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No need to link bank account with PAN or Adhar for NRIs

Unique Identification Authority of India(UIDAI) has notified that there is no need to link bank accounts of Non-resident-Indians NRIs, Person of Indian Origin PIOs and Overseas Citizens of India OCIs with Permanent Account Number PAN or Adhar, henceforth.

UIDAI has advised various agencies involved in implementing this work to find out a mechanism to verify the status of those individuals.

Under the prevention of Money Laundering Rules 2017 and the income tax, it has specified those persons who are eligible to enroll for Adhar.

Islamic Banking proposal droped says Reserve Bank of India

Reserve Bank of India has decided not to pursue with the proposal for an Islamic Banking System in India.This is a bold step taken by the Reserve bank of India.Central Bank of India had filed an RTI inquiry on the issue, on which RBI took this decision to drop the proposal of Islamic Banking."Wider and equal opportunities are available to every Indian citizen to the banking and financial system.

Reliance Communications fails to pay interest before deadline

 

Reliance Communications' RCom lead by Anil Ambani missed the deadline of an interest payment, for the first time.Reliance Communications’ (RCom) bonds slumped to a record low after the company missed the deadline, unable to pay the interest, according to Bloomberg, The price of the $300 million of 6.5% securities, RCom owed the interest payment, nosedived to 1.7 cents, a record low of 39.4 cents.

Demonetization -a year of aims and reality

125 crores of Indians have had the brunt of Demonetization, which is one of the bold decision with a high-risk ever taken by the Indian government, in the recent past. With this demonetization on 8th November 2016, Prime Minister Narendra Modi underlined his intentions to change the course of Indian economy aiming to bring transparency, justice to the common man.On one hand, the Indian government had intentions to implement Demonetization with nine highlights.1.Deflation due to less currency circulation.

BSE Sensex climbed 238.16 points

 

 

India jumped by 30 points to 100 on the World Bank ranking when the stock markets showed upward trends, Nifty zoomed past 10,400 for the first time and Sensex hit a record of 33,451  as per the release.Eight core sectors showed a six-month high of 5.2 percent in September and definite leads from the global market which brought smiles on the investors.

Interest rates are expected to raise in United Kingdom- a positive signal in this decade

A ray of hope to the struggling economy of Great Britain is on the cards.Bank of England is to up the interest rates to contain inflation.This could result in hurting the British Economy further.The central Bank too is expected to up its main interest rate by 0.25 percent.

If it delivers the cut, as bank Governor Mark Carney has indicated, it would be its first hike since July 2007, when world credit markets started to freeze up in what would prove to be an early phase of the global financial crisis.

INDIA-Fastest growing in next decade

India is likely to be the fastest growing economy in the world during the next few years, Reforms like GST, Demographics, suitable international investments, digitisation has set the country to be achieving a working six million dollars by 2027. Ther has been an acceleration of GDP growth from 5.8% in 1990's to 6.9% in 2000's.

U.S based property owners and the world are expected to meet in November in India to find out the Indian government offers and feasibility, risks in different sectors and India's placements in the world's economy.

GST Law ; SUO MOTU Action For Anti-Profiteering

Can punish firms not passing GST gains

The National Anti-Profiteering Authority, to be set up under the Goods and Services Tax (GST) regime, will have wide-ranging powers, including the power to issue notices to anybody that it feels warrants a “fair enquiry,” as per the rules finalised by the GST Council on Sunday.

The powers of the Authority include the ability to order a reduction in prices, impose a penalty, and even cancel the registration of a company deemed to have not passed on a tax rate reduction to consumers.

Cisco announces 1,100 more job cuts

Cisco Systems Inc. said Wednesday that it is laying off 1,100 more workers, deepening job losses at the internet gear maker battling declining revenue.

The new round of layoffs comes on top of the 5,500 jobs Cisco announced it was cutting in August. That amounted to about 7 percent of its workforce at the time.

Cisco sells routers, switches, software and services business and has seen its business hurt as more of its corporate customers rely on remote data centers for their computing needs instead of online networks maintained on their own premises.

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