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Long queues in banks across Delhi as Rs 2,000 notes exchange begins As the process for exchange of Rs 2,000 currency notes began on Tuesday, long queues were observed at various bank branches in Delhi as customers eagerly exchanged the currency notes for smaller denominations. However, at some places, people alleged that the banks were asking them to ...

SBI General unveils ‘Surety Bond Bima’ for infrastructure projects SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), on Tuesday announced the launch of the General Surety Bond Bima (Conditional & Unconditional)’ insurance product. Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as ...

HNIs embracing passive funds on under-performance of active funds High networth individuals (HNIs) are increasingly lapping up passive funds, with their exchange-traded fund asset base registering a 66 per cent growth to Rs 34,000 crore in 2022-23, according to a report on Tuesday. HNIs are informed investors, and hence, use platforms that allow direct investing in passive funds. ...

I-T dept enables filing of income tax returns 1, 4 at e-filing portal The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal. In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly. ...

Cash share in POS transaction value to fall 50% to $6 trn globally by 2026 Riding on digital payments, the point-of-sale (POS) transaction value share conducted in cash is expected to fall from $11.6 trillion in 2021 to $6.0 trillion globally by 2026, a decline of nearly 50 per cent, a report showed on Tuesday. Some governments are ...

Google Pay allows UPI payments using RuPay credit cards; check details here Google Pay in conjunction with the National Payments Corporation of India (NPCI) on Tuesday launched the facility for users to make United Payments Interface (UPI) payments with RuPay credit cards. With this, users will now be able to link their RuPay credit cards with Google Pay to pay ...

Start exchanging Rs 2,000 notes from today; how to do it and other details Provide adequate infra at branches for Rs 2,000 note exchange: RBI to banks RBI asks banks to keep daily data on exchange, deposit of Rs 2,000 notes RBI hikes repo rate by 35 bps to 6.25%, cuts FY23 GDP forecast to 6.8% RBI MPC: Here is ...

How important was the note for the Indian economy? The Reserve Bank of India (RBI) on May 19 announced the decision to withdraw Rs 2,000 banknotes from circulation in the Indian economy. Launched after Prime Minister Narendra Modi announced the demonetisation exercise on November 8, 2006, this is currently the largest note of all denominations in India. RBI has ...

Flows into NRIs deposits in India top $8-billion mark in 2022-23 A further analysis indicated FCNR (B) deposits were $19.34 billion this March, up from $18.4 billion in February The bank accounts of non-resident Indians (NRIs) held in the country received $ 7.99 billion during April 2022-March 2023 (FY23), more than twice the $3.23 billion in FY22. The outstanding ...

Indians sent $27.14 bn abroad under LRS in FY23, up nearly 40% YoY Indians remitted about $27.14 billion in the financial year ended March 2023 under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS), latest data released by the central bank showed. Reflecting buoyancy in travel, spending on relatives, the outward remittances saw a substantial jump for ...