'ESG is actually a concept which cannot be applied effectively in the very short run.'
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
Rajasthan Cricket Association's (RCA) office and its academy were also sealed, along with the stadium.
While bank credit growth seems to be showing signs of revival, deposits could soon emerge as the new area of concern for bankers.
No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. RBI on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender.
"I have made no cash deposit in my account since November 8. I see no reason to offer any special explanation for the same [for making the deposit now]. I normally like and wait for the queues to end.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.
'Try to obtain a secured personal loan or credit card by offering some collateral, such as a fixed deposit or gold.' 'Not only will this improve your eligibility, but the lender may even offer a lower interest rate.'
2013 foreign currency non-resident deposits to mature in Sep-Nov
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
The State Bank of India (SBI) on Tuesday evening submitted details of electoral bonds to the Election Commission of India in compliance with the Supreme Court order.
Politely decline to be prime minister, and hand the baton to someone else in the BJP -- like Sonia did to Manmohan Singh -- advises Krishna Prasad.
The Mumbai police's crime branch, during the interrogation of the duo, found Pal and Gupta were given the shooting task by Anmol Bishnoi, the younger brother of jailed gangster Lawrence Bishnoi, but they had no idea they had to fire at Khan's residence till the delivery of arms, said the official.
Small queues were witnessed at some bank branches on Tuesday for the exchange of Rs 2,000 notes against smaller denominations as part of the withdrawal exercise. As per the RBI guidelines issued on Friday, the exchange of Rs 2,000 facility is available from Tuesday. A person can exchange up to a limit of Rs 20,000 at a time without filling any form or requisition slip.
If a fixed deposit is the instrument which suits your profile, go ahead and get invested; but ensure that the downsides are reduced to the extent possible.
Banks, cooperative banks and post offices will have to report to the tax department all cash deposits between April 1 to November 9, 2016.
The CBDT has begun the process of matching the deposits in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), or Jan-Dhan accounts, with the profile of the depositors.
Yes Bank on Saturday reported over two-fold jump in standalone net profit at Rs 452 crore for March quarter 2023-24, primarily due to benefits on the provision front. In the year-ago quarter, the bank logged a profit of Rs 202.43 crore. The private sector lender benefitted from write-back on income tax and interest on income tax returns, but the profits were limited by its inability to comply with the mandatory priority sector lending (PSL) requirements, its management said.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits, the CBDT said on Tuesday.
Slow credit off-take to put pressure on margins
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
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Manjhi's son Santosh Suman, who is a minister in the Nitish Kumar cabinet, made the statement a day after reports emerged that a seat-sharing formula has been arrived at in the National Democratic Alliance, and the HAM was likely to get only one of the state's 40 constituencies.
You must remain invested in bank deposits, unless you are considering the idea of earning higher returns by moving to gilt or liquid funds, says Adhil Shetty, CEO, BankBazaar.com.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
As many as 80-85 per cent Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts.
In a move that will hit the common man, the government on Friday slashed interest rates payable on small savings including PPF and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.
Deposits of Rs 3 lakh are "justified" if a person has an annual taxable income of Rs 10 lakh and the tax department will "not touch" him.
Many PSBs are in the process of rationalisation of ATMs
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
Here's making you aware about some of the most common myths and facts that you may face while investing in one.
The Reserve Bank of India is widely expected to reduce the repo rate for the first time in nine months when it announces its third quarter policy review.
Noting that he fully respects the Supreme Court order on electoral bonds, Union Home Minister Amit Shah on Friday said the scheme was introduced to end black money in politics and added that it should have been improved rather than scrapped.
The communication was clear, transparent and worded in a manner that did not induce any fear in the minds of the people, point out A K Bhattacharya.
A public interest litigation was filed in the Delhi high court on Monday against permission to exchange Rs 2000 banknotes without obtaining any requisition slip and identity proof.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
