Budget 2024: FM Calls Off Direct Tax Demand Under Rs 25,000
In a major relief to taxpayers, Finance Minister Nirmala Sitharaman announced that the government will withdraw all direct tax demands under Rs 25,000 in the Interim Budget 2024. This move is expected to benefit about one crore taxpayers and reduce litigation and compliance burden. Why this matters The Finance Minister said that this decision was […]
Budget 2024: A Look at New and Old Income Tax Slabs
Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 on February 1, 2024, amid high expectations from the salaried class. However, the budget did not announce any changes in the income tax slab rates for both new and old regimes. The taxpayers have the option to choose between the new and old tax regimes as […]
Morgan Stanley Acquires Paytm Shares Valued at Rs 244 Cr
Morgan Stanley, a leading financial services firm, has bought 0.8% stake in One97 Communications, the parent company of Paytm, for Rs 244 crore through an open market transaction on Friday. The deal comes amid regulatory challenges faced by Paytm Payments Bank, which was barred by the RBI from offering some banking services for non-compliance. According […]
IDBI Bank’s Strategic Sale Likely to Finish in Next Financial Year
The government expects to complete the strategic sale of IDBI Bank in the next financial year, according to a senior official. The process of privatisation of IDBI Bank is on and once the regulator clearance is obtained, financial bids will be invited. Here are some more details about the deal. Introduction IDBI Bank is a […]
RBI Imposes Ban on Paytm Bank Over Money Laundering, KYC Issues
The Reserve Bank of India (RBI) has taken a strict action against Paytm Payments Bank Ltd (PPBL), an associate company of One 97 Communications that runs Paytm, for violating several regulatory norms and guidelines. RBI has barred PPBL from accepting new customers, deposits, credit transactions, or top-ups in any of its platforms, including wallets, FASTags, […]
ED to Investigate Paytm Bank on Money Laundering
The Reserve Bank of India (RBI) has ordered Paytm Payments Bank, a subsidiary of One 97 Communications, to stop accepting fresh deposits in its accounts or wallets from March 2024. The move comes amid concerns over persistent non-compliance with regulatory norms by the fintech giant. According to Reuters, the Enforcement Directorate (ED) will probe Paytm […]
97.50% Rs 2,000 Notes Returned: RBI Announcement
The Reserve Bank of India (RBI) has revealed on February 1 that 97.50% of the Rs 2,000 currency notes in circulation as of May 19, 2023, have been successfully reintegrated into the banking system. This development follows the government’s decision to withdraw the high-denomination bills as part of the clean note policy. What is the […]
Govt Ups Sovereign Gold Bond Issuance to 3,500 Cr in FY24-25
The government has announced two more tranches of sovereign gold bonds (SGBs) as part of the Sovereign Gold Bond Scheme 2023-24. The SGBs are an attractive investment option for investors who want to diversify their portfolio and hedge against inflation. The SGBs offer a fixed interest rate of 2.5% per annum on the face value […]
Revamping Nominations: SEBI’s Plan to Reduce Unclaimed Assets
The Securities and Exchange Board of India (SEBI) has recently issued a consultation paper on revamping the nominations framework in the securities market. The aim of this proposal is to reduce the amount of unclaimed assets in the securities market and to smoothen the process for claiming the assets by the surviving successors of the […]
Paytm Payments Bank, Not App, Affected by RBI Directive
The Reserve Bank of India (RBI) has issued a directive to Paytm Payments Bank Ltd (PPBL) to stop all deposits and credit transactions after February 29, 2024, due to persistent non-compliances and supervisory concerns. However, this does not affect the Paytm app, which is a separate entity and will continue to function normally. What is […]