On the basis of CPI data announced by the Labour Bureau for the months of July to September 2019, the average index number works out to 7311 (base 1960=100). It means 717 slabs DA on basic and special allowances for the bank staff. In other words, for the period of November 2019 to February 2020,…
On the basis of CPI data announced by the Labour Bureau for the months of July to September 2019, the average index number works out to 7311 (base 1960=100). It means 717 slabs DA on basic and special allowances for the bank staff. In other words, for the period of November 2019 to February 2020,…
On the basis of CPI data announced by the Labour Bureau for the months of July to September 2019, the average index number works out to 7311 (base 1960=100). It means 717 slabs DA on basic and special allowances for the bank staff. In other words, for the period of November 2019 to February 2020,…
Payments from Government departments or Public sector Units take time for the goods supplied to them. Similarly, a party might have taken a contract for execution and he is entitled to progressive payments based on the PSU/Government departments on work executed, for which the contractor has to submit bills in accordance with the terms and…
The scheduled commercial banks including public sector banks as well as co-operative banks are lending against the security of jewels. They accept them for pledge after satisfying the ownership of the jewel and the prospective borrower is the account holder of the bank. The borrower shall give a declaration letter to the bank stating that…
(This article analyses different scenarios where top-up or super top-up plans are useful) The Top-up plan of health policy covers hospitalization expenses when a single hospitalization claim exceeds the base policy. You cannot make a subsequent claim under the top-up policy when the sum available under the base policy is exhausted. In other words, the…
Of-late, complaints against health insurance companies have gone up largely on account of dissatisfaction with claim settlement. This is mostly because customers are unaware of common features in health insurance policies that relates to sub-limits. Normally, almost all health insurance policies have specific cap called sub-limits to the sum insured under which the insurer will…
No account should be opened in the name of an un-discharged insolvent. An insolvent person is a person who is unable to pay his debts as they are due or his liabilities cannot be covered by his assets is insolvent person. Such a person who cannot pay his debts can have insolvency proceedings initiated against…
The Reserve Bank of India made the announcement of issuance of the Sovereign Gold Bond Scheme 2019-20 Series on various dates in tranches starting from tranche series V to tranche series X. In the notification dated October 3, 2019 RBI indicated dates the Bond issued to the investor of every tranche. Accordingly, the Bond issue…
Prevention of Money Laundering Act, 2002(PMLA) is an Act enacted by the Government of India to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005. The Rules 3, 4 and 5 of PMLA 2005 amended by…