A savings /fixed / recurring bank deposit account can be opened by a minor of any age through his/her natural or legally appointed guardian. Banks in India have the freedom to fix the minimum age at which they will allow a minor to operate his account in a single name. As a result, a minor…
RBI on Tuesday notified that all government transactions done by agency banks for 2022-23 must be accounted for within the same financial year. All agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2023, said RBI. It further said…
The depositors of all Banks including branches of foreign banks functioning in India, local area banks and regional rural banks, and all State, Central, and Primary cooperative banks,(also called urban cooperative banks) are protected under the deposit insurance scheme of DICGC. The DICGC insures principal and interest up to a maximum amount of five lakhs.…
Banks extend export credits to their customers in two stages viz. (i) pre-shipment stage and (ii) post-shipment stage. The first stage of the loan is the pre-shipment stage where the loan is released for procuring, Packing processing (where necessary), manufacturing, and finally for packing of goods. The loans and advances so provided by the banks,…
When an entity taking advantage of two or more markets of a price difference goes for simultaneous purchase and sale of a financial instrument on different markets. This is called Arbitrage. The trader involved in arbitrage makes a profit from the difference in prices at different markets. In our previous article ‘WHY ARBITRAGE FUNDS RANK…
Who can assure you of the guaranteed return on your investment in the equity market? Undisputable, no expert investor in the equity market can guarantee that you will make a profit from every transaction you enter into. Therefore, those investors who do not want to take the risk go for investing in arbitrage funds which…
The AIS app is a free mobile application, launched by the income tax department and is meant to provide a comprehensive view of the Annual Information Statement (AIS). It offers a collection of information about a taxpayer. The information provided by the ASI includes interest, dividend, mutual fund transactions, securities transactions, foreign remittance information, and…
Originally posted on July 22, 2014, and updated on 15, March 2023 Generally speaking, a lien (positive lien) is merely a right of a person to retain a property that is in his possession but belongs to another person till such time the debt or other obligation (for which such lien is conferred) is discharged.…
Dealing with accounts of mentally ill or lunatic or insolvent persons remains a delicate job for bankers. Whenever bankers learn that one of their customers is incapable of operating the account due to mental incapacity the operation of such a customer’s account shall be immediately suspended. While dealing with such accounts, bankers need be to…
Export documentation and procedures upon prevalent statutes/ amendments and country-specific requirements related to exporting from India are explained in this post. Definition of export: Export means selling goods or services by a person or a company of one country to a buyer in another country. The supplies made to IBRD/IDA/ADB aided projects are termed as…