आर्थिक – Page 35 – Dialogue India (डायलॉग इंडिया): Latest And Breaking Hindi News Headlines, News In Hindi

Jan172019 by Dialogue IndiaNo Comments

LIC should change name of IDBI Bank to LIC Bank of India

It refers to reports about market-share of LIC of India in life-insurance first time falling below 70-percent. But remedial steps can raise market-share of important Public-Sector-Undertaking considerably apart from reducing overheads to increase profitability. LIC of India having acquired 51-percent stake in public-sector IDBI Bank should change name of the Bank to LIC Bank of India with merger of several small public-sector banks in this newly suggested Bank, like public-sector Dena Bank and Vijaya Bank are to merge into another public-sector Bank of Baroda. Then newly named LIC Bank of India can be yet other anchor-bank where other public-sector banks are planned to be merged in future. It provide a single window to customers for banking and insurance which may make suggested LIC ...

Jan172019 by Dialogue IndiaNo Comments

Sharp decline in small savings is a cause of worry: Safeguards necessary for senior citizens

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Latest data released by Reserve Bank of India (RBI) shows a sharp decline in small savings in first eight months of financial year 2017-18 when small savings schemes amounted to just rupees 40,429 crore, a seven-fold dip from Rs 2,75,682 crore in the corresponding period of the previous year. Evidently it is at cost of more investment in mutual-fund schemes where political and other factors can suddenly harm the investors like happened in investment in properties. A sharp decline in interest-rate was anticipated post-demonetisation when Jeevan Akshay pension-plan of LIC of India for the reason witnessed maximum investment in that period. But with currency-circulation crossing what it was before demonetisation, reduced interest-rate in government savings-schemes should be restored with t...

Jan112019 by Dialogue IndiaNo Comments

Logic of continuing 0.75-percent discount on petrol diesel purchased through credit cards

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Union government post-demonetisation of currency on 08.11.2016 to encourage use of cashless transactions had started giving several discounts for promoting use of credit and debit cards which also included 0.75-percent discount on purchase of petrol and diesel through credit or debit cards. Due to inadequate publicity, it is not clear which discounts are still prevailing which also included on on-line payment of insurance premiums. With all such discounts having since lost relevance after normalisation of currency-position, Union government should not burden exchequer with subsidy-loss through such discounts any more. Instead steps should be taken to ensure banking to be made least expensive including in respect of credit and debit cards. Concept of minimum-balance-charge for bank-accou...

Jan112019 by Dialogue IndiaNo Comments

Scams in GST-system because of Input-Tax-Credit system can be avoided by proper modification

आर्थिक

Reports of scams and frauds by wrongly availing Input-Tax-Credit ITC under Goods and Service Tax GST indicate that already 3600 cases involving GST evasion of rupees 15000 crores due to wrongly availing ITC have been detected. It has become a common practice to sell GST-invoices to those availing false ITC when consumers do not insist on taking invoices or leave these invoices by getting some petty discount. These unused GST invoices are purchased by manufacturers to avail false ITC further leading to creation of unaccounted money thus evading even Income Tax also. To avoid this, a total overhaul of GST-system is of utmost necessity which has already undergone numerous amendments ever since it was introduced on 01.07.2018. ITC should be available only for trading purpose, and ...

Jan112019 by Dialogue IndiaNo Comments

Nepal Rashtra Bank querying Reserve Bank of India about legality of Indian currency-notes of denominations above rupees 100

आर्थिक

It refers to Nepal Rashtra Bank NRB on 04.01.2019 asking Reserve Bank of India RBI to declare Indian currency-notes of rupees 200, 500 and rupees 2000 as legal tender in Nepal. Presently Indian currency of upto rupees-100 denomination are allowed in normal circulation in Nepal where Indian currency is allowed to be used in normal circulation like Nepalese currency. RBI should allow only currency-notes of upto rupees 500 as legal tender. Indian currency-notes of rupees-2000 may not be allowed as legal tender in Nepal. Such a decision is necessary because still there are takers of demonetised currency-notes of earlier rupees 500 and 1000 at discounted value because of hope to get these legalised through Nepal route. Decision of not allowing rupees-2000 Indian currency notes as legal tende...

Jan112019 by Dialogue IndiaNo Comments

Ban financing of Non-Banking-Financial-Companies NBFCs by banks

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Non-Banking-Financial-Companies NBFCs are minting money at cost of public-money deposited in banks where presently banks including public-sector ones finance these NBFCs for money-lending business. It is noteworthy that owners of some NBFCs are themselves in news for extra big questionable bank-loans. There must be a total ban on banks financing for purpose of money-lending business. Banks are charging undue interest-rate of even tune of above 40-percent per annum on loans taken through credit-cards where credit-card statements in bold letters are printed with a small 5-percent fraction of total bill-amount as Minimum-Amount-Due. Ignorant customers who usually do not read conditions printed in tiny letters just pay this printed Minimum-Amount-Due in total ignorance that they become liab...

Jan52019 by Dialogue IndiaNo Comments

Demonetization of rupees-2000 notes can undo wrong implementation of earlier demonetisation of 08.11.2016

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Media-reports confirm about printing of rupees-2000 currency-notes by Reserve Bank of India RBI after about two years of launch to meet emergency situation subsequent to demonetization on 08.11.2016 of earlier notes of rupees 500 and rupees 1000. Ruppes-2000 notes worth rupees 6.73 lakh crores were there in circulation on 31.03.2018 which accounted for 37-percent of total currency worth rupees 18.03 lakh crores on that day. Since rupees-2000 notes not commonly seen are mainly hoarded as unaccounted currency and for illegal currency-circulation, even a currency-crunch developed in the country some time back. Even though demonetization on 08.11.2016 was a bold step for checking unaccounted deals, yet poor and unplanned implementation could not give the desired results with currency-cir...

Jan22019 by Dialogue IndiaNo Comments

Income Tax exemption be on Pradhan Mantri Vaya Vandana Yojana also

आर्थिक

Single unified investment plan necessary for senior citizens through all branches of public-sector banks Investment-limit in Pradhan Mantri Vaya Vandana Yojana (PMVVY) through Life Insurance Corporation (LIC) of India with eight-percent annual income-yield since has been increased to rupees 15 lakhs per individual senior citizen, rather than earlier rupees 7.5 lakhs per couple. But investment under this scheme is not exempted by section 80C of Income Tax Act, while investments under other pension plan Jeevan Akshay-VI of LIC of India is exempted under Income Tax Act. Central Board of Direct Taxes (CBDT) should provide benefits of tax-exemption to investment in PMVVY also. There are two exclusive investment-plans in government savings-schemes for senior citizens with higher inte...

Jan22019 by Dialogue IndiaNo Comments

Only 35 out of total 543 Lok Sabha constituencies witnessed complete utilisation of MPLADS funds

Jan22019 by Dialogue IndiaNo Comments

Bank and other details should be incorporated in PAN-card rather than in Income Tax returns

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Problems are experienced in getting Income Tax refunds whenever some assesse changes bank other than that mentioned in Income Tax returns. Many banks are in process of changing account-numbers due to technical reasons. In such cases, refunds sent electronically are bounced back causing great difficulty to the assesses. System should be modified whereby all possible details about PAN-card holder including bank-details, passport-details, mobile-number, e-mail ID, aadhar-details, voter-card number and all other available details are registered in data of PAN-cards with Income Tax department. Provision should be there whereby PAN-card holder may be able to modify or change any of the details by getting One-Time-Password (OTP) on mobile-numbers and uploading relevant documents for verification ...