Latest government data shows that 80 per cent of farmers killed themselves in 2015 because of bankruptcy or debts after taking hefty amount of loans from banks and registered microfinance institutions. Despite us thinking the money-lenders a big reason for the suicides, moneylenders are more flexible than the microfinance sector.[Read More…]
Chief Statistician TCA Anant on Friday said India’s economic growth is estimated to slow to 7.1 percent in the current fiscal year ending compared to 7.6 percent last year 2015-2016. “The figures for November were available and examined but it was felt in view of the policy of denotification of[Read More…]
According to a recent report released by the economists of the HDFC bank, GDP growth for the year 2017 to be close to 6.7% yr. However, there was a structural break caused by demonetization although there it will have no impact in the upcoming GDP. The new advance estimation might[Read More…]
RBI today said it is squaring invalid currency with physical cash balance and will soon release a specific number, eliminating accounting errors/ possible double counts. The Reserve Banks clarifies that the ban of old Rs 500/1,000 comes in justification with several reports estimating that over 95 per cent of the[Read More…]
Farmers from a Madhya Pradesh were literally shocked when they received newly printed Rs 2,000 notes without Mahatma Gandhi’s image on it. According to a Times of India report, farmers from a remote village in Madhya Pradesh’s Sheopur district received newly printed Rs 2,000 notes without the image of Gandhi from[Read More…]
The Cabinet Committee on Parliamentary Affairs (CCPA) on Tuesday recommended holding of the Budget session from January 31. The address of the President and tabling of the Economic Survey are likely to take place on January 31. The committee headed by Home Minister Rajnath Singh met in the capital and[Read More…]
State Bank of India has slashed interest rates on home loan starting from January 1 2017, by reducing the marginal cost of funds based lending rate (MCLR) by 90 basis points across all maturities. The home loans reduction varies for gender and amount. Home loans are linked to one-year MCLR[Read More…]
The central bank of India RBI has decided to escalate the cash withdrawal cap from ATMs to Rs 4,500 per day from the present Rs 2,500 from January 1. However, there is no alteration in the weekly withdrawal limits that stays at Rs 24,000. “On a review of the position,[Read More…]
In a bid to enable more customers to use digital methods of bill payment, state-run BSNL is planning on leasing around 15000 point of sale machines. The telecommunications company sees digital transactions accounting for up to 40% of all bill payments by March 2017 – nearly double of current levels.[Read More…]
Holding more than 10 demonetised notes of Rs 500 or Rs 1000 will now be punishable with a minimum of Rs 10,000 fine, the government has said on Thursday. This comes a day after after the initial ruling had said that there would be a fine of Rs 50,000 and 4 years[Read More…]
In further relief to people hit by demonetisation, the Reserve Bank of India has relaxed the norms for bad loan classification for small scale borrowers by giving an additional 30 days to repay the loan. RBI said that lenders can now wait for 90 more days before classifying a loan[Read More…]
At a time when people are facing problems across the country due to note ban, the banned currencies are selling at a premium in the serpentine bylanes of trading hub Burrabazar at central Kolkata. As per reports in TOI, Old notes of Rs 500 and Rs 1000 will fetch you[Read More…]
After finding nearly Rs 100 crore in her Jan-Dhan account in a Meerut branch of a state-run bank, a woman on Monday approached the PMO’s intervention after the bank officials did not attend to her complaint and kept asking her to come some other time. In the complaint, Sheetal Yadav[Read More…]
Prime Minister Narendra Modi defended the frequent changes to the rules governing demonetisation as ‘a sign of a responsive government’. Modi was responding to critics who have been arguing over the repeated rule changes carried out by the government ever since the scrapping of the 500 and 1000- rupee notes.[Read More…]
The government is set on launching an ‘Aadhaar Payment App’ on December 25 to do away with plastic card and the point of sales machine (POS) that seem to have done little in times of demonetisation, reports Economic Times. The move is designed so that plastic cards can be done[Read More…]
Nitin Soni, Director at Fitch Ratings has claimed that Reliance Jio Infocomm’s subscriber base may touch 100 million by March 2017 end. He also warned that the customer base may shrink if once the telecom operator starts charging its customers. “We think that Jio is adopting a very sound strategy[Read More…]
43 days after Prime Minister Narendra Modi announced the demonetisation move, Reserve Bank of India has changed the rules regarding the demonetisation for the 60th time. In a latest modification, RBI allowed Know-Your-Customer (KYC) compliant account holders to deposit over Rs 5,000 without being interrogated. While he was addressing the[Read More…]
Finance Minister Arun Jaitley on Tuesday said that the small traders and businessmen will have over 30 per cent tax advantage if they carry out their transactions through digital or cheque modes. The government on Monday amended Section 44AD of the income tax rule to offer this benefit to small[Read More…]
An opposition TMC legislator ran away with the Speaker’s mace to draw his attention. On the last day of the winter session on Monday, Congress MLA Sudip Roy Barman and other members of the opposition raised the issues of an alleged sex scandal involving state forest minister Naresh Jamatia as[Read More…]
The Reserve Bank of India on Friday decided to slash Merchant Discount Rate (MDR) charges on payments made through debit cards. For transactions of up to Rs 1,000, MDR will be capped at 0.25% of the transaction value. For transactions above Rs 1000, and up to Rs 2000, MDR will[Read More…]
April 1 has been set as the date when the revised tax treaty with Cyprus comes into force, said the government on Friday. The new treaty provisions for capital gains tax to be levied at the source of investments, reported PTI. “Both sides have now exchanged notifications intimating the completion[Read More…]
The Finance Ministry sounded confident on Thursday over the supply of new currency notes, claiming that the situation will considerably improve in the next 2-3 weeks. It also asked the RBI and banks to ‘countercheck’ the data regarding deposit of now-defunct currency notes to ensure there is no double counting.[Read More…]
Global Telecommunication Company Qualcomm said the online transactions in India are not secure as the digital wallets and mobile banking applications are not using the hardware level security. “You will be surprised because most of the banking or wallet apps around the world don’t use hardware security. They actually run[Read More…]
Here is a bad news for people thinking of hoarding the new Rs 2000 currency notes. At a time when the opposition is attacking the government for introducing the Rs 2000 currency notes after demonetisation, a view has emerged that the new high denomination note may not have a long[Read More…]
To promote cashless transaction, Finance Minister Arun Jaitley on Thursday announced various discounts on digital payments on purchase of fuel and train tickets. Petrol, diesel purchases Arun Jaitley announced a 0.75 per cent discount on purchases of petrol and diesel (at Central Government Petroleum PSUs) using credit or debit cards,[Read More…]