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Bank accounts opened between July 1, 2014 and August 31, 2015 need to submit self-certification by April 30 to comply with FATCA (Foreign Account Tax Compliance Act) provisions . Bank accounts opened between July 1, 2014 and August 31, 2015 need to submit self-certification by April 30 to comply with FATCA (Foreign Account Tax Compliance Act) provisions, without which the accounts would be blocked, the income tax department said. “The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts,” the Central Board of Direct Taxes or CBDT said in a statement .  Here are 10 things to know: 1) FATCA allows automatic exchange of financial information between India and the US. 2) India had entered into an agreement with the United Sta...

Mumbai: Banking regulator the Reserve Bank of India has given its nod to printing of new Rs 200 notes, according to a report in DNA. The central bank expects printing of new notes would start after the month of June later this year An RBI report while citing two sources close to the development said that the Central Board of RBI has already approved the proposal. The proposal was okayed in March and printing of new Rs 200 denomination notes is likely to start after June when the Modi government gives its assent. The RBI Central Board consists of 14 members, including governor Urjit Patel, Economic Affairs Secretary Shaktikanta Das, Financial Services Secretary Anjuly Chib Duggal, and four deputy governors of the central bank. RBI started to introduce new high value notes in the banking system after over 86 per cent of total currency in circulation were scrapped through demonetisation, a massive anti-black money and anti-counterfeiting measure. Source : Decca...

The country’s biggest lender, State Bank of India (SBI) will start levying penalty on non-maintenance of minimum balance in accounts from today. The bank has decided to increase manifold the minimum balance required for maintaining savings account from April 1. This move from SBI is expected to hit around 31 crore depositors including pensioners and students. For metro branches, the monthly average balance will be Rs. 5,000 and penalty for non-maintenance of minimum balance will be between Rs. 50 and Rs. 100. And for urban and semi-urban branches, the average balance has been decided at Rs. 3,000 and Rs. 2,000, respectively. In case of rural branches, the minimum balance has been fixed at Rs. 1,000. Breach of monthly average balance will attract a penalty ranging between Rs. 20 and Rs. 50. After the revised charges, cash withdrawal from ATMs will also attract a charge of up to Rs. 20 if the number of transactions exceeds three from other bank’s ATMs in a month and Rs. 10 for ...