To give an impetus to 'Digital India', Prime Minister Narendra Modi had in 2015 announced the smart city mission. The primary objective of the government was to develop 100 smart cities within five years. While the first crop of smart cities was to have been ready by later this year, others were to be developed by 2022-23. But India seems to be falling behind on the timeline.
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?
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
The finance ministry on Monday said it will transfer Rs 6,000 crore as the second tranche of GST compensation shortfall to 16 states and 3 Union Territories -- including Maharashtra, Bihar, Assam, Puducherry and Delhi. The Centre had on October 23 transferred Rs 6,000 crore to 16 states and 2 UTs of Delhi and Jammu and Kashmir. In the second tranche of transfer, Union Territory of Puducherry has been included.
rediffGURU Hemant Bokil answers your personal finance queries
He said Shinde has already made it clear his faction is not interested in staking claim to the Shiv Sena Bhavan or any property linked to the Thackeray group.
All schemes from Ladli Laxmi' to others being run by the previous government will continue and funds will be transferred to beneficiaries' accounts on the due date, Yadav said.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
A new strategy of 'layering' through gold and diamond trade has come to light at Swiss banks to thwart any attempt for identification of real beneficiary owners of funds entrusted with them.
Twenty-four deaths, including that of 12 infants, have been reported in the last 24 hours in a government hospital in Nanded, a top Maharashtra health official said on Monday.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
Barcelona agreed to pay a fine of 5.5 million euros ($6.21 million) to the Spanish authorities to settle a tax fraud case over the transfer of Brazil international Neymar in 2013.
These facilities can only be used for transferring money within the country.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
Citibank has introduced a new scheme, which will enable its account holders to transfer funds from a Citibank account in the United States to a rupee checking account in India using its online service or ATMs.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
The State Bank of India (SBI) on Wednesday told the Supreme Court that a total of 22,217 electoral bonds were purchased by donors between April 1, 2019 and February 15 this year, out of which 22,030 were redeemed by political parties.
NIA says he has also given the names of overseas Hizbul Mujahideen members involved in fund-raising for the terror outfit.
The agency alleged that Shahid is "one of several Indian contacts of Bhat" who have been in telephonic contact with him to receive the money transfer codes.
Airline told to transfer non-core assets, subsidiaries to special purpose vehicle
The assertion comes in the wake of the Supreme Court directing the SBI to submit the details of the electoral bonds purchased since April 12, 2019 to the EC.
Crucial reforms in Muslim personal law, especially laws related to inheritance and adoption, need to be initiated forthwith; historically speaking, without the State's backing, hardly has any reform taken place or allowed to prevail, asserts Mohammad Sajjad.
The Delhi High Court Tuesday restrained the Enforcement Directorate from taking any further action pursuant to the attachment of Amnesty International India's funds in connection with a money laundering case.
The senior counsel appearing for the former MP claimed she was being "hounded", and information on issuance of summons to her by the agency was published by the media even before she received it.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
West Bengal Chief Minister Mamata Banerjee on Saturday accused NIA officials of attacking villagers in Purba Medinipur district, the BJP hit back at her saying that the attack on the NIA officials is Sandeshkhalli 2.0 orchestrated by the state.
The sanction of Rs 8 lakh from Maharashtra Chief Minister's Relief Fund for a dance troupe's visit to Thailand has sparked a row with the opposition questioning the BJP-led government's "priorities" at a time when the state is reeling under severe drought.
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
Concerned over the growing transfer of resources from the poor to rich countries, India has said creation of an economic and financial environment conducive to development is the need of the hour.
India is expected to be the top recipient of remittances in 2023 as inflows increase 12.4 per cent to $125 billion, said a World Bank report on Tuesday. Mexico will come next by receiving $67 billion and China will follow it at $50 billion. The key drivers for remittance growth in 2023 are a tight labour market in the United States, high employment growth in Europe reflecting extensive leveraging of worker retention programs, and a dampening of inflation in high-income countries. India's growth in remittances is expected to halve to 12.4 per cent in 2023 from a historic peak of 24.4 per cent in 2022.
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary.
Wedding.con is a watchable show, if only to caution people about the latest scams, notes Deepa Gahlot.
'If equities perform well in a year, withdraw money from equities. If the equity market is down, shift withdrawal to the debt portion.'
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
Three Euro MPs want the European Union to probe Gareth Bale's 100 million euros ($111.25 million) move from Tottenham Hotspur to Real Madrid in 2013, according to media reports.
Union finance secretary T V Somanathan recently said the Centre had saved Rs 10,000 crore in FY22 on interest payments after adopting new accounting mechanisms for central government agencies and centrally sponsored schemes (CSS) for state governments. Speaking at an event, Somanathan said due to these, there was an unspent balance of Rs 1.2 trillion with state agencies from CSS as on March 31, 2022. This means this amount will be reduced from the Centre's borrowing for now and it can be considered a short-term saving for the exchequer.
P2P platforms do not have the safety net. Instead of playing the role of an intermediary, if they run their own balance sheets for safety and growth, it's a recipe for disaster, warns Tamal Bandyopadhyay.
Al Hilal, managed by Portuguese coach Jorge Jesus, play Al Fayha on Saturday with Neymar expected to wear the number 10 shirt.
The decision to transfer the funds was taken after reviewing the cash position, the RBI said. It may be recalled that the outstanding borrowing of the government from the RBI was Rs 40,412 crore. This was more than the limit of Rs 20,000 crore set under the agreement for ways and means advances. After the transfer, the government is now back within the WMA limit of Rs 20,000 crore.
