Current Affairs - Banking - Discussion

Midsized private sector lender Yes Bank has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances. Over Rs. 32 crore has been paid to the GST department, while Rs 6 crore has been paid in service tax which has been replaced by GST. The issue relates to remittances by migrants from urban pockets to their homes in rural areas. The tax department feels the bank has violated norms and underpaid the tax, while the bank feels the opposite.