The Committee for Review of Customer Service Standards in RBI Regulated Entities set up by RBI last year found that nearly one crore customers complain to their banks and other REs every year, and the number has not changed much in the last three years. The six members committee headed by RBI Deputy Governor B.P.Kanungo…
(This post explains important ratios are to be examined while appraising a term loan project. The articlealso deals with how to compute break even point, how to calculate DSCR (Debt service Coverage ratio) for the period of repayment of the loan, how to arrive fixed asset coverage ratio and important financial indicators. The assessment of…
In line with the existing Liberised Remittance Scheme (LRS) in India, any resident individual including a minor is free to remit up to US Dollars 2,50,000 or its equivalent in one financial year for overseas education, traveling abroad for business and private visits, to patients for medical treatment, or to a person for accompanying as…
RBI today announced the next due date of premature redemption of the Sovereign Gold Bond Scheme (SGB 2017-18, Series IX – Issue date November 27, 2017) tranche shall be May 26, 2023 (May 27, 2023, being a non-working Saturday). As per Sovereign Gold Bond Scheme, premature redemption of a Gold Bond may be permitted after…
Pursuant to Friday’s announcement of withdrawing Rs 2,000 notes, RBI reiterated that Rs.2000 notes continue to be legal tender unlike demonetization exercise. In view of the allegations of customers were dying while waiting in queues to exchange bank notes during the 2016 note ban, the Reserve Bank on Monday advised banks to provide shade from…
The Reserve Bank of India has decided to withdraw Rs 2,000 denomination banknotes from circulation and asked all to exchange them by September 30, 2023. The Rs 2,000 notes, however, will continue to be legal tender. “In pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw…
The Ministry of Finance on May 16 notified that the Foreign Exchange Management (Current Account Transactions) Rules 2000 amended to include international credit card payments under LRS. Under LRS a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorization of RBI. According to the notification, the…
The Insurance Regulatory and Development Authority of India (Irdai) on Tuesday made significant changes to the norms governing ‘surety bonds, a type of insurance policy that protects parties involved in a transaction or contract from potential financial losses. As per a circular issued by the IRDAI, the solvency requirement applicable for such products has now…
In accounting parlance, a going concern is a business that is assumed to be able to meet its financial obligations when they become due. In the case of a ‘Going Concern’ entity, statutory auditors do not foresee the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12…
Informal Micro Enterprises (IMEs) were defined as those enterprises which are unable to get registered on the Udyam Registration Portal (URP) due to a lack of mandatory required documents such as Permanent Account Number (PAN) or Goods and Services Tax Identification Number (GSTIN). As per the existing guidelines, all lenders were required to obtain a…