Banking Awareness 17th and 18th December 2016 | Financial Affairs 17th and 18th December 2016

Digital transactions to help usher in transparency

Centre pushing for a cashless ecosystem

• Digital transactions will help bring in transparency, according to Ravi Shankar Prasad, Minister for IT and Electronics.
• The Minister’s comments comes amid the Centre’s efforts in pushing for a cashless ecosystem in India.

1.04 billion

No of mobile users in India.

HDFC wins RBI nod to raise Rs.3,000 cr. more in masala bonds

Having already exhausted a Rs. 5,000 crore limit to issue ‘masala bonds’,

Having already exhausted a Rs. 5,000 crore limit to issue ‘masala bonds’, mortgage major HDFC said the Reserve Bank of India (RBI) had granted it permission to raise another Rs.3,000 crore from the newly emerging route.

Keki Mistry

Vice Chairman and Chief Executive.

Airlines want direct line to passengers

Proper information to be passed directly to passengers in case of rescheduling.

Domestic airlines have approached the Centre to enable them to communicate directly with passengers in case of rescheduling of flights, especially during the fog season, citing difficulties in informing those who book their tickets through travel agents about flight delays and other critical information.

SITA

Headquarters in Geneva.

Reviewing legal framework for securing digital payments

Centre is working to ensure security of digital transactions.

Secretary Aruna Sundararajan said that the Electronics and IT ministry, which would play a crucial role in the Centre’s attempts to move the country to a less-cash economy following the withdrawal of high-value currency notes, is working on a new legal framework to ensure security of digital transactions.

Featured technologies

• Near Field Communications.
• Biometrics-enabled smartphones.
• USSD-enabled mobile banking

HC lets Tata promoters vote

Tata companies to proceed without any intervention

The Bombay High Court denied interim relief to minority shareholders of three Tata Group companies, thereby allowing the EGMs of the Tata companies to proceed without any intervention and as planned.

Tata company to fill board member for the following.

• Tata Chemicals Ltd.,
• Tata Motors Ltd.
• Tata Steel Ltd.

RBI opposes proposal to set up separate payments regulator

MPC-style independent board under RBI’s purview mooted

• The Reserve Bank of India (RBI) has opposed a move to establish a separate entity to regulate payments and settlements, a function that is currently under the central bank’s purview.
• Centre had set up a 11-member committee on Digital Payments headed by Finance Secretary Ratan Watal, and including the RBI’s former deputy governor H.R. Khan and Executive Director Chandan Sinha as its members.

11

Member committee formed on digital payments.

Centre to keep 50% tax amnesty window open till March 31, 2017

Tax amnesty scheme that comes into effect from December 17

The Pradhan Mantri Garib Kalyan Yojana (PMGKY), a last-resort tax amnesty scheme that comes into effect from December 17, will allow assessees to disclose previously unaccounted and undeclared income under its ambit till March 31, 2017.

Rs.2,600 crore

Amount of undisclosed incomed seized.

The post Banking Awareness 17th and 18th December 2016 | Financial Affairs 17th and 18th December 2016 appeared first on Exambin | Social Competitive Learning.