The Subscription of the Gold Bonds under this Scheme shall be open between March 6 (Monday) and March 10 (Friday).The Central Government may, with prior notice, close the Scheme at any time before the period specified above. Sovereign Gold Bonds are issued by the Reserve Bank of India (RBI) on behalf of the Centre as…
Section 99 of the Negotiable instrument Act 1881 provides that “When a promissory note or bill of exchange has been dishonoured by non-acceptance or non-payment, the holder may cause such dishonour to be noted by a notary public upon the instrument or upon a paper attached thereto, or partly upon each. A such note must…
The main concern of a bank is that security available to it should be good enough to fall back upon, in the event of adverse circumstances. The role of loan documentation in the bank is to establish a legal relationship between the lender and the borrower when the dispute goes to a court of law.…
The interest rate on advance levied by banks comprises the BPLR, Base rate, MCLR rate, or external benchmarks like Repo-linked lending of the respective bank, and the ‘Spread’ over the cost of lending is decided by the bank’s Board. The determination of ‘Spread’ varies on each category of advance depending upon the tenure of the…
RBI on Monday, in its notification, observed that consequent to the implementation of Ind AS, some Asset Reconstruction Companies (ARCs) have been recognising management fees even though the said fee had not been realised for more than 180 days. In view of the above the notification said that ARCs preparing their financial statements as per…
The banker’s right to combine different accounts of a person against the debt it holds against the same person is called the right to set off. The right of set-off is available to the bank only when the money owed to the bank is a certain sum, which should be due at the time of…
Before listing out the new slabs in the budget 2023, the finance minister announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime. The taxpayers can choose the regime while filing income tax returns.…
India’s central bank on Wednesday announced that all inbound travelers to India are permitted to access UPI for their merchant payments (P2M) using their international mobile numbers, while they are in the country. This is an enhancement to the earlier provision of UPI access to non-resident Indians who have international mobile numbers linked to their…
The guidelines on Trade Receivables Discounting System (TReDS) were issued in December 2014 with the objective of facilitating the financing of trade receivables of MSMEs. Small businesses can use the TReDS platform to raise capital by auctioning off their trade receivables. Before the buyer pays, a finance provider or a bank (basically the vendor) bids…
The Statement on Developmental and Regulatory Policies dated February 8, 2023 sets out various developmental and regulatory policy measures relating to (i) Financial Markets; (ii) Regulation; (iii) Payment and Settlement Systems and (iv) Currency Management. In its statement today, India’s central bank announced that it will issue draft guidelines for transparency in the penal charges…
