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Banking Articles

March 2018

February 2018

January 2018

Humongous! Banks’ gross NPAs at Rs 8.41 lakh crore in December

The gross non-performing assets (NPAs) of all the banks in the country amounted to Rs 8,40,958 crore in December, led by industry loans followed by services and agriculture sectors, government said today.

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New EPF Withdrawal Rule And How To Check EPF Balance, ePassbook Online

EPFO recently said that subscribers have to file employee provident fund (EFP) withdrawal claims above Rs. 10 lakh online. Retirement fund body EPFO or Employees Provident Fund Organisation has made it mandatory to file online claims for settlements above Rs. 10 lakh. This was said in a notification by EPFO in a circular dated 27 February . For EPS (Employees Pension Scheme), the limit is Rs. 5 lakh. This means that pension scheme withdrawals beyond Rs. 5 lakh have to be made online only. "In case the amount of claim settlement is above Rs. 10 lacs for PF claims and Rs. 5 lacs in respect of EPS withdrawal claims, the claim form must be accepted through online mode only," the retirement fund body said in a circular.

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Investing In Mutual Funds? Income Tax Rules That Will Change From April 1

From April 1, a new long-term capital gains tax on equity oriented mutual funds and stocks will be applicable. This new 10 per cent tax on long-term capital gains (LTCG) on equity mutual fund investment was proposed in Budget 2018. According to Budget 2018 proposals, long-term capital gains exceeding Rs. 1 lakh arising from redemption of mutual fund units or equities on or after April 1, 2018 will be taxed at 10 per cent (plus cess) or at 10.4 per cent. Long-term capital gains till Rs. 1 lakh will be exempt. What is long-term capital gain? It is profit arising from selling of stock or redemption of equity mutual funds held more than one year. A mutual fund that has at least 65 per cent allocation to equities is termed an equity mutual fund for taxation purposes.

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Western Union sees opportunity in outbound remittances

This is an explicit endorsement of India’s entry into the elite club of capital givers. A quarter of a century after Western Union (WU) began inward remittance services in the country, the US cash-transfer major is now offering users an option to do just the reverse, reaffirming the average Indian’s ascent up the ladder of economic mobility.

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