Budget 2015 Highlights: 1. No change in income tax slabs. 2. Medical exemption limit increased to Rs.25000/- from Rs.15000/- 3. Health Insurance Premium deduction for senior citizen increased to Rs.30000/- from Rs.10000/- 4. Exemption of Rs.50000/= for pension under section 80 C 5. Exemption limit rose to Rs.150000/- from Rs.100000/- on contribution to National Pension…
Students who belong to minority communities’ viz. Muslims, Christians, Sikhs, Buddhists, Jains, and Parsis are eligible for a 100% interest subsidy on education loans. This assistance is available to students who have secured admission to foreign Universities to pursue higher studies (i.e Post-Graduate Diploma, Masters, M.Phil, and Ph.D. level) and whose overall family income is…
The overdraft extended by banks up to Rupees Five thousand in Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts will be eligible for classification under priority sector advances. RBI circular dated 25.02.2015 notifies that the overdraft under PMJDY can be classified as priority sector advances (‘others’ category) as also weaker sections, provided the borrowers household annual income…
Confirmed news on wage revision In today’s talks between IBA and UFBU, wage revision is settled at 15%(Rs. 4725 crores) w.e.f 1.11.2012. 2nd and 4th Saturday’s will be holidays and other Saturday’s will be full working days. Strike deferred. Detailed circular from UFBU follows.
During the conciliation meeting held at Chief Labour Commissioner’s office Delhi, IBA requested the Unions to defer the strike call so that further negotiations can continue. Unions representing UFBU pointed out that when earlier strike call was deferred there was no positive response from IBA and unless IBA can come out with further positive improvement…
Reserve Bank of India abolished 20:80 gold import schemes on November 28, 2014. The regulator has clarified in this regard that the obligation to export under the scheme will continue to apply in respect of unutilized gold imported before November 28, 2014. Further it is advised that the nominated banks are now permitted to import…
(Generally, there are eight parties involved in letter of credit transactions, out of which four principal parties involved in any transaction. This article briefs about four principal parties and other four ordinarily involved in letters of credit transactions). Definition of Letter of Credit: Letter of credit (LC) is an undertaking letter issued by the importer’s…
(This post explains about LC on Sight Payment and LC on Usance terms, LC (Inland) and LC (Foreign), Freely negotiable and Restricted Letters of Credit, Uniform Customs and Practice (UCP) for Documentary Credits.) Definition of Letter of Credit: Letter of credit (LC) is an undertaking letter issued by the importer’s (buyer’s) bank wherein the seller…
A Standby LC is a form of irrevocable guarantee for a payment. Since American Banks are prevented from giving the guarantee in that country, the concept of ‘Standby LC’ came into existence. Standby Letter of Credit is an agreement wherein the buyer’s bank promises full payment of goods/services sold by him if the buyer fails to…
One Rupee currency notes are legal tender as provided in The Coinage Act 2011. Even though, printing of existing currency notes of one Rupee denomination is discontinued by the government 20 years back, the old notes are still under circulation as they remain as legal tender. RBI in its press release dated 13.02.2015 said that…