According to the rules notified last week, if the details provided by the driver or vehicle owner are found validated through the electronic means by the police and transport department officials, no physical document would be demanded for inspection even in cases of offence which necessitates seizure of any document.
Large lenders such as the State Bank of India, HDFC Bank and ICICI Bank have unveiled a host of special offers to take advantage of pent-up consumer demand during the festive season as they hope higher demand will make up for the lost first quarter.
The festive offers are available for retail consumers as well as business customers with discounts on processing fee on loans, reduced Equated Monthly Instalments (EMIs), gift vouchers and more benefits.
Most investors are glued to the happenings in the stock market. However, the bond market is also going through a similar phase. There is a lot of nervousness about the future all around. ETMutualFunds.com reached out to Mahendra Jajoo, Head-fixed income, Mirae Asset India , to find out his view on the market and its future course action.
The bill, which now becomes an Act, was issued as an ordinance on March 31, 2020, to defer compliance deadlines for direct and indirect taxes amid the Covid-19 pandemic. Time limits for compliances and statutory actions by taxpayers between March and June 2020 because of the pandemic have been extended. All compliances have been extended till September end.
"The 9.7 (per cent) was the number as of June 30. Obviously over a period of time some more customers do ask for moratorium, so I can definitely say that the number has gone up a little bit rather than coming down, which has happened for everyone," Chaudhry told in an interview
To provide digital learning to residents during the COVID-19 pandemic, Oyo Life has partnered with Harappa to provide exclusive courses such as personality development, digital Marketing and business analytics, among others.
This insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber-attacks, phishing/spoofing and SIM-jacking, a joint statement said.
The mutual fund industry added 4.5 lakh investor accounts in August, taking the total tally to 9.25 crore, primarily on account of contribution from debt schemes.
Adding to the 16 services already on the UMANG app, EPFO has now started another facility, enabling EPS (employees' pension scheme) members to apply for Scheme Certificate under Employees' Pension Scheme, 1995, according to the statement. Scheme certificate is issued to members who withdraw their Employees Provident Fund (EPF) contribution but wish to retain their membership with the EPFO to avail pension benefits on the attainment of retirement age.
A bench headed by Justice Ashok Bhushan noted that Solicitor General Tushar Mehta has informed the court that the issues are under active consideration by the government, and it is likely that a decision may be taken within two or three days.
The fund will be managed by Mahendra Jajoo (CIO – Debt). The scheme will be benchmarked against Nifty Ultra Short Duration Debt Index and will have no exit load.
The move comes at a time when yields on traditional savings instruments, including bank deposits, are at decadal lows.
The uncertainties created by the COVID-19 pandemic and the initiatives taken by the Insurance Regulatory and Development Authority of India (IRDAI) are prompting more and more people to obtain insurance cover and provide financial backup to their families in these uncertain times.
Orders have also been issued for grant of family pension to a 'divyang' child or sibling even if the disability certificate is produced after the death of the pensioner parent but the disability had occurred before the death of the parents, the minister said.
As the grandfathering is to be allowed by comparing different values (such as cost, sale price and market price as on 31 January 2018) for each shares or units, there is a need to capture the scrip wise details for computing capital gains of these shares or units, the Board added.
Here is a weekly tracker of returns from gold and silver. During the week, gold fell due to the strengthening of the US dollar. Further, as silver is more volatile than gold, silver fell drastically during the week.
In the fashion category, products priced at less than Rs 500 accounted for 40% of the orders, down from Rs 1,000 earlier, as shoppers cut spending, Nielsen said.
Under the positive pay system, the issuer of the cheque will be required to submit electronically, through SMS, mobile app, internet banking or ATM certain minimum details of that cheque like date, name of the beneficiary, payee, amount to the drawee bank.
Personal loans continued to perform well registering a growth of 11.2 per cent as compared with 17 per cent growth in July 2019. Within this sector, vehicle loans registered accelerated growth of 8.1 per cent in July 2020 as compared with the growth of 4.9 per cent in the corresponding month of the previous year, according to the data.
Prime Minister Narendra Modi on August 13, while launching the faceless assessment and taxpayers' charter as part of "Transparent Taxation - Honouring the Honest" platform, had announced launching of faceless appeals on September 25 on the birth anniversary of Pandit Deen Dayal Upadhayay.
The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15 under the aegis of the government's Digital India initiative.
Agents earn commission in the wide range of 2-20 percent. LIC will likely recruit three lakh new agents this whole financial year. About one lakh agents would be recruited by insurance companies other than LIC in the rest of the financial year.
The payroll data, released by the ministry of statistics and programme implementation on Friday, shows the members exiting the EPFO scheme fell to 3,12,744 as against 5,70,664 in June, which has been revised upwards while those who rejoined the scheme stood at 5,47,755 compared to 5,14,659 in June.
Over a large section of the customers who participated in the survey said that they would like to approach their lender for a loan restructuring plan.
Tata Mutual Fund has launched "contact-less on boarding" for first time investors in mutual funds. This process will make the account opening experience paper-less.
The Missing Middle project was launched in August 2020 by NHA to enhance the scope of existing central government insurance schemes and make them more inclusive.
Uttar Pradesh, Gujarat and Rajasthan transport bodies have issued tenders for contract, calling for bids from banks and digital service providers to help scale their technology requirements to offer contactless ticketing and payment solutions in bus fleets.
The assets under management (AUM) of ETFs grew annually by 87% and 64% in the past five and ten years, compared with 18.5% and 14.5% growth in the total AUM of mutual funds.
As many as 80% of customers have taken loans against gold more than once in the past four months, said executives of gold loan NBFCs.
76 per cent of the respondents in India said that the economic impact of COVID-19 has made them more likely to track their spending, with over 80 per cent either using or interested in using budgeting tools or tools that block card-spend over specified limits.
The company has partnered ORIX Auto Infrastructure Services India, a subsidiary of ORIX Corporation, Japan, to launch Maruti Suzuki Subscribe for these cities. Through this service, customers can choose to subscribe to a new Swift, Dzire, Vitara Brezza and Ertiga from Maruti Suzuki ARENA and new Baleno, Ciaz and XL6 from NEXA.
New premiums for the non-life industry climbed 10% in August to Rs 17,630 crore, latest data from the General Insurance Council showed. While fire premiums grew by 29% in August to Rs 1,180 crore, premiums accrued from health policies rose a quarter to Rs 4,490 crore.
"Progressively, we are seeing that there has been a shift away from branches and even from ATMs. The number of transactions on ATMs have come down from 55 to 29 per 100. On the other hand, the digital transactions, which are on mobile and internet banking, have gone to 55 out of 100 transactions," Kumar said at the Global Business Summit.
“There was no assurance that all nodal offices and 100% of eligible employees were covered under NPS, even after 15 years of implementation,” the CAG said in its performance audit report of the government pension scheme tabled in Parliament on Wednesday.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
Axis Global Alpha Equity Fund of Fund new fund offer closed on September 18 and it will reopen for subscriptions from September 29.
A bench of Justices Ashok Bhushan, R Subhash Reddy and M R Shah said that it is only concerned with refund and non-refund of money for tickets booked during the lockdown period.
Rich investors are reconsidering their investments in mutual funds and asking around whether it makes sense for them to shift their investments to portfolio management services or PMS.
‘There is still a lot of demand for marquee properties in the centre of the big cities like Mumbai and Delhi.’
Although not back to the pre-COVID-19 levels seen in January and February 2020, inquiry volumes have started to recover from their troughs in April and May 2020, and in July and August 2020 were similar to levels seen during the same period in 2018m, a report by Transunion Cibil, said.
The lenders get in touch with CICs while doing diligence on every credit proposal, which triggers in inquiries. It can be noted that many analysts have said that a large share of the incremental credit demand is coming from the more aggressive private sector lenders who also have larger capital buffers.
The regulator, earlier this month, directed multi-cap funds to invest at least 25 per cent of their corpuses each in large-cap stocks, mid-caps and small-cap stocks.
The revival is being led by public sector banks, which were the first to recommence operations. Personal loan inquiries from public sector banks are 118% of last year and 102% of the pre-Covid months in 2020.
Tax assessments for 2016-17 were completed by December 31, 2019 when it became time-barred. But in cases where tax returns were not picked up for scrutiny, or where new evidence has emerged, the persons concerned are being told to produce documents to show the source of cash that was held in banned Rs 500 and Rs 1,000 bills.
The regulator is also planning to set up an expert panel to frame stress-testing methodology, encompassing liquidity, credit and market risks, for all open-ended debt oriented mutual fund schemes, Sebi chief Ajay Tyagi said Tuesday.
The feature will also facilitate use of tap-to-pay feature on near-field communications (NFC)-enabled point of sale (PoS) terminals and online merchants.
On the year-to-date basis, the SIP AUM increased by 6.1% till August thanks to capital appreciation and fresh inflow, albeit at a lower pace. The total MF AUM rose by 3.5% during the period.
As part of the partnership, SBI Life's diverse range of individual and group insurance solutions will be offered to the customers of Yes Bank through the bank's branches spread across 28 states and 8 Union Territories in India.
Concerns over the legal enforceability of liquidating bank FDs in the event of non-payment of dues by investors have prompted clearing corporations to consider this move.