No extension in financial year clarifies ministry of finance
The Ministry of Finance on Monday made it clear that the government is not planning to extend the current financial year by upto 3 months as was reported in some media. In a statement released by Ministry of Finance said that, “There is a fake new circulating in some section of media that the Financial Year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of the Financial Year.
The Finance ministry said that a notification has been issued by the Department of Revenue, Ministry of Finance on 30th March, 2020 which relates to certain amendments to the Indian Stamp Act. It pertains to putting in place an efficient mechanism for collection of Stamp Duty on Security Market Instruments transactions through Stock Exchanges or Clearing Corporation authorized by Stock Exchanges Depositories. This change was earlier notified to be implemented from 1st April, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to 1st July 2020.”
PSU Bank merger from April 1
After the merger of ten banks from April 1, these will be converted into four banks. Rupees 55,250 crores will be given to these banks. Of this, Punjab National Bank alone will get Rs 16,000 crore. Know the details of which banks will be merged and what will be the effect on you.
Which bank will be merged
Oriental Bank of Commerce and United Bank of India will merge with Punjab National Bank. It will then become the second largest bank in the country with a business of Rs 17.95 lakh crore and 11,437 branches.
Canara Bank’s merger with Syndicate Bank: After merging the two, it will become the fourth largest public sector bank with a capital of Rs.15.20 lakh crore for business and 10,324 branches in the country.
Union Bank of India, Andhra Bank and Corporation Bank will form one bank. It will be the fifth largest public sector bank in India with a turnover of Rs 14.59 lakh crore and has 9,609 branches.
Merger of Indian Bank and Allahabad Bank. Its business capital will be Rs 8.08 lakh crore.
What will be the effect on customers?
Account number and customer ID can be new: After the bank merger customers may be issued a new account number and customer ID. For this, your email address / mobile number should be updated with the bank branch. So that you can get the change information from the bank. All your accounts can be tagged in a single customer ID.
