The first item for a bank that shows interest in a takeover of a loan from another lender is to verify the statement of the existing Home loan account as well as a statement of the SB account maintained by the proposed borrower in the existing bank. Do remember that loan transfer is only possible…
(This post offers calculation of Gratuity in two different methods and also discusses tax liability on Gratuity received) The tax-exempt gratuity limit had already been raised to Rs. 20 lakh for government employees effective from 1 January 2016. Payment of Gratuity (Amendment) Act, 2018 is notified in the Government Gazette on 29th March 2018. The…
We have been receiving lots of queries from our readers about Prime Minister’s Employment Generation Programme (PMEGP). Some of the frequently asked questions are answered here. Q: I’m in the business of readymade garments, hosiery goods, other articles of clothing and clothing accessories such as gloves, ties, braces etc. Whether I’m eligible for loan under…
The Insolvency and Bankruptcy Code (IBC) 2016 is the bankruptcy law of India, amended as Insolvency and bankruptcy code (amendment) Bill 2017. The new law seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The mounting NPAs in the banking sector and other financial institutions have crippled lending activities…
Both the houses of the Parliament have passed the Insolvency and Bankruptcy Code (Amendment) Bill 2017 and the bill is waiting for assent of the President of India to become a law. The aim of this amendment was to tightening loopholes in existing code and disallows backdoor entry of some existing managements from bidding as…
The books held by the banks may be identified as banking book and trading book. Banking book held by the bank is important for the risk management practice; more so in the context of capital treatment of banks’ balance sheet items under Basel framework. In accounting jargon banking book is referred to registers of accounts…
(This post offers you holidays lists of 31 states viz.1.Andhra Pradesh, 2.Arunachal Pradesh, 3.Assam, 4.Bihar, 5. Chhattisgarh, 6. Delhi, 7. Goa, 8.Gujarat,9. Haryana,10. Himachal Pradesh, 11.Jammu & Kashmir, 12.Jharkhand, 13.Karnataka, 14.Kerala, 15.Madhya Pradesh, 16. Maharashtra, 17. Manipur, 18. Meghalaya, 19.Mizoram,20. Nagaland, 21.Odisha, 22. Pudhucherry, 23.Punjab, 24.Rajasthan, 25.Sikkim, 26.Tamilnadu, 27.Telangana, 28.Tripura, 29.Uttarkhand, 30.Uttar Pradesh, 31. West…
(Calendar of Public Holidays in SIKKIM under NI Acts) Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other States…
(Calendar of Public Holidays in Tripura under sec 25 of NI Acts) Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. …
(Calendar of Public Holidays inAssam under sec 25 ofNI Acts) Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other…