Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year

NEW DELHI: Withdrawing a cumulative ₹10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory. In its push towards a digital economy, the central government is thinking of introducing a tax of 3-5 per cent on cash withdrawal of ₹10 lakh in a year, a move to discourage cash usage in the economy and resultant black money. Paying ₹30,000-50,000 for ₹10 lakh annual withdrawal will be seen as a loss, the…

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Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year

NEW DELHI: Withdrawing a cumulative ₹10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory. In its push towards a digital economy, the central government is thinking of introducing a tax of 3-5 per cent on cash withdrawal of ₹10 lakh in a year, a move to discourage cash usage in the economy and resultant black money. Paying ₹30,000-50,000 for ₹10 lakh annual withdrawal will be seen as a loss, the…

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Finance Ministry starts groundwork for fresh banking mergers

NEW DELHI: The next wave of bank consolidation is planned during the October-December quarter of the current fiscal with the Finance Ministry starting to seek information from PSBs on possible targets for amalgamation/mergers and acquisitions with justification on how such an initiative will synergise operations and strengthen the bank. Government sources said that heads of all public sector banks (PSBs) have been asked to be ready with their consolidation plan so that it could be placed before the alternative mechanism (AM) of the new government as soon as it is…

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Finance ministry reworking strategic sale procedure for CPSEs

The finance ministry is reworking strategic sale procedure to ensure outright sale of CPSEs within 4 months of issuance of documents to potential investors, a move aimed at ensuring speedier conclusion of the entire process, an official said. However, for CPSEs like Air India, which are relatively bigger in size, the timeline for completion of strategic sale is likely to be fixed at 6 months from the date of issuance of Preliminary Information Memorandum (PIM) about the company. Currently, there is no set timeline for concluding strategic sale of a state-owned company and…

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In Karnataka, HD Kumaraswamy’s Party Gets Finance, Congress Home Ministry

NEW DELHI:  After days of negotiation, HD Kumaraswamy’s Janata Dal Secular and the Congress have finalized the division of power — with the crucial finance ministry going to the regional party and the home department to the Congress. The cabinet expansion is expected over the week-end, said party sources. The Congress is expected to get 22 of the 34 ministries and the JD(S) 12. Last week, only Chief Minister Kumaraswamy and Deputy Chief Minister G Parameshwara of the Congress took oath amid speculation of conflict between the coalition partners over cabinet…

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Samsung Partners MSME Ministry to Open New Technical Training Schools

Samsung India on Friday signed an MoU with the Ministry of Micro, Small and Medium Enterprises (MSME) to open two more technical training schools and to renew the partnership for 10 existing schools being run across the country. As per the Memorandum of Understanding (MoU), the technology giant will open two new MSME-Samsung Technical Schools in Bengaluru and Jamshedpur, the company said in a statement. “We are committed to creating an industry-ready workforce and provide industry-oriented skills to our youth under the Skill India programme. Samsung has been a valuable…

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After IITs, HRD Ministry hikes expenses in NITs, IISERs

The Ministry of Human aid development has okayed a charge hike of seventy nine percentage and 127 percent for countrywide Institutes of era (NITs) and Indian Institutes for technology education and research (IISERs), respectively. At present, there are 31 NITs and 6 IISERs within the u . s .. As in line with the revised fee structure, undergraduate and postgraduate students at NITs will now need to shell out Rs 1.25 lakh annually, up from Rs 70,000. drastically, the price hike in case of NITs is relevant handiest to college…

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