The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
The Bharatiya Janata Party's prime ministerial candidate Narendra Modi today promised to review and reform of the taxation system in the country, saying the existing structure is a burden on common man.
Even if RBI partially replaces the stock of the high value notes, RBI will have to incur thousands of crores of rupees in cost, say economists.
According to the IT department's complaint, Burman was holding foreign bank accounts but he had not disclosed about it in his income tax returns and there were undisclosed deposits in those two accounts.
Wants details of Vijay Mallya transactions over 4 years
Standard Chartered Bank is contemplating forming a subsidiary for its banking network and is scouting for acquisitions to grow its business in an effort to retain its status as the largest foreign bank in India.
A major criticism of the new law is that it can become an instrument of abuse as it confers the tax enforcement authorities with strong discretionary powers, says Paranjoy Guha Thakurta.
The size of the hole in today's banking crisis appears to be roughly 10 per cent of GDP.
Reserve Bank of India has slapped a penalty of Rs 500,000 on Citi Group for failing to comply with 'Know Your Customer' guidelines by letting fake stamp scam accused Abdul Karim Telgi and associates to open accounts with the foreign bank.\n\n\n\n
Foreign banking major HSBC plans to inject $180 million in India operations to support its growth in the country.
The government will soon come up with detailed guidelines for private banks including hike in the foreign holding from 49 to 74 per cent and allowing foreign banks to set up subsidiaries in the country.
The amount from securitisation has been utilised to repay rupee debt, saving significant interest costs for the company.
We will continue to grow at 25 per cent -- we can't handle more than that.
The country's largest private sector bank, ICICI Bank on Monday ruled out any acquisition abroad and said it would wait for another 2-4 weeks to decide on whether to revise the interest rates further.
After finishing six months in office, on Thursday, party president Amit Shah released a long list of the achievements of the National Democratic Alliance government. As expected, there was no mention of the Modi government's inability to push through promised reforms in several sectors, like land and health.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
Banks have reduced their base rate or the minimum lending rate in the range of 0.1-0.5 per cent till April 15.
The government is working out the modalities for enhancing foreign direct investment limit to at least 74 per cent in banks and assured it would have no impact on ownership control and regulation of the public sector banks.\n\n\n\n
Foreign banking major HSBC said on Thursday that it will decide on hiking its 14.6 per cent stake in UTI Bank after the government comes up with a policy on foreign direct investment and voting rights.
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
The Centre will disclose the list comprising over 600 names of the black money account holders on Wednesday after the Supreme Court slammed it for "giving a protective umbrella to foreign bank account holders". The court had said that Special Investigation Team will investigate black money and not the government.
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