Marketing

Digital Payments: Indirect Tax Assessments Not To Be Reopened If Turnover Rises

The governmenthas been encouraging people to shift towardsdigital mode of payment. New Delhi: The Revenue Department on Sunday said officials will not reopen the past assessments of excise and service tax of assessees even if their turnover in the current period increases on account of digital payments in the wake of demonetisation. In a circular to excise and service tax chief commissioners, the Central Board ... Read More »

Banks Must Keep Deposits Record Of Scrapped, Valid Notes, Says Government

s New Delhi: To avoid any malpractices, the government has asked all public sector banks to strictly maintain a record of deposits made through both old Rs. 500 and Rs. 1,000 notes and other valid currencies. In a letter written to chief executive officers of public sector banks, the Finance Ministry asked that “maintenance of records regarding deposit of Specified Bank Note (SBN) and Non-SBN, as ... Read More »

Red Means Stop! Banking App Cuts Customer Spending

Traffic lights don’t just work for drivers, some bank customers obey them on their smartphones too. New York: Traffic lights don’t just work for drivers, some bank customers obey them on their smartphones too. A transaction-tracking app using red, yellow and green messages to warn account holders when they are paying out more or less than usual has resulted in ... Read More »

Moody’s Rebrands Arm Copal Amba As Knowledge Services Unit

Moody’s Analytics supports over 150 institutional clients. New Delhi: US-based Moody’s on Monday said it has rebranded its arm Copal Amba as the knowledge services unit of Moody’s Analytics. Moody’s Analytics’ Knowledge Services unit is a provider of research and analytics services to global financial and corporate sectors, Moody’s Corporation said in a statement while announcing the rebranding of the ... Read More »

Axis Bank Denies Local Media Report Of Threat To Its Banking Licence

Axis Bank said it has strong systems and controls in place as per central bank rules. Mumbai: Axis Bank on Monday slammed a regional newspaper report stating authorities were preparing to revoke the bank’s licence as “false and malafide”, saying it had strong systems and controls in place as per central bank rules. Axis, India’s third-biggest private sector bank, said ... Read More »

SBI Cards Sees Business Opportunity In Low Income Category

New Delhi: To tap opportunities arising out of limited cash supply following demonetisation, SBI Cards will soon launch credit cards aimed at the lower income group who have the capacity to pay but don’t have cards, besides quickening card delivery period to 2-3 days. “From the issuer side, what we can do is acquire more people and acquire faster. Another ... Read More »

RBI Denies Taking Action Against Cancelling Axis Bank’s Licence

Amid rumours that India’s third biggest private sector lender- Axis Bank could lose its licence over alleged money laundering activities involving the suspended employees, the Reserve Bank of India clarified that it has not initiated any action to cancel the banking licence of Axis Bank. “The Reserve Bank of India today clarified that it has not initiated any action to ... Read More »

3-Day Bank Holidays Add To People’s Cash Woes

Mumbai: As the banks remained shut for the third consecutive day on Monday and many ATMs continued to run dry, it caused further inconvenience to people, who are already reeling under a currency crunch. The banks are likely to witness a rush of people tomorrow, when the operations resume. The three-day long bank closure started from December 10, as it ... Read More »

Demonetisation: RBI Seeks Details Of Fake Currency From Banks

Mumbai: To ascertain the amount of counterfeit currency, the Reserve Bank has asked all banks to send details of all fake notes detected during exchange and deposits of defunct old high-value notes post demonetisation. Banks are required to send details of fake currencies in three different dates, the first of which is December 16. The RBI in an advisory issued ... Read More »

Banks Receive Rs 12.44 Lakh Crore Of Old, Invalid Notes So Far, Says RBI

Mumbai: Banks have taken back Rs 12.44 lakh crore ($184.24 billion) of high-value currency that the government abruptly abolished last month, Reserve Bank of India Deputy Governor R Gandhi said on Tuesday. That represents about 80 percent of the Rs 15.44 lakh crore in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them on Nov. ... Read More »