-The Financial Express New Delhi: Despite India being the world’s largest milk producer for the past many years, a majority of small dairy farmers in the country continue to remain outside the formal credit system of commercial banks and financial institutions, a joint study the National Institute of Agricultural Economics and Policy Research (NIAP) and the International Food Policy Research Institute (IFPRI) has stated. The study ‘Formal versus Informal: Efficiency, inclusiveness, and...
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Lens on co-operative banks as I-T sleuths find laundering role -Pradeep Thakur & Prabhakar Sinha
-The Times of India NEW DELHI: Investigations by the income tax department have found that a large number of cooperative banks have been manipulating and laundering unaccounted money post demonetisation of high denomination currency notes of Rs 1000 and Rs 500 on November 8. As the department's findings suggest a general absence of requisite regulatory oversight over cooperative banks across the country, the government feels the need for a strong regulatory framework. An...
More »Explain demonetisation, your role, flip-flops, secrecy: Parliament panel to RBI Governor Urjit Patel -Anand Mishra
-The Indian Express Urjit Patel to appear before PAC on January 28, list of 10 questions sent New Delhi: THE PUBLIC Accounts Committee (PAC) headed by senior Congress leader K V Thomas, which has asked Reserve Bank of India (RBI) Governor Urjit Patel to appear before it on January 28, has asked him 10 probing questions on the demonetisation issue — from the decision-making process to the level of RBI’s involvement, impact...
More »Report cash deposits between April 1 and November 9, 2016, Income Tax Department asks banks
-PTI NEW DELHI: The Income Tax Department has asked banks to report cash deposits in savings accounts between April 1 and November 9, 2016. The move seeks to analyze the banking transactions carried out in months before the demonetisation decision was announced on November 8. Besides, banks have also been directed to ask the account holders, who did not furnish PAN (Permanent Account Number) or Form 60 (for those without PAN) at the...
More »Govt wants details of cash deposited before Note ban -Aanchal Magazine
-The Indian Express Finance Ministry says bank account holders must submit PAN by Feb 28 New Delhi: IN A new set of rules notified on Saturday, the Ministry of Finance has asked banks and post offices to furnish details of cash deposits made during April 1-November 9 last year for amounts adding up to Rs 2.5 lakh or more per person, in all accounts other than current accounts. For current accounts, banks and...
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