Atul Karmarkar.Com

With effect from April 01, cash withdrawals from bank will not attract tax. This is following abolition of the banking cash transaction tax (BCTT) in the Union Budget 2008-09. The BCTT was introduced in Budget 2005-06 with the aim for setting an audit trail and to prevent money laundering using the banking channels and was [...]

ICICI Bank and Singapore Airlines have launched a co-branded credit card, the ICICI Bank Singapore Airlines VISA Platinum credit card.

Insurance behemoth Life Insurance Corporation of India (LIC) has launched it’s credit card in association with Corporation Bank, who is the card issuer. They have formed a separate company, LIC Credit Cards Services, to manage this new business. The company will be headed by its Director and Chief Executive Hemant Bhargav. Initally, the cards will be offered to existing policy [...]

The Finance Ministry’s ambitious plan of investing Employees’ Provident Fund Organisation (EPFO) money in the stock market has come a cropper. In August 2008, the ministry had put up a proposal seeking to invest upto 15% of the EPFO corpus (Rs.1,82,000 crore) in shares of listed companies along with ELSS funds. With the markets tanking the way they [...]

Theft of cheques deposited in the drop boxes kept at ATMs has been on the rise lately. Taking note of this fact, the RBI has asked banks not to force their customers to drop the cheques in these boxes, Minister of State for Finance P.K Bansal said in a written reply to the Lok Sabha. RBI has further [...]

Looks like State Bank of India (SBI) has decided to flex it’s muscles big time… After slashing home loan rates to 8% for a year, they have announced an offering of auto loans at an interest rate of 10% for the first year (presently 11.50-12%). Only new buyers are eligible for this loan, and this offer is valid [...]

As per a recent circular issued by the Central Board of Excise and Customs (CBEC), flat buyers, developers and builders are not liable to pay service tax. According to the circular (F.No.137/12/2006- CX.4),  the initial agreement between the promoter/builder and the buyer is an “agreement to sell”, and as per the provisions of the Transfer of Property Act, this does not [...]