Just a day after PM Modi’s New Year’s Eve speech, the country’s largest lender State Bank of India and other banks have cut down their home loan lending rates. The country’s largest lender, SBI, has reduced marginal cost of funds based lending rate (MCLR) by 0.9 percent from 8.90 percent to 8 percent for…
As the 50-days of demonetisation exercise ends on Friday, over Rs 4,313 crore of stashed cash has been detected till Thursday by the Income Tax (I-T) Department under the Finance Ministry. Post-demonetisation since November 8 decision to withdraw high-denomination currency notes of Rs 500 and Rs 1,000, the I-T…
The Reserve Bank of India has asked banks to report details of deposits of Rs. 1,000 and old Rs 500 notes to it after the close of banking hours on Friday, which is the last date for banks to accept the invalid currency. “With the closure of the facility of exchange of SBNs [defunct notes] as at the close of business…
The government on Wednesday appointed Viral V. Acharya, a professor of economics at New York University, as one of the Reserve Bank of India’s four deputy governors for a term of three years, according to a statement on Wednesday. “The Central Government has through notification dated December 28, 2016,…
The crucial cabinet meeting of the Union Government on Wednesday approved an ordinance that would end the government’s and the RBI’s liability on demonetised notes after the end of the March 31, 2017 deadline, according to reports. After December 30, the banned notes could be deposited only through RBI-specified…
Finance Minister Arun Jaitley said on Monday, highlighting the need to have lower level of taxation, that lower tax levels will make it competitive globally. “What you need is lower level of taxation, to provide services more competitive in nature. Competition is not domestic, it is global. This is one important…
India’s third-largest IT software service firm Wipro, on Friday informed the Bombay Stock Exchange (BSE) that it will be paying $5 million to the US Securities and Exchange Commission (SEC) to settle a six-year-old embezzlement case. The Wipro stock was trading flat at Rs 457 at around 12.45 pm. In a statement…
The Income Tax Department through its Non-filers Monitoring System was initiated by CBDT has identified 67.54 lakh people who did not file their returns in 2014-15 despite carrying out high-value transactions that year. “The Income Tax Department has conducted the fifth cycle of data matching which has identified an…
The Enforcement Directorate and CBI on Thursday carried out raids at district co-operative banks in different parts of Kerala. ED conducted raids at Kannur, Kozhikode, and Thrissur while the CBI officials conducted inspections of records of district co-operative banks in Kollam and Malappuram. Sources said the raids…
The Income Department claims it has seized over Rs 3,185 crore of undisclosed income has been detected while Rs 86 crore worth new notes have been seized as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government, PTI reported on…