Demonetization - Page 5

Lok Sabha passes bill for cessation of RBI’s /CGs liabilities on Specified bank notes

Bill No. 16-C of 2017 (07/02/2017)

Following persons holding specified bank notes on or before the 8th day of November, 2016 shall be entitled to tender within grace period with such declarations or statements, at such offices of the Reserve Bank or in such other manner as may be specified by it, namely:—...

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Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme

1. S.O. (07/02/2017)

Pradhan Mantri Garib Kalyan Deposit Scheme notified vide Notification No. S.O.4061 (E). dated December 16, 2016 and amendment vide Notification No. S.O. 204(E) dated January 19, 2017....

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How Will Home Loan EMIs Change After Demonetization

We’ve all probably dreamt of a dream home at some point in our lives. If youre a step ahead, youve probably seen some of the best Home Loan plans available to you, and considered a few. You might even have applied for a mortgage and thoroughly looked through the Home Loan interest rates, before finalizing on one....

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Posted Under: Fema / RBI | ,

Demonetisation: To Deify or Demonize?

Demonetisation has been a radical, unprecedented step with short term costs and long term benefits. The liquidity squeeze was less severe than suggested by the headlines and has been easing since end-December 2016. A number of follow-up actions would minimize the costs and maximise the benefits of demonetisation....

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Posted Under: Fema / RBI |

Need to raise Personal Income Tax-GDP ratio : Revenue Secretary

Most challenging task for the government is to increase the share of personal income tax in GDP, which at present was abysmally low. He said that personal income tax has a share of a mere two per cent, which needs to be raised substantially. ...

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Posted Under: Fema / RBI |

Post demonetization Cashless transaction to milk producers/farmers increases to 72.25%

Percentage of milk producers/farmers with bank accounts increase from 49.27% to 63.42% after demonetization Cashless transaction to milk producers/farmers increases from 23.82% to 72.25% after demonetization Consequent upon the Central Governments decisions of demonetization, certain unintended impacts have been observed especially in the...

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Posted Under: Fema / RBI |

ASSOCHAM seeks full transmission of interest cuts, post- note ban

ASSOCHAM has impressed upon the central bank and the Finance Ministry to ensure adequate transmission of cuts in the interest rates even as the industry would seek at least 50 -75 basis point reduction in the benchmark lending rates, post demonetization....

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Posted Under: Fema / RBI |

Clash of Cash: 7 Questions by Tax Officer v/s Cash Depositor

Krishna, after 1st February 2017 the Income tax Department is sending tax notices to the taxpayers through e-mails and SMS. How taxpayers will reply to these notices and why are these notices sent to persons who have deposited cash in bank accounts, please explain in detail....

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Posted Under: Fema / RBI | ,

14 Bank Branches found employees found involved in irregular note exchange

Banks have reported 14 cases (branches) where bank employees have been found involved in ‘irregular exchange transaction’ of Specified Bank Note (SBN) during the phase of Demonetisation,...

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Posted Under: Fema / RBI |

Govt may reduce Interest rate & waive transaction Charges on Credit Card to promote cashless transactions

RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to time. RBI does not maintain information on the rate of commission charged....

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Posted Under: Fema / RBI |
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