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SBI Refunds Charges Collected on Digital Transactions in Zero-balance Accounts; Continues to Levy Charges Above 4 Cash Withdrawals


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State Bank of India (SBI) today issued a clarification saying it has refunded charges deducted on digital transactions from zero-balance or basic savings bank deposit (BSBD) account holders. However, SBI added that it continues to levy charges on cash withdrawals over and above the four free withdrawals which are allowed per month.
 
In a release, the state-run lender said, “In terms of Central Board of Direct Taxes (CBDT) directives, SBI has refunded the charges recovered in respect of all the digital transactions to the BSBD customers from 1 January 2020 to 14 September 2020. SBI has stopped recovering charges in such accounts on all digital transactions from 15 September 2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month. The objective is also to encourage BSBD account holders including Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders to adopt digital payment through the prescribed modes vis-à-vis t ....

Moneylife Digital Team , Charges Collected , Digital Transactions , Zero Balance Accounts , Levy Charges Above , Central Board , Direct Taxes , Pradhan Mantri Jan Dhan Yojana , Reserve Bank , டிஜிட்டல் பரிவர்த்தனைகள் , பூஜ்யம் சமநிலை கணக்குகள் , மைய பலகை , நேரடி வரி , ப்ர்யாட்ஹந் மந்திரி ஜான் தன் யோஜனா , இருப்பு வங்கி ,

India to tell America to drop retaliatory tariffs set in motion by equalisation levy


India to tell America to drop retaliatory tariffs set in motion by equalisation levy
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This comes days after the USTR proposed a retaliatory trade action of up to 25% tariffs on basmati rice, sea foods and gold against India for imposing equalisation levy on certain American companies.
New Delhi will likely approach the United States Trade Representative (USTR) with a request to drop the proposed ‘retaliatory’ taxes, or tariffs, applicable to shipments of some Indian products to the US.
This comes days after the USTR proposed a retaliatory trade action of up to 25% tariffs on basmati rice, sea foods and gold against India for imposing equalisation levy on certain American companies. ....

United States , United Kingdom , New Delhi , Joe Biden , Organisation For Economic , United States Trade Representative , Ajay Rotti , Economic Cooperation , Base Erosion , Profit Shifting , Digital Transactions , Physical Goods , Equalisation Levy , ஒன்றுபட்டது மாநிலங்களில் , ஒன்றுபட்டது கிஂக்டம் , புதியது டெல்ஹி , ஓஹோ பிடென் , ஆர்கநைஸேஶந் க்கு பொருளாதார , ஒன்றுபட்டது மாநிலங்களில் வர்த்தகம் பிரதிநிதி , பொருளாதார ஒத்துழைப்பு , அடித்தளம் அரிப்பு , ப்ராஃபிட் மாற்றும் , டிஜிட்டல் பரிவர்த்தனைகள் , உடல் பொருட்கள் ,