NEW DELHI: The Centre on Monday tabled amendments to the Income Tax Amendment Bill in its bid to check large, unaccounted cash deposits post demonetisation.

According to reports, the government has proposed 30% tax on undisclosed income, along with 10% penalty and 33% surcharge.

Mumbai: Shares of banking stocks on Monday fell after the Reserve Bank of India (RBI) ordered banks to deposit extra cash with it. The move came in order to absorb over Rs5 trillion excess liquidity generated by the banks due to the government’s demonetisation scheme to curb black money and circulation of fake currency.

On Saturday, the RBI said that the banks need to transfer 100% of their cash under its cash reserve ratio (CRR) from deposits generated between 16 September to 11 November.

Air India will get less than half of the equity support it wanted from the government this fiscal. Against the demand of Rs 3,900 crore, the state-owned airline will get only Rs 1,713 crore in FY17, official sources told FE. The capital infusion is part of the Rs 30,000-crore bailout package for Air India in the form of equity support by the government. So far, Rs 23,933 crore has been released to the company in several tranches.

Hardening their position against Tata Sons, ousted chairman Cyrus Mistry and independent director Nusli Wadia, who has been backing him, will contest the proposal to remove them from the board of Tata Motors by making separate representation to "members of the company".

In a regulatory filing, Tata Motors said it has called extraordinary general meeting (EGM) on December 22 to consider resolutions moved by their holding company, Tata Sons, seeking removal of Mistry and Wadia.

The BSE benchmark Sensex fell over 133 points and the Nifty slipped below the 8,100-mark in early trade as banking stocks led fall on fresh selling amid mixed Asian cues.

Other sectoral indices like consumer durables, PSU, FMCG and capital goods were trading in the negative zone, falling up to 1.56%.

State Bank of India (SBI) has climbed four positions to seventh place in the league table of the companies with highest market capitalisation.

It was not part of the 10 most-valued companies list at the start of the year. Bad loans' concerns and deteriorating sentiment towards public sector bank (PSB) stocks had pushed SBI out of the list.

Telangana government’s estimated revenue loss following the Centre’s demonetisation move is to the tune of Rs 1,000 to Rs 1,500 crore per month, state Finance Minister Etela Rajender said.”Our estimation is Rs 1,000 crore to Rs 1,500 crore loss per month. We don’t know for how many months this (revenue loss) will continue. Till lower denomination currency notes come, there will be problems. It could be three months or six months. Depends on Central government,” he told PTI.

Sources said stamps, registration, motor vehicle and commercial tax collections in particular have taken a huge hit.

US president-elect Donald Trump hired as a senior advisor a Republican national security veteran who first worked in the White House situation room under Richard Nixon.

As deputy national security advisor, 65-year-old Fox News commentator Kathleen Troia "KT" McFarland, will return once again to the executive mansion as number two to former general Mike Flynn. "She has tremendous experience and innate talent that will complement the fantastic team we are assembling," Trump said, in a statement issued from his luxury Florida golf resort.

Police busted a fake Indian currency racket near here on Saturday with the arrest of six accused and seized counterfeit notes of Rs 2,000 amounting to over Rs 2 lakh.

The police seized 105 counterfeit notes of highest denomination of Rs 2,000, which was released this month following the demonetisation of Rs 1,000 and Rs 500 notes.

Japanese auto giant Mitsubishi Motors will recall 3,804 vehicles in China's mainland due to its defective airbags, a top quality watchdog here has said.

The recall, set to begin on March 16, 2017, affects imported Pajero vehicles manufactured between December 6, 2007 and December 26, 2009, according to a statement on the website of the General Administration of Quality Supervision, Inspection and Quarantine.

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