Reserve Bank of India has issued a notification which limits the Jan Dhan account holders to withdraw only ₹10,000 a month, as a temporary measure to avoid money laundering. “With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal[Read More…]
Nandan Nilekani, the man behind Aadhar has been asked by Union Ministry of Finance, Arun Jaitley to advise the government on digital payments, especially on linking governmental banking services directly to its employees, including the Army, judiciary and paramilitary forces. Sources told Newsd that Nilekani, who contested the 2014 Lok[Read More…]
Decades after the 1992 securities scam, Harshad Mehta’s brother Sudhir Mehta and five others, including senior bank officials and stock brokers were convicted by a special court in a case linked to defrauding of National Housing Bank to the tune of over ₹ 700 crore. The case against Harshad Mehta[Read More…]
The Indian Air Force has airlifted over 160 tonnes of new currency notes from four printing presses to various parts of the country to cut down the time taken to transport cash from the source to main distribution centres to meet the surge in demand post demonetisation, reports PTI. The[Read More…]
Intensifying its black money hunt, the government tabled a Bill to amend the Income Tax Act in the Lok Sabha on Monday to impose more tax, penalty and surcharge on deposits made after the demonetisation drive was launched nearly three weeks ago. The amendments provide a window to black money[Read More…]
Demonetisation has been the talk of the town for 3 week now. Prime Minister Narendra Modi’s scrapping of Rs 500 and Rs 1,000 from the financial system of India on November 8 came as a shock to many. Long lines at the ATM and banks have become a common sight[Read More…]
Amid currency ban, the income tax ( I-T) department has conducted a search at the Kashmere Gate branch of Axis bank in New Delhi and found that around Rs 40 crore was deposited in banned currency notes since demonetisation. The I-T department also conducted search operation at the residence of[Read More…]
With everyone from local vendors and foreign tourists to devotees and the poor queuing up for food, the rush for langar at the popular gurdwara brings no surprise. But, post the demonetisation move, the lunch rush at the langar halls has been more hectic than usual. Actually, the typical lunch[Read More…]
Prime Minister Narendra Modi’s demonetisation move has affected people from all walks of life, including the Indian soldiers as they are deployed in remote areas and finding it difficult to exchange or deposit the scrapped notes. Consequently, the Indian Army is planning to request the government to allow more time[Read More…]
Central government proposes to introduce an amendment to the Income Tax Act in the Parliament that will enable it to levy a 50 percent tax on unaccounted 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[Read More…]
The Reserve Bank of India on Friday said that the exchange of banned Rs 500 and Rs 1000 notes will continue at RBI counters subjected to the limit of Rs 2000 per person. “The Reserve Bank of India advises members of public that exchange of banknotes in Rs 500 and[Read More…]
Central government has stopped the exchange of demonetised notes over the bank counter from Friday. The old notes can now only be deposited in a person’s bank account and then the person can withdrew valid currency through cheques or ATMs. Government has extended the use of old 500 rupee notes[Read More…]
Union Finance Minister Arun Jaitley on Thursday accused the Opposition of making excuses to avoid a debate on the government’s decision to demonetise ₹ 500 and ₹1,000 notes, even as the Rajya Sabha was adjourned for the day. The Upper House was adjourned after Opposition parties created an uproar demanding[Read More…]
Around 59 airports have been alerted by the Central Industrial Security Force (CISF) after a businessman was caught carrying ₹ 3.5 crore in cash and detained at the Dimapur airport in Nagaland. After reports surfaced that many people are using the tax exemptions to tribals in the Northeast to transfer[Read More…]
With the deadline for using old ₹500 and ₹1000 notes for utilities and railway reservation ending tonight, an increase in the chaos, which has been seen at various places for the last 15 days, is expected. However, if sources to believed, the government may give extension to the usage of[Read More…]
After the announcement of demonetisation move by the government, some industries and its workers are going through a tough time. In fact, a large number of people have already lost their jobs as production gets hit, especially in labour-intensive sectors such as textiles, garments, leather and jewellery. Around 4 lakh[Read More…]
Finance Minister, Arun Jaitley on Tuesday said that the government will announce more steps to ease the cash crunch in rural areas. “The situation is normalising in the urban areas. In the next few days, the focus will be on the rural areas so that farmers have enough funds because[Read More…]
D Thomas Franco, senior vice president of the All India Bank Officers Confederation, has called for the resignation of Reserve Bank of India governor Urjit Patel. He said that Urjit Patel should take the moral responsibility of the havoc created in country due to unplanned decision of demonetisation, which resulted[Read More…]
With people being reluctant to shell out the cash they stood hours in line for, digital payments company Paytm said on Monday it witnessed over seven million transactions worth Rs 120 crore on Saturday. Paytm has crossed $5 billion GMV sales, four months ahead of its target, reports PTI. Gross[Read More…]
The Narendra Modi-led government claims that the demonetisation move is aimed at dealing with the menace of domestic black money but the party has failed to implement study of a task force constituted by it to retrieve the black money. Instead of implementing recommendations of its own task force, the[Read More…]
Putting all speculations to rest, Union Finance Minister Arun Jaitley on Thursday ruled out roll-back of the demonetisation move that came into effect last week. In an interview, Arun Jaitley said there was no shortage of currency in the country to deal with the millions lined up outside banks and[Read More…]
The government on Thursday announced that the central government employees up to Group ‘C’ now can draw salary advance up to ₹10,000 in cash that’ll be adjusted against their November salaries. Economic Affairs Secretary Shaktikanta Das said Finance Minister Arun Jaitley in his Budget speech stated that interim provisions have[Read More…]
Following the government’s decision to mark bank users’ fingers using hard-to-remove ink to stop multiple visits to exchange currency, ‘Indelible ink removal’ was trending on Google. With motive to reduce the crowd at banks to exchange the demonetization, the Economic affairs secretary Shaktikanta Das, on Nov 15, said banks will[Read More…]
As the country reels under demonetisation effect, people in Assam are compelled to use Bhutanese currency, exchanged against de-valued notes of ₹500 and ₹1000. Local television reports showed areas near the Bhutan border in Kokrajhar district where Bhutanese currency is being used for transaction. While Bhutan currency is used in[Read More…]
India’s largest public sector bank SBI cleaned up its balance sheet by writing off loans worth Rs 7016 crore owed to it by more than 60 of its top 100 defaulters. 63 accounts have been fully written off, 31 have been partially return off and six of them have been[Read More…]
