DEMONETISATION
Brother-in-law caught with Rs 4.34 lakh worth of foreign currency; income tax officer sends notice; he wins case in ITAT Delhi with help from sister-in-law
A brother-in-law got into trouble when he was found with Rs 4.34 lakh in foreign currency. A tax officer sent him a notice about it. But, the brother-in-law defended himself in front of the ITAT in Delhi, saying the cash belonged to his sister-in-law.
The millennial midlife crisis: It is Zindagi Na Milegi Dobara minus Spain, minus skydiving and minus, frankly, the men
Millennials are experiencing a midlife crisis defined less by one dramatic event and more by several anxieties arriving at once: ageing bodies, marriage and dating pressures, career uncertainty, money worries, climate change and constant exposure to global crises.
Books, coffee and banking: Anup Bagchi the ICICI lifer set to lead HDFC Bank
Anup Bagchi, who has spent 34 years at ICICI Group, will join HDFC Bank as managing director. He has held various leadership roles, overseeing retail and wholesale banking functions. Bagchi's appointment comes after the RBI approved it, succeeding Sashidhar Jagdishan. Known for his informal manner, he led the bank through challenging times like demonetisation.
Medicine shop owner deposits Rs 2.47 crore cash in bank account, gets income tax notice for unexplained cash; wins case in ITAT Delhi for this reason
Mr Kumar, a medicine shop owner had deposited Rs 2.47 crore cash in his bank account during demonetisation period, he got an unexplained cash income tax notice. After a long legal fight he won the case in ITAT Delhi. This article explains how.
RBI completes 1 trillion rupee net debt sale for first time in a decade
In a historic move, India's central bank has recorded net sales of bonds amounting to 1 trillion rupees this financial year. With predictions suggesting this figure may double by December, market analysts anticipate stricter monetary policies. The Reserve Bank of India has also reduced liquidity in the banking system, responding to past strategies to attract dollars.
Estimating is not fudging: Decoding the needless jump from 'GDP is estimated' to 'GDP can't be trusted'
India poses an exceptionally difficult statistical challenge because hundreds of millions work on farms, tiny shops, construction sites and in household enterprises that do not produce audited quarterly accounts. So, a significant part of GDP calculations is based on projections and imputations.
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Big to get bigger: India's UPI fee shift to entrench dominant incumbents
PhonePe and Google Pay could earn about $900 million annually from India’s new UPI merchant fee regime by March 2028, according to Bernstein estimates, strengthening their already dominant position. The 0.4% fee on merchant transactions above Rs 2,000 could also encourage payment apps to expand in rural areas and push smaller rivals towards higher-value transactions.
Gold biscuit recovery from Maoist supply dumps: Risking life but not wealth, rebels picked safe haven asset
A Maoist dump is a concealed underground cache, usually deep in the forest and sometimes placed in plastic drums or other containers before being camouflaged with soil, wood and fallen leaves. From these dumps, authorities have recovered at least 8 kg of gold in the past two years.
5 Bangalore landowners formed a partnership firm to develop property, received income tax notice for undisclosed rental income; won relief in ITAT for this reason
Bangalore landowners get relief from undisclosed rental income tax notice after proving in ITAT that their partnership firm received the rent. What happened was, five Bangalore landowners signed JDA with builder, later formed partnership firm to develop property; but then the landowners got undisclosed rental income tax notice.
Modinomics at 76: The birthday cake, the candles and the numbers
PM Narendra Modi turns 76 as he completes nearly 12 years in office, a period that has reshaped India’s economic landscape through infrastructure expansion, digitalisation, financial inclusion and policy reforms. While India has emerged as a major global economy, private investment, manufacturing depth and quality employment remain key unfinished parts of the economic story.
Explainer -- India's UPI MDR shake-up: What changes and why it matters
India will soon introduce a merchant discount rate on UPI payments. This fee applies to transactions exceeding two thousand rupees with merchants. Some small merchants and rural areas will be excluded from this new charge. This move aims to make the UPI system more self-sustainable and expand its reach. Consumers are not expected to directly pay these new transaction fees.
No alliance with BJP ahead of 2028 assembly polls, says KT Rama Rao
The Bharat Rashtra Samithi (BRS) has officially stated it will not ally with the Bharatiya Janata Party (BJP), while expressing support for a delimitation bill if it benefits southern states with additional seats. Previously, BRS backed the BJP on issues like GST and demonetisation, although KTR criticized support for demonetisation as a misstep. The party is also taking steps to address issues related to recent electoral roll deletions.
Landlord deposited Rs 14.96 lakh cash during demonetisation, got tax notice: ITAT Bangalore grants relief
Landlord took rent in cash, deposited Rs 14.96 lakh cash during demonitisation period; got Income tax notice, he wins case in ITAT Bangalore. The ITAT Bangalore bench which heard this case comprised of Waseem Ahmed, an accountant member and Keshav Dubey, a judicial member.
Cash no king, but don't stash it: India wants a digital economy, but cash still holds the power of choice
Despite government promotion of digital transactions like UPI and e-Rupee, cash remains prevalent, especially in rural areas and for large-value transactions. While digital payments offer convenience, they have also led to increased cyber fraud and financial exclusion, particularly for women. The article suggests the government's push for digitalization may stem from a desire for control and programmatic payment disbursement rather than genuine welfare improvement.
MSME lending moves from sachetisation to personalisation: Lentra’s Ankur Handa
India's financial framework is undergoing a significant evolution as digital resources, advanced data analytics, and innovative technology pave the way for broader credit opportunities, particularly benefiting MSMEs. Lentra's Growth Alliance Program (GAP) is designed to enable an emerging lender’s growth ambition and offer them the infrastructure necessary to support that journey.
Plant 500 trees and explain Rs 11.22 crore additional income: A rare direction from ITAT Chandigarh asks taxpayer with Rs 1.79 lakh income shown in ITR
This Haryana man's case was picked up for scrutiny, and during the proceedings the Assessing Officer found large cash deposits, unsecured loans worth crores, and discovered that the Rs 3 lakh agricultural income wasn’t substantiated by supporting evidence. Read on to know what happened next, and what has the ITAT ordered.
Lok Sabha's Monsoon Session productivity among lowest in 22 years: PRS data
Parliament's Lok Sabha saw very low productivity during its recent Monsoon session. This session's functioning level matches the Winter session of 2016. The Rajya Sabha performed better but still had limited operational time. Historical data shows significant variations in parliamentary business over years. Disruptions and political confrontations have often impacted legislative work.
CAG flags Rs 25,085 crore tax effect from 1,902 assessment lapses
The CAG identified 1,902 tax lapses involving over twenty-five thousand crore rupees. These cases involved incorrect tax rates and faulty income computations. Many lapses occurred after demonetisation during the 2017-18 assessment year. Assessing officers failed to apply relevant sections in numerous unexplained transaction cases. This resulted in under-assessment of tax in the majority of identified instances.
Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains why
Retired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he wins case in ITAT Bangalore as tax notice was issued 26 days after the limitation period had expired. Know how he won case in ITAT Bangalore.
Property dealer deposits Rs 54 lakh cash in bank, files no ITR, gets tax notice, does not respond, wins case in ITAT Delhi; Know why
Property buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax notice, he fights and wins case in ITAT Delhi; Know why
Why Meta is paying for controversial content - and what that means for the posts you see
ABC News Verify found Facebook had monetised Australian accounts described as having white nationalist, neo-Nazi or anti-vaccine links. According to the report, some of the content they posted even appeared to conflict with Meta's own monetisation policies.
Independence Day 2026: Sabse bada rupaiyah! The rupee's journey to becoming truly Indian
Know about history of Indian rupee: India's currency evolved from diverse regional money to a unified rupee. The Reserve Bank of India was established in 1935 to manage currency issuance. Decimalisation in 1957 changed how Indians counted their money. Today, digital payments and CBDC are transforming transactions. Polymer banknotes are now being trialled for future use.
UPI now accepted for online Burj Khalifa bookings before Indians arrive in Dubai; first for UAE attraction
Indian travellers can now book Burj Khalifa tickets online using UPI. This integration makes the Dubai attraction the first in the UAE to accept UPI for e-commerce. The move expands UPI's reach beyond in-store payments to online travel bookings. It allows Indian visitors to complete purchases before their travel to the UAE. This partnership strengthens cross-border payment options for Indian travellers.
Delhi’s internet subscriptions surge 217% in a decade to 5.7 crore in 2025
From 2015 to 2025, Delhi experienced a remarkable increase of over 217% in internet subscriptions, reaching 5.7 crore and surpassing the city's population numbers. This substantial growth was spurred by the widespread use of digital services and affordable data options. Today, Delhi comprises close to six percent of the country's total internet subscriptions, although the overall national growth has marginally outpaced that of the city.
AU Small Finance Bank raises NRI deposit rates by 30-60 basis points
AU Small Finance Bank has increased its non-resident deposit rates by up to sixty basis points. The bank raised its peak interest rate on FCNR-B deposits to seven point four percent. NRE deposit rates were also increased to seven point six percent for specific tenures. FCNR-B deposits attract dollar inflows and protect against exchange rate fluctuations. The bank seeks liability-led asset growth through these deposit channels.
Nepal requests India to recognise National ID card as valid travel document
Nepal has formally requested India's approval for its biometric National Identity card. This card is sought as an officially recognized travel document for cross-border journeys. The proposal has been routed through diplomatic channels to New Delhi for consideration. Immigration authorities believe recognizing the NID card will streamline travel over both routes. This initiative aims to offer travelers an additional layer of convenience.
Nepal eases post-demonetisation curbs on Indian currency; allows Rs 200, Rs 500 notes
Nepal's new rule facilitates Indian tourists and Nepalese nationals engaged in cross-border trade. Foreign visitors can bring up to USD 5,000 into Nepal without declaration. Amounts exceeding this limit require customs declaration upon arrival in Nepal.
Demonetisation 'unlawful', says dissenting SC judge
The dissenting ruling goes on to state that "the proposal for demonetisation arose from the Central Government and therefore, could not be given effect to by way of issuance of a Notification as contemplated under sub-section (2) of Section 26 of the (RBI) Act, as, such provision would not apply in cases where the proposal for demonetisation has originated from the Central Government, such as the instant case".
Modi magic holds, people still back demonetisation: ET online survey
After a year—enough time to see the results of note ban —more people support Modi on demonetisation than those who criticise him.
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