Rupee gains 9 paise against dollar in early trade

Rising for the fifth straight day, the rupee firmed up by another 9 paise to 71.22 against the dollar in opening trade on Monday on increased selling of the American currency by exporters amid foreign fund inflows. Forex dealers said weakness in the dollar against some other currencies overseas and foreign capital inflows in the domestic equity markets supported the rupee, but a lower opening of the domestic equity market capped the gains. At the interbank forex exchange, the rupee started lower at 71.37 and softened to 71.44 against the…

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Unregulated deposit schemes to be banned

The Union Cabinet on Wednesday approved the official amendments to an Act that classifies any deposit scheme not registered with the government as an offence and bans it, the government announced. “The Cabinet has given its approval to move official amendments to the Banning of Unregulated Deposit Schemes Bill, 2018, pursuant to the recommendations of the Standing Committee on Finance,” the government said in a release. “The amendments will further strengthen the Bill in its objective to effectively tackle the menace of illicit deposit-taking activities, and prevent such schemes from…

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6 Income tax changes announced in budget 2019

6 Income tax changes announced in budget 2019

Tax relief for the middle class was one of the highlights of Finance Minister Piyush Goyal’s Budget 2019 speech. Proposing several changes to the tax structure, Piyush Goyal – presenting the NDA government’s last budget in an election year – proposed no tax on income up to Rs 5 lakh. Currently, income up to Rs 2.5 lakh is exempt from personal income tax. Income between Rs 2.5 and Rs 5 lakh invites 5 per cent tax, while that between Rs 5 lakh and Rs 10 lakh is taxed at 20…

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GST exemption limit doubled to give relief to small businesses

The GST Council on Thursday approved doubling of the exemption threshold under Goods and Services Tax (GST) regime to Rs 40 lakh along with raising the turnover limit under composition scheme to Rs 1.5 crore from current Rs 1 crore with effect from April 1. States, however, will have the option to choose between the two exemption thresholds of Rs 20 lakh and Rs 40 lakh and will have to intimate their decision within a week. Advertising The Council also allowed Kerala to levy a 1 per cent disaster cess…

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‘It’s Muddled Thinking’: Amartya Sen on 10% Reservation for Economically Weak Upper Castes

Nobel laureate economist Amartya Sen on Wednesday described the proposed 10 per cent reservation for economically backward people in the general category as a “muddled thinking” that raises serious question about its political and economic impact. He also said the Modi government sustained the “high economic growth” achieved during the UPA regime, but that did not translate into jobs, poverty elimination and better healthcare and education for all. On the government’s move to provide 10 per cent reservation in jobs and educational institutions to economically weaker sections in the general…

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Nandan Nilekani named as head of panel on digital payments by RBI.

The Reserve Bank of India (RBI) has named Infosys co-founder Nandan Nilekani as the chairman of a special committee to assess the digitisation of payments in the country. Nilekani will head the high-level five-member committee on deepening of digital payments. Apart from Nilekani, the committee will have HR Khan, former deputy governor RBI, Kishore Sansi, former MD and CEO Vijaya Bank, Aruna Sharma, former secretary, ministry of Information technology and steel, and Sanjay Jain, chief innovation officer, Centre for Innovation, Incubation and Entrepreneurship, IIM Ahmedabad. As per the terms of…

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Fifteenth Finance Commission Chairman Visits Odisha

Bhubaneswar: A team led by the chairman of Fifteenth Finance Commission Dr. N.K Singh reached Bhubaneswar today to hold discussions on State’s finances and other issues with Odisha Chief Minister Naveen Patnaik. The Chairman and other members will hold meetings with representatives of the Panchayati Raj Institutions and Urban Local Bodies (ULBs) of Odisha during the visit. The Commission will hold talks on devolution of Central funds, sharing of taxes and other major financial issues. The Commission will visit the Self Help Group (SHGs), drinking water projects, cyclone shelters, poverty…

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US Central Bank Hikes Interest Rates For Fourth Time This Year

After weeks of market volatility and calls by US President Donald Trump for the Federal Reserve to stop raising interest rates, the central bank instead did it again, and stuck by a plan to keep withdrawing support from an economy it views as strong. US stocks and bond yields fell hard. With the Fed signalling “some further gradual” rate hikes and no break from cutting its massive bond portfolio, traders fretted that policymakers could choke off economic growth. “Maybe they have already committed their policy error,” said Fritz Folts, chief…

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Know the Charges Levied By State Bank Of India For Instant Money Transfers.

State Bank of India (SBI) offers the facility of Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) service for transfer of funds, or money, from one account to another through computer-based systems. SBI also charges certain fee per transaction for these money transfer services. These charges depend on the type of money transfer and factors such as amount and time of transaction. The user may choose one of these technologies as per his or her money transfer requirements. Here are different charges levied…

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RBI To Issue New 20 Rupee Note Soon.

Soon, a new currency note of Rs. 20 denomination will be introduced in the market. The Reserve Bank of India (RBI) would soon introduce the new 20-rupee bank note, news agency Press Trust of India reported on Tuesday, citing a central bank document. The launch of the new Rs. 20 note will mark the latest addition to the new currency introduced by the RBI after the shock move to withdraw the bank notes of Rs. 500 and Rs. 1,000 denominations in November 2016. The new 20-rupee note will have additional…

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