Category - Finance

Special Deposit Scheme subscribers to get 7.8% interest per annum

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 17th July, 2017 No. 5(4)-B(PD)/2017.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from… Read More

SBI creates a wholly owned subsidiary for providing real estate services to them

SBI creates a wholly owned subsidiary “SBI Infra Management Solutions Pvt. Ltd.” for providing real estate services to them.  State Bank of India (SBI) has informed that they have created a wholly owned subsidiary “SBI Infra Management Solutions Pvt. Ltd.” for providing real estate services to them. The role of the subsidiary is envisaged as… Read More

Government takes initiatives to improve asset quality of banks

Loan growth of banks and initiatives taken by the Government to improve the asset quality of banks   The details on Outstanding Gross Loans & Advances as reported by Scheduled Commercial Banks (SCBs) to Reserve Bank of India (RBI) are as under:-   Bank Group 31 Mar-15 31 Mar-16 31 Mar-17 (Prov.) Public Sector Banks (PSBs)… Read More

Demonitization: undisclosed income detected more than Rs. 5400 crore

Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400 crore.  Disclosure of information regarding law flouters/specific taxpayers is prohibited except as provided under Section… Read More

Centrally Sponsored Schemes -Sunset date for all schemes

Centrally Sponsored Schemes - sunset date for all schemes  There are 28 Centrally Sponsored Schemes running across the country. All 28 Centrally Sponsored Schemes have sunset dates except Mahatma Gandhi National Rural Employment Guarantee Scheme of the Ministry of Rural Development, which is under Mahatma Gandhi Rural Employment Guarantee Act. In para-110 of the Budget… Read More

CBDT amends jurisdiction of Principal CITs & CCIT

NOTIFICATION New Delhi, the 19th July, 2017 (INCOME TAX) S.O. 2260(E).—In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), and in supersession of the notifications of the Government of India, Central Board of Direct Taxes numbers S.O.1612(E), dated the 26th September, 2006… Read More

FM to formally launch Pradhan Mantri Vaya Vandana Yojana tomorrow

FM to formally launch Pradhan Mantri Vaya Vandana Yojana (PMVVY) tomorrow; PMVVY is a Pension Scheme announced by the Government of India exclusively for the senior citizens available from 4th May, 2017 to 3rd May, 2018; The Scheme can be purchased offline as well as online through Life Insurance Corporation of India  The Union Minister… Read More

Cabinet approves alternative mechanism for creation and launch of a New ETF

Cabinet approves alternative mechanism for creation and launch of a New Exchange Traded Fund  The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has authorized the Alternative Mechanism on the following: i. To take decision for divestment through Exchange Traded Fund (ETF) out of all the listed CPSEs including CPSEs… Read More

Banking Ordinance authorizes RBI issue directions to initiate insolvency resolution under IBC

Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorising RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC)  An Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th… Read More

GOI infuses capital in Public Sector Banks

Infusion of capital in Public Sector Banks  Reserve Bank of India (RBI) as a regulator formulates banking policy which includes non-performing assets recognition and resolution. The Government of India (GoI) under the Indradhanush Plan, has earmarked Rs.70,000 crores for infusion in PSBs between F.Y 2016 and 2019 as per the figures given below:   (i)… Read More

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