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The RBI today auctioned the 35 days Cash Management Bills worth Rs 60,000 crore under government's Market Stabilisation Scheme (MSS) to mop up extra liquidity from the system against the backdrop of demonetisation. The central bank will also conduct an auction of 35 days Cash Management Bills under the MSS for Rs 60,000 crore tomorrow. On Friday, the central bank had auctioned MSS worth Rs 20,000 crore, after MSS ceiling was raised to Rs 6 lakh crore. The Cash Management Bills for a notified amount of Rs 60,000 crore was done using "Multiple Price Auction" method. The bids for the auction were submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. The Cash Management Bills have the generic character of Treasury Bills. After the withdrawal of the legal tender character of the Rs 500/1,000 denomination notes with effect from November 9, there has been a surge in deposits with the banks, the RBI had said. There has been

The finance ministry on Monday asked all government departments to make electronic payments to suppliers, contractors or institutions, if the order value exceeds Rs.5,000.To attain the goal of complete digitisation of government payments,the ministry has lowered the threshold for making such payments from Rs.10,000 to Rs.5,000,it said in a statement. Business Standard New Delhi,06th December 2016

The Reserve Bank of India (RBI)monetary policy committee is likely to consider a 25 basis point rate cut on Wednesday, followed by another in the first quarter of 2017,amid downside risks to growth following the notes ban and subdued inflation, says a DBSreport. According to the global financial services major, the RBI policy committee is expected to take a ‘growth-supportive’ stance,as the Centre’s recent bank note ban has raised downsiderisks to growth for at least two quarters,beginning the October-December quarter.Moreover,the subdued inflationis also expected to keep the door open for an easy policy bias. Business Standard New Delhi,06th December 2016

The government is consider in gaproposal to hike wage ceiling for coverage under social security schemes run by there tirementfund body Employees’Provident Fund Organisation(EPFO) to Rs.25,000 per month, from the existing Rs.15,000, Parliament was informed on Monday.The increase in wage ceiling for coverage under EPFO schemes to Rs.25,000 could add five million additionalformal sector workers to around 40 million contributing subscribers. Business Standard New Delhi,06th December 2016

This is twice the Rs.67,000 crore disclosed in the income disclosure scheme that ended in September this year The government expects this financial year’s second and final black-money disclosure scheme to get twice the amount declared under the previous disclosure scheme, which ended on September 30. The informal target for the scheme is believed to be between Rs.1.3 lakh crore and Rs.1.5 lakh crore, indicated the Central Board of Direct Taxes (CBDT). “Coupled with the demonetisation, the new scheme will be the last window to come clean. The government’s intention is very clear: There is no room for black money,” said CBDT Chairman Sushil Chandra in an interaction with Business Standard. “It (the disclosure) should be double of the previous scheme. Now, all the money has to come to the surface. Everyone now wants to clean their money because only then will they be able to utilise it. Besides, we are moving fast with digitisation. We are sure that once the new Bill is passed b

The income tax (I-T) department has rejected two sets of suspicious high value declarations under the income disclosure scheme (IDS) which ended in September, including one made by Mahesh Shah, the Ahmedabad-based property dealer who was detained by the income tax department on Saturday. In the first instance, declarations were made by a family of four based in Mumbai, named Abdul Razzaque Mohammed Sayed, Mohammed Aarif Abdul Razzaque Sayed, Rukhsana Abdul Razzaque Sayed, and Noorjahan Mohammed Sayed, amounting to a total of Rs2 trillion and in the other instance, the declaration was made by Shah, an Ahmedabad-based individual amounting to Rs13,860 crore. In both instances, after investigations, it was established that these people were of ‘small means’ and these declarations could have been misused, the tax department said in a statement. These numbers were also not included while arriving at the final numbers under the income disclosure scheme, it added. The total declaration

In a bid to bring more workers from unorganised sector under the health insurance scheme,the Employees State Insurance Corporation has increased the monthly wage limit to  Rs.21,000,Labour Minister Bandaru Dattatreya( pictured )said on Sunday.“Coverage under ESIC scheme was enhanced to Rs.15,000 in 2010.Now,government has taken a decision to hike the coverage from Rs.15,000 to Rs.21,000,”he said.He said the government was also strengthening the health infrastructure for the benefit of workers.The upward increase in revision would add about 3.5 million new members to the ESIC pool. The  government is keeping a close watch on temperature-sensitive wheat cropas the Met Department has predicted warmer winter this year, Agriculture Secretary ShobhanaK Pattanayak  said  on Sunday. He also said the ongoing rabisowing has not been impacted much due to demonetisation.A central team sent to rural areas has found no significant impact on so wings of ar.Sowing of wheat,the main rabi(winter)cro