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.
Officials asked what the point was in going through banks when the government has to give guarantees.
Most companies do not provide correct and complete information to the Registrar of Companies (ROC) and Sebi.
Image used for representational purpose only. Photograph: Jayanta Dey/Reuters The Congress also said demonetisation has come a full circle and added that the Rs 2,000 note was a "band-aid to cover up the foolish decision of demonetising" Rs 500 and Rs 1,000 notes.
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.
CoinSwitch has 7.21 times more cash holdings in rupees, compared to that held by its users on its platform.
'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
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.
The 39-year-old was arrested by the Enforcement Directorate from Ranchi after the agency conducted multi-city raids against him, Singhal, her businessman husband Abhishek Jha and others, on May 6.
State Bank of India (SBI) is willing to work with Russian banks not facing sanctions and remain on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to open a special rupee vostro account (SRVA) for invoicing in Indian currency. The country's largest lender in a statement said it has not been identified as the nodal bank for handling Russia-related transactions. In July, the Reserve Bank of India (RBI) allowed banks in India, including SBI, to open an SRVA to promote invoicing in Indian rupee, subject to certain safeguards. Accordingly, the bank in a statement said it is "making necessary arrangements and processing requests received from various banks, including Russian banks", following guidelines laid out by the RBI.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Speaking at a public function at Mangarh Dham in Rajasthan's Banswara, Gehlot said India has scripted history in the world as democracy in alive in the country even after more than 70 years since it achieved independence.
Theoretically, the currency with the public should expand in sync with the nominal income, which again moves in relation to the nominal growth rate of the economy. But the correlation breaks easily when other factors come into play, says Anup Roy.
It is a sea of men clad in veshtis with distinctive party colour border design seeking votes with a smile and folded hands for their party candidates. The town is abuzz, with electioneering at its peak, and teeming trendy cars criss-cross the busy roads and bylanes bringing in more and more leaders from elsewhere for campaign.
The court directed the NHSRCL to file a correction statement within a month to the effect that the TDS deducted by it while paying the compensation amount to Patil was not liable to be deducted.
The Pulwama widows have been protesting since February 28, demanding a change in rules so that their relatives and not just children can get government jobs on compassionate grounds.
'It's a clear case of political patronage helping an individual grow.'
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
The National Company Law Tribunal (NCLT) on Wednesday admitted Go First's voluntary plea to initiate the insolvency resolution process against the airline. A two-member bench comprising President Justice Ramalingam Sudhakar and L N Gupta also appointed Abhliash Lal as interim resolution professional (IRP) to run the debt-ridden company. It has also put the company under protection of moratorium and directed the suspended board of directors to assist the IRP to run the company during insolvency proceedings.
Kavitha has spent around 18-19 hours at the ED headquarters in central Delhi during her two appearances on March 11 and March 20.
The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. "Caution is the word that should be in the minds of the people dealing with crypto. "In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said.
While investing in PPF, investors must remember to put in the money at the right time to maximise the return they earn from it.
Most of the candidates of the All India Majlis-e-Ittehadul Muslimeen have not been able to cross the 5,000-mark in the Uttar Pradesh assembly elections, according to poll trends on Thursday.
A court in Mumbai on Monday rejected the anticipatory bail application of Maharashtra BJP leader Kirit Somaiya in a case pertaining to alleged misappropriation of over Rs 57 crore funds collected to save aircraft carrier INS Vikrant.
The Supreme Court will hear on October 12 a batch of pleas challenging the Centre's 2016 decision to demonetise currency notes of denomination Rs 500 and Rs 1000.
Having issued over 21 lakh cards since lifting of curbs last year, the country's largest private sector lender HDFC Bank is planning to launch a slew of digital initiatives over the next few quarters, a top official said. The Reserve Bank had barred HDFC Bank from issuing new credit cards following incidents of outages in the lender's internet banking /mobile banking/ payment utilities over the previous two years. The curbs were partially lifted after eight months in August last year. Finally, in March 2022, the RBI lifted all restrictions placed on the bank, including digital launches.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
Only 20 per cent of the nearly 50,000 licenced arms existing in Assam have been deposited so far with authorities in the run up to the three-phased Lok Sabha elections in the state.
The unexpected interest rate hike by the RBI on Wednesday will have the banking system on average making a 10-15 bps gains on the yields, with private banks making larger gains as 57 per cent of their loans are linked to external benchmark rate and 40 per cent to the marginal cost of lending rates, as per a report. Stating that lenders and borrowers will face volatile times with the Reserve Bank raising the repo rate by 40 bps to 4.40 per cent and the cash reserve ratio (CRR) by 50 bps on May 4 in an off-cycle policy move, India Ratings said the market rates had already been moving higher before the move. The 364-day T-bills have moved up 120 bps and 10-year G-sec by 140 bps since May 2020, when the repo rate was cut to a record 4 per cent, which led to an expectation of a faster and sharper rise in interest rates in the system but the central bank stayed the course to support the fragile economy battered by the pandemic.
'The corruption charges in FCI are not the first and won't be the last.'
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.
The Supreme Court on Wednesday asked a special court in Ghaziabad, which has summoned journalist Rana Ayyub in a money laundering case lodged by the Enforcement Directorate (ED), to adjourn the proceedings scheduled for January 27 to a date after January 31.
'Negotiate a longer agreement with the escalation clause fixed now.' 'This will enable you to control future cost increases.'
Banks and friendly neighbourhood jewellers can serve as good channels to provide liquidity for gold deposits with built-in incentives for them, suggests Harsh Roongta.
The anti-encroachment drive by Jammu and Kashmir administration intensified on Saturday as the land illegally occupied by 'influential persons' was retrieved at many places in the valley, officials said.
The top court said in order to declare whether the exercise is academic or infructuous, it needs to examine the matter since both sides are not agreeable.
Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as 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) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual.
'No Aakash, nothing is lost in translation. In your 12-minute video, you have called me an agenda peddler because it didn't suit your narrative.'
There will be different ways of returning the money, depending on the profile of the depositors and the amount, predicts Tamal Bandyopadhyay.
The Delhi high court on Wednesday dismissed a bail plea by Avantha Group promoter Gautam Thapar in a Rs 500-crore money laundering case lodged by the Enforcement Directorate (ED). Justice Manoj Kumar Ohri denied the relief to Thapar, who was arrested under the Prevention of Money Laundering Act (PMLA) on August 3, 2021, after the agency carried out raids against him and his linked businesses in Delhi and Mumbai. The detailed order of the high court is awaited.
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