Finance

News: Government plans to launch the new cashless transactions without any extra cost for debit card holders Measures include compulsory use of credit cards for high-value payments, petrol pumps not to impose surcharge on debit card payments, forcing banks to install payment terminals in proportion to the number of cards ...

News:  Money held by Indians in Swiss banks fell by over 10 per cent last year to 1.8 billion Swiss franc (about Rs 12,615 crore), amid an enhanced clampdown against the famed secrecy wall of Switzerland’s banking system by Indian and other governments. This is the second lowest amount of ...

News: Based on the recommendations of Foreign Investment Promotion Board (FIPB), government has approved 16 proposals of Foreign Direct Investment (FDI) amounting to Rs 6,750.86 crore. The government has approved Torrent Pharmaceuticals’ proposal for increasing FII investment from 13.09 per cent to 35 per cent. While, Syngene International has been allowed ...

News: India Post, which has started issuing personalised debit cards to its savings account holders, is planning to issue 5 lakh new debit cards over the next two months. The Department of Posts (DoP) started issuing the cards from last year and so far, it has reached close to 10,000. ...

News: The government has proposed to make the drugs used to treat AIDS and other diseases cheaper. The drugs and equipment will be exempted from custom duty. In a notification issued by the Central Board of Excise and Customs it has been stated that this exemption will be effective from March 31, ...

News: Service Tax will not be levied on customers dining in restaurants without air conditioning facility or central heating. Even the restaurants that have ACs or central heating will levy service tax only on 40% of the total bill amount. Finance ministry also specified, “In case of air-conditioned or air-heated ...

News: Tax authorities will be able to initiate action against those having undeclared overseas assets even after a change in residency if these were held while being an Indian resident. New Regulations: Under the Black money and Imposition of Tax Bill, 2015, which came into effect on April 1, all ‘resident’ ...

News: The finance ministry has imposed anti-dumping duties ranging from $180 to $316 per tonne for some industrial-grade stainless steel imported from China, Malaysia and South Korea in a bid to stem surging imports and protect the domestic industry. The move comes after India’s trade ministry said in March the ...

News: To act against black money menace, Switzerland will put in place stricter due diligence norms for banks to prevent inflow of illicit assets into the country. Description: Banks would have to terminate their relationship with existing clients in case they are unable to provide the required tax compliance proof ...

News:  The government is overhauling the annual targets for public sector banks from this month, to focus on size that has long encouraged banks to inflate their loans and deposits at the year-end to hit growth objectives. Description: Overhauling the bloated and often sluggish state banks is critical for the ...