SBI launches ‘SBI Realty’ portal for home buyers, that will help home buyers to choose flats from its 3,000 approved projects across the country.
India’s largest commercial bank State Bank of India (SBI) has launched a dedicated portal ‘SBI Realty’ that will help home buyers to choose flats from its 3,000 approved projects across the country,which are spread across 13 states and Union Territories covering 30 cities.
At present, there are 9.5 lakh home units available on the website. Customers can compare current and past trends of prices for the properties in various localities in the city.
The SBI Realty website has been developed by SBICAP Securities in association with PropEquity in terms of data support, project information
Reliance Industries on Monday attained a market valuation of more than Rs 5 lakh crore, becoming the second Indian company after Tata Consultancy Services to achieve this milestone. The market cap of TCS on Monday was Rs 4.72 lakh crore.
Google has acquired Bangalore-based Halli Labs, which focuses on Artificial Intelligence (AI), Machine Learning (ML) and Neuro-Linguistic Programming.
Halli Labs will be joining Google’s Next Billion Users team, which is primarily focused on mobile and aims to address issues such as low bandwidth & intermittent connectivity, conserving data usage, reducing battery consumption, developing multi-device content, supporting more digital payments systems, and creating localised content among others.
The National Payments Corporation of India (NPCI) is looking at increased uptake of its RuPay debit cards among premium customers, as deals signed between banks and its global competitors Visa and Mastercard expire over the next few years.
Though RuPay controls 42 per cent of the Indian debit card market, the share of its cards is only 16 per cent of total Point of Sale (PoS) and e-commerce transactions. This is largely due to the fact that the majority of RuPay cards — around 220 million— are held by benefactors of the Jan Dhan Yojana scheme.
NPCI has already signed up over 750 banks, including cooperative banks and regional rural banks (RRBs), in the country, far larger than the 50 odd top banks Visa and Mastercard used to cater, prior to the RuPay’s entry.
Despite this deep penetration, top banks in the country continue to issue Visa and Mastercard debit cards instead of RuPay cards.
The Chhattisgarh government has decided to merge all the branches of the district central cooperative banks (DCCBs) with the state cooperative banks
The merger of DCCBs into a single entity would serve the farmers with better and efficient banking facilities.
The decision would enable small DCCB to merge into the state cooperative bank that would ensure the fiscal strength of the entity. After the merger, the working capital of the bank would increase to more than Rs 10 crore.
This would help the farmers to get more loans from the banks.
The Reserve Bank of India (RBI) has amended its earlier order asking banks to initiate bankruptcy proceedings against 12 companies which have outstanding loans amounting to over Rs 5,000 crore as on March 2016.
The amendment, made through a notification late on Saturday, comes after the Gujarat High Court asked the RBI to remove the stipulation on its order last month that the 12 non-performing assets (NPAs), or bad loans, would be granted priority at the National Company Law Tribunal.
In June, the RBI identified 12 accounts totaling 25 per cent of the NPAs of the banking system for insolvency proceedings.
The IAC (Internal Advisory Committee) noted that under the recommended criterion, 12 accounts totaling about 25 per cent of the current gross NPAs of the banking system would qualify for immediate reference under IBC (Insolvency and Bankruptcy Code, 2016),
Country’s largest bank SBI has waived charges for fund transfer of up to Rs.1,000 through its IMPS (Immediate Payment Service) to promote small transactions.
State Bank of India had been charging ₹5 along with the applicable service tax for IMPS fund transfer of up to Rs.1,000. IMPS is an instant interbank electronic fund transfer service through mobile phones as well as internet banking.
For IMPS, charge will be Rs. 5 along GST for fund transfer in the range of Rs. 1,000 to Rs. 1 lakh. The charge will go up to Rs. 15 for transactions of Rs.1-2 lakh. GST at the rate of 18 per cent is applicable on all financial transactions.
GMR Goa International Airports Ltd gets Rs 1,330 cr loan from Axis Bank for developing Mopa airport
The GMR arm had won the bid to develop and operate the Greenfield airport at Mopa in North Goa last year and the concession agreement was signed on November 8, 2016.
The foundation stone for the project was subsequently laid by the Prime Minister, Narendra Modi, on November 13, 2016.
Goa has been witnessing an aviation boom with traffic at the existing Dabolim growing at near 30 per cent annually for the past three financial years.As per the concession agreement, GMR will design, build, finance and operate the international airport for 40 years with extension option for another 20 years.
No GST on gifts to employees up to Rs. 50,000 and on perquisites as part of contract.
Gifts from employers to employees worth up to Rs. 50,000 will not attract the Goods and Services Tax, nor will perquisites enjoyed by employees as part of the employment contract.
In common parlance, gift is made without consideration, is voluntary in nature and is made occasionally. It cannot be demanded as a matter of right by the employee and the employee cannot move a court of law for obtaining a gift.
This means that GST will have to paid only in exceptional situations where gifts are given on voluntary basis, such as Diwali gifts to employees and that too if the value is more than Rs. 50,000.
Finance Minister Arun Jaitley Launched ‘Aaykar Setu’ to enhance E-Access of taxpayers by providing information on useful tax services.
Finance Minister Arun Jaitley on Monday launched ‘Aaykar Setu’ — an e-initiative for the Income tax Department to directly communicate with the taxpayers and aimed at providing information on useful tax services.
Aaykar Setu which compiles various tax tools;
1. live chat facility,
2. dynamic updated and
3. important links
to various processes within the Department in a single module, Mr Jaitley stressed on the government’s commitment towards continuously upgrading taxpayer services.
To enhance mobile access experience, a mobile responsive android version was also released along with the desktop version.
The taxpayers will also be able to receive regular updates regarding important tax dates, forms and notifications on mobile numbers registered with the Income Tax Department.
GST Rate Finder: Government launches app to check GST RATES, developed by Central Board of Excise and Custom (CBEC)
The government launched an app called GST Rate Finder– which as the name suggests is your ready reckoner for all the tax rates that are to be levied under the GST (Goods and Services Tax) regime. The app has been developed by the Central Board of Excise and Custom (CBEC).
First app of its kind which would be a ready reckoner for public, for customers, for consumers, traders, students, anyone who wishes to have very handily (GST) rates available.
John Joseph to take charge as Director General of Goods and Services Tax Intelligence (DG GSTI) which will keep a check on evasion of Goods and Services Tax (GST).
He is at present posted in Mumbai and expected to take the new charge soon.
Joseph, a 1983 batch officer of Indian Revenue Service (Customs and Central Excise), has worked in the Finance Ministry’s important departments, including the Directorate of Revenue Intelligence (DRI).
Indian government launched IPR Promotion and Management (CIPAM) awareness scheme for MSMEs, Startups to raise awareness among the youth
The Cell for IPR Promotion and Management (CIPAM), under the aegis of the Department of Industrial Policy and Promotion, Government of India, has launched a the National Intellectual Property Rights (IPR) Policy 2016, a ‘Scheme for IPR Awareness – Creative India; Innovative India’.
The Scheme aims at raising IPR awareness amongst students, youth, authors, artists, budding inventors and professionals to inspire them to create, innovate and protect their creations and inventions across India including Tier 1, Tier 2, Tier 3 cities as well as rural areas in the next 3 years.
The Scheme for IPR Awareness aims to conduct over 4000 IPR awareness workshops/ seminars in academic institutions (schools and colleges) and the industry, including MSMEs and Startups, as also IP training and sensitization programmes for enforcement agencies and the judiciary.
Canara HSBC Oriental Bank of Commerce Life Insurance ties up with Dhanlaxmi Bank for marketing various life insurance products
Private life insurance company Canara HSBC Oriental Bank of Commerce Life Insurance has entered into an alliance with the Kerala-based Dhanlaxmi Bank for marketing various life insurance products.
As part of the agreement, the Bank will be a corporate agent for 3 years; however, both aim to continue this relationship for long term.
The insurance company with a customer base of 115 million and a pan India network of 9500 branches has garnered Rs.110 crore profit in FY17, registering a 40 per cent growth vis-a-vis 38 per cent in the previous fiscal.
Reserve Bank of India (RBI) limits customer liability in online banking frauds.
Laying out norms for limiting customer liability in online banking frauds, the Reserve Bank of India (RBI).
In cases of zero and limited liability of the customer “on being notified by the customer, the bank shall credit the amount involved in the unauthorised electronic transaction to the customer’s account within 10 working days from the date of such notification by the customer (without waiting for settlement of insurance claim, if any) directed banks to credit the amount involved in the unauthorised electronic transaction within 10 working days to the account holder.
RBI also said that banks need to ask their customers to mandatorily register for SMS alerts and e-mail alerts for electronic banking transactions.
Indian Government will launch new tranche of Sovereign Gold Bond (SGB) in 2017-18, on July 10
The bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges namely the NSE and BSE.
The sovereign gold bond scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings, used for purchase of gold, into financial savings.
The government has so far issued eighth tranches of SGBs and mobilised Rs. 5,400 crore till date.
Investors in these bonds have been provided with the option of holding them in physical or dematerialised form.
As per the statement, the bonds with tenure of 8 years will be tradable on stock exchanges within a fortnight of the issuance on a date as notified by the RBI.
MRP will be the sole price decider all over the country from January 1, 2018 by the amendment of The Consumer Affairs Ministry
As per the amended Legal Metrology rules for packaged commodities, which will come into effect from the next calendar year, the Centre has clarified that the retail sale price shall be the maximum retail price (MRP) inclusive of all taxes, with the provision to round off the price to the nearest rupee or 50 paise.
Further, to curb the possibility of any vendor charging differential prices for the same product, a new legal provision has been inserted that no person shall declare different MRPs on an identical pre-packed commodity.
The new norms also require sellers to enhance the size of letters and numerals for making declarations about the packaged goods, such as their “best before date, month and year” to indicate their shelf life, for making it easier for consumers to read vital information.
EPFO ties up with Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank for collections of provident dues and to make retirement payments.
The tie-ups with Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bankand Kotak Mahindra Bank will help EPFO save around Rs 125 crore a year and expedite its investments as well as payment of benefits to its members.
Employers having bank account with these banks can now deposit PF dues directly in EPFO’s account using internet banking in real time basis instead of going through the aggregator mode.
EPFO is negotiating with seven more banks for the same purpose. Tie-ups with these banks will be beneficial because each of them accounts for 0.5 per cent of EPFO remittances a year.
South Indian Bank ties up with PFG Forex for remittance facility for the benefit of Indian expatriates from Australia.
Under this arrangement, NRIs can enjoy cost-effective and fast remittance services using SIB’s Express facility.
NRIs can visit the PFG Forex outlets across Australia for remittances to India. SIB is already having correspondent banking arrangement with National Australia Bank and Fly World Money Exchange for remittances to India.
Credit Card bill payment has been exempted under five entities from Cash Dealing Limit.
Restrictions on cash dealings of Rs. 2 lakh or more will not apply to credit card bill payments, business correspondents appointed by banks and issuers of prepaid instruments, the revenue department has said.
The Finance Act 2017 banned cash transaction of Rs. 2 lakh or above with effect April 1, 2017. However, some exceptions were made.
Through a notification, the Income Tax Department has exempted five entities from the purview of this Section.
1. receipts by a business correspondent on behalf of a banking company or co-operative bank;
2. receipt by a company or institution issuing credit cards against bills raised in respect of one or more credit cards.
3. Receipt from an agent by an issuer of pre-paid payment instruments,
4. Receipt by a white label ATM operator from retail outlet and
5. Receipt which is not includible in the total income under clause (17A) of section 10 of the I-T Act, 1961, have been excluded from the purview of the Section 269ST.
Yes Bank signs MOU with Santander UK plc to help boost UK-India trade and local business networking opportunities.
The new partnership will enable Santander to offer its clients access to banking facilities and local support in India through Yes Bank network, while Yes Bank customers will gain access to the range of financial and practical support that Santander offers businesses looking to trade internationally.
Santander UK plc is a British bank, wholly owned by the Spanish Santander Group.
The Asian Development Bank (ADB) & Central Government inks pact of $220 million loan for road revamping in Rajasthan.
The Asian Development Bank (ADB) and the Government of India on Monday signed a $220 million loan agreement meant to improve connectivity, transport efficiency, and safety on the State highways of Rajasthan.
The loan is the first tranche of the $500 million Rajasthan State Highways Investment Program, approved by ADB Board in May this year, that will upgrade about 2,000 km of State highways and major district roads to two-lane or intermediate-lane standards to meet road safety requirements.
Revenue Department removes additional excise duty on cigarette, tobacco with effect from July 1, following the GST implementation.
The revenue department also “rescinded” the central excise notification dated February 27, 2010, which deals with excise duty rate on unmanufactured tobacco and chewing tobacco.
The GST Constitutional (Amendment) Act permits the Centre to levy excise duty on six items including tobacco and tobacco products. The other items are petroleum crude, diesel, petrol, natural gas and ATF.
Following the rollout of Goods and Services Tax (GST) from July 1, the central excise notifications for tobacco, pan masala and cigarettes had to be brought in line with the new indirect tax regime.
Svatantra Microfinance launches cashless solution ‘Saathi’ as it plans to expand its operations.
Mid-sized microfinance institution Svatantra Microfin is looking at doubling its loan disbursals to Rs. 800 crore by 2019, even as it plans to expand its operations to more States within the same period.
The firm, founded and promoted by Ananya Birla in 2012, has so far disbursed micro-credits worth Rs. 450 crore. Its loan book stands at Rs. 260 crore, and it has grown 220 per cent year-on-year since its launch in 2014.