Bank wage revision meeting held on 22.07.2020
This is the official version of the broad understanding reached between IBA and constituents of UFBU in the 11th BPS meeting held on July 22, 2020. Source:Message from UFBU Convenor
Highlight of Consumer Protection Act, 2019 which is effective from July 20, 2020
Effective from 20 July 2020, the Consumer Protection Act, 2019 which replaces the more than three decades old Consumer Protection Act, 1986. The new Consumer Protection Act 2019 seeks to revamp the process of administration and settlement of consumer disputes, with strict penalties, including jail term for adulteration and misleading ads by firms. Among other…
CERSAI Rules make mandatory registration of charges of every kind
Updated till 24.01.2020: Section 17 to Section 19 of the 2016 Act have been notified on December 26, 2019, by the Ministry of Finance in the official gazette (“SARFAESI Amendments”) and come into effect from January 24, 2020. In accordance with Sections 17 to Section 19 of 2016, inter alia Section 23 has been amended…
Who is required to register security interests with CERSAI after the SARFAESI amendment 2019?
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(SARFAESI Act 2002) provide for Enforcement of Security Interest for the realization of the dues without the intervention of Courts or Tribunals for recovery of NPAs by banks under various laws. In 2016 NBFC is included under the definition of the financial institution through…
How to open and operate Capital Gain account/CGAS in banks?
In our previous article ‘What is capital gain and how capital gain tax has arrived?”, we have discussed the definition of capital gain, Tax applicable on Short-Term and Long-Term Capital Gains, Exemption of tax available on capital gains, the time limit for reinvestment, how indexation cost of the capital asset has arrived, etc. Through this…
What is capital gain and how capital gain tax has arrived?
Updated: As per the amended finance act 2020 Any gain arising on the transfer (by sale or exchange) of the capital asset is known as a capital gain. Capital gains are calculated on the cost of acquisition and cost of improvement expenses of a capital nature incurred in making any additions or alterations to the…
How indexation cost of a capital asset has arrived?
Capital gains are calculated considering the net cost of acquisition (after deducting brokerage, stamp duty, advertisement, Travelling expenses in connection with the transfer, Broker’s commission related to the shares sold, etc) and cost of improvement Expenses of a capital nature incurred in making any additions or alterations to the capital asset by the seller. Indexed…
Operation guidelines on Joint accounts of illiterate and visually impaired people
Q: Whether two illiterate people (thumb impression) can open a joint account? R: Normally, Banks do not allow the opening of joint accounts of two illiterate persons. However, at the discretion of the bank, they may allow the opening of accounts of closely related people like illiterate husband and wife under a condition that the…
These things you need to know that you are eligible for tax benefits outside section 80C
Updated: As per amended finance act 2020 Although investments made under Section 80C does offer a major tax-saving deduction, there are other sections that you can explore to reduce tax liability. Here are some important tips about how you can save tax if you opt for an existing (old) tax regime. Click here for Income…
What is Service Area Approach?
Service area approach (SAA) is a developed version of the ‘area approach’ structure of the Lead Bank Scheme. Under SAA plan each commercial bank / RRB branch in a rural and semi-urban area is designated to serve 15 to 25 villages for the planned and orderly development of the areas. The designated branch of a…