-The Indian Express Capping Withdrawals for Yes Bank depositors is foolish for two specific reasons, particularly when the economy is floundering with growth rates of around 5%. On March 5, the RBI imposed a cap of Rs 50,000 on Withdrawals by Yes Bank depositors. A day later, Finance Minister Nirmala Sitharaman assured depositors that their money was safe. In the days and weeks running up to the RBI decision to supersede the Yes...
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Energy, food and leaky pipes: How to solve India's water crisis -Ravi Purushothaman
-India Today There is an expected 40 per cent gap in the global water supply, the 2.1 billion people who lack access to safe drinking water and the fact that water has ranked in the top five risks for eight consecutive years in the World Economic Forum’s Global Risk Report. The global water crisis is not a new story. Every year, I review statistics which are becoming all too familiar: an expected...
More »RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account
-PTI MUMBAI: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor Withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank. Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans...
More »Budget riddle on cash Withdrawals: 'Income' tax on 'non-income' -Sambit Saha
-The Telegraph The obvious question: if the cash withdrawal isn’t designated as “income”, how can you tax it under the “income” tax act? The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act. The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a...
More »A new mandi tax -Harish Damodaran
-The Indian Express A 2 per cent TDS on cash Withdrawals beyond Rs 1 crore may hit the farm trade hard. One of the 2019-20 Union Budget’s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2% TDS (tax deducted at source) on cash Withdrawals exceeding Rs 1 crore in a year from any bank account. The levy — aimed at promoting “digital payments” and a “less cash...
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