Your Money

Leading banks, including ICICI Bank and HDFC Bank, have waived merchant discount rate (MDR) on debit cards till December 31 to facilitate payments by customers following government's move to do away with the charge levied on merchants.

Jan Dhan accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month.

People can deposit the now-invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the Finance Ministry said.

This warning comes in the wake of reports that some people are "renting" someone else's bank accounts to deposit their banned notes for dodging tax authorities.

Cash payments less than the amount of Rs 10,000 will not require a declaration from those getting cash payments from the family celebrating marriage that they did not have a bank account.

Currently, the railways charge Rs 20 as service tax for booking Sleeper class and Rs 40 as service tax for booking AC class tickets through IRCTC.

A committee, headed by former MD and CEO of HDFC Life Deepak M Satwalekar, has been given six weeks to submit its report.

The Finance Ministry said it has received references from banks on whether these high denomination currency notes can be deposited in accounts opened under the small saving schemes.

Merchants can transfer up to Rs 50,000 per month from these so-called semi-closed prepaid payment instruments to their bank accounts, the RBI said.

Amid millions of people queuing up across the country to exchange defunct Rs 500/1000 notes, RBI asked banks to take stern action against officials indulging in fraudulent practices while exchanging or depositing the invalid currency.

Wealth in India in dollar terms went down 0.8 per cent ($26 billion) to $3.099 trillion in 2016 compared to last year, says Credit Suisse Research Institute in its 'Global Wealth Report'.

As many as 73 cardholders of the country's largest bank State Bank of India (SBI) had reported fraudulent withdrawals aggregating Rs 39.18 lakh till November 4 following data breach that hit millions of debit/ATMs.

With credit offtake remaining weak, banks have been forced to cut deposit rates.

The cash withdrawals will be allowed out of the balance in the account as of close of business on November 8, the central bank said in a statement.

After the government's demonetisation move, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs 24,000 per week, limiting their options to repay their dues.

Banks have disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and November 18, the Reserve Bank said in a statement.

Shortage of cash continued to trouble people in the national capital, the second Sunday post-demonetisation, which saw banks shut and ATMs running dry in most places.

The tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years.

Prime Minister Narendra Modi sent shockwaves through the country by announcing on November 8 all Rs 500 and Rs 1,000 notes -- some 85 per cent of all bills in circulation -- would cease to be legal tender within hours.

The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country.