CPI(IW) for April’24=139.40 May’24=139.90 June’24 141.4 Average 140.23.140.23-123.03= DA for Aug-October ’24 is17.20%Last quarter 15.97 % increase in DA is 1.23% SUB STAFF BASIC New DA Previous DA Difference 19500 4389 4075 314 20165 4534 4209 324 20830 4678 4344 335 21495 4823 4478 345 22160 4968 4613 355 22990 5148 4780 368 23820 5329…
CPI(IW) for April’24=139.40 May’24=139.90 June’24 141.4 Average 140.23.140.23-123.03= DA for Aug-October ’24 is17.20%Last quarter 15.97 % increase in DA is 1.23% CLERICAL BASIC New DA Previous DA Difference 24050 5379 4994 385 25390 5671 5265 406 26730 5962 5536 426 28070 6254 5806 447 29720 6613 6140 473 31370 6972 6473 499 33020 7331 6806…
CPI(IW) for April’24=139.40 May’24=139.90 June’24 141.4 Average 140.23.140.23-123.03= DA for Aug-October ’24 is17.20%Last quarter 15.97 % increase in DA is 1.23% OFFICERS SCALE – STAGNATION – BASIC New DA Previous DA Difference SCALE 1 – 48480 10694 9930 765 SCALE 1 – 50480 11130 10334 796 SCALE 1 – 52480 11565 10738 827 SCALE 1…
The Reserve Bank of India (RBI) has updated its wire transfer rules instructing banks and financial institutions to collect more information about wire transfers with effect from May 10, 2023. “The new rule applies to both domestic and international transfers. “All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary…
Originally posted on July 22, 2014. Updated and reposted on 04.08.2024 Money laundering is the process wherein criminals attempt to conceal their booty and make an attempt to cover them as a legitimate source of income. A person shall be guilty of offence of money-laundering if such person is found to have directly or indirectly…
Foreign Account Tax Compliance Act (FATCA) is a US Law that requires foreign financial institutions to identify and report on the assets held by US account holders through enhanced due diligence reviews and report them periodically to the U.S. The report is in line with local FATCA regulations, based on citizenship. The purpose of FATCA…
Correspondent banking refers to a banking relationship between two banks, where one bank (the “correspondent bank”) provides banking services to another bank (the “respondent bank”), allowing the respondent banks to access services in foreign markets. Correspondent Banking relationships are essential in facilitating the cross-border payment system and vital to international trade and investments. A risk-based…
The Financial Action Task Force (FATF) is an international policy-making and standard-setting body dedicated to tackling money laundering, terrorist, and proliferation financing. It is a global money laundering and terrorist financing watchdog that sets international standards that aim to prevent these illegal activities and the harm they cause to society. The FATF constantly identifies and…
Enhanced due diligence (EDD) is a set of additional measures that financial institutions have to implement to check and monitor high-risk customers and unusual transactions for potential money laundering and terrorist financing (ML/TF) activities. Enhanced due diligence (EDD) is an in-depth KYC process that can help to identify high-risk customers including politically exposed persons (PEPs).…
Money laundering is the process wherein criminals attempt to conceal their booty and make an attempt to cover them as a legitimate source of income. The bill on money laundering described it as an offence (i) when a crime has been committed. (ii)There are proceeds or gains from the crime. (iii) There is a transaction…
