Skip to main content

RBI may give payment bank licence to postal dept by September

The Reserve Bank of India (RBI) is expected to grant payment bank licence to the postal department by September for operating Post Bank, Communications and IT Minister Ravi Shankar Prasad said on Thursday.
Affirming commitment to honour ‘Dakia’ (post man) in a bid to re-energise the Department of Posts (DoP), he said, “You will be happy to know that RBI will grant payment bank licence to the postal department.” This will enable the network of 1,54,000 post offices (including 1,25,000 rural post offices) to offer banking services to the masses in the country, he said.
While there was core banking solution only in 236 post offices till NDA government came to power last year, the number of such facilities was extended to 2,590 post offices, he said. DoP, he said, has changed its working style and achieved a turnover of Rs.500 crore in 5-6 months.
The centre’s “Sukanya Samridhi Yojana”, Postal Life Insurance, Jan Dhan Yojana and others were launched to empower the rural and poor people, he said, adding that “at least 52 lakh accounts have been opened under Sukanya Samridhi Yojana”.
At foundation stone laying ceremony of Post Office building here, he said DoP also has a great potential to make Digital India programme a success. On Digital India programme, Prasad said the country has as many as 98 crore mobile phones and 30 crore Internet connections in a population of 125 crores.
“We target to provide Internet connection to 50 crore people and make mobile phones available to 120 crore users in next two years. The Digital India programme will help growth of the country’s economy,” he said. The minister, however, urged people not to make Digital India programme a political issue as it would connect people and empower them both economically and socially.
E-commerce, with a total volume of Rs.17,000 crore, has a great future in the country, he said. Union petroleum minister Dharmendra Pradhan said “digital technology is no more in the domain of the elite. This is now at the hands of common men”.
Live mint, New Delhi, 11th July 2015

Comments

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6

Jaitley plans to cut MSME tax rate to 25%

Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem

Don't forget to verify your income tax return in August: Here's the process

  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s