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economy \ Reserve Bank of India
RBI inspects, fines Axis, IOB millions of rupees!
Mumbai :The Reserve Bank said it has imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms, and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations, says a PTI report (March 5). RBI said it had carried out a statutory inspection of private […]
development \ economy \ Indian railways
Bullet Train: An Exercise in Vanity
Ahmedabad: Former prime minister Manmohan Singh on Tuesday dubbed the Centre’s much touted bullet train project, an “exercise in vanity”. He said the government’s “priorities are misplaced” as it should have focused on the existing passenger rail network. Addressing a party event for the business community in Gujarat, the Congress leader pointed out that the […]
Aadhar \ economy \ naked truth
Aadhar headache for Bank Customers
Bank customers are being bombarded by ominous messages, emails and calls from banks about the dire consequences they could face if they fail to link their Aadhaar number to their bank accounts before the December 31 deadline. Tn June, the government had issued a notification amending the Prevention of Money Laundering (Maintenance of Record) Rules, […]
demonetization \ economy \ Reserve Bank of India
₹ 200 Bank note will help ease demonetization gap
NEW DELHI: The central bank will soon issue 200-rupee note the Finance Ministry has confirmed today. The move will help fill the vast demand for cash after the notes ban, which wiped out over 85 per cent of the cash in circulation. The Finance Ministry, in a notification, said that on the recommendations of the […]
Adhaar and PAN must be linked from next month
New Delhi, Jun 28 (PTI) The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1. Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at the time of application of […]
Why women in South Asia are ‘financially flawed’
About a month ago (23-24 March) policymakers, private sector actors and civil society representatives from across South Asia, and local and international researchers, came together in Kathmandu to explore ways to use data and evidence-based policy to promote women’s economic empowerment. The four represented nations—Nepal, Bangladesh, India and Pakistan—have had varied experiences in this context. […]
economy \ fuel \ Indian Oil Corp (IOC) \ Prices
Fuel Prices to fluctuate daily from May
New Delhi: From May 1, petrol and diesel prices will change every day in sync with international rates, much like what happens in most advanced markets. Here’s progress! Pondicherry, Vizag, Jamshedpur, Udaipur, and Chandigarh will kick off the new rate regime. State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan […]
development \ economy \ income tax
Govt to write off 16 percent of ‘tax due’ cases!
New Delhi: Some 21,54,000 people owe the government less than Rs 100 in tax. As a ‘one time measure’, the government has decided to write off their outstanding taxes ( 21.54 lakh taxpayers who owe Rs 100 or less). These small tax payers form about 16 percent of all ‘tax due’ cases. This was stated […]
Bangladesh \ economy \ South Asia
Bangladesh welcomes First Indian Cargo Ship
Dhaka: The first container ship from India has arrived in Bangladesh’s Panagon river port under the Coastal Shipping Agreement signed in 2015, allowing direct cargo vessel movement between the two countries (Feb 18). The ship, ‘Shonartori Nou Kalyan-1’ reached the Pangaon Inland Container Terminal at Keraniganj yesterday with 65 containers on board, bdnews24.com reported. At […]
development \ economy \ Lok Sabha
Workers to be paid via cheque, digi- transfer
New Delhi: The Congress and other opposition parties supported a bill, under which specified industrial units will have to pay salaries and wages to workers through cheques or by electronic transfer to their bank accounts, and facilitated its passing in the Lok Sabha (Feb 7). “The initiative is aimed at promoting the welfare of workers,” […]
Stern penalty for cash transactions over INR 300,000
New Delhi: From April, if you accept cold cash in excess of three lakh rupees, you may have to forfeit the entire amount to the government as ‘penalty’. So says Revenue Secretary Hasmukh Adhia. Now, Mr Hasmukh (whose name translates into ‘smiling face’) has probably wiped the smile off several faces! In a bid to […]
demonetization \ economy \ India
Parl Committee Questions ‘Cashless’ Security
New Delhi: Is all this shoving the country towards a cashless economy really safe? That’s the question thrown up by a Parliamentary Standing Committee. Is data transfer on these new ‘pockets’ and ‘wallets applications really safe, or will new users find that their bank accounts are broken into by hackers? Do we have proper laws […]
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