Economy & Banking Current Affairs

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

Nokia slapped by IT dept with a Rs 2000 crore notice for alleged tax violation

Income Tax department slapped a Rs 2,000 crore notice on Finnish mobile firm Nokia for an alleged tax violation.

On January 8, 2013, IT department had carried a survey operation at Nokia’s Sriperumpudur factory and held that it had found clear defaults in TDS deductions on royalty payments made by the plant to its parent company.

KYC norms for self-help groups relaxed : RBI

In order to address the difficulties faced by SHGs in complying with Know Your Customer (KYC) norms while opening savings bank accounts and credit linking of their accounts, RBI has held that the banks can open savings account for the SHG even if ‘know your customer’ verification is completed for only the office bearers of the SHG. Thus, it has been decided to  simplify certain norms for SHGs.

Thus, it will not be mandatory for the banks to complete the KYC of all members of the SHG before opening a bank account, rather now, verification can be completed only for the office bearers of the SHG.

Also, as the banks would have already completed the KYC norms for the SHG while opening SHG’s bank account, there would be no need for a separate KYC verification while giving credit to the SHGs.