition in the court of Special NIA Judge PR Sitre, denied making any statement to the probe agencies, said special public prosecutor Avinash Rasal.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
In a relief to savers, the government on Wednesday kept interest rates on small savings schemes, including NSC and PPF, unchanged for the second quarter of 2021-22 amid the COVID-19 pandemic. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.1 per cent and 6.8 per cent, respectively, in the second quarter as well. "The rates of interest on various small savings schemes for the second quarter of the financial year 2021-22 starting from July 1, 2021, and ending on September 30, 2021, shall remain unchanged from the current rates applicable for the first quarter (April 1, 2021 to June 30, 2021) for FY 2021-22," the finance ministry said in a notification.
Former Delhi deputy chief minister Manish Sisodia 'conspired' with others to frame a faulty excise policy in order to generate kickbacks and proceeds of crime to the tune of more than Rs 290 crore, the Enforcement Directorate (ED) alleged before a court in New Delhi on Friday.
Khan will be presented before the accountability court on Wednesday, a NAB source was quoted as saying by the Dawn newspaper.
'If we want faster growth and want greater flow of credit towards the private sector, it's important to have many more of such large entities.'
'We have to think of the repercussions if public sector banks are privatised and if they go to foreign hands.'
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
Gianiji had crafted his moves with the meticulous planning of a chess grandmaster. He did not know whether a checkmate was feasible, as his time was running out, but he wanted Rajiv Gandhi to smell the fear of loss. A fascinating excerpt from K C Singh's The Indian President: An Insider's Account of the Zail Singh Years.
This would be India's largest crowd-funded programme to help patients with a particular disease.
The Bombay high court on Tuesday dismissed a public interest litigation seeking a disproportionate assets case against former Maharashtra chief minister Uddhav Thackeray and his family, observing that it sought a "roving enquiry".
The Securities and Exchange Board of India (Sebi) has proposed measures mandating daily upstreaming of all investor funds from stockbrokers to clearing corporations (CCs). The step, aimed at reducing risk on client funds, will further deplete brokers' revenues as they will lose interest income with transfers being done daily. At present, stockbrokers convert the surplus funds into bank guarantees (BG) or fixed deposit (FD) receipts which earns them extra income.
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.
TMFs invest in a public index, so investors know beforehand which instruments the fund will invest in.
Former Karnataka Chief Minister Jagadish Shettar -- contesting on a Congress ticket hoping to reclaim his lost self-respect-- still has photos of Prime Minister Narendra Modi and Union Home Minister Amit Shah hanging on a wall in his home-office and says it is not good to remove them.
Bombay Oxygen Investments Ltd shares have been witnessing a particularly sharp rally for many days now and have more than doubled from about Rs 10,000 level seen in March-end and the market watchers feel the only reason for this kind of stupendous rally is the name of the company.
Private banks are assumed to be more efficient at intermediating between depositors and investors.
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
Finance Minister Nirmala Sitharaman on Thursday said the government will roll back a steep interest rate cut on small saving schemes such as PPF and NSC -- saying it was an oversight, a move being seen as an attempt by the ruling Bharatiya Janata Party to contain the fallout of a decision hitting the common man in the ongoing elections in West Bengal, Assam and three other states.
Grover had said a summons was issued by the special court in Ghaziabad against Ayyub for January 27 and therefore the matter be listed urgently.
The Supreme Court on Tuesday agreed to hear the petition of journalist Rana Ayyub challenging the summons issued to her by a special Prevention of Money Laundering Act (PMLA) court in Ghaziabad in a money laundering case lodged against her by the Enforcement Directorate (ED).
The new Companies Act that came in to force qualified the money mobilised by jewellery companies as deposits and as a result they had to discontinue such schemes.
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