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No Service tax on Debit Card or Credit Card Transactions Up to Rs 2000

service tax on credit-and-debit-cards

Good news for Credit Card and Debit card users. To make the country use cashless economy and boost digital transactions, Government of India today announced that it wouldn’t charge any service tax on credit or debit card transactions up to Rs 2,000.

Currently, we pay 15% as the tax on card transactions, and now you won’t pay service tax for up to Rs 2,000. The government is taking necessary steps over Cashless transactions, and the Government’s latest initiative of exemption of service tax on credit or debit card for up to Rs 2,000 is to boost the country for using digital operations.

The tax break for using cards come exactly a month after Prime Minister Narendra Modi announced the statement of demonetization of currency. He announced the ban of Rs 500 and 1000 notes on November 8.

Rs 10 for Digital Transactions: Government is Looking to Provide Inducements to Boost Cashless Digital Payments

Yesterday, the Reserve Bank of India (RBI) clarified that already 11.5 lakh crores ($170 billion) had come to banks through depositing. Central Government is going to modify the June 2012 service tax notification and finance minister Arun Jaitley will submit the information to Parliament.

RBI Monetary Policy Committee had taken this initiative to reduce cash crunch. However, critics of the demonetization drive say this shows that the modification has failed at cracking down on black money.

The ban of the high-denomination notes set off a huge cash crux. The withdrawn bills formed 86 percent of the currency in circulation. The situation was worsened by a lack of new bills through the Government has relieved that conditions will improve by the end of the year. Cash in the banks disappeared within few hours of opening and remain packed with people desperate for currency.

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Yesterday, the RBI unexpectedly didn’t lower its key policy rate. India’s economy grew by an annual 7.3 percent between July and September. RBI on Wednesday proposed a new set of guidelines for those who are doing online transactions. From now onwards, transactions up to Rs 2,000 won’t allow OTP and also announced that it would take some time to take new Rs 500 notes in the market.

PM’s Surgical Strike: Rs 500 and Rs 1,000 currency notes banned, New Rs 2,000 note to be out on 10 November

Rs 500 and Rs 1,000 currency banned

The whole nation is in surprise right now because of the Modi’s unusual move on black money. PM Narendra Modi on Tuesday night announced demonetization of Rs.500 and Rs.1000 notes from midnight. He said that 500 & 1000 notes would become “mere paper.”

Addressing the nation the Indian Prime Minister had announced some bold steps in curbing the roots of black money and fake currency.

Making these Notes void is the combat against the Black money, Corruption, and Fake Currency. Our enemies across the border are using the fake money to run their business.

Mr. Modi said Rs. 500 and Rs. 1000 denominations are mostly counterfeited “from across the border.”He said that we are experiencing the corruption and the black money in the country from past decade. The corruption is widely spread in the country.

Ordinary people no need to freak out about this decision, and you can exchange your 500 and 100 currency in bank and post office accounts from November 10 till December 30.

RBI Governor Urjit Patel and Economic Affairs Secretary Shaktikanta Das launches the New notes and says the new Currency Notes will be released with new dimensions and will be introduced in the market from 10th November.

Urjit Patel unveils the new series which is called as “Mahatma Gandhi New series of Bank notes,” the new 500 rupees is designed with Red Fort. Apart from 500 rupees, Urjit Patel introduces the Rs.2000, which carries the photo of Mangal Yan, which highlights the scientific development and research progress that India has achieved.

All You Need to Know About Urjit Patel the New RBI Governor

The government is setting up the Control rooms in the Reserve Bank of India in the Department of Economic affairs of the finance ministry. A control room will be setup in the Mumbai, and the numbers are 022-22602201, 22602944.

The Control room will be operations from tomorrow morning 8 am, for the first 15 days it will be operated for 24 hours. The Control room number for Delhi is 011-23093230.

Bank will keep the record of identity whoever go to the bank in exchange of notes. So, government appeal is not to allow yourself used by anyone in exchange for their illegal cash. Rs.1000 will be released soon with a new dimension.

PM said that “We have brought back Rs. 1,25,000 crores of black money from corrupt people through various means,” and people should participate effectively for eradicating the same.

How to Exchange Notes Rs.1000 and Rs.500 Explained in Detail

Pm bans 500 and 1000 notes

Key Points of PM’s Speech:

  • All the Rs.500 and Rs.1000 Notes will be legally banned
  • The legal discontinuation will be in effect from Mid-night of November 8, 2016
  • ATMs will not work on November 9 and 10
  • People who are holding the banned currencies can exchange them by depositing in the banks or post offices.
  • Only up to Rs. 2000 cash can be withdrawn from ATM for some days which will be enhanced to Rs. 4000 later.
  • The maximum withdrawal limit for ATM will be Rs. 10,000 per day and Rs. 20,000 per week.
  • Government Hospitals, Airports public sector-run petrol bunks, and burial grounds shall be exempted for using the banned notes.
  • Airports will make arrangements to inform international travelers that the cash limit is Rs. 5000.
  • The recent move will not affect debit cards, cheque and digital transfer of money.
  • All other denominations such as Rs. 100, Rs. 50, Rs. 10, Rs. 5, Rs. 2 and Re. 1 as well as coins will continue in circulation unaffected.
  • New Rs. 2000 and Rs.500 will be soon brought into circulation

So, guys keep your 500 note safe to show it to your future generation.

All You Need to Know About Urjit Patel the New RBI Governor

New RBI Governor

After many days of suspense finally, the PMO had appointed Urjit Patel, RBI’s deputy governor as the new RBI governor. The appointment was made after interviewing all the shortlisted candidates at prime minister’s office for the post of RBI Governor.

What makes him appropriate for the Post? This question is running around the financial sector from past two days. Here is what you need to know about him.

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All you need to know about Urjit Patel

Urjit Ravindra Patel (53) will take up as New RBI Governor from 4th September 2016 becoming the 24th person to take the seat. Raghuram Rajan his successor has been most appreciated for controlling inflation.

Urjit was not an Indian. He was born in Kenya in the year 1963 on October 28. His place of birth and his Kenya citizenship was most discussed and thought that would obstruct his promotion. But his expertise has left all the other reasons behind.

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Urjit Patel received his bachelor’s degree in economics from London School of Economics. He completed MPhil from Oxford University in 1986. He completed his PhD from Yale University in 1990 in Economics. His High education qualification in the area of Economics becomes the first step to shortlist.

Apart from his qualification he is well experienced. He worked for IMF desks in US, India, Bahamas and Myanmar. Then he was deputed to RBI from IMF working in the areas of development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate.

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Patel took up as Consultant to the Government of India in the Ministry of Finance from 1998-2001. Patel has worked in various high-level committees in both central and state levels. In 2013 Patel was appointed as Deputy Governor of RBI where now new RBI Governor of India.

Previously the posts in which Mr Patel worked were President (Business Development), Reliance Industries Limited Advisor, Boston Consulting Group Executive Director, Infrastructure Development Finance Company (1997-2006) Non-Executive Director, Gujarat State Petroleum Corporation Limited.

Patel’s grandfather migrated from Gujarat to Kenya during the British government. His father was born in Kenya and was a successful entrepreneur in Nairobi. He had a business of Spare parts. Patel’s father passed away recently.

He has impressed many economists including P V Narasimha Rao, Dr Manmohan Singh, P Chidambaram, Narendra Modi, Arun Jaitley, and Raghuram Rajan. He is the most admired RBI person by many Officials and politicians. Experts say that the Stock market is expected to cheer the appointment of the new Reserve Bank Governor.