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Reserve Bank of India imposes Rs 27 crore penalty on 13 banks

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Mumbai-RBI has imposed Rs 27 crore penalty on 13 public and pvt sector banks for foreign Exchange management act violations and know your customer (KYC) lapses. The banks include Punjab National Bank and HDFC Bank.Reserve Bank of India   asked eight other banks including SBI and ICICI to ensure strict compliance with the guidelines.

Prices of Gold jump Rs 250 to Rs 30,900 per ten gram

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New Delhi-Prices of Gold  jumped 250 rupees, to 30,900 rupees per ten grams at Delhi's bullion market on increased buying by jewellers. Silver spurted 1,550 rupees, to 47,750 rupees per kilo, on increased offtake by industrial units and coin makers. Silver coins surged 2,000 rupees, to 76,000 rupees for buying 100 pieces.

Cabinet clears amendments in Goods and Services Tax Bill

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New Delhi-Amendment in Goods and Services Tax Bill and dropped one percent additional tax on inter-state sales as proposed in the current bill has been approved by union cabinet.According to sources , the Cabinet also agreed to include the mechanism of compensating states for all loss of revenue for five years in the bill after the roll out of the new indirect tax regime. Bill provides 100 per cent compensation to states by the Centre for first three years, 75 per cent for fourth year and 50 per cent for the fifth year.

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