cash payment norms amended
new delhi: the government will allow cash payments of up to rs 20,000 instead of rs 10,000 following rationalisation of income tax rules. the central board of direct taxes has issued a notification omitting 13 income tax rules and forms and amending four others to carry out the rationalisation. at present, payments over rs 10,000 can be made only by crossed cheque or bank draft.

sbi launches gold deposit scheme
new delhi: the state bank of india announced the launch of its gold deposit scheme, hoping to secure 100 tonnes of gold deposits in the first year. under the scheme, deposits will be accepted for periods ranging from three to seven years, and will carry interest rates of three to four per cent. the deposits will be eligible for rupee loans and also premature encashment after an initial lock-in period.

sbi chairman and managing director g.g.vaidya said the bank will issue certificates in denominations of 10 gm and 100 gm. a depositor will have to deposit a minimum of 200 gm.