Tax-Collecting Banks: RBI designates 29 bank branches for advance tax collection


The central bank has designated 29 banks for accepting income-tax (I-T) payments. These are: State Bank of India (SBI) and its five subsidiaries, Punjab National Bank, ICICI Bank, HDFC Bank, Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Allahabad Bank, Andhra Bank, Bank of Maharashtra, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Syndicate Bank, UCO Bank, United Bank of India, Union Bank of India and Vijaya Bank.

The central bank has asked I-T assessees to remit their dues sufficiently in advance of the due date by using alternate channels like select branches of agency banks or the online tax payment facility offered by these banks. This will prevent the inconvenience of standing in long queues at offices of the Reserve Bank of India. The central bank was finding it difficult to meet the rush for remitting I-T dues at the end of March every year, despite providing additional counters.
 

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Investor Grievances: Investor complaints rise 8.5% in October

Pending investor complaints against listed firms rose by nearly 8.5%, to 666, in October 2013, while the number of companies against which such grievances were recorded increased to 25. In comparison, 614 investor complaints were pending against 22 listed companies as on 30 September 2013, according to SEBI’s Online Complaints Redress System.

Complaints pending for more than 60 days were against 25 firms, including Malanpur Steel (150), ONGC (85), Varun Shipping (72), Acropetal Technologies (31), Oxides & Specialities and Zylog Systems (26 each). Listed firms are required to resolve investor complaints within a month of receiving them, failing which they are liable for penal action. Complaints against mutual funds pending for over two months totalled 132 and included those against Reliance Mutual Fund (52), UTI Mutual Fund (20), Birla Sun Life Mutual Fund (15) and SBI Mutual Fund (15).

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Inflation: Inflation eroding savings of Indians living in metros: Survey


Soaring inflation, high fuel cost, rising cost of education and health insurance premiums have eroded the real incomes of middle-class Indians. Household savings rates dropped by a staggering 40% in the past three years, says an Assocham survey.

The survey found that net financial savings by Indians, which include deposits with banks and non-banking finance companies, cash, investment in stocks, debentures and small savings instruments, have dipped considerably because of rise in household expenditure.
As many as 82% respondents said that the salary hike last year was not in sync with the cost of living which has gone up by almost 40%-45%. Besides, 82% respondents from metros said that their standard of living has declined by at least 25%.

The survey was conducted over three months in 2013 (January to March) in Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Hyderabad, Pune, Chandigarh and Dehradun.

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