In a surprising move, the Finance Ministry on Tuesday announced that it will use indelible ink like during elections to prevent people from making more than the permissible number of times cash withdrawal from bank counters. Economic Affairs Secretary Shaktikanda Das said that banks would start using indelible ink to[Read More…]
Tag: Finance Ministry
Don’t panic, your hard earned money is safe: Govt
Finance Ministry on Friday said there is no need to panic and depositing junked ₹ 500 or 1,000 notes of up to ₹ 2.50 lakh in bank accounts will not be reported to the tax department. It also cautioned people against depositing the money of unknown people in their own[Read More…]
Finance Ministry questions Moody’s rating methods
The Finance Ministry on Thursday challenged the methods used by Moody’s rating system to evaluate a country’s investor worthiness. India’s sovereign rating by Moody’s stands at ‘Baa3’, the lowest investment grade — just a notch above ‘junk’ status. On Tuesday, Moody’s called India’s reform process slow and gradual with muted[Read More…]
Ban on cash transactions above ₹3 lakh: SIT on black money
The Special Investigation Team (SIT) on black money has recommended banning cash transactions of ₹3 lakh and above and restricting cash holding with individuals and industry to ₹15 lakh to curb illegal wealth in the country. Headed by Justice MB Shah, the committee submitted its fifth report to the Supreme[Read More…]