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India’s rural super rich are growing faster than the urban rich

Business Standard

India’s rural super rich are growing faster than the urban rich By 2030-31, the number of super rich households in India is expected to rise by five times to 9.1 million households, and by 2046-47 this is expected to go up to 32.7 million households, according to people Research on India’s Consumer Economy (PRICE), an independent, not-for-profit think-tank. The  ...

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RBI permits UBS-owned Credit Suisse to keep Indian banking license

Business Standard

RBI permits UBS-owned Credit Suisse to keep Indian banking license The Reserve Bank of India (RBI) has granted permission to UBS, the owner of Credit Suisse, to retain the banking license for operations in India. This decision comes as UBS intends to reduce more than half of Credit Suisse’s workforce. Additionally, UBS has yet to determine the future of ...

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Cleartax introduces platform for auto filing of ITR-2

Business Standard

Cleartax introduces platform for auto filing of ITR-2 Online tax filing platform Cleartax on Thursday announced the launch of an automatic filing feature for ITR-2. The ITR-2 is required for individuals and Hindu undivided families (HUFs) not earning through their business or profession but from capital gains, foreign income or agriculture.  In its new feature, taxpayers can upload ...

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Indian state-run banks to be cautious buyers of govt bonds as yields rise

bonds

Indian state-run banks to be cautious buyers of govt bonds as yields rise Indian state-run banks are likely to turn more cautious in their government bond purchases amid rising yields, but will continue to increase their exposure at a more gradual pace, treasury officials said. “There was space in trading portfolios of state-run banks as they had booked ...

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GST Council likely to define MUVs and XUVs for levy of 22% cess: Report

Business Standard

GST Council likely to define MUVs and XUVs for levy of 22% cess: Report Currently, such imports attract 5 per cent or 12 per cent IGST The GST Council is likely to clarify on the definition of multi utility vehicles (MUVs) and crossover utility vehicles (XUVs) for levy of 22 per cent compensation cess over and above the 28 ...

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DCB Bank gets RBI’s approval to sell 7.5% stake to Tata Mutual Fund

DCB Bank

DCB Bank gets RBI’s approval to sell 7.5% stake to Tata Mutual Fund The acquisition of stake up to 7.5 per cent of the paid-up equity capital of the bank would be through the schemes of Tata Mutual Fund, DCB Bank said in a regulatory filing. Private sector DCB Bank on Wednesday said it has received RBI approval to ...

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RBI issues draft circular on issuance of debit, credit, prepaid cards

Business Standard

RBI issues draft circular on issuance of debit, credit, prepaid cards The Reserve Bank of India (RBI) has issued a draft circular addressing the arrangements between card networks and card issuers when it comes to the issuance of debit, credit, and prepaid cards. The circular aims to enhance customer choice and ensure a competitive market for card networks. ...

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Rupee weakens by 21 paise as oil importers’ demand for dollar grows

Business Standard

Rupee weakens by 21 paise as oil importers’ demand for dollar grows The rupee weakened by 21 paise to settle at a three-week low of ~82.23 against the US dollar on Wednesday as the greenback’s demand from oil marketing companies (OMCs) grew stronger, dealers said. On Tuesday, the rupee had weakened by 10 paise to settle at 82.01 against ...

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No ITC claim if vendors of suppliers of company don’t pay GST: Punjab AAR

Business Standard

No ITC claim if vendors of suppliers of company don’t pay GST: Punjab AAR The ruling was given on the application of Vimal Alloys, which runs a furnace in Punjab and procures ferrous alloys, scrap, gas and other materials from suppliers in the state. The Punjab authority for advance ruling (AAR) has denied input tax credit (ITC) under the ...

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Over 4,900 fake GST registrations cancelled since May 16 in ongoing drive

Business Standard

Over 4,900 fake GST registrations cancelled since May 16 in ongoing drive GST authorities have identified about 17,000 non-existent GSTINs and cancelled over 4,900 registrations in the ongoing pan-India drive against fake registration, a senior tax official said on Wednesday. Currently, there are 14 million businesses registered under Goods and Services Tax, nearly double the number of businesses ...

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