(Things to know about exchange of notes and withdrawal of cash and other transactions at the bank counter.) Many people still have confusion over how to exchange existing ₹ 500 & ₹ 1000/-notes in their possession and restriction on withdrawal of cash from the account and ATM. RBI has come out with guidelines on exchange…
BANKS REMAIN OPEN ON SATURDAY AND SUNDAY In order to meet expected a huge rush for the exchange of old Rs.500 and Rs.1000 notes, RBI has announced that all the banks remain open on November 12th (Saturday) and 13th (Sunday) to help the public wanting to change the notes.
Government of India vide their Notification dated November 8, 2016 have withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank till 8th November 2016. The communique states that the above step was necessitated to tackle counterfeiting Indian banknotes, to effectively…
Further to its earlier circulars, Reserve Bank of India has clarified on the provisions of hedging in the ECB framework vide its circular (A.P. (DIR Series) Circular No. 15) dated 07.11.2016. The circular provides clarity on hedging ‘External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency to bring uniformity in hedging practice in…
(In some cases, photographs are not required for opening bank accounts. Find out here in which cases photographs not required.) While opening any type of accounts viz. Savings Bank, Current Accounts, Term Deposits, Recurring Deposits, or loan accounts, all the depositors/account holders have to submit two copies of latest photographs for the bank’s record. This…
In a reviewed step to its circular DCM (CC) G-10/3352/03.41.01/2015-16 dated May 5, 2016 on the Currency Distribution and Exchange Scheme (CDES), RBI has instructed all commercial banks to increase dispensation of Rs. 100 banknotes through ATMs which are widely used for distribution of banknotes for retail use within 15 days from the date of…
Dearness Allowance payable to employees/Officers is 478 slabs of DA for November 2016, December 2016 and January 2017 in terms of confirmed CPI for July, August and September 2016. It means an increase of 23 slabs over the current level. Thus, the percentage of DA payable to employees/Officers for the months of November 2016, December…
(This article elucidates the process of registration/incorporation of a private/public limited company under companies’ amendment act 2015.The article also envisages some of the important requirements/common licenses to do business in India ) Where to register a company? As per Rule-12 of Companies (Incorporation) Rules, 2014, application for incorporation of a private limited or a public…
The key differences between a Private Limited Company and a Public Limited company are tabled below. Particulars Public Limited Company Private Limited Company Minimum Number of share holders A Public limited company requires minimum 7 share- holders. A Private Limited Company requires minimum 2 share- holders. Maximum Number of Share Holders There is no limit…
When a Public Limited or a Private Limited Company is to be incorporated, the promoters of the company must decide on the amount of authorized capital for the company. The Authorised Capital of a company means the maximum value of shares a company can allot to its shareholders. The promoters of the proposed company shall…