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 *Bank of Maharashtra Writes off Rs 7,000 Crore Owed by Loan Defaulters* According to information provided by the bank — accessed by The Indian Express – from 2011 to 2020, it has written off a total of Rs 7,400 crore.  The Major write-offs have come in the last four years when Rs 7,000 crore has been written off. The Bank of Maharashtra, a Public sector bank, has “technically written off” a staggering over Rs 7,000 crore owed by loan defaulters in the last four years.  The Bank has said that it would recover the amount at a later stage and that it has not been waived permanently. Activist and Bank Shareholder Vivek Velenkar said that information regarding BoM “writing off” Rs 7,000 crore of defaulters’ money has apparently surfaced for the first time.  “I had sought information regarding the amount written off by the bank in the last four years.  The Bank has given me a written reply stating that Rs 7,000 crore defaulters’ money has been technically written off...

 *32 Co Operative Banks put under restriction by RBI*  List of 32 CO OPERATIVE BANKS put under restrictions by Reserve Bank of India under section 35A as on 16.08.2020. Depositors of following bank can not withdraw their deposits above limits permitted by RBI from time to time.      Sr. No. Name of Bank under RBI Directives   1 Karnala Nagari Sahakari Bank Ltd., Panvel, Raigad (Maharashtra)   2 People’s Co-operative Bank Ltd., Kanpur, Uttar Pradesh    3 Sri Gururaghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka    4 Youth Development Co-op. Bank Ltd., Kolhapur, Maharashtra    5 The Maratha Sahakari Bank Ltd, Mumbai, Maharashtra    6 Shri Anand Co-operative Bank Ltd., Chinchawad, Pune, Maharashtra    7 Kerala Mercantile Co-operative Bank Ltd., Kozhikode, Kerala    8  Rupee Co-operative Bank Ltd, Pune, Maharashtra    9  Mapusa Urban Co-operative Bank of Goa L...

 Transparent Taxation platform: Prime Minister Narendra Modi on August 13 launched the 'Transparent Taxation' platform while announcing multiple reforms to improve tax compliance, faceless assessment and ease of filing returns. As part of the rehaul, the government has also proposed to reduce the threshold of various transactions for tax disclosure. This is aimed at widening the income tax base and checking tax evasion. The list will now include white good purchases, property tax payment, medical and life insurance premium and even hotel payments. So, the next time you pay a hotel bill or medical insurance premium of more than Rs 20,000, incur an expenditure of amount exceeding Rs 50,000 on life insurance or more than Rs 1 lakh for school fee, purchase white goods, jewellery, marble or paintings (see table), be mindful that the entity you have made the payment to will be informing the government of your transaction. Even payments made to the government such as property tax and ...