GDP for 2022-23 projected to grow at 7.0%. Internet banking facility to be started for Regional Rural Banks’ customers. Regulation of offline payment aggregators proposed. Repo Rate hiked to 5.90% The repo rate, the rate at which RBI lends money to commercial banks, has been hiked by 50 basis points again. Considering the prevailing adverse global environment, resilience in domestic ...

It is more than 18 months since the whole country’s citizens were paraded on the streets by the Demonetisation 2016 and the days are here again with No Cash board greeting on ATMs, especially in non-BJP ruled states of Andhra Pradesh, Telangana and West Bengal. Karnataka facing elections next month has been partly spared from the cash crunch. West Bengal ...

The Government of India launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base. The impact of Demonetisation on black money, widening of tax base ...

With 68th Republic Day celebrated, India can bask upon its Unique Identification Authority of India (UIDAI) or Aadhaar Card that has covered 111 crore of the 125 crore population in the country. Ushered in 2009, the Aadhaar card has emerged as the world’s largest and unique biometrics based identification programme with a real time online authentication infrastructure which was recognised ...

Following reports in sections of media stating that the Union Government has compromised the national interest by collaborating with a tainted UK based Note Printing Company, a statement from the Ministry of Finance denied that the company is in any way involved in printing new currency notes. A report in November by Sabrangindia.com alleged that the blacklisted company, De La Rue ...

Demonetization has resulted in sharp decline in terror funding, hawala trade, supari killings and human trafficking of young girls as sex slaves, mainly from Nepal and the North East, said Union Law and IT Minister Ravi Shankar Prasad on Thursday speaking at a seminar. Addressing the seminar, jointly organized by the Press Club of India, Indian Women Press Corps and ...

The number of foreign tourists who arrived in India using e-visa doubled to 1,62,250 in December 2016 compared to 1,03,617 during the month of December 2015, registering a growth of 56.6 percent, though expectations were that the demonetisation would have affected the overall tourism sector in November and December 2016. Britain (22.4%) continues to occupy top slot followed by USA ...

In his New Year message to Governors and Lt. Governors, President Pranab Mukherjee on January 5, 2017 clearly indicated his unhappiness over the slowdown it will have on Indian economy though he termed it temporary. The message is a clear signal that the President, also former finance minister himself, is unhappy at the prolonged impact on people, who are not ...

The Income Tax Department has carried out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016 and unearthed  Rs.2,600 crore in 291 cases across the country. In addition, open enquiries have been effected in more than 3,000 cases. Approximately Rs. 393 Crore including Rs. 316 Crore cash and Rs. 77 Crore worth ...

The Ministry of Finance, Government of India through its Department of Financial Services(DFS) has asked all the Public Sector Banks(PSBs) and the Indian Bankers Association (IBA) to ensure hundred percent(100%) that deposits of new currency is properly reflected in the customers’ counterfoils. In a letter addressed to all the Managing Directors (MDs) & Chief Executive Officers (CEOs)/Chairman cum Managing Directors ...

The Supreme Court on Friday warned the government to find ways to end the cash crisis as people standing in long queues for hours every day may turn violent anytime leading to anarchy. Brushing aside the government contention, the court made it clear that “It is a serious issue.” Since it affects the entire population, it said, “You cannot deny ...