International Monetary Fund (IMF) makes the general SDR allocation to its members in proportion to their existing quotas in the Fund. The Board of Governors of the IMF had approved a general allocation of about SDR 456 billion on August 2, 2021 (effective from August 23, 2021) of which the share of India is SDR…
In order to provide clarity on the computation of the taxable interest component, CBDT vide its Notification dated 31st August 2021, has provided a mechanism to facilitate the computation of taxable interest for the financial year 2021-22. According to the notification, the mechanism of segregating taxable and non-taxable contributions requires maintenance of separate accounts within…
The Reserve Bank of India asked all banks, including local area banks, small finance banks, and foreign banks to comply with its directions for all share-linked instruments granted after the accounting period ending March 31, 2021. The fair value of the share-linked incentives paid to chief executive officers, whole-time directors, and other key functionaries by…
RBI announces the issue of the sixth series of the Sovereign Gold Bonds (SGBs) scheme 2021-22. The subscription for gold bonds opens for the public from August 30, 2021, and will close on September 03. 2021. The issue price per gram of gold is Rs.4,682 for those investors applying online and the payment against the…
The Indo-Nepal Remittance Facility Scheme was introduced in May 2008 by the Reserve Bank of India, jointly with Nepal Rastra Bank, to provide an avenue to migrant workers of Nepalese origin working in India to remit funds at regular intervals in a safe and cost-efficient manner to their families in Nepal. Reserve Bank on Friday…
Updated on 30 August 2021 The Government has notified September 1, 2021, as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021. “In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation…
RBI advises banks to make sure that each of their branches maintains a minimum stock of one bag of coins in each denomination. RBI has revised the “Currency Distribution & Exchange Scheme (CDES)” for bank branches including currency chests. Under the above scheme, RBI has been providing financial incentives of Rs25 per bag to banks…
Ministry of Finance (Department of Financial Services) in its letter dated 25.08.2021 addressed to the Chief Executive of IBA conveyed the revision of family pension. According to the letter, the payment of Family Pension should be at a uniform rate of 30% of the pay of the deceased employee without any ceiling on family pension…
Finance Minister Nirmala Sitharaman today announced that the Government has cleared the enhancement of Bank family pension to 30 percent without a ceiling. Further, Bank’s contribution to the Pension fund under NPS was enhanced from 10 to 14%. The improvements in family pension to 30 percent of last drawn pay without any ceiling cleared by…
Entiites other than individuals can remit funds outside India for the following purposes which are stipulated under Para 1 of Schedule III to FEM (CAT) Amendment Rules, 2015. They may donate up to one percent of its foreign exchange earnings during the previous three financial years or USD 5,000,000, whichever is less. Such donations shall…