Withdrawal limit

New Delhi: Delhi High Court directed the Reserve Bank of India (RBI), Punjab Maharashtra Cooperative Bank, and other respondents to consider the needs of the depositors during the coronavirus-induced lockdown. A bench of Chief Justice DN Patel and Justice Prateek Jalan was hearing an application seeking urgently easing of the moratorium for withdrawal of deposited money from PMC Bank during the coronavirus pandemic and an interim financial package for senior citizen depositors. "In view of this limited submission, we direct the concerned respondents to appreciate the difficulties raised by the applicant/ petitioner with respect to the moratorium on withdrawal and decide the same in accordance with law, rules, regulations and Government policy applicable to the facts of the case," the bench said on Thursday while disposing of the petition. In the application, the petitioner Bejon Mishra through advocate Shashank Dev Sudhi stated that in the critical financial situation, the … [Read more...] about Delhi High Court directs RBI, PMC Bank to consider needs of depositors during lockdown

Bokil and his team, most of whom left well-established careers to be part of the movement to 'eradicate black money' in the Indian economy, met all senior politicians, policymakers, central bank officials, bank officials, religious leaders from all faith, and anyone who cared to give them time -- not to mention holding public awareness campaigns through the length and breadth of the nation, to push for their radical ideas. … [Read more...] about ‘Never suggested overnight banning of high value notes’

finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month's meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19. If goods and services tax (GST) rates are increased on non-essential items, sources said it will further bring down their demand and impede the overall economic recovery. Post the lockdown, the demand has to be induced and economic activity has to improve on all fronts, not just on essential items side, they said. However, the decision will be taken by the GST Council headed by the finance minister, according to sources. Rates will come up for discussion during the council meeting next month to be attended by state finance ministers, they added. The 39th meeting of GST Council was held in March, which proposed rationalisation of taxes on many items. The nationwide lockdown was announced by Prime Minister Narendra Modi on March 24 for 21 … [Read more...] about GST Council to meet next month; Finance ministry not for raising rates on non-essential items

Novi is designed to hold Facebook’s Libra digital currency, which means the money added to the wallet becomes a hybrid of a country’s local currency and Libra. It has an in-app fraud reporting, and a dedicated customer care support to raise a complaint. In the event of a fraud, the customer is eligible to receive a full refund. … [Read more...] about Today’s cache | Facebook’s new digital wallet, and more

The report is also skeptical about the efficacy of economic stimulus packages announced since March 26. “The typical reform, relief and stimulus packages have been based on insurance schemes (PM Fasal Bima Yojana, PM Suraksha Bima Yojana, PM Jeevan Jyoti Bima Yojana, and Ayushman Bharat) and credit guarantee programs. Their success depends on a number of behavioral parameters in which entrepreneurial decisions of farmers, MSME [micro, small and medium enterprise] entities, managers of NBFCs [non-banking finance companies] and banks etc are involved,” it said. … [Read more...] about Why Q4 GDP numbers will be crucial