We often receive questions about tax liability of a person in case of any income that accrues or is paid to a minor. Whether it is the minor’s own tax liability or the income of the minor should be clubbed with his father’s income or his mother’s income or the income should be divided into…
Today (19.06.2019), leaders of UFBU unions had wage settlement discussion with IBA. The officers associations AIBOC and NOBO did not participate in the meeting. In the absence of major officers associations, IBA asked Award Staff Unions to continue the discussion. The following are the points discussed. UFBU discussed about mandate issue up to Scale 7…
Currency Boards have been set up by many economies, big and small across the globe. A currency board is a country’s monetary authority (in India we do not have currency board, RBI issues currency notes), which is basically entrusted with the responsibility of issuing currency notes and coins. The currency board also takes decisions about…
Devaluation of a currency means the official lowering of value of a country’s currency within a fixed exchange rate system. In devaluation, the monetary authority of the country deliberately make downward adjustment of the value of a country’s money and sets a new fixed rate with respect to a foreign reference currency (currency of other…
In the light of Hon’ble Supreme Court order dated April 2, 2019, which held the RBI circular dated February 12, 2018 on Resolution of Stressed Assets as ultra vires, the Reserve Bank of India on Friday (June 7, 2019) released fresh guidelines to deal with bad loans. The new directions shall be called the ‘Reserve…
Clearing corporation of India has developed a new platform which will be available for users by early August this year according to RBI communication. During 2017, RBI had proposed a foreign exchange trading portal for retail participants with an idea that would provide customers access to an online electronic trading platform on which they can…
RBI on Thursday (06.06.2019) informed banks that it has decided to waive charges levied on NEFT & RTGS transactions and accordingly instructed the bank to pass on the benefit to their customers. Instruction on this regard will be issued within a week. RTGS& NEFT transactions are the fastest electronic funds transfer systems available in India.…
The Government of India has announced the Sovereign Gold Bond Scheme 2019-20 (“the Bonds”). The Bonds under this Scheme may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of the minor child, or jointly with any other individual. The bond may also be…
Updated on 10.02.2022 In today’s (10.02.2022) meeting, the MPC decided by a majority of 5 to 1 to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target…
A Current account in a bank is a running account (also known as demand deposit) maintained in banks mostly for the purpose of business. The following types of entities are eligible to open current accounts in banks. Individual/Proprietorship Account Hindu Undivided Family (H.U.F) Account Partnership concerns/Limited Liability Partnership (LLP) Limited and Private Companies Trust Account…
