GAAR is a short form of General Anti-Avoidance Rules. The tax avoidance by the individuals and companies is a common fact all over the world. In order to realize more revenues and reduce the revenue loss due to avoidance of tax, the Governments of different countries enact various rules in their country or territory. The…
“Trust Receipt” under the contract of pledge In “trust receipt” under the contract of pledge, the borrower gets his assets/goods released from the pledge, only on full payment of his dues which automatically terminates contract of pledge. However in case of Key cash Credit or Key Loan, if bank desire to release the assets/goods retained…
Pledge is only a special kind of bailment where the object of the delivery of assets/goods is to provide a security for a loan or for the fulfillment of an obligation. Section 148 of the Indian Contract Act, 1872 defines the” bailment”. Section 172 to 176 of the Indian Contract Act, 1872 deals with pledge…
When the rights, title and interest in debts due or accruing due to a person are transferred to another person, it is called assignment and actionable claim means any claim other than the debt to mortgage of immovable property or hypothecation or pledge of goods and receivables. Transfer of Life Insurance Policy, National Saving Certificates, Supply bills…
(This post provides details about Purchase of export bills, Discount of Export Bills, Negotiation of Export bills, Advance against Undrawn Balances on Export Bills, Advance against Retention Money, Advance against Duty Draw Back, Advance against Deemed Exports, Advance against export of Goods for Exhibition and Sale) Post-shipment Export credit facility in banks means finance made to an exporter…
A partnership is that two or more people jointly carry on a business and share its profit or loss. All the partners are jointly and severally liable for the debts of the business. The partnership can be made by partnership deed. Registration of partnership deed is optional. In case, partnership deed is not registered, the…
While opening the Current Accounts for Clubs, Societies Associations, etc. the customers need to submit ‘know your customer’ related official valid documents of the organisations and natural persons behind the operations of such entities. In addition to KYC-related documents, let us now examine, what are the other requirements for opening captioned accounts. Accounts of Clubs,…
Exporters will have to declare all the export transactions in export declaration form and submit the same to Authorised Dealer (AD) bank along with shipping documents within twenty one days from the date of shipment. Export declaration forms were used according to form of export and type of exports. RBI vide its circular A.P. (DIR Series) Circular…
(Look here for repatriation of money abroad from the Sale of property purchased from funds remitted from overseas OR NRE/ FCNR accounts, Sale of property purchased from Rupee Source (while resident in India), Sale of property acquired through inheritance, etc, and permissible sources of funds for an online/offline transfer abroad from an NRO Account .)…
Updated as per 12th BPS and 9th Joint Note dated March 8, 2024. (Special leave may also be granted to the extent of 30 days in a financial year to the employees who participate in mountaineering expeditions. The sterilization operation for promoting small family norms by male/female staff members or wife’s tubectomy operation a staff…