No changes have been made to existing income tax slabs. FM reduces income tax rate from 10% to 5% for Income up to 5 lakh Tax Credit of 5% of taxable income. (Maximum of Rs. 2500/-) u/s.87A up to the taxable income of Rs.3.50 lakh-. Surcharge of 10% for Tax on those whose annual income…
RBI in its circular RBI/2017-18/89 /DBR.No.Leg.BC.96/09.07.005/2017-18 dated November 9, 2017 observed that there are occasions when banks discourage or turn away senior citizens and differently abled persons from availing banking facilities in branches. In this regard, Developmental and Regulatory Policies, released by Reserve Bank of India on October 4, 2017 state that notwithstanding the need…
The Financae Minister Mr.Arun Jaitley, said that Cabinet approves 2.11 lakh crore recapitalization package to public sector banks. Of 2.11 crore, Rs 1.35 lakh crore will come from recap bonds, while the rest will come from the market and budgetary support.Finance minister informed that the entire Rs 2.11 lakh crore of capitalisation will be spread…
The confirmed DA for the months of August-October 2017 is @47.80% on ‘pay’ (which includes allowances eligible for DA) @ the rate of 0.10% per slab. It means an increase of 22 slabs over the previous (May –July 2017) level of DA for the Bank employees and officers. Dearness Allowance of Bank Officers Dearness Allowance…
June 7, 2017- The Reserve Bank of India on Wednesday in its second Bi-Monthly Statement for 2017-18, kept the key policy rates unchanged. With the above monetary policy decision of the apex bank, the repo rate (the rate at which banks borrow funds from the RBI) stays at 6.25 per cent. Further, the Monetary Policy…
The confirmed DA for the months of May-July 2017 is @45.60% on ‘pay’ (which includes allowances eligible for DA) @ the rate of 0.10% per slab. It means a decrease of 13 slabs over the previous (February –April 2017) level of DA for the Bank employees and officers. The DA slabs are calculated based on…
Application for Sovereign Gold Bonds 2017-18 Series I bonds will be accepted from April 24 to April 28, as per RBI notification. The bonds will be sold as usual through banks, stock holding corporation of India (SHCIL), designated Post Offices, and recognised Stock Exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange.…
RBI vide circular DPSS.CO.CHD.No./2695/03.01.03/2016-17 dated March 25, 2017, announced that besides all payment systems in banks including RTGS & NEFT would operate like a normal working day from March 25 to April 1, 2017 (including Saturday, Sunday and all holidays). The extended timing for the centralized payment system (RTGS/NEFT) and timings of special clearing has…
The Reserve Bank of India has notified to issue Sovereign Gold Bonds 2016-17 – Series IV. Applications for the bond will be accepted from February 27, 2017, to March 3, 2017. The Bonds will be issued on March 17, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated…
The Reserve Bank of India (RBI) today Feb 8, 2017 (Wednesday) announced that all restrictions on cash withdrawal from savings bank account will be removed in two phases.In the first phase, the withdrawal limit will be raised to Rs 50,000 from existing Rs 24,000 a week, effective February 20. In the second phase, from March…