Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other States and Union territories where it is not a holiday,…
Housing loans are sanctioned by banks mainly on the assessment of prospective borrowers’ monthly repayment capacity for the entire tenure of the loan and borrower’s credit-payment history provided by credit information companies like CIBIL about previous loans/credit cards etc. enjoyed by the customer from various financial institutions. Also, Banks generally fix an upper age limit…
RBI announces the issue of the eighth series of the Sovereign Gold Bonds (SGBs) scheme 2021-22 for the public from November 29, 2021, to December 03, 2021. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity…
There are two types of home loans viz. Floating Rate Home Loans and Fixed Rate Home Loans. The EMI of a floating rate loan changes with changes in market interest rates. The rate of interest on fixed-rate home loans is fixed either for the entire tenure of the loan or a certain part of the…
You might have identified a property for purchase that suits your requirements. In my previous article ‘How to examine title deeds of house property?‘ among other things, I suggested that buyers consider important aspects before entering into the sale agreement with the vendor for the purchase of a flat/house. In this post, we will discuss…
The Reserve Bank of India has noted that some cooperative societies are using the word ‘bank’ in their names, in contravention of the Banking Regulation Act. Some cooperative societies are even accepting deposits from non-members/nominal members/associate members without any licensing or approval from the central bank, which is tantamount to conducting banking business in violation…
In the accounting procedures, there are two methods of recording accounts viz. Accrual basis of accounting and cash basis accounting. Accrual accounting is a financial accounting method that allows a company to record revenue before receiving payment for goods or services sold or expenses are recorded as incurred before the company has paid for them.…
Edited on 28.04.2022 The Income Tax Department has announced the introduction of a new statement called ‘Annual Information Statement (AIS)’ which would provide you with almost all the details about your financial transactions during the year. Compared to Form 26AS which has been primarily providing information related to taxable income and tax deducted at source…
The Reserve Bank on Friday (12.11.2021) announced the activation of the RBI Retail Direct (RBI-RD) Scheme with effect from today. RBI-RD Scheme will bring G-secs such as Government of India Treasury Bills; Government of India dated securities; Sovereign Gold Bonds (SGB); and State Development Loans (SDLs), within easy reach of the common man by simplifying…
With the expectation that the publication of the London Interbank Offered Rate (LIBOR) as a benchmark rate will cease by the end of 2021, RBI permitted banks to offer interest rates on FCNR (B) deposits using widely accepted ‘Overnight Alternative Reference Rate (ARR)* for the respective currency’ with upward revision in the interest rates ceiling…