Monthly Archives: March 2017

Special Clearing operations by Banks on March 30 and 31, 2017

By | March 24, 2017

RBI/2016-17/255 DPSS.CO.CHD.No./2656/03.01.03/2016-17 March 23, 2017 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks/ Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir, Special Clearing operations on March 30 and 31, 2017 A reference is invited to the… Read More »

Category: RBI

Examine Hate Speeches : Supreme Court Directs Law Commission of India

By | March 24, 2017

Hon’ble Supreme Court Directs Law Commission to Examine Hate Speeches (Press Note) Hon’ble Supreme Court of India in Pravasi Bhalai Sangathan v. Union of India (AIR 2014 SC 1591) had asked the Law Commission of India to examine if it ‘deems proper to define hate speech and make recommendations to the Parliament to strengthen the… Read More »

Promotion of Digital/Cashless Transactions by Government of India

By | March 24, 2017

Promotion of Digital/Cashless Transactions by Government The data on payment system indicators such as Paper Clearing, National Electronic Fund Transfer (NEFT) and National Automated Clearing House (NACH), registered growth in December, 2016 as compared to November 2016. However, the same showed a decline in January 2017 as compared to December 2016. • Immediate Payment Service… Read More »

140 Show Cause Notices Issue under Benami Law – Rs 200 Crore Property Value

By | March 24, 2017

Benami Transactions (Prohibition) Amended Act, 2016 Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through the… Read More »

2534 Searches, 45622 Crore Undisclosed Income ,3625 Cr Seized by Income Tax Department

By | March 24, 2017

Income Tax Department conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, jewellery etc) worth about Rs. 3,625 crore As part of enforcement measures and based upon credible evidence of tax evasion and other serious violations of provisions… Read More »

Unclaimed Deposits in Banks and Insurance Companies

By | March 24, 2017

Unclaimed Deposits in Banks and Insurance Companies The details of the unclaimed deposits reported by various banks under Section 26 of Banking Regulation Act (BR Act), 1949 are as follows: As of Unclaimed Deposits (Rs. in crores) 31.12.2013 5124.98 31.12.2014 4998.27 31.12.2015 6835.40   The details of unclaimed amount reported by the life and non-life… Read More »