Business
GST Rate Cuts On 11 Bengal-Specific Items Will Boost State’s Economy: Sitharaman
 "GST Rate Cuts On 11 Bengal-Specific Items Will Boost State’s Economy: Sitharaman")
New Delhi: Union Finance Minister Nirmala Sitharaman said on Thursday that while every citizen in the country would benefit due to the GST rate cuts, there were 11 Bengal-specific items on which the tax rates had been reduced to 5 per cent to benefit the economy and people of the state.
Addressing the GST 2.0 outreach programme here, Sitharaman also highlighted that the decision to make the reforms come into effect from September 22 was largely due to the fact that the government wanted consumers to benefit ahead of Durga Puja.
GST on Shantineketan leather goods has come down by 5 per cent, while the rate on Bankura terracota craft is now also at 5 per cent, which will help craftsmen as the demand for these products will go up due to the decline in prices. Similarly, the GST rate on Madhurkati match and Purulia Chau masks and wooden masks of Dinajpur have also been reduced to 5 per cent.
Other items from West Bengal that will benefit due to the GST rate cuts include processed mango items from Malda and Darjeeling tea, which will now be taxed at 5 per cent. The reduction in the duty on jute bags will also lead to an increase in the demand for these items, which will benefit the farmers and manufacturers in the state, the Finance Minister said.
The rates were not fixed randomly but aimed to help the middle class, the poor and farmers, she added. The GST 2.0 reforms, under which the tax rates were cut, would also help the MSME sector and lead to higher economic growth and the creation of more jobs in the country.
Sitharaman also said that the GST Council is a constitutional body and the opposition-ruled states, including West Bengal, had agreed that as far as the reduction in GST slabs and the cut in GST rates on health schemes were concerned, they are with the council’s recommendations, and there was enormous support for the reforms.
“States came together and agreed to the proposal to reduce the slabs. I wrote personal letters to all Finance Ministers of states,” she remarked. “Bureaucrats deliver when leaders support the system. The Prime Minister had stated that he wanted simplicity in the GST tax system,” Sitharaman said.
She said the Finance Ministry has been constantly reviewing the rules to push ahead with tax reforms. “No one imagined that the income tax rate on personal income would be slashed,” Sitharaman remarked.
 "South Korean Carmakers See October Sales Slump Amid Holidays, Production Losses")
Business
How To Claim Investments Of Deceased Holders: A Step-By-Step Guide For Mutual Funds & Bank Accounts
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Claiming mutual fund and bank account investments after a sudden death requires key documents and a step-by-step process for heirs. Learn how to proceed.
News18
A sudden death without nomination or a proper will may become a nightmare for the spouse or children of the deceased, posing a hindrance in acquiring investments in mutual fund and bank accounts. The transfer of investments and money is possible, though there are some processes that need to be completed before.
According to an estimate, around Rs 25,000 crore worth of shares and about nearly Rs 80,000 crore of bank deposits are lying unclaimed in the country. These assets often remain unclaimed due to inadequate documentation or heirs being unaware of their existence.
Let’s have a look at these step-by-step guide to claim the investments in MFs and deposits in bank accounts of the deceased ones:
Claiming Mutual Fund (MF) investments — step by step
1) Identify the folio(s) / AMC / registrar
Check statements, broker app, emails or CAMS/KARVY/CDSL records for the folio number and AMC (fund house).
2) Contact the AMC / Registrar (CAMS/KFinTech/etc.)
Inform them of the investor’s death. Ask for the Transmission / Death claim process and request the Transmission Request Form (often called Form T3 or a death-claim form). Many AMCs publish the list of required docs on their site.
3) Fill the transmission / claim form
Form will ask claimant details (nominee or legal heir), folio, bank details where proceeds should be credited, KYC details of claimant.
4) Gather required documents (usually)
- Death certificate (original or self-attested + attestation as required).
- Transmission request / claim form (signed).
- Proof of identity & address of claimant(s) (PAN, Aadhaar, passport, etc.). PAN is commonly required for the claimant.
- If nominee is minor — guardian proof / birth certificate.
- If no nominee: legal heir certificate / succession certificate / probate / will / family tree / affidavit (as per AMC).
- Cancelled cheque or bank proof for claimant’s bank account for payouts.
5) Submit to AMC / Registrar
Submit originals where required (often for death cert) and self-attested copies for others; follow AMC/registrar’s instructions (some accept scanned copies online, some need physical submission).
6) Processing & payout / transfer
Registrar/AMC verifies documents, updates folio (transmission to nominee/legal heir) and either: (a) transfers units to nominee/legal heir folio, or (b) redeems units and pays proceeds to bank account — based on request and folio type.
Times vary; check with the specific AMC/registrar for expected timeline.
7) If there’s disagreement among heirs
AMCs may require a court order or succession certificate for large or disputed claims.
Claiming bank accounts / fixed deposits — step by step
1) Contact the bank branch (home branch)
Inform them about the account holder’s death. Ask for the bank’s deceased claim or transmission procedure and the claim form they require (banks have standard forms). Some banks allow online initiation for certain cases.
2) Documents usually required
- Death certificate (original for verification).
- Account details (passbook, account number).
- KYC of claimant(s) — PAN, Aadhaar, passport, photos.
- Claim/form signed by claimant(s).
- Cancelled cheque / bank account proof where proceeds should be credited.
If no nominee or amount above specified limits, the bank may ask for: legal heir certificate, succession certificate, or probate as per the bank’s policy and amount thresholds. Many banks have simplified limits (small amounts may be settled on affidavit + ID proofs).
For joint accounts
If survivorship clause applies, surviving joint holder(s) can claim by presenting their ID + death cert. If account was “former or survivor”, the survivor can continue.
For fixed deposits
If nominee exists — nominee must present claim form + death cert + KYC to get FD proceeds. If no nominee — legal heirs/succession certificate route as per bank’s slabs (banks often have different documentation for small vs large sums).
Processing
Bank verifies documents, settles the balance or re-issues FD in heirs’ names per bank rules. Timelines & requirements vary across banks and by amount.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
November 04, 2025, 06:30 IST
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Stemaide’s goal is to bring science and technology skills to all young Africans.
Started in 2022 in Ghana, it has developed a science kit that will work in areas without the internet.
Prince Boateng Asare, CEO of Stemaide, says the firm wants to prepare young Africans for the jobs of the future.
This is the second in a six-part series on technology in Africa.
DHAKA: Bangladesh will not hesitate to cancel a 2017 power contract with India’s Adani group if any irregularities or corruption are proven, said the Muhammad Yunus-led interim government, referring to an interim report that claimed “massive governance failure” and “massive corruption” across the energy sector.The report was submitted by the national review committee, established to review power sector contracts signed during the Sheikh Hasina governmet. Its chief, retired HC judge Moinul Islam Chowdhury, said Sunday “we found massive corruption, collusion, fraud, irregularities and illegalities”.While contracts affirm no corruption has taken place, cancellation remains possible if evidence proves otherwise, said power, energy and mineral resources adviser Muhammad Fouzul Kabir Khan at a press conference Sunday, following a meeting with the panel. “Verbal assurances won’t be accepted by courts; there must be proper justification,” he added.The 25-year deal between Adani Power and Bangladesh Power Development Board – which obliges Bangladesh to buy 100% of electricity generated by Adani’s 1,600 MW coal-fired power plant in Jharkhand – had come in for scrutiny after Hasina govt’s ouster. The plant was built to supply power exclusively to Bangladesh via a cross-border transmission line.Committee member Mushtaq Husain Khan said because it is a sovereign contract, it can’t be terminated arbitrarily. Cancelling such agreements could expose Bangladesh to substantial financial penalties from international arbitration courts, he said.
How To Claim Investments Of Deceased Holders: A Step-By-Step Guide For Mutual Funds & Bank Accounts
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