Now PAN will be generated automatically using your Aadhar number
With effect from September 1, 2019, Income Tax department would “suo motu” allot a fresh PAN to a person who files I-T Returns (ITR) with only Aadhaar number. The Central Board of Direct Tax (CBDT) notified on August 30, 2019, that a person who furnishes Aadhaar, as he/she does not have PAN, “shall be deemed”…
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Ethical foundation and ethical theories explained
Ethics is defined as a moral philosophy or code of morals based on what is considered right and wrong by a whole society or a person. “Ethics” identifies correct human behaviour according to positive values, such as transparency, loyalty, consistency, suitability, fairness, and opportunity. The ethical foundation is the basis for ethical standards, a system…
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Government announces merger of TEN Public sector banks
The government on Friday (August 30, 2019) announced the amalgamation of eight public sectors and making them in to three single entities. As per the announcement, Oriental Bank of Commerce and United Bank of India will merge with Punjab National Bank. Canara Bank and Syndicate Bank will become single entity with the merger. Union Bank…
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The conditions for ‘cash withdrawal at Point of Sale (POS)
Today (August 29, 2019)RBI notified to all the Scheduled Commercial Banks including RRBs / Urban Co-operative Banks /State Co-operative Banks / District Central Co-operative Banks /All Authorised Card Networks with regard to Point of Sale transaction. The Banking Regulator said that it has come to their notice that many banks are not following in letter…
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Bankers wage revision meeting of 29th Aug 2019
Bankers wage revision meeting held on Aug 29, 2019 Outcome: IBA did not agree to its earlier offer on wage revision, but proposed to discuss Performance Linked Pay (PLP) by forming a sub-committee. The UFBU constituents decided to on September 11, 2019 to deliberate on this issue. Source: AIBEA/NCBE/NOBW/BEFI
RBI reserve and surplus: Where the ₹1.76 lakh crore come from?
The Central Board of the Reserve Bank of India (RBI) on August 26, 2019 approved to transfer a sum of ₹1,76,051 crore to the Government of India (Government) comprising of ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF). What consists…
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