Page 23 - BANKING FINANCE JULY 2016

NEWS FLASH

NEWS FLASH

' SBBJ contrtibutes Rs. 1 cr to Mukhya Mantri Jal ' SBP organises Felicitation Function for the winners
of Basant Utsab campaign held for boosting personal
Swawlamban Abhiyaan
segment products
' Canara Bank inaugurates circle office at Trivandrum

' Sawaswat Bank donates Rs. 1cr towards drought ' IDBI Bank first PSU bank to open IFSC Banking Unit
relief at Gujarat

' Bank of Baroda joins MoU with Max Bupa Health ' BOM posts Rs. 100 crs in net profit in FY16

Insurance ' PNB housing finance registers 66 per cent jump in

' SBH organises CSR activity of distributing 15000 net profit at Rs 326 cr

school bags to the poor and meritorious students ' Birla Mutual Fund sells 2,78,000 shares of Hinduja

' UCO Bank bags prestigious award for outstanding Global Solutions at Rs 430 on the BSE

performance in MSME funding ' Sundaram Mutual Fund launches the Sundaram

' Punjab and Maharashtra Co-operative Bank honors Fixed Term Plan HL

noted RTI activist Shailesh Gandhi ' HDFC MF launches HDFC Fixed Maturity Plan which

' SBI enlightens Egyptian bankers on MSME Financing is a close-ended income scheme

People with annual income over Rs 50 lakh to disclose

cost of assets: CBDT

People with annual income of over Rs.50 lakh will have to disclose the acquisition cost of all the assets like land, build-
ing and jewellery in the Income Tax return (ITR) forms for the 2016-17 assessment year. The luxury items to be dis-
closed will also include utensils, apparels and furniture studded with precious stones and ornaments made of gold,
silver, platinum or any other precious metal.

"The amount in respect of assets to be reported will be the cost price of such assets to the assessee," the Central
Board of Direct Taxes (CBDT) has said while issuing instructions on the new income tax return forms. In case the
precious items had been received as gifts, the assessee will have to declare the cost of acquisition by the previous
owner along with value additions. They will have to declare whether such items and their value were disclosed at the
time of filing wealth tax returns earlier.

Karnataka Rural Bank staff to pedal their way to work

Employees working in the head office of Karnataka Vikas Grameena Bank (KVGB) in Dharwad have decided to ride
bicycle or walk to work every Saturday. Quoting S Ravindran, Chairman, KVGB, a press release said that the bank has
chosen to celebrate the World Environment Day in a unique manner. Around 110 employees working in the head
office will ride a bicycle, or walk to work, or take the public transport system to work every Saturday, he said. Ravindran,
who rode a bicycle to work on June 4, said this small gesture on the part of the employees is a tiny contribution in
reducing greenhouse gases. Along with planting trees, other alternatives like this one should be thought of to reduce
pollution, he said.

BANKING FINANCE | JULY | 2016 | 23

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