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Tax dept to rope in auditors to probe bank deposits

With an estimated Rs 15 lakh crore back in the banking system post demonetisation, the income tax department is in talks with leading global tax consultants, including EY, KPMG and PricewaterhouseCoopers, for forensic audit of the data to see if any of it is laundered money.

Petrol pumps protest banks' transaction fee; not to accept card payment from Monday Petrol pumps protest banks' transaction fee; not to accept card payment from Monday

 Petrol pump owners are protesting banks' charging 1% transaction fee on every transaction made via card, and have decided to stop accepting card payments from Monday.

Cards, ATMs, POS will be redundant by 2020 in India: Niti Aayog Cards, ATMs, POS will be redundant by 2020 in India: Niti Aayog

Amid the big push being given to digital transactions post-demonetisation, Niti Aayog CEO Amitabh Kant today said cards, ATMs and POS machines would become redundant in the country by 2020.

SBI says home-loan queries jump three-times since rate cut SBI says home-loan queries jump three-times since rate cut

State Bank of India (SBI) is leaving no stones unturned to kick-start the credit offtake, and last week's steep 0.90 bps lending rate cut has resulted in a huge number of enquiries, especially for home loans, a top bank official said here today.

Modi govt scans pre-demonetisation deposits history in banks, post offices for tracing black money trail Modi govt scans pre-demonetisation deposits history in banks, post offices for tracing black money trail

If you have a saving account in a bank or post office, and if you are yet to share your Permanent Account Naumber( PAN) or submit Form 60 so far, you need to expedite and do the needful latest by February end for enabling government to analyse the deposit history of your account.

Rate cut bandwagon: 3 more banks slash lending rates by up to 1% Rate cut bandwagon: 3 more banks slash lending rates by up to 1%

Three more banks including Syndicate Bank and Citi India on Friday reduced benchmark lending rates by up to 1 percent, joining others in the rate cut bandwagon.

Lucky Grahak Yojana winners to be announced today Lucky Grahak Yojana winners to be announced today

The next lot of winners under lucky Grahak Yojana Will be announced in Amritsar on Friday.

Bank of Baroda joins rate cut bandwagon, slashes lending rates by up to 0.75% Bank of Baroda joins rate cut bandwagon, slashes lending rates by up to 0.75%

Joining the rate cut bandwagon, Bank of Baroda on Thursday lowered its lending rates by up to 0.75 percent -- which will lead to cheaper home and corporate loans.

 

United Bank of India slashes lending rate by up to 0.90% United Bank of India slashes lending rate by up to 0.90%

Public lender United Bank of India slashed its benchmark lending rate by up to 0.90 percent, joining others such as State Bank of India, ICICI Bank, HDFC Bank and Punjab National Bank.

Image of Mahatma Gandhi goes missing from genuine Rs 2,000 notes Image of Mahatma Gandhi goes missing from genuine Rs 2,000 notes

The missing image of Mahatma Gandhi from Rs 2,000 notes created a lot of confusion in Madhya Pradesh’s Sheopur district.

Note ban: RBI may have received Rs 15 lakh crore deposits of old notes Note ban: RBI may have received Rs 15 lakh crore deposits of old notes

The Reserve Bank is believed to have received deposits close to Rs 15 lakh crore, of estimated Rs 15.4 lakh crore worth junked Rs 500/1,000 currency notes that were in circulation, from the 50-day demonetisation exercise that ended on December 30.

Demonetisation: 32 violation cases lodged, over Rs 200 cr detected till date, says CBI Demonetisation: 32 violation cases lodged, over Rs 200 cr detected till date, says CBI

Out of 32, three to four case are against Reserve Bank of India (RBI) officials, five against Post Office employees and the remaining cases are against those employed with different banks, said a CBI official. 

Rate cut bandwagon: HDFC Bank, Canara Bank cut lending rates by up to 0.9% Rate cut bandwagon: HDFC Bank, Canara Bank cut lending rates by up to 0.9%

Home and other loans are all set to be cheaper as major banks such HDFC Bank and Canara Bank joined the rate cut bandwagon by cutting lending rates up to 0.9 percent.

HDFC Bank joins rate cut bandwagon, cuts lending rates by up to 0.9% HDFC Bank joins rate cut bandwagon, cuts lending rates by up to 0.9%

Joining the rate cut bandwagon, HDFC Bank, Wednesday lowered its lending rates by up to 0.9 percent -- which will lead to cheaper home and corporate loans.

 

Banks begin levying MDR charges on debit card payments Banks begin levying MDR charges on debit card payments

In what could be a blow for digital payments system, some banks in the country have started levying Merchant Discount Rates (MDR) charges on use of debit cards for payments.

Loans cheapest in 6 years: HDFC, Bank of India cut lending rates by up to 0.9%, Indiabulls follows suit Loans cheapest in 6 years: HDFC, Bank of India cut lending rates by up to 0.9%, Indiabulls follows suit

  Housing, auto and corporate loans are all set to become cheaper with several PSU and private banks steeply reducing benchmark lending rate by up to 1.48 percent after spurt in deposits following demonetisation.

Now, LPG customers to get Rs 5 discount per cylinder on booking and paying online Now, LPG customers to get Rs 5 discount per cylinder on booking and paying online

Oil companies have offered discount of Rs 5 per LPG cylinder on booking and paying online.

Good news for taxpayers in New Year: Taxman to ensure no grievance remains pending over 30 days Good news for taxpayers in New Year: Taxman to ensure no grievance remains pending over 30 days

In what could come as a good news for taxpayers in the new year, the Income Tax department has asked its officials to resolve their grievances within 30 days time.

SC seeks data from Centre on recovery cases filed by banks, financial institutions pending for 10 years SC seeks data from Centre on recovery cases filed by banks, financial institutions pending for 10 years

The bench also sought a response on the question as to whether the recovery tribunals are equipped to decide the loan recovery cases within a fixed time frame, stipulated under the law.

Don’t eat if you don’t want to pay service charge, says restaurants’ body Don’t eat if you don’t want to pay service charge, says restaurants’ body

NRAI issued a statement stating that customers were free not to eat at a restaurant if they did not wish to pay the service charge levied by it.