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RBI imposes restrictions on withdrawal from certain bank accounts
MUMBAI: Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank today imposed certain restrictions on withdrawal if more than Rs 2 lakh has been deposited after November 9 in an account which has a balance of over Rs 5 lakh.
As per a RBI notification, withdrawal or transfer of funds will not be permitted in accounts without quoting of PAN or submission of Form 60 (persons who do not have PAN).
Exporters seek higher cash withdrawal limit: Sitharaman
NEW DELHI: Worried over the impact of demonetisation of high value notes on production chain, Commerce Minister Nirmala Sitharaman today assured exporters that she would take up their demand of increasing the cash withdrawal limit with the Finance Minister.
The issue was raised by export promotion councils during their meeting with Sitharaman here.
Make funds available to farmers through co-ops: FM to banks
NEW DELHI: Government today asked banks to provide resources to cooperative institutions with which they are associated to meet cash requirements of the farm sector during the ongoing rabi season.
"We had a discussion with RBI, Nabard and all public sector banks and the only item for discussion was with regard to transfer of resources to rural areas so that they will reach the farmers since the sowing season for rabi is on and a lot of this will happen through the cooperative itself," Finance Minister Arun Jaitley said.
Cairn Energy writes to Modi on tax dispute
NEW DELHI: Ahead of British Prime Minister Theresa May’s maiden visit, UK’s Cairn Energy has written to Prime Minister Narendra Modi reminding him that resolution to the Rs 29,047 crore retrospective tax demand it faces is still pending.
The Edinburgh-based firm told Modi that it has been more than 1,000 days that a tax notice was slapped on it using a retrospective legislation but a resolution is nowhere in sight.
Coffee exports up 18.6% to 2.14 lakh tonnes in April-Oct
NEW DELHI: The country’s coffee exports rose 18.6% to 2,14,677 tonnes in the April-October period of the current fiscal despite low realisation, according to the Coffee Board.
In value terms, coffee exports increased 7% to Rs 3,224 crore in the first seven months of this fiscal from Rs 3,013 crore in the year-ago period, Coffee Board data showed.
Foreign investors seek speedy resolution of Tata-Mistry feud
NEW DELHI: Concerned over the Tata-Mistry feud impacting stock valuations, foreign investors are approaching Sebi as well as the independent directors and management of Tata Group companies to ensure that interests of minority shareholders in the listed entities are protected.
More than two dozen Tata group companies, including software bellwether TCS, are listed on the bourses, and most of them have substantial holdings by foreign investors.
SpiceJet announces festival sale; tickets starting at Rs 888
NEW DELHI: Domestic budget carrier SpiceJet today announced special festival sale, offering fliers one-way all inclusive airfares as low as Rs 888 for domestic and Rs 3,699 for overseas flights for a limited period.
RBI surprises with rate cut; home, auto loans to cost less
MUMBAI: Home, auto and corporate loans may get cheaper as the new RBI Governor Urjit Patel-led panel today marked its debut policy review with a surprise 0.25 per cent rate cut -- lowering borrowing cost to 6-year low, which the industry lauded as a pre-Diwali gift.
BSNL, MTNL to provide Wi-Fi services at 100 tourist places
NEW DELHI: BSNL and MTNL will provide Wi-Fi facilities at 100 tourist destinations across the country with the Union Tourism Ministry inking agreements with the state-run telecom service providers to this effect.
A total of 100 tourist places, including world heritage sites, will be identified where the service will be provided within the next six months, Tourism Secretary Vinod Zutshi said today.
Petrol price hiked by 36 paise/litre, diesel cut by 7 paise
NEW DELHI: Petrol price was today hiked by 36 paise a litre, the third increase in two months, but that of diesel was cut by 7 paise per litre in line with international trends.Petrol will cost Rs 64.57 a litre in Delhi from midnight tonight as against Rs 64.21 currently. Similarly, diesel will cost Rs 52.52 a litre as compared to Rs 52.59 at present.