Mahua Venkatesh

Govt may allow partial withdrawal of pension corpus after three years

The government is considering a proposal to drastically reduce the minimum lock-in period for withdrawing a portion of the principal amount invested in the NPS. It hopes to draw more people to the pension scheme through this move.

Budget 2017 provided the maximum, in spite of fiscal constraints: Shaktikanta Das

We can now open 10-year-old accounts to trace black money, says revenue secy

Revenue secretary Hasmukh Adhia explains the details of the crusade undertaken by the Modi government against black money.

Budget 2017: Ban on cash transactions above Rs 3L to promote less-cash society

Finance minister Arun Jaitley has banned all cash transactions exceeding Rs 3 lakh from April 1, continuing with his government’s crackdown on corruption.

Budget 2017 doesn’t bank on tackling NPA problem

The government has signaled its intention to get tough on economic offenders who have burdened India’s banking system with bad loans, but there has been no concrete action to tackle the non-performing asset (NPA) problem.

Budget 2017: Jaitley halves income tax for those earning Rs 2.5L-Rs 5L

Finance minister Arun Jaitley gave the salaried class a big relief in the 2017 budget, bringing down personal income-tax limits dramatically, a move aimed at softening the demonetisation blow.

Budget 2017: Jaitley bets on rural, infra spending to beat demonetisation blues

Finance minister Arun Jaitley on Wednesday sought to ramp up spending on rural areas and infrastructure as well as hand out marginal tax relief to the middle-class and small businesses in his budget proposals for 2017-18, which he said will help beat the fallout of demonetisation.

Economic Survey: India’s 2017-18 growth seen recovering fast after note ban

India’s economy could grow by between 6.75% and 7.5% in 2017-18, a government survey said on Tuesday, within an earlier government forecast for the same period.

Highlights | Govt tables Economic Survey in Parliament as Budget session begins

The budget session of Parliament likely to start on a bumpy note as the opposition plans to corner the government on a host of issues, including demonetisation and the early presentation of the Union budget.

Economic Survey 2017 to be tabled in Parliament today

The Economic Survey to be tabled in Parliament on Tuesday is expected to highlight the impact of the November 8 demonetisation exercise and also lay out the road map for the current fiscal

Govt may allow Rs 24k from ATM in single withdrawal, weekly cap to remain

The government might allow people to withdraw their weekly limit of Rs 24,000 in a single ATM transaction, multiple sources told HT.

Demonetisation: People may get another chance to deposit Rs 500, Rs 1000 notes

The Reserve Bank of India may allow citizens another chance to deposit the scrapped Rs 500 and Rs 1,000 banknotes but the exchange would be for a limited sum.

Demonetisation: RBI may not relax cash withdrawal limit for 3 weeks to a month

Your weekly cash withdrawal limit of Rs 24,000 is likely to continue for another three weeks to a month before the Reserve Bank of India (RBI) finally decides to relax the cap.

Demonetisation: Panel to quiz Urjit Patel on time frame for withdrawal limits

With the shortage of cash still plaguing ATMs and the banking system, the Parliamentary Standing Committee on Finance is set to summon RBI governor Urjit Patel once again to press for a timeframe by which the restrictions of cash withdrawals would be lifted.

Deposited over Rs 2 lakh after demonetisation? You may get multiple tax notices

People who deposited huge amounts of cash in their bank accounts after the Centre’s demonetisation exercise may get multiple notices from the Income Tax department through the rest of the year.

Pvt educational trusts come under I-T scanner for money laundering

Several private educational trusts being run on a not-for-profit model have come under the Income Tax lens after recent search operations revealed that they were allegedly involved in money laundering.

Demonetisation: Banks, ATMs in need of cash after RBI raises withdrawal limits

Bank and cash logistics companies are under pressure due to a shortage in cash supply after the Reserve Bank of India (RBI) raised the daily withdrawal limit at ATMs from Rs 4,500 to Rs 10,000 per day on Monday

Govt’s plan to consolidate PSU banks may be shelved due to demonetisation

The NDA government’s move to consolidate the public sector banks and bring down the number from 27 to about half a dozen could be shelved, thanks to the demonetisation exercise. Instead, the focus now will shift to financial inclusion.

RBI increases withdrawal limit but demonetisation pangs still not over

Though the RBI has raised the day cash withdrawal limit to Rs 10000, availability of cash was far from normal, especially in rural areas.

Demonetisation effect: Govt, RBI to bring tougher norms for co-op banks

According to a recent report by the income tax department, most cooperative banks have indulged in money laundering after the Centre announced ban on high-value bank notes of Rs 500 and Rs 1,000 from November 8 midnight.

Arun Jaitley to hold GST council meet as govt inches closer to rollout deadline

The all-powerful goods and services tax (GST) council headed by finance minister Arun Jaitley will hold its ninth meeting on Monday to iron out differences as the government looks set to miss its target rollout date of April 1.

Demonetisation: Cash crunch eases, curbs on ATM withdrawals may go by month-end

ATMs were getting around Rs 9,000 crore a day against Rs 2-3,000 crore in the early days of demonetisation, sources in banking sector said.

Demonetisation: Taxmen to crackdown on ‘benami’ lockers, may seek details from banks

Tax officials were seeking details of lockers operated multiple times, especially in co-operative banks, after the government announced the recall of Rs 500 and Rs 1,000 banknotes on November 8, sources said.

Soon, insurance cover while hiring taxi service much like airlines, railways

Taxi service providers and aggregators such as Ola and Uber are looking to tie up with insurance companies to provide cover to their passengers for any accident, medical emergency or even loss of baggage much like airlines and railways.

Demonetisation: 200 shell companies under IT scanner, dept getting details of others

The department will examine the pattern of revenue streams of these companies to understand the nexus between such entities and the beneficiaries who used them to engage in alleged money laundering.

After overworking post note ban, bank employees seek exemption from poll duty

“We have written to the EC that to engage the employees for the election duty now would be unfair,” said Avnish Khosla, member, BEFI.

Demonetisation: Jaitley says period of pain getting over, criticises Rahul

A surge in low-cost deposits after the scrapping of high-value currency has enabled banks to “lend for growth” that will bring down interest rates, Union finance minister Arun Jaitley said on Sunday, arguing the pain and inconvenience was “getting over”.

Centre sees delay in GST, sets July as target for rollout instead of April

While several state finance ministers said that it may not be possible before September, sources in the government said that “the ground work is done” and once pending issues are resolved, GST can be immediately rolled out.

Soon taxman to scan accounts older than 6 yrs to unearth black money

If the income tax department has reasons to believe that you are hiding undisclosed wealth, the taxman will scrutinise your transactions older than the six-year limitation. And Budget 2017 will amend the Income Tax Act to clarify this, say top sources in the tax department. The clarification is likely to include the provision that for illegitimate wealth the tax will levied on the current valuation.

Under IT lens: After demonetization, deposits of over Rs 2 lakh net Rs 7 lakh crore

The bigger the deposits in banks since the demonetisation drive, the earlier you will get a notice from the income tax department.