The Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 – Series II from July 10, 2017. Applications for the bond will be accepted from July 10-14, 2017. The Bonds will be issued on July 28, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated…
The definition of MSMEs revised from July 1, 2020, Please read the following post for latest amendment. New criteria for the classification of MSME effective from July 1, 2020 The new criteria supersede the following article (You may refer following article only for reference to old date details). The MSMED Act 2006 classifies Micro, Small…
Although, commercial banks and other financial institutions have been making steady strides to increase their share of credits to the MSE sector, but they have certain difficulties in sanctioning limits to SME borrowers. In an environment of NPA numbers in the banking sector alarmingly swelling, banks themselves are under stress and facing challenges to raise…
The Union government has made Aadhaar number mandatory for opening the bank accounts, as well as conductiong financial transactions of Rs.50000.00 and above.The existing customers of banks who have not linked Aadhar number issued by the Unique Identification Authority of India (UIDAI) to their bank is now required to link the same before December 31,…
With the clearance of pending rules including transition provisions and returns by the Government and the GST council, the new tax regime GST (Goods and Services Tax) is set to roll out all over India from July 1, 2017. As per Constitutional amendment stipulations all the states must pass SGST bill by September 15, 2017,…
Following the ordinance empowering RBI to lay down the process of initiating steps under the Insolvency and Bankruptcy Code (IBC), an Internal Advisory Committee (IAC) is set up by RBI to oversee the specific steps that are initiated by bankers for resolution of a bad debt. In its first meeting on June 12, 2017, the…
June 7, 2017- The Reserve Bank of India on Wednesday in its second Bi-Monthly Statement for 2017-18, kept the key policy rates unchanged. With the above monetary policy decision of the apex bank, the repo rate (the rate at which banks borrow funds from the RBI) stays at 6.25 per cent. Further, the Monetary Policy…
Stamp duty payable on an instrument/document when joint executants are in different state The section 17 of Stamp act 1899 provides that all instruments chargeable to the duty and executed by any person in India shall be stamped before or at the time of execution of the instrument. Section 19A provides that added stamp duty…
(This post explains Legal amount and courtesy amount,Effect of date written in Saka samvat,Cheques written in Regional Language, meaning of e-cheque.) A cheque has three principal parties viz. Drawer; Drawee and Payee. The drawer is the person who issues (draws) the cheque. The drawee is the paying bank whose name and address is printed on…
The Cheque Truncation System (CTS) is an online Image-based Clearing System (ICS). In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. The presenting bank captures the cheque images and Magnetic Ink Character Recognition (MICR) data from end-to-end precise scanners by using the Capture System. The electronic…