In terms of section 18 of Registration act, the registration of a WILL is not compulsory. In the case of Ishwardeo Narain Singh vs Kamta Devi ( AIR 1954 SC280), the Supreme Court also held and observed that in a majority of cases wills are not registered and to draw any inference against the genuineness…
The provisions of nomination are found in various Acts like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts. You might have made nominations for all your bank deposits, real estate assets in the co-operative housing society, Bank lockers, insurance policies, mutual funds, shares etc. Therefore, you assume that nominations made by you…
Reserve Bank of India, directed today (September 1, 2016) that with effect from January 1, 2017, all Credit Information Companies (CICs) shall provide access, upon request and after due authentication of the requester, to a free full credit report (FFCR) once in a calendar year (January to December) to individuals whose credit history is available…
Government of India has, vide its Notification F.No. 4(7)-W&M/2016 dated August 29, 2016, announced that the Sovereign Gold Bonds 2016 – Series II (“the Bonds”) will be open for subscription from September 01, 2016 to September 09, 2016.The issue price of the Sovereign Gold Bond 2016-17 Series II tranche has been fixed at ₹ 3150/-…
Co-acceptance of bills means “an undertaking from the third party (Bank) to make payment to the drawer of the bill (seller/exporter) on due date even if the buyer/importer fails to make the payment on that date”. Thus, in the Co-acceptance of the bills, the bank which stands as co-accepter acts as a guarantor similar to LC…
Letter of credit (LC) is an undertaking from a bank on behalf of its customer (importer/buyer) wherein the beneficiary (exporter) is fully assured of payment provided he fulfills his part of the sale contract embodied in Letter of Credit. Similarly, Co-acceptance of bills means “an undertaking from the third party (generally a Bank) to make payment…
The word ‘bills’ is the acronym to ‘bills of exchange’. There are different kinds of bills of exchange viz. Clean Bills, Documentary bill, Demand bills, Usance Bills, Accommodation Bills etc. Clean Bill: When the document of title to goods (like LR/RR/BL/Airway bill etc.) is not accompanied by a bill of exchange, it is called as a clean…
Meaning of Inland Bills; A bill of exchange which is drawn or made in a country and paid in the jurisdiction of the same country is called inland bill. The section 11 of Negotiable Instrument Act 1881 provides that the bills of exchange (including cheques/promissory notes) drawn or made in India and made payable in or…
A buyer of goods requires original shipping documents to take delivery of goods shipped to him by the seller. The seller (exporter) after shipment of goods prepares necessary set of documents related to goods like Bill of lading/Airway bills, LR, RR, dock warrant, dock receipt, warehouse receipt, etc. along with the invoice of the goods…
The Government of India today (20/8/2016) announced Urjit Patel as the the new RBI Governor. The 52 years old Mr.Patel is the current Deputy Governor of RBI in charge of monetary policy. Mr. Patel has worked with Boston Consulting Group and Reliance Industries in the past and he is associated with RBI since 2013. He…
