The non-resident exchange houses from Gulf Countries, Hong Kong and Singapore open Rupee Vostro accounts in AD Category – I banks in India. The Vostro accounts can be used for channeling inward remittances to India primarily on private account. The remitter and the beneficiary (in most cases) should be individuals. The account can be used…
The representatives of the unions and IBA inked the BPS/Joint Note, thus ended the long drawn process of wage negotiation in the industry. The highlights of the 10th BPS/Joint Note signed are : Shifting the system of arriving at the wage load on Pay slip components instead of the earlier exercise of total overall load…
The Indian companies receiving Foreign Direct Invests (FDI) are subject to Regulations framed under FEMA Act 1999. FDI in India can be made through two routes 1.Automatic route where no prioror approval required from authorities. 2.Approval route where the company receiving FDI requires prior approval of the Foreign Investment Promotion Board (FIPB). Pursuant to the…
X BPS/ Jt. Notes between IBA and Officers associations: Cost Sheet/ Distribution sheet signed on 20th May 2015 with regard to allocation of Pay slip Component of officers are as follows: Sc-I- 23700-980×7-30560-1145×2-32850-1310×10-45950 Sc-II- 31750-1145×1-32850-1310×12-48570-1460×2-51490 Sc-III- 42020-1310×5-48570-1460×6-57330 Sc-IV- 50030-1460×4-55870-1650×2-59170 plus one stagnation Sc-V- 59170-1650×2-62470-1800×2-66070 Sc-VI- 68680-1960×4-76520 Sc-VII- 76520-2120×4-85000 2. Dearness Allowance (Effective from1.11.2012) Dearness Allowance…
X Bipartite Settlement Updates for award staff: The distribution chart has been signed between IBA and unions on May 20, 2015 covering allocation to various heads. Salient feature of Pay slip components from November 1, 2012 is as under. 1. The Scales of Pay is as under: Clerical: 11765-655/3-815/3-980/4-1145/7-2120/1-1310/1=31540 +1310 × 8* stag =42020 *(stagnation…
With a view to give focused attention to matters of strategic and financial importance,Banks are advised by RBI to do away with comprehensive ‘Calendar of Reviews’ which Boards of banks use to deliberate. Instead banks were asked to replace it with critical themes recommended by Dr.P.J.Nayak committee to determine the Board agenda items and the…
RBI in its ciircular dated 14.5.2015 clarified that A2 form is to be filed at the time of purchase of foreign exchange using rupee funds and hence is not applicable while remitting FCNR (B) funds. The regulator mentioned that Authorised Dealer banks are insisting on different requirements at the time of closure of FCNR (B)…
As a measure of liberalization and to simplify the procedure, RBI in its circular of May 14, 2015 advised that it has been decided to dispense with the requirement of declaring the export of Goods /Software in the SDF in case of exports taking place through the EDI ports, as the mandatory statutory requirements contained…
All new Debit and credit cards will be accomplished with EMV chip and PIN based with effect from September1, 2015 As a measure of risk mitigation measure, RBI had communicated to all Scheduled Commercial Banks including RRBs/Co-operative Banks / State Co-operative Banks/Central Co-operative Banks/ Authorized Card Payment Networks to accomplice issuance of EMV chip based…
RBI in its communications dated 23.04.2015 to all scheduled commercial banks advised the banks to refer to the judgment dated April 15, 2014 of Supreme Court in the case of National Legal Service Authority v Union of India (AIR 2014 SC 1863: (2014) 5 SCC 438) on treating all transgender persons as ‘third gender’. The…