rediffGURU T S Khurana answers readers' personal income tax queries.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
State-owned Engineers India and MECON as well as four private entities are in the fray for the project to comprehensively revamp RBI's currency management infrastructure in order to cater to future cash needs of the country's fast growing economy. The four private entities are: Accenture Solutions; Colliers International (India) Property Services; PricewaterhouseCoopers and The Boston Consulting Group (India).
Moody's Ratings on Tuesday said India has a lower overall exposure to the US relative to others in the APAC region, although certain sectors such as food, textiles and pharmaceutical products face risks. Moody's said most companies in its rated portfolio are domestic-focused with limited exposure to the US market.
India has served a formal notice to Pakistan seeking a review of the Indus Water Treaty, arguing that 'fundamental and unforeseen' changes in the circumstances require a reassessment of the pact.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
The Reserve Bank Officers Cooperative Credit Society, which caters to the credit needs of RBI officers posted all over India, has a fixed deposit of Rs 105 crore in the bank on which the RBI has placed various curbs for six months following revelations of irregularities.
A Belgian court has declined the bail plea of Mehul Choksi, a key accused in the Rs 13,500 crore Punjab National Bank (PNB) loan fraud case.
Given the strong interest among rich Indians to settle abroad, the Dubai-based company has opened a full-fledged office in New Delhi and plans to follow it up soon with an office in Mumbai and then a few in central and southern parts of the country.
Given the strong interest among rich Indians to settle abroad, the Dubai-based company has opened a full-fledged office in New Delhi and plans to follow it up soon with an office in Mumbai and then a few in central and southern parts of the country.
Cooperatives have demanded the abolishment of income tax on theirs as well as the state cooperative banks' earnings failing which they would resort to agitations across the country.
'India's letter to Pakistan on April 24 (2025; two days after the Pahalgam terrorist attack) didn't tear up the treaty -- but it did put it on ice.'
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
Paving the way for takeover of crisis-ridden Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India on Friday granted in-principle approval to the Centrum Financial Services to set up a small finance bank. Centrum Financial Services was one of the applicants for takeover of the PMC Bank. "This 'in-principle' approval has been accorded in specific pursuance to the Centrum Financial Services Limited's offer dated February 1, 2021, in response to the expression of interest notification (November 3, 2020) published by the PMC Bank Ltd," the RBI said in a statement.
There will be different ways of returning the money, depending on the profile of the depositors and the amount, predicts Tamal Bandyopadhyay.
Do not keep a large portion of your long-term portfolio in FDs.
He also said a total of Rs 38.75 crore, deposited by people in the Karavannur Cooperative bank in this district, which is now facing charges, had already been returned.
The rift between the Congress Party and Nationalist Congress Party seems to have found a new battleground Maharashtra State Cooperative (MSC) Bank.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
He is expected to be produced before a special Prevention of Money Laundering Act court on Saturday where the ED will seek his remand for custodial interrogation.
'Clearly, the depositors of cooperative banks need the maximum protection.'
World leaders, including US President Donald Trump, Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu, condemned the terror attack in Jammu and Kashmir that killed 26 people, expressing solidarity with India. The attack was claimed by The Resistance Front (TRF), a proxy of the Pakistan-based Lashkar-e-Taiba (LeT) terrorist group. The attack came during US Vice President J D Vance's maiden visit to India. Prime Minister Modi, who had arrived in Saudi Arabia on a two-day visit earlier in the day, cut short his visit and departed for New Delhi on Tuesday night following the attack.
Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said regulations should not create unintended barriers to financial inclusion while emphasising that the impact of regulations on individuals and businesses should be considered.
In the aftermath of the PMC Bank mess which was in the RBI's highest rating of 'A' category, trustworthiness of these ratings may be up for a review.
A 39-year-old software engineer in Bengaluru lost Rs 11.8 crore to fraudsters who impersonated police officials and claimed his Aadhaar card was being misused for money laundering. The victim was threatened with "digital arrest" and tricked into transferring money to various bank accounts over a period of time, believing his family would be arrested if he didn't comply. The fraud occurred between November 25 and December 12, and police have registered a case under the IT Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS) for cheating and cheating by impersonation. Further investigation is underway.
The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
Oracle introduced on Thursday complete and affordable IT solutions for the cooperative banks in the country.
Kurumbur in gold-loving Tamil Nadu was once a thriving centre for goldsmiths. Today their number is down to two.
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
India on Monday asserted that its friendly ties with the Maldives will continue as Prime Minister Narendra Modi and President Mohamed Muizzu unveiled a blueprint for comprehensive economic and maritime cooperation, signalling a reset of the relationship that had hit a rough patch last year due to anti-New Delhi rhetoric.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Arivandakshan's arrest is the first of a political person in the alleged scam in which several political functionaries of the CPM are under scanner, they said.
Leaders from around the world extended their greetings to India on its 76th Republic Day, emphasizing the importance of bilateral relations and expressing hope for a stronger future. The Indian diaspora across the globe celebrated the occasion with enthusiasm at Indian missions abroad, where the national tri-colour was unfurled, accompanied by cultural performances and patriotic fervour. The celebrations highlighted the strong bonds of friendship and cooperation between India and its global partners.
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
'What is critical today in India is confidence of depositors.' 'If you have these kinds of problems spreading like this, the confidence level of a lot of people in the system gets shaken.'
