Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

No move to scrap free services, clarifies IBA

The Indian Banks’ Association (IBA) has termed as false reports in some segments of social media that all free services of banks will be discontinued by January 20, 2018.
The Association, which is the apex body of all banks in the country, said such reports were based on misinformed communication, leading to spreading of false information.
In addition, IBA underscored that there is neither a move by banks for such a blanket removal of free services nor such a thing is being contemplated.
However, banks, looking at their commercial and operational costs would constantly examine and revise charges as the case may be.
“It is clarified by IBA that these rumours are baseless and false. Public should be careful and should not get misled by such messages. Such news are pure rumors and there are no fresh RBI instructions/guidelines on this,” said VG Kannan, Chief Executive, in a statement.

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