ITRs with zero tax liability have increased to 55.7 million in FY25.
AI isn't a magic wand. It works best when combined with good systems, informed investors, and skilled advisors, says Amit Suri.
The Reserve Bank of India (RBI) on Wednesday released draft guidelines for streamlining the onboarding and monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated through the ecosystem. Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines.
ZEE Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India on Tuesday said they have settled their six-month-long dispute related to the failed $10-billion merger and have agreed to withdraw all claims against each other. As part of the "comprehensive non-cash settlement" between ZEEL and Culver Max Entertainment Pvt Ltd (CMEPL), both "have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the SIAC and all related legal proceedings initiated in the NCLT and other forums," said a joint statement.
Providing the much-needed relief to the common man, banks have been asked by the regulator not to charge any fee for cash withdrawals using ATM and debit cards issued by other banks from April 1. However, banks can still charge extra for services such as cash withdrawal with the use of credit cards and at ATMs located outside India.
Reserve Bank on Friday decided to cut Cash Reserve Ratio (CRR) by a huge 1 per cent, which will unlock Rs 2.5 lakh crore liquidity to the banking system for lending to productive sectors of the economy. With the reduction in four equal tranches ending November 29, 2025, the CRR would come down to 3 per cent.
In a big relief to people and small businesses, the Reserve Bank of India on Monday announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts but the weekly limit of Rs 24,000 on savings bank accounts will continue.
In the last 11 years, India and the world witnessed what he stood for, what he promised and did not deliver, and what he actually stood for and practised without fearing how history would judge him. Modi's tenure has been punctuated with headline-grabbing decisions, symbolic gestures, and stage-managed moments that continue to define his leadership and India's politics, points out Ramesh Menon.
Travel is about making memories, experiencing the unknown, and engaging in new experiences -- not worrying about fluctuating exchange rates or hidden expenditures. With a little planning and a proactive approach to handling your foreign exchange, you can reduce financial stress and enjoy your trip, suggests Pavan Kavad.
The Reserve Bank of India has allowed withdrawal of cash from point-of-sale terminals, where customers swipe their credit or debit cards to pay for purchases. Noting that the use of debit cards has been steadily increasing, an RBI circular today said withdrawal of cash up to Rs 1,000 per day through debit cards issued in India was now being permitted. At present, customers are only allowed to withdraw cash at ATMs.
The fear of losing purchasing power due to inflation and low-interest rates has led many to explore safe alternatives to fixed deposits with high returns
Conservative investors seeking equity-like tax benefits with low risk may go for them.
The systematic withdrawal plan stands out as a superior option, providing steady income despite market fluctuations and inflation, says Ramalingam Kalirajan.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
The Allahabad High Court Bar Association has begun an indefinite strike to protest the proposed transfer of Delhi HC judge Yashwant Varma, who is under investigation after a large amount of cash was found at his residence. The Oudh Bar Association (OBA) of the Lucknow bench of the High Court has also condemned the transfer, calling for impeachment proceedings against Justice Varma. Both bar associations are concerned about the impact on public faith in the judiciary and have called for a reconsideration of the transfer decision.
Saurav Ghosh's step-by-step guide will help you understand what bonds are, how they help investors make money, how much money they make and which bonds to invest in.
For withdrawals through cheque, the weekly cap has been hiked to Rs 24,000 from Rs 20,000
Banks have also been asked to keep records of all disbursals and drawers will have to submit a list person to whom payments will be made out of the funds
For the urban population, recalibration of ATMs has already started and they will start dispensing the new Rs 2,000 currency notes from Monday or Tuesday.
rediffGURU Ulhas Joshi answers your personal finance and mutual fund queries.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
The Supreme Court of India has criticized the Enforcement Directorate (ED) for focusing solely on its own fundamental rights while pursuing a money laundering case related to the Nagrik Apurti Nigam (NAN) scam in Chhattisgarh. The court questioned the agency's attempt to transfer the case to New Delhi, noting that the agency's petition under Article 32 of the Constitution is typically reserved for individuals seeking redressal for fundamental rights violations.
Opposition parties including Congress and Trinamool Congress on Wednesday joined ranks to slam the government for continuing restrictions on cash withdrawal from banks even after 90 days of demonetisation, saying Prime Minister Narendra Modi had said that hardships will last only 50 days.
The charges would apply to savings as well as salary accounts
'The rise in SIP contributions has created a pool of long-term MF assets that can be pledged for loans.'
National Conference (NC) president Farooq Abdullah did not appear before the Enforcement Directorate (ED) on Thursday for questioning in a money laundering case, official sources said.
Currently, deposits of up to Rs 5 lakh are covered under the deposit-insurance scheme.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
As the PSL coincided with the Indian Premier League (IPL) this season, Bosch opted out of the PSL, leading the PCB to issue him a legal notice for an alleged contract violation.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
'If supply of cash is not sufficient from the RBI, it may create difficulty for both banks and people.'
The banks, however, will have the freedom to fix charges for withdrawal of cash from ATMs through credit cards and from ATMs abroad. The guidelines on free ATM use, which were released by the Reserve Bank of India in March last year, were issued in pursuance of the approach paper on ATM charges brought out by RBI in December 2007. It also included abolishing the fee on cash withdrawal from ATMs from April 1, 2009.
The Rs 2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5 per cent estimated by the RBI, a report said on Monday. The real GDP growth for the first quarter of FY24 will come at 8.1 per cent with an upward bias and the Reserve Bank of India's 6.5 per cent estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect Q1 FY24 GDP growth at 8.1 per cent with an upward bias due to the impact of Rs 2000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5 per cent, basis the RBI estimate," a note said.
A regional bank in Japan today started operating ATMs for cash withdrawals, deposits and balance inquiries that do not require plastic cards but instead identify account holders by scanning their hands.
Lee Jae-myung's decisive victory in South Korea's snap presidential election marks a major political shift driven by public backlash against authoritarian, with significant implications for domestic reform and the future of the US-South Korea alliance, observes Dr Rajaram Panda.
It is thus advisable to opt for a personal loan as, the interest charged on such loans are far less.
A task force will speed up the recalibration of 200,000 ATMs so these can dispense the new Rs 2,000 notes.
