Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> has announced the withdrawal of ₹2,000 notes from circulation.</li><li>The RBI has given time till September 30, 2023 for people to deposit or exchange their ₹2,000 notes.</li><li>Here’s everything you need to know about the withdrawal of the ₹2,000 notes and whether you can still use them.</li></ul> The Reserve Bank of India (RBI) last week<a href="https://www.businessinsider.in/finance/news/rbi-to-withdraw-2000-currency-notes-from-circulation-will-continue-to-be-legal-tender/articleshow/100360976.cms"> announced</a> that it is withdrawing the ₹2,000 notes from circulation. However, unlike during the 2016 demonetisation, the central bank has provided ample time to get the notes exchanged. The news of the withdrawal of the notes is generating a lot of misinformation that is being spread on social media platforms and messaging applications. In this article, we help dispel some of these misconceptions and tell you how you can exchange your ₹2,000 notes. <cmsannotation type="cmsannotation" annotationid="Can you still use ₹2,000 notes?" comment="subhead" text="Can you still use ₹2,000 notes?">Can you still use ₹2,000 notes?</cmsannotation> The central bank has stated that the ₹2,000 notes will continue to be legal tender even after September 30, 2023. At the moment, there is no information from the government about when the notes will lose their legal tender status. According to a Business Standard report, the ₹2,000 notes may lose the legal tender status around the end of the year as the central government wishes to avoid the inconvenience caused during the 2016 demonetisation, when the legal tender status of ₹500 and ₹1,000 value notes was ended immediately. Extending the legal tender status of ₹2,000 notes beyond September will give ample time to people staying abroad and the country’s missions to deposit any high-value notes they may have, with banks. The report states that a notification withdrawing the legal tender status of the ₹2,000 notes may be released after September 2023. <cmsannotation type="cmsannotation" annotationid="How to exchange ₹2,000 notes" comment="subhead" text="How to exchange ₹2,000 notes">How to exchange ₹2,000 notes</cmsannotation> There are two ways you can get rid of your ₹2,000 notes, besides spending them. <cmsannotation type="cmsannotation" annotationid="Deposit into your accounts" comment="subhead" text="Deposit into your accounts">Deposit into your accounts</cmsannotation> The easiest way is to deposit the ₹2,000 notes into your bank account. You can deposit ₹2,000 notes without any limit in your bank accounts, subject to the existing know-your-customer (KYC) norms. <cmsannotation type="cmsannotation" annotationid="Exchange at any bank" comment="subhead" text="Exchange at any bank">Exchange at any bank</cmsannotation> If you do not wish to deposit the ₹2,000 notes, you can also get them exchanged at any bank for notes of smaller denominations. However, unlike deposits, there is a daily limit on the amount that can be exchanged, to avoid disruption of regular banking services. You can exchange up to ₹20,000 per day, which equals to ten notes of ₹2,000. <cmsannotation type="cmsannotation" annotationid="How to exchange your ₹2,000 note" comment="subhead" text="How to exchange your ₹2,000 note">How to exchange your ₹2,000 note</cmsannotation> To exchange your ₹2,000 note, all you have to do is take these notes to your nearest bank between May 23 and September 30, 2023. You can exchange ₹2,000 notes at any bank, even if you do not have an account at that bank. <cmsannotation type="cmsannotation" annotationid="Do you need any ID or documents to exchange ₹2,000 notes?" comment="subhead" text="Do you need any ID or documents to exchange ₹2,000 notes?">Do you need any ID or documents to exchange ₹2,000 notes?</cmsannotation> Amid online reports that you will need an identity proof to exchange your ₹2,000 notes, the State Bank of India (SBI) has clarified that people will not have to carry or show an identity proof to exchange their ₹2,000 notes at banks. This also means that one person will be able to make multiple exchanges on the same day at different banks, despite the ₹20,000 limit. <cmsannotation type="cmsannotation" annotationid="PIL filed challenging exchange without identity proof" comment="subhead" text="PIL filed challenging exchange without identity proof">PIL filed challenging exchange without identity proof</cmsannotation> BJP leader and advocate Ashwini Kumar Upadhyay has <a href="https://www.businessinsider.in/india/news/pil-filed-against-rbi-sbi-notifications-permitting-rs-2000-note-exchange-without-id-proof/articleshow/100411563.cms">filed</a> a public interest litigation (PIL) in the Delhi High Court challenging the RBI and SBI notifications that allow people to exchange their ₹2,000 notes without having to present an identity proof. Upadhyay’s plea calls the decision arbitrary and irrational, and says it offends Article 14 of the Constitution of India, and is hence, inoperative. Further, Upadhyay has sought directions for RBI and SBI to ensure that ₹2,000 notes are deposited in respective bank accounts only so that no one can deposit black money into others accounts. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/battlegrounds-mobile-india-to-return-soon-company-receives-permission-from-government/articleshow/100346259.cms">Battlegrounds Mobile India is relaunching soon, but government says final call only after a 3-month trial</a> <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-and-bikes-may-get-costlier-as-government-looks-to-revamp-the-fame-ii-scheme/articleshow/100321089.cms">Electric two wheelers may get costlier as government looks to revamp the FAME-II scheme</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-phone-numbers-registered-in-your-name-and-block-those-that-arent-yours/articleshow/100297548.cms">How to find phone numbers registered in your name and block those that aren’t yours</a>

₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered

<ul><li>The cost of withdrawing cash from ATMs will rise by a rupee and relevant taxes in the new year</li><li>So far, RBI allows five free ATM withdrawals on all banks ATMs every month.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them</li></ul>Cash withdrawals from automated teller machines (ATM) will cost you more in the new year. Cash withdrawal fee through debit card or credit card of any public or private sector bank will now cost you ₹21 per transaction from ₹20 till now. Over and above the amount, there will be a tax under the goods and services tax (GST) regime. The first five ATM transactions in a month are free. The charges kick in from the sixth transaction. However, if you live in a metro city i.e. Bengaluru, Mumbai, Chennai, Delhi, Kolkata, and Hyderabadad, and you are a customer of <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and you decide to use, say, an <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword> ATM, then only three such transactions are free in a month. Banks have started notifying their customers about the change on their website. At HDFC Bank ATMs, only cash withdrawal transactions will be charged, non-financial transactions like balance enquiry, mini statement &amp; PIN change will be free. But if you are using an HDFC Bank card at other bank ATMs, then all transactions will be charged. Axis Bank has issued a similar notification to its customers where it has left the charges on non-financial transactions at ₹10. While ATM charges for every bank remain the same, the fees on non-financial transactions differ from bank to bank. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charges on non-financial transactions from other banks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹8.50 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8.50 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 per transaction </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-year-2022-in-india-ags-transact-adani-wilmar-prudent-corporate-advisory/slidelist/88492728.cms">LIC, AGS Transact, Adani Wilmar and other IPOs coming up in early 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rbl-bank-slumps-15-after-ceo-goes-on-leave-big-investors-are-eyeing-a-piece-of-the-pie/articleshow/88515146.cms">RBL Bank slumps 15% after CEO goes on leave ⁠— big investors are eyeing a piece of the pie</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-hp-adhesives-list-at-319-while-the-shares-were-allotted-at-274-per-share/articleshow/88515033.cms">HP Adhesives lists at 16% premium and investors gain ₹45 per share at opening</a>

HDFC Bank and Axis Bank remind customers that ATM withdrawals will cost ₹21 plus taxes from Jan 1 ⁠— check out the list of charges from top banks

<ul class="summary-list"><li>The <keyword id="12055609" type="UNKNOWN" weightage="60" keywordseo="rnc" source="Orion">RNC</keyword> voted to withdraw its participation from the Commission on <keyword id="12948251" type="UNKNOWN" weightage="60" keywordseo="presidential-debates" source="Orion">Presidential Debates</keyword>.</li><li>The commission has sponsored presidential and vice presidential <keyword id="13621550" type="UNKNOWN" weightage="60" keywordseo="debates" source="Orion">debates</keyword> for over three decades.</li></ul>The <keyword id="12395823" type="UNKNOWN" weightage="60" keywordseo="republican-national-committee" source="Orion">Republican National Committee</keyword> on Thursday voted to withdraw its participation from the Commission on Presidential Debates — the organization that has sponsored general election debates for the past three decades.The unanimous vote comes as no surprise as the <a href="https://www.businessinsider.com/rnc-prepares-to-withdraw-from-participation-in-presidential-debates-2022-1">RNC had been preparing to pull out</a> of the commission because of GOP concerns about credibility and bias in the presidential debates."Debates are an important part of the democratic process, and the RNC is committed to free and fair debates," RNC Chair Ronna McDaniel said in a statement on Thursday. "The Commission on Presidential Debates is biased and has refused to enact simple and commonsense reforms to help ensure fair debates including hosting debates before voting begins and selecting moderators who have never worked for candidates on the debate stage.""Today, the RNC voted to withdraw from the biased CPD, and we are going to find newer, better debate platforms to ensure that future nominees are not forced to go through the biased CPD in order to make their case to the American people," she added.In January, McDaniel wrote a letter to commission co-chairs Frank Fahrenkopf and Kenneth Wollack that detailed the ongoing talks the two groups have had since March 2021. The RNC listed a slew of concerns with the commission's practices, including the timing of the 2024 presidential debates, changes to debate procedures without prior notification, the selection of debate moderators who allegedly represent a conflict of interest, and failing to maintain nonpartisanship among commission board members.The commission was founded in 1987 by both parties and labels itself as nonpartisan, though Republicans have long complained that it favors Democrats. The scrutiny increased when then-candidate <keyword id="11914386" type="UNKNOWN" weightage="60" keywordseo="donald-trump" source="Orion">Donald Trump</keyword> argued that debate moderators were biased against him in 2016. Trump <a href="https://www.businessinsider.com/trump-considers-2020-presidential-debate-boycott-sees-moderator-bias-2019-12">reportedly claimed</a> the same in 2020. The RNC withdrawal does not mean that presidential and vice presidential debates will no longer happen, but that Republican candidates will no longer participate in commission debates. A possible outcome would be campaigns directly engaging with each other to set up debates going forward, which would mark a significant shift in the decades-old tradition of commission-sponsored debates. "We look forward to exploring other avenues for candidates to have a free and fair forum for all Americans," the press release said.

Republican National Committee votes to withdraw from participating in presidential debates

<ul><li>The Central government on Tuesday brought <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> under <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> for 30 days, restricting deposit/withdrawal not exceeding ₹25,000.</li><li>The moratorium came into effect from 6 p.m. on Tuesday and will be in place up to December 16, 2020. </li></ul>Following an application submitted by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), the Central government on Tuesday brought Lakshmi Vilas Bank under moratorium for 30 days, restricting deposit/withdrawal not exceeding Rs 25,000. The Centre issued the moratorium notification under Section 45 (2) of the Banking Regulation Act, 1949. The moratorium came into effect from 6 p.m. on Tuesday and will be in place up to December 16, 2020. The notification also stays the commencement or continuance of all actions and proceedings against Lakshmi Vilas Bank. During the period of moratorium, subject to the condition that such stay shall not in any manner prejudice the exercise by the Central government of its powers under Clause (b) of Sub-section (4) of Section 35 of the said Act or the exercise by the Reserve Bank of India of its powers under Section 38 of the said Act. As per the notification, Lakshmi Vilas shall not without the permission in writing of RBI: * Make payment to a depositor an aggregate sum exceeding Rs 25,000 lying to his credit in any kind of deposit including multiple deposit. * Wherever such depositor is having dues payable to the bank in any manner, either as a borrower or surety, the amount payable to such depositor shall be made after adjusting the relevant borrowal accounts. * Payment to bank creditor cannot exceed Rs 25,000, subject to following exceptions: (i) making of payment of amounts towards any drafts or pay orders issued by the Lakshmi Vilas Bank and remaining unpaid on the date on which the order of moratorium comes into force; (ii) paying the proceeds of the bills received for collection on or before the 17th day of November, 2020; (iii) making payment towards existing liabilities for call money or inter-bank borrowing (iv) trades effected prior to the date of moratorium for which settlement is yet to take place. * Grant any loans or advances or make investments in any credit instruments. According to the notification, the RBI may by a general or special order permit Lakshmi Vilas Bank to allow pay to its depositors an amount in excess of Rs 25,000 to meet unforeseen expenses towards (a) medical treatment of the depositor or any person actually dependent on him (b) towards the cost of higher education of the depositor or any person actually dependent on him for education in India or outside India; (c) to pay obligatory expenses in connection with marriage or other ceremonies of the depositor or his children or of any other person actually dependent upon him (d) in connection with any other unavoidable emergency if there is sufficient credit in his account. However, the sum such paid shall not exceed Rs 5 lakh or the actual balance lying to the credit of the account of such depositor, whichever is less. The Central government also directed Lakshmi Vilas Bank to pay for repaying loans or advances granted against government securities or other securities to it by the RBI or the State Bank of India or by any other bank and remaining unpaid on the date on which this order comes into force. Lakshmi Vilas Bank is permitted to operate its accounts with the RBI or with any other bank for the purpose of making the payments aforesaid. The bank may release or deliver goods or securities which have been pledged, hypothecated or mortgaged or otherwise charged to it against any loan, cash credit or overdraft: (i) In any case in which full payment towards all the amounts due from the borrower or borrowers, as the case may be, has been received by it, unconditionally. (ii) In any other case, to such an extent as may be necessary or possible, without reducing the proportions of the margins on the said goods or securities below the stipulated proportions or the proportions which were maintained before this Order came into force, whichever may be higher. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms">Urban Ladder was the fourth startup from Kalaari Capital’s portfolio to be sold to Reliance – the investment firm’s MD is of the belief ‘selling does not mean sellout’</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-race-for-covid-19-vaccine-heres-how-moderna-pfizer-and-sputnik-v-vaccines-stack-up-against-each-other/articleshow/79263801.cms">The race for COVID-19 vaccine: Here’s how Moderna, Pfizer and Sputnik V vaccines stack up against each other</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-race-for-covid-19-vaccine-heres-how-moderna-pfizer-and-sputnik-v-vaccines-stack-up-against-each-other/articleshow/79263801.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/billionaire-tesla-ceo-elon-musk-set-to-become-the-worlds-third-richest-person/articleshow/79261388.cms">Elon Musk gets richer by $15 billion on Tesla’s S&amp;P inclusion — set to become the world’s third-richest person, leapfrogging Mark Zuckerberg</a>

Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000

<ul><li>Bangladesh has appealed to the Indian government to withdraw the ban imposed on <keyword id="6484394" type="UNKNOWN" weightage="20" keywordseo="Onion-export">onion export</keyword> as soon as possible, keeping the import flow of <keyword id="50894" type="COMPANY" weightage="20" keywordseo="Onion">onion</keyword> from India uninterrupted </li><li>Veteran Indian politician and Nationalist Congress Party President Sharad Pawar has also requested the Indian government to lift ban on onion exports, saying "this decision has led to strong reactions from the onion growing belt in Maharashtra". </li><li>The ban jeopardises India's export share in the onion markets of Gulf countries, Sri Lanka and Bangladesh, he tweeted.</li></ul>Bangladesh has appealed to the Indian government to withdraw the ban imposed on onion export as soon as possible, keeping the import flow of onion from India uninterrupted. State Minister for Foreign Affairs M Shahriar Alam said on Tuesday: "We are expecting a positive result soon in this regard, Dhaka has requested New Delhi to revoke its ban on onion export as India earlier had made an 'unofficial' pledge to Bangladesh of a continuing supply of onion here." The Directorate General of Foreign Trade (DGFT) of India on Monday issued a notification imposing restrictions on onion export with immediate effect. This decision has posed a negative impact on onion markets in Bangladesh. Veteran Indian politician and Nationalist Congress Party President Sharad Pawar has also requested the Indian government to lift ban on onion exports, saying "this decision has led to strong reactions from the onion growing belt in Maharashtra". The ban jeopardises India's export share in the onion markets of Gulf countries, Sri Lanka and Bangladesh, he tweeted. Alam said there is an "unwritten" understanding between Bangladesh and India that New Delhi would not impose a ban on onion export and if New Delhi takes such a decision, they would inform Dhaka beforehand. Being informed about India government's decision of imposing ban on onion export last night, the State Minister said Bangladesh High Commission in New Delhi has raised the issue to the Indian Ministry of External Affairs immediately. Alam also added that the Commerce ministry of Bangladesh is looking into the onion import issue. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/-indias-surging-covid-19-infections-is-testing-the-health-infra-once-again/articleshow/78143000.cms">India’s surging COVID-19 infections is testing the health infra once again — beds added during lockdown aren’t enough</a> <a href="https://www.businessinsider.in/science/health/news/we-wont-have-enough-covid-19-vaccine-for-everybody-until-2024-warns-worlds-largest-vaccine-producer/articleshow/78111779.cms">We won't have enough COVID-19 vaccine for everybody until 2024, warns world's largest vaccine producer</a> <a href="https://www.businessinsider.in/business/startups/news/amid-india-china-standoff-tencent-is-back-with-an-investment-in-flipkart/articleshow/78140794.cms">Amid India-China standoff, Tencent is back with an investment in Flipkart</a>

Bangladesh requests India to withdraw ban on onion export

The labour ministry has allowed over 6 crore subscribes of retirement fund body EPFO to withdraw an amount not exceeding their three months basic pay and dearness allowance from their EPF account in view of the lockdown to fight COVID-19.The ministry has issued a notification in this regard on March 28, 2020 to amend the Employees' Provident Fund Scheme 1952, a labour ministry statement said. The decision is taken in view of lockdown across the country to fight COVID-19. The notification permitted non-refundable withdrawal not exceeding the basic wages and dearness allowance for three months or up to 75 per cent of the amount standing to the credit of their EPF account, which ever is less, the ministry said. The COVID-19 has been declared pandemic and therefore employees working in establishments and factories across entire India, who are members of the EPF Scheme, 1952 are eligible for the benefits of non-refundable advance. A sub-para (3) under para 68L has been inserted in the EPF scheme, 1952. The amended Employees Provident Fund (Amendment) scheme, 2020 has come into force from March 28. Following the notification, the Employees' Provident Fund Organisation (EPFO) has issued directions to its field offices for promptly processing any applications received from members to help them fight the situation. In its communication, the EPFO has stated that officers and staff must process claims of EPF subscribers promptly so that relief reaches the worker and his family to help them fight with COVID-19. KKS BALBAL

Labour Ministry allows EPF withdrawal amid lockdown

<ul><li>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the RBI. </li><li>Aside from SBI, the Reserve Bank of India is also in talks with other private investors to rescue the bank. </li><li>Private investors who get shares of Yes Bank cannot have to retain 75% of their stake for three years.</li></ul>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the Reserve Bank of India (RBI). "It will protect depositor's interest, revive the troubled bank, and stabilise India's financial system," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said. Separately, ICICI Bank said that the board has approved for an equity investment of up to ₹10 billion in equity shares of Yes Bank. The rumour mill in the market was expecting more investment in Yes Bank from the state-owned Life Insurance Corporation of India (LIC). However, the Finance Minister clarified that the RBI is in talks with other private investors to rescue the bank The authorised capital of Yes Bank has been raised manifold to ₹6200 crore from the current ₹1,100 crore current. The limit on withdrawals by depositors will be lifted on the third working day after the official notification of the cabinet decision, at 6 pm. The Reserve Bank of India placed Yes Bank under moratorium and capped the withdrawal by depositors at ₹50,000 till April 3. 
 
 
 
 
 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed flourish-chart" data-src="visualisation/1569976"></div>
]]></cdata></div>

















 The State Bank of India (SBI) will buy 725 crore shares in Yes Bank at ₹10 per share, which adds up to an investment of ₹7,250 crore, giving the country's largest bank a 49% stake in the troubled private bank. The SBI will not reduce its holding below 26% for at least three years from the date of investment. Those private investors who get shares of Yes Bank cannot sell 75% of their stake for three years. "A new board, having at least 2 directors of SBI, will take over within 7 days of the issuance of notification," Sitharaman added. The decision has come a day before the much-awaited quarterly earnings, which have been delayed by a month, from Yes Bank. The numbers are expected to reveal the depth of the rot in the bank which has gone from being one of the country's top banks to embattled one, neck-deep in bad loans, and one with a history of scandals under its earlier promoter Rana Kapoor who was recently forced out by the RBI. With the money of millions of Indian depositors stuck at the bank, the government and other authorities have come together to rescue the bank and stop it further wrecking India's financial system. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms" data-type="tilCustomLink" target="_blank">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <a href="https://www.businessinsider.in/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms" data-type="tilCustomLink" target="_blank">Finance Minister assures employment and salary at Yes Bank at least for one year</a>

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

New Delhi, Dec 5 () The Central Board of Indirect Taxes and Customs (CBIC) has withdrawn a circular which created confusion on whether IT service providers can be qualified as intermediaries based on self-assessment under the goods and services tax (GST).
 The government has withdrawn circular in view of numerous representations received expressing apprehensions on its implications.
 "In view of these apprehensions and to ensure uniformity in the implementation of the provisions of the law across field formations, the Board (CBIC),...hereby withdraws, ab-initio, Circular No. 107/26/2019-GST dated 18.07.2019," an official notification said.
 The government earlier in the year issued a circular on the scope of information technology-enabled services (ITeS) and coverage under intermediary services.
 The said circular had created confusion, with this, leaving an onus on ITeS service providers self-assessing on whether they qualified as an intermediary. This entailed a spate of notices being issued on ITeS firms.
 Commenting on the withdrawal of circular, EY Tax Partner Abhishek Jain said the earlier circular had fuelled ambiguity for back office support centres specifically on whether some of the activities performed by them entailed their coverage under 'intermediary'.
 While withdrawal of the circular should be helpful, the industry as well looks forward to an explicit clarification on the scope of intermediary; to avoid unwarranted litigation and possible financial repercussions and uncertainty, he said. DP HRS

CBIC withdraws GST circular on ITeS

<ul><li>The Reserve Bank of India put withdrawal restrictions on customers of Punjab &amp; Maharashtra Cooperative (PMC) Bank.</li><li>Depositors cannot withdraw more than ₹1,000 from their savings/current/other deposit accounts.</li><li>The sanctions from the central bank ahead of the festive season has led to panic and protests in many parts of the country.</li><li>The business as usual has been restricted due to under-reporting of bad loans, according to reports.</li></ul>Thousands of customers of Punjab &amp; Maharashtra Cooperative Bank (PMC) woke up to a terse notification from the Reserve Bank of India. Depositors cannot withdraw more than ₹1,000 from their savings/current/other deposit accounts. The bolt from the blue, ahead of the festive season, led to panic protests in many parts of the country. <div type="image" title="Thane: Customers gather inside the Punjab and Maharashtra Cooperative Bank, at K..." msid="71279706" hostid="261" caption="&amp;lt;p&amp;gt;Customers gather inside the Punjab and Maharashtra Cooperative Bank, at Kolshet in Thane. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo)(&amp;lt;/p&amp;gt;"></div>

 As per the RBI sanctions, the PMC Bank is debarred for six months from granting, renewing any loans and advances, make any investments, incur any liability, including borrowal of funds or accept fresh deposits, etc, without the prior written approval from RBI. Described as a multi-state cooperative banking entity founded in 1984 from a small room in Mumbai, the PMC Bank has grown to 137 branches - in Maharashtra (103), Delhi (6), Karnataka (15), Goa (6), Gujarat (5), and Madhya Pradesh (2). <div type="image" title="Mumbai: Bank employees paste a copy of closure notice issued by the RBI on a wal..." msid="71279713" hostid="261" caption="&amp;lt;p&amp;gt;Bank employees paste a copy of closure notice issued by the RBI on a wall of Punjab and Maharashtra Cooperative Bank building, at Fort in Mumbai. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo/Mitesh Bhuvad)(&amp;lt;/p&amp;gt;"></div>

 The RBI has also restricted PMC, which ranks among the top 10 cooperative banks in the country, from disbursing, agreeing to disburse any payment-- even if it is to discharge its liabilities. Neither can the bank enter into any compromise or arrangements and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI notification of Monday. The decision by the banking regulator was triggered by the under-reporting of loans by PMC, according to sources cited by the LiveMint. <div type="image" title="Thane: Customers show a message received on their phones about the closure of Pu..." msid="71279724" hostid="261" caption="&amp;lt;p&amp;gt;Customers show a message received on their phones about the closure of Punjab and Maharashtra Cooperative Bank, at Kolshet in Thane. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo)(&amp;lt;/p&amp;gt;"></div>

 "This Rs 1,000 limit is ridiculous. We have to make purchases for Navratri, Diwali, pay our children's educational fees and other household expenses. How can we manage ?" the fuming man asked. <div type="image" title="Mumbai: A man talks on his phone outside outside the Punjab and Maharashtra Coop..." msid="71279739" hostid="261" caption="&amp;lt;p&amp;gt;A man talks on his phone outside outside the Punjab and Maharashtra Cooperative Bank at GTB Nagar in Mumbai. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo/Shashank Parade) (&amp;lt;/p&amp;gt;"></div>

 "As the MD of the Bank, I take full responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months," Joy Thomas , Managing Director, PMC said the bank had been put under regulatory restrictions by the RBI owing to irregularities disclosed to the apex bank. As per the PMC Bank's latest Annual Report, it has deposits of over ₹11,617 crore and loans/outstandings of ₹8,383 crore. With inputs from IANS SEE ALSO: RBI offers Narendra Modi government money to boost growth-- share markets cheer India will soon have an online fraud registry with real-time data

In pics: Thousands of customers of a small bank in India panic after the regulator cracks the whip

On Tuesday, March 19, 2019, the Election Commission of India <a href="https://eci.gov.in/files/file/9448-general-election-to-lok-sabha-2019-notification-for-phase-2-by-mo-law-justice/">issued</a> the Lok Sabha Election 2019 second phase notification. As per the announcement made by the Election Commission of India on March 10, 2019, The 2019 Lok Sabha Elections will be conducted in 7 phases. The second phase notification pertains to the polling across the country scheduled on April 18, 2019. Among the 543 Lok Sabha constituencies of the country, 91 will go for polling on April 11, 2019 during the first phase. During the second phase of polling on April 18, 2019, a total number of 97 constituencies scattered across 13 states and union territories will go for polling. After the polling across all the 7 phases ending on May 19, 2019, the votes will be counted on May 23 and the results will be declared by the evening on the same day. Since the tenure of the government in the center will end on June 3, 2019, the 2019 Lok Sabha Elections will decide who will rule the largest democracy for the next five years. Phase-1 notification highlights As per the formal gazette notification on phase-2 of 2019 Lok Sabha Elections issued on March 19, 2019, the second phase of polling will happen on April 18, 2019 in 97 constituencies. Last date to file the nomination to contest in these constituencies will be March 26, 2019. Nomination papers will be scrutinized on March 27, 2019. Last date to withdraw the nomination is March 29, 2019 Date of polling during the second phase is April 18, 2019 Date of counting and announcement of results is scheduled on May 23, 2019 By March 29, the electors across the country will get to know the total number of candidates contesting in all of these 97 constituencies. 97 Constituencies that will go for polling during Phase-2 During phase-2 polling on April 18, 2019, all the 39 constituencies of Tamil Nadu will go to polls. There will also be bye-elections in 18 Assembly constituencies on this day clubbed with the Lok Sabha polls. Puducherry, a union territory with a single constituency will also poll on this day. The other states and constituencies that will go for polling during the second phase include 14 constituencies in Karnataka, 10 in Maharashtra, 8 constituencies in UP, 5 in Assam, 5 in Bihar, 5 in Odisha, 3 in Chhattisgarh, 3 in West Bengal, 2 in Jammu and Kashmir, 1 in Manipur, and 1 in Tripura. Notably, Uttar Pradesh, Bihar and West Bengal are the three states that will see polling during all the 7 phases of 2019 Lok Sabha elections. During the second phase on polling on April 18, 2019, 8 constituencies of UP including Agra, Aligarh and Mathura will go for polling. Alongside, three constituencies in West Bengal that will include Darjeeling and 5 constituencies in Bihar will vote on this day. In Uttar Pradesh, there are totally 80 Lok Sabha seats while Bihar and West Bengal have 40 and 42 seats respectively.

You Searched For "withdraw notification" and got 10 results

₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered

Sourabh Jain

HDFC Bank and Axis Bank remind customers that ATM withdrawals will cost ₹21 plus taxes from Jan 1 ⁠— check out the list of charges from top banks

Bhakti Makwana

Republican National Committee votes to withdraw from participating in presidential debates

Oma Seddiq

Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000

IANS

Bangladesh requests India to withdraw ban on onion export

IANS

Labour Ministry allows EPF withdrawal amid lockdown

PTI

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

Sriram Iyer

CBIC withdraws GST circular on ITeS

PTI

In pics: Thousands of customers of a small bank in India panic after the regulator cracks the whip

Sriram Iyer

Lok Sabha Election 2019 Second Phase Notification

BI India Bureau

Popular Keywords

Buying Guides