All the AD category-I branches are now required to upload transaction-wise information (LRS data) of resident individuals to RBI on daily basis. According to RBI circular A.P. (DIR Series) Circular No. 23 dated April 12, 2018, all AD-I category branches are required to report remittances made under LRS scheme on a daily basis which…
Payment of Gratuity (Amendment) Act, 2018 is notified in the Government Gazette on 29th March 2018. The above amendment enables the employees to receive tax-free gratuity up to Rs 20 lakh from existing Rs 10 lakh under the Payment of Gratuity Act. According to the notification Payment of Gratuity (Amendment) Act, 2018 (12 of 2018),…
Hitherto, the persons resident in India and Foreign Portfolio Investors (FPIs) are allowed to take a long (bought) or short (sold) position in USD-INR upto USD 15 million per exchange without having to establish existence of underlying exposure. In addition, residents & FPIs are allowed to take long or short positions in EUR-INR, GBP-INR and…
(This post elucidates details of timelines for implementation of Resolution Plan (RP) and insolvency application to be filed by the lenders if a RP is not implemented as per the timeline.) In terms of RBI circular dated February 12, 2018, the ‘Resolution Plans’ (RP) under IBC shall be implemented within the timeline given below in…
The Reserve Bank of India on Monday (12.02.2018) scrapped all existing frameworks for revitalizing distressed assets such as Corporate Debt Restructuring (CDR) scheme , Flexible restructuring of long-term project loans(5/25) scheme, Strategic Debt Restructuring (SDR) scheme, Scheme for Sustainable Structuring of Stressed Assets(S4A). The Joint Lendes’ Foroum (JLF) as an institutional mechanism for resolution of…
The Reserve Bank of India on Febraury 7, 2018 vide its circular DBR.No.BP.BC.100/21.04.048/2017-18, given an instrucion to banks and NBFCs not to down grade the asset classification of accounts of MSME borrowers where the borrower’s account was standard as on August 31, 2017.The accounts shall be treated as standard accounts if the borrower unit is…
Tax proposals for Salaried Class: No change in income slabs for salaried class. Health and education cess has been increased to 4 per cent Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses Education cess: 3% to 4% Surcharge of 10 % on income above Rs 50 lakh but…
(The DA relief for Bank Pensioners is continuously updated on this site as soon as the ministry of labour releases consumer price index (For example DA chart for the months of February to July will be updated on 31st Jan, and DA chart for the months of August to January will be updated on 31…
Latest update: 31.01.2018 As announced by the Labour Bureau of the Government today (31.01.2018), the average index numbers for October ‘17 to December ‘17 works out Bank employees and Officers DA Chart for Feb ’18 to Apr ‘18to 6551.01. It means 12 slabs (1.20% ) increase in DA for the ensuing quarter February 2018 to…
The notified entities in India are permitted to import of Gold only after the issue of license by DGFT. The imported gold covered by the above license shall be disposed-off in the manner specified by the DGFT. The conditions for the licence are clearly mentioned in the licence itself. Within the contours of the Regulations…