RBI: RBI Extends the Date for Withdrawal of Pre-2005 Series Banknotes
The Reserve Bank of India (RBI) has extended the date for the public to exchange their pre-2005 banknotes up to 31 December 2015. In December 2014, RBI had set the last date as 30 June 2015.
 
Soliciting cooperation from the  public, RBI has urged people to deposit the old notes in their bank accounts or exchange them at a bank branch convenient to them. RBI has stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender.
 
Explaining the move, RBI said that the banknotes in the Mahatma Gandhi series have now been in circulation for a decade. A majority of the old banknotes have been withdrawn through bank branches. It has, therefore, decided to withdraw the remaining old design notes from circulation.
 

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Tax: All I-T Refunds To Be Credited Directly in Bank Accounts: CBDT

The income-tax department has put in motion a new plan which will ensure that any refund on tax paid is safely deposited in the taxpayer’s personal bank account as soon as it is processed and released. The department is also planning to fully adopt and use banking services to end the current system of sending I-T refunds over the value of Rs50,000 via cheques through the postal department. CBDT chairperson, Anita Kapur, said the plan is being worked out on priority and is aimed at bringing an end to taxpayers’ grievances regarding this particular service.

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Stock Bets of Mutual Funds
In our Cover Story this time, we take a look where the mutual funds are putting your money....
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