In the previous post “Redevelopment of Housing Society’s building: How to get down into task”, we have discussed things to know before entering into a redevelopment agreement with the builders and important conditions to be incorporated in the agreement. Many of my readers have asked me about my opinion about which option is better for…
There are several things to keep in mind while dealing with self redevelopment of a building, out of which conveyance of property in the name of the society is most important. If the conveyance is not executed in favour of the Society, the Society does not have legal rights or ownership of the land on…
The issue of the seventh series of the Sovereign Gold Bonds (SGBs) scheme 2021-22 was announced by the Reserve Bank of India. The subscription for gold bonds opens for the public from October 25, 2021, and will close on October 25, 2021. The nominal value of the bond based on the simple average closing price…
[This article elucidates on various types of problems to be encountered by the Society’s members in redevelopment of their building, procedures to be adapted for selecting a reliable builder/developer for the redevelopment project, and important conditions to be included while entering into a redevelopment agreement with the builder.] The redevelopment works best when a society…
Accounting Standard (Ind AS 37) defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets. A contingent liability is a liability that may occur depending on the outcome of an uncertain future event. It is a possible obligation that may or may not arise depending on how a future event…
A global deal has been agreed by 136 countries, to set a minimum tax rate of 15 percent as governments look to end a race to the bottom on corporate taxation. This is one of the sweeping overhauls of international tax rules finalised on Friday (October 8, 2021) at an Inclusive Framework meeting under the…
The Pension Fund Regulatory and Development Authority (PFRDA) made several changes to NPS including maximum age for entry-exit rules, choice of PF & Asset allocation, online exit facility, etc. PFRDA vide Circular no.: PFRDA/2021/36/SUP-CRA/14 August 26, 2021, revised the age of entry to NPS from 18-65 to 18-70. “In response to the large number of…
In the Statement on Developmental and Regulatory Policies on October 8, 2021, the Reserve Bank of India announced that the transaction limit of Immediate Payment Service (IMPS) to be increased to ₹5 lakh. “In view of the importance of the IMPS system in the processing of domestic payment transactions, it is proposed to increase the…
The monetary policy committee of the Reserve Bank of India today unanimously decided to keep the repo rate unchanged for the eighth consecutive time. The committee also lowered the FY22 inflation forecast to 5.3 per cent from an earlier estimate of 5.7 per cent. MPC also decided to continue with its accommodative stance as long…
Sufficient capital is required by banks to absorb any losses that arise during the normal course of their banking operations. A capital requirement (also known as regulatory capital or capital adequacy) of each bank is decided by the banking regulators (Central Banks) to prevent commercial banks from taking excess leverage and becoming insolvent in the…