Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
'For HNIs, shifting economic activities outside India by creating regional hubs for businesses is a better option.'
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
The value of oil imports decreased by 37.5%.
The protests brought home the fact that the Sri Lankan public is in no mood for halfway measures, as voices against Rajapaksa 'family rule' and 'securitisation' of the civilian administration began sidestepping the more critical economic crisis, affecting the nation and afflicting the individual, observes Sri Lanka watcher N Sathiya Moorthy.
'This allows opportunities for (Chinese) entry into the domestic politics of Nepal, something that is also encouraged by Nepali politicians's willingness to play the China card (vis-a-vis India).'
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Money exchangers and bankers in Muscat said that non-resident Indians have started resorting to personal loans as rupee touched an all-time low of 62.03 against the US dollar on Friday, Times of Oman reported.
There are 55 non-banking PPIs operational now, apart from 50 wallets promoted by banks.
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
At a combined level, the fiscal deficit of the Centre and states together will come at 12.1 per cent, with the states contributing 4.5 per cent.
Sending money overseas instantly could soon become a reality with the Reserve Bank of India considering proposals to allow non-banking entities like online money transfer portals to undertake wire transfers for outward remittances from India.At the moment the facility is limited to inward remittances, while only banks are permitted to carry out outward remittance orders.
The raids come as Rajasthan is witnessing an intense power tussle between chief minister Ashok Gehlot and his deputy Sachin Pilot.
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While the measures are aimed at moderating outflows, RBI added that genuine requirement beyond these limits will continue to be considered under the approval route.
The board is likely to take up the matter this month.
College is where the manicured view of the world provided by one's family, encounters new trends. It is the dawn of exploration. Wishing for a sanitised bubble on campus appears hypocritical. The correct strategy, one would assume, is to weed out the violence while retaining the right to political debate, argues Shyam G Menon.
To select the right platform, get the opinions of a few existing users or browse online for feedback. Select a platform that offers a seamless experience. Check that the platform you are going with is a regulated entity, suggests Sanjay Kumar Singh.
The amounts were transferred from HDFC Bank to BoB.
Beginning with the bird's eye view of itself -- a narrow state of hills, rivers and high population density, in a tapering part of the Indian subcontinent. It can be a beautiful place shaped by aesthetic founded in appropriate lifestyle and progressive views, or a junkyard shaped by money and what money buys. The choice is Kerala's, notes Shyam G Menon.
Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts.
Mukerjea recorded her statement under the Prevention of Money Laundering Act and said she and her husband Peter Mukerjea met Chidambaram at his office in Delhi's North Block.
This misleading information claims remittance of such funds by overseas entities to banks in the country.
India's current account surplus moderated to $15.5 billion or 2.4 per cent of the GDP in the July-September quarter of the current fiscal, the RBI said on Wednesday. The same was at $19.2 billion or 3.8 per cent of the GDP in the preceding three-month period on account of a rise in the merchandise trade deficit, the RBI said in a statement on 'Developments in India's Balance of Payments during the Second Quarter (July-September) of 2020-21'. It is for the third consecutive quarter that India's current account remained in surplus. In the last quarter of 2019-20, the surplus was $0.6 billion. Current account deficit/surplus reflects the difference between the outflow and inflow of foreign exchange in a country's current account.
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
The list includes Gautam Adani's brother Vinod Adani among others.
Bank strike continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government's policy to privatise the lenders. Customers will be inconvenienced to get services such as cash withdrawals, deposits, cheque clearances, remittance services. Government transactions related to treasury as well as business transactions will also be impacted. United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
A social activist has written a letter to Maharashtra Chief Minister Devendra Fadnavis requesting him not to allow an 'early release' for actor Sanjay Dutt.
Remittance into India from foreign countries has already seen a jump of 25% in the last two months
He also claimed that even the news report had not suggested any wrongdoing on his part.
"His (Chidambaram) arrest is good news. He is now cornered from all sides," Indrani Mukerjea told reporters in a sessions court where she was produced to attend trial in the case of killing of her daughter Sheena Bora.
Notices have been issued to the company for penal damages.
Whether one likes it or not, services constitute the value-addition sector that the country has to build on, using its comparative advantage in infotech and related skills, suggests T N Ninan.
"The PMJDY has been the foundation stone for the Modi government's people-centric economic initiatives. "Whether it is direct benefit transfers, Covid-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step was to provide every adult with a bank account, which PMJDY has nearly completed," Nirmala Sitharaman said on the sixth anniversary of the scheme.
Granting partial relief to foreign companies operating in the country, the Supreme Court on Thursday reversed the judgment of the Karnataka high court that there was an obligation in each and every case of remittance made to foreign payees to deduct tax at source and only the issue of proportionality of the tax could be decided by the revenue department under Section 195 (2) of the Income Tax Act.
Indian investments in equity and debt account for the second-highest remittances outgo (about a quarter).
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