Banking and Finance
Finetune SBI
It is both shameful and shocking to note that SBI is made to pay a fine of $7.5 million imposed by the US authorities for the banks apparent involvement in unsafe practices relating to the failure to establish/maintain certain procedures stated in the Ba nk Secrecy Act.

States
Tamil Nadu reforms
This refers to Reforms the only way out for Tamil Nadu (Business Line, November 13). In fact, many State governments are in a financial crunch. And, as usual, every party that comes to power blames the previous government. Certain subsidies to the poor a nd the farmer are essential. Even if there is a small increase in prices for farm products, there is a hue and cry.

Taxation
I-T refunds
The Finance Act, 2001, has reduced the interest rate of income- tax refunds to 9 per cent. It has been reported that direct tax refunds in the first half of this financial year have risen over 50 per cent, compared to the corresponding previous period.

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