Category Archives: Banking

EPFO allows pvt. banks to transact pension fund

NEW DELHI: India’s retirement fund body EPFO allowed private banks to transact Provident Fund payments, a move that is aimed to help millions of salaried people at a time when it has reduced the interest rate from last year. Earlier, India’s largest public sector bank, SBI, was the sole channel for payments for pension. On Wednesday, the EPFO signed pacts with ICICI Bank, HDFC Bank,
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You might get opportunity to deposit banned notes

New Delhi : The Supreme Court asked the Centre and the Reserve Bank of India (RBI) on Tuesday to come up with a policy to offer a window to people who could not deposit their demonetised notes for legitimate reasons before last year’s December 30 deadline.

“What if someone is ill and could not deposit the money. If someone has a genuine reason, you cannot deny him the opportunity to deposit the money. You cannot be allowed to deprive a person of his money,” a bench headed by Chief Justice JS Khehar told solicitor general Ranjit Kumar. Continue reading

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PM Modi GST and Demonitisation discussion at an event of Charted Accountants

NEWDELHI:

Prime Minister Narendra Modi on Saturday said the government has identified over 3 lakh companies for indulging in dubious transactions after last year’s demonetisation drive.

An additional 37,000 plus shell companies involved in converting black money into white have also been traced, he said.

Hailing the note ban as a move against black money and corruption, he said data mining process to scan the record of money deposited after demonetisation was under way and promised action against defaulters with out thinking about its political implication. “Initial probe has put three lakh companies under scanner,” Modi said at an event of chartered accountants.

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At Midnight, PM Modi and President Mukherjee welcomed “Goods and Simple Tax”

NEWDELHI: Pressing a button at the stroke of midnight on Friday, President Pranab Mukherjee and Prime Minister Narendra Modi launched India’s biggest tax reform from the historic central hall of Parliament, cheered on by some of the country’s top names in politics, business and law.

It was a luxury welcome for the long-awaited Goods and Services Tax (GST), ending a 14-year struggle to enlist political support for a move that will replace some 20 federal and state levies and unify a country of 1.3 billion people into one of the world’s biggest common markets. Continue reading

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