The RBI notification said there is no change in weekly withdrawal limits and such disbursals should predominantly be in the denomination of Rs 500
Investors looking for a fixed-income product that is free of credit risk may invest in these bonds.
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
Now, more than 60 per cent of depositors of the bank will be able to withdraw their entire account balance.
The finance ministry is likely to tone down some of the provisions of Fringe Benefit Tax and moderate the conditionalities for Banking Cash Transaction Tax proposed in the Budget.
This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23. Since then as many as nine depositors have lost their lives including a 74-year-old man from Thane on Monday.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Systematic Withdrawal Plan, or SWP, can help you achieve your financial goals. Ramalingam Kalirajan's step-by-step guide on how to effectively use an SWP.
Finance Minister P Chidambaram may hike limit on withdrawal of cash for tax; correct Fringe Benefit Tax anomaly.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The injured troopers of 50 RR were immediately evacuated to the local hospital at Pampore where one soldier succumbed while the other was referred by attending doctors to the army base hospital in Srinagar for specialised treatment. The two RR jawans were part of a road opening party," the officer said.
A man was in for a pleasant surprise when he tried to withdraw Rs 500 from an ATM, but got five currency notes of Rs 500 denomination from the cash dispenser in Maharashtra's Nagpur district.
Banks have reported that banknotes worth Rs 592,613 crore have been issued to the public.
'The impact of CBDC on deposits and deposit insurance is largely unknown.'
At Rs 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016.
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy's dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash - called the central bank digital currency (CBDC) - on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
rediffGURU T S Khurana answers readers' personal income tax queries.
Do you have parents who have turned 60? You may want to forward Sarbajeet K Sen's suggestions to them.
When investing in fixed-income products, balancing considerations like safety, liquidity, and income is essential.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
For the cooperation ministry, the government made a total budget outlay of Rs 1,150.38 crore for 2023-24, lower than the revised estimate of Rs 1,624.74 crore for 2022-23.
IMF said the repercussions from India's currency exchange initiative will likely persist through the first quarter of 2017.
A bench headed by Chief Justice of India Ranjan Gogoi said, "We are not inclined to entertain this petition under Article 32 (writ jurisdiction). Petitioner can approach the high court concerned for appropriate relief."
'The RBI is not releasing Rs 2,000 notes for the last 10 days; probably they have stopped printing it.'
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
Cyclonic storm Fengal has commenced making landfall close to Puducherry and it may approximately take 4 hours for it to cross the coast completely, an India Meteorological Department (IMD) official said. The process of the cyclone's landfall commenced at about 5.30 pm on November 30. The IMD said the forward sector of spiral bands associated with the cyclone has entered into the land and is likely to move west-southwestwards and cross north Tamil Nadu-Puducherry coasts between Karaikal and Mahabalipuram close to Puducherry as a cyclonic storm with a wind speed of 70-80 kmph gusting to 90 kmph during next 3 to 4 hours.
The chaos and fear created by the deadly protests remained. Gangs of criminals have been looting and robbing homes in the absence of law enforcers over the last two days.
'Investors may have made money in mid and smallcaps due to market momentum, but now they need to focus on fundamentals.'
When the subscriber reaches superannuation or the age of 60, 60 per cent of the total corpus accumulated in NPS can be withdrawn as a lump sum.
Following are the highlights of the RBI's first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das: Policy repo rate unchanged at 4%; marginal standing facility rate & bank rate too remain unchanged at 4.25%. Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target. GDP growth projection for FY'23 slashed to 7.2% from 7.8%; growth projections based on assumption of crude oil (Indian basket) price at $100 a barrel during FY'23. Inflation forecast hiked to 5.7% for FY'23 from 4.5%.
The cap of Rs 10,000 on daily withdrawal has also been removed.
rediffGURU Ulhas Joshi answers your personal finance and mutual fund queries
In view of the rising number of mobile and internet banking users, the Reserve Bank of India (RBI) has proposed to tighten norms related to the liquidity coverage ratio (LCR) by increasing the run-off factor for retail deposits. "Banking has undergone rapid transformation in recent years. "While increased usage of technology has facilitated the ability to make instantaneous bank transfers and withdrawals, it has also led to a concomitant increase in risks, requiring proactive management," the RBI said in the draft guidelines released on Thursday.
>According to the latest RBI data, PPF receipts have already experienced a decline between April 2023 and February 2024. Other schemes like the Sukanya Samriddhi Account and National Savings Certificate are also witnessing reduced inflows.
FM Arun Jaitley says I-T dept's capacity to access information and apply technology driven analytical tools to expose evasion has been enhanced
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances