Saraswat Co-operative Bank, the largest multistate co-operative bank in the country, is likely to acquire financially-troubled Anyonya Co-op Bank (ACBL) soon. The merger of 118-yearold ACBL, which has 10 branches in Gujarat, is estimated to cost Rs 25 crore to Saraswat Bank. At present, Saraswat Bank has 190 branches in Maharashtra, Karnataka, Goa, Madhya Pradesh, Gujarat and New Delhi. The bank has done a business of Rs 21,000 crore so far in the current financial year. In the last three years, it has acquired six co-operative banks — Maratha Mandir Coop Bank, Mandvi Co-op Bank (Mumbai), Annasaheb Karale Urban Co-op Bank (Sangli), Murdha Rajendra Co-operative Bank (Meerat), South Indian Bank (Mumbai) and Nashik-based Nashik People's Co-op Bank. In the process it has acquired 700,000 depositors.
DTC Proposes To Do Away With Special Provision That Allows NRIs Liberalised Duration Of Stay In Country THE new direct taxes code could bring a large number of global Indians under the tax net, as it does away with a provision that allowed individuals to escape tax in any country citing double tax avoidance. The new legislation, introduced in Parliament on Monday, says an individual shall be a resident of India in any financial year if he is in the country for more than 59 days in that year, and has been has been India for more 365 days in four preceding financial years. A number of Indian industrialists including Vedanta's Anil Agarwal and Essar's Ravi Ruia have acquired non-resident status over the years. The DTC has only attempted to clean up the provision in line with the laws globally. A phrase "being outside India" in the existing income tax law exempted individuals who stay outside the country for six months from paying taxes. This was prone ...
