Mahua Venkatesh

No rate cut a bold and brilliant move: CEA

The Reserve Bank of India’s (RBI) move to leave the repo rate unchanged at 6.25% has surprised many, but chief economic adviser Arvind Subramanian called the decision “bold and brilliant”.

Income tax benefits for people making online payments on cards

To encourage the use of plastic money, the government is likely to announce in the budget a string of measures to steer India on path to a cashless economy, one of the aims of the demonetisation move.

With less cash in vaults, small banks feel the big heat of demonetisation

The acute shortage of cash, after the demonetisation exercise, has hit the country’s mid-sized and smaller banks like Punjab National Bank, Yes Bank and Dena Bank more than their large-sized peers, including State Bank of India, Punjab National Bank, ICICI Bank, Bank of Baroda and HDFC Bank among others.

Cheque bounced? You can be in for some strict punishments

To reduce fraudulent transactions further, the Reserve Bank of India (RBI) is likely to come out with more stringent norms to ensure that cheque payments are honoured in time.

Cash shortage bites on payday: Firms give day off, banks ask for protection

The RBI governor has assured finance minister that the situation was under control, said an official of the central bank, adding that Rs. 64,000 crore has been pumped into the system since November 21.

Indian economy grows 7.3% in September quarter, but note ban cloud looms

India’s economy expanded at 7.3% in the September quarter, the fastest rate among major economies, but growth could tank at least over the next few months because of the government’s demonetisation drive.

No impact of demonetisation on GDP outlook

India’s GDP data for the July-September quarter, to be released today in the next few hours is likely to be around 7.5%. It will bear no impact of the demonetisation exercise announced on November 8.

Payday chaos after note ban set to break out today, banks, ATMs may run dry soon

The cash crunch-hit people and banks are bracing for more pain on December 1 when the government, companies, and domestic employers pay salaries to their staff.

Govt asks PSU banks to focus on opening Jan Dhan accounts

The government has directed all public sector banks to once again focus on opening new zero-balance Jan Dhan accounts for daily wage earners and those engaged with the small micro and medium enterprises.

Tax dodgers get another chance to come clean as govt looks to tweak I-T law

The government moved on Monday to tweak tax laws and give another chance to those with illicit cash to come clean, hoping the offer will bring a large amount of untaxed money back into the economy.

‘Black-to-white money rackets forced govt to stop currency exchange’

Debit cards: The new cash for Indians

The demonetisation exercise has led to a surge in first-time debit card users.

Demonetisation: When will the bank withdrawal limit be reviewed?

The government on Thursday discontinued exchange of old notes at banks, raising concerns about withdrawals from banks. The current withdrawal limit Rs 24000 from banks is till December 30.

Demonetisation: How govt rules changed as chaos increased

Faced with rising public grievance over demonetisation, the government has announced, changed and updated rules and regulations for use and exchange of old notes, leaving everyone confused.It is day 17 after Rs 500 and Rs 1000 notes were banned by Prime Minister Narendra Modi in a surprise move. And here is the list of the ever-changing rules:

Taxmen train guns on half of Rs 21K-cr Jan Dhan deposits

The government on November 8 announced its decision to stop the circulation of ₹500 and ₹1,000 notes in the country.

Demonetisation to cost Rs 1.28 lakh cr, cost to companies Rs 61500 cr

According to estimates by the Centre for Monitoring Indian Economy (CMIE), the cost of demonetisation during the 50-day window till December 30, 2016 (the deadline for converting all your old banknotes into new ones) would be R1.28 lakh crore. Businesses are expected to pay the biggest price of the demonetisation exercise, and the immediate impact could be around R61,500 crore, almost 50% of the total cost of demonetisation, according to CMIE.

Cash-strapped MSMEs may see large layoffs

The MSME sector, which has already been hit by a slowdown in exports and costlier credit from banks, are feeling the biggest pinch of the cash squeeze.

Demonetisation: Govt keeps data on fake notes received by banks a secret

Dealing a blow to counterfeit currency was one of the three objectives outlined by Prime Minister Narendra Modi when he announced the decision to scrap Rs 500 and Rs 1000 banknotes on November 8.

After note-cull, budget could see tax rejig, cheaper farm loans

The Union Budget 2017-18, slated to be presented on February 1, is set to bring in good news for the salaried class, as well as for those engaged in small businesses and the agriculture sector. New tax slabs for the common man, cheaper loans for farmers and more money for public expenditure are likely to be on the cards, sources in know of the development said.

Demonetisation: Breather for borrowers, cash rules tweaked for farmers

The government provided on Monday a breather for borrowers saddled with the cash crunch in the country, giving additional 60 days to repay home, car, farm and other loans worth up to Rs 1 crore.

Farmers can buy seeds with old Rs 500 notes; relief for small businesses

The government further eased cash withdrawal norms on Monday for small traders and farmers, who are among the hardest hit by a shock recall of high-value currency about two weeks ago.

Misuse of bank account for black money deposit to invite govt action

Government on Friday cautioned Jan Dhan account holders, housewives and artisans that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500/1,000 notes during the 50-day window till December 30.

Govt reduces exchange limit to Rs 2K, families with weddings can get Rs 2.5L

The government has reduced the limit on exchanging banned banknotes to Rs 2,000 from Friday, announcing a raft of new measures to help people tide over a chaos triggered by the surprise recall of high-value currency.

Cash inflows may help govt recapitalise public banks

Over ₹4 lakh crore has been deposited in banks as of November 14. Government banks need ₹1.8 lakh crore by 2018-19 for recapitalisation, of which the government had committed to provide ₹70,000 crore in the next four years

Banks may reward staff for working extra-long hours

Banks are likely to chalk out a compensation plan for their employees, who have been working long hours to cope with the unprecedented rise in customer visits, after the government’s surprise demonetisation move.

Indelible ink and cash flights to deal with India’s demonetisation blues

Ratan Tata meets FM Arun Jaitley, keeps North Block abuzz

Amid the battle raging for the control of Bombay House, the headquarters of the $103 billion Tata empire, interim Chairman Ratan Tata met finance minister Arun Jaitley in New Delhi on Tuesday, but neither side offered any comment.

Recalibrated ATMs to be operational only after testing

Finance minister Arun Jaitley on Saturday assured people that banks would operate at full capacity on November 14 in states where Guru Nanak’s birthday is not a holiday. But in more than half of Indian states and union territories, Monday was a bank holiday.

In course correction after demonetisation, govt eases cash withdrawal norms

The government relaxed cash withdrawal norms on Monday to help small businesses and the rural poor, but a bank holiday in 18 states and empty ATMs piled more misery on people from last week’s surprise recall of high-value banknotes.

Cash crunch woes: Banks shut across 18 states, ATMs run dry

Banks across 18 states remained closed on Monday on occasion of Guru Nanak Jayanti and ATMs weren’t stocked with money, sparking fears that public anger will rise over a cash crunch following a decision to scrap large-denomination currency.