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Daily Archives: May 4, 2019

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Person resident in India VS ordinarily and not ordinarily resident

Foreign ExchangeBy Surendra NaikMay 4, 2019

The terms citizen, nationality and domicile are different to residential status of a person. The residential status of a person in India is based on two different Acts viz. (i) Income Tax Act, 1961, ( I.T. Act) (ii) Foreign Exchange Management Act  1999. Under Income Tax Act, the residential status of a person is decided…

THE OMBUDSMAN SCHEME FOR NBFCs, 2018 explained

Reserve Bank Functions and newsBy Surendra NaikMay 4, 2019

The Ombudsman  Scheme for NBFCs 2018 was launched by RBI on February 23, 2018, for cost-free expeditious complaint redressal against NBFCs registered with RBI under Section 45-IA of the RBI Act, 1934 and covered all deposit-accepting NBFCs to begin with. Further, on April 26, 2019 Reserve Bank extended the coverage of the Ombudsman Scheme to…

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