Today (17.04.2020) RBI Governor Shaktikanta Das in a media statement announced new measures to maintain adequate liquidity in system to facilitate bank credit flow and ease financial stress. The measures include conducting of targeted LTRO of ₹50,000 crores, cut reserve repo rate by 25 basis points and eased NPA rules for banks. Further, banks are…
As announced today (17.04.2020) and set out in Governor’s Statement, the Reserve Bank of India declared reduction in the fixed rate reverse repo under the Liquidity Adjustment Facility (LAF) by 25 basis points from 4.00 per cent to 3.75 per cent with immediate effect. The policy repo rate under the LAF remains unchanged at 4.40…
Reserve Bank of India publishes dates of 6 tranches of Sovereign Gold Bonds from April 2020 to September 2020 as per the calendar specified below. S. No. Tranche Date of Subscription Date of Issuance 1. 2020-21 Series I April 20-24, 2020 April 28, 2020 2. 2020-21 Series II May 11-15, 2020 May 19, 2020 3.…
The Home Ministry, Government of India invoked the National Disaster Management Act, 2005 (NDMA) and the Epidemic Diseases Act, 1897 (EDA) on March 24 and clamped a national lockdown for 21 days from March 25. In view of the above order of the Government, all commercial and private establishments, industrial establishments, all transport services, educational…
The apex income tax policy-making body, the Central Board of Direct Taxes, has come out with a detailed clarification on the deduction of TDS under the new tax regime. CBDT in its circular dated April 13, 2020 clarified that the employers will be allowed to deduct taxes on salaries paid to employees from the beginning…
The Regulated Entities (RE) like banks required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions. This is to adhere the rules and regulations in terms of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. …
The labour ministry on Friday notified the special scheme wherein the government will deposit the employer’s and employee’s contribution in the Employee Provident Fund (EPF) and Employee’s Pension Scheme (EPS) for three months to tide over the impact of COVID-19 on small establishments. Under Gareeb Kalyan Yojana scheme, the central government will grant relief in…
Core Bio-metric Information” is defined under clause 2(j) of Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 as biological attribute of an individual like fingerprint, Iris scan, or such other biological attribute as may be specified by regulations. The “Aadhaar number” is a 12 digit identification number issued to an…
Due to the outbreak of pandemic COVID 19 virus, the Union cabinet promulgated an ordinance to reduce the salaries, allowances, and pensions of Members of Parliament (MPs) by 30 percent for one year. According to news, Union Minister Prakash Javdekar communicated the cabinet decision in a press release. According to Mr.Javdekar’s announcement, the Cabinet also…
The Director (IT budget) CBDT by order u/s 119 permitted eligible tax payers to submit Form 15G/15H till June 30, 2020 for FY 2020-21. As per the order dated April 3, 2020 posted by the CBDT on its official twitter handle, “In case a person submitted valid 15G/15H to the banks/ for FY 2019-20, then…