The salaried class in India had a lot of expectation from the budget 2016 in respect of IT exemption limit. But no changes have been made to existing tax slabs. However, a small relief is provided by increasing maximum tax relief from Rs.2000/- to maximum Rs.5000/-under section 87(a) to individuals whose income is less than…
RBI today (February 23, 2016) announced the extension of SAARC Currency Swap Arrangement till November 14, 2017. The RBI press release said that the above decision was taken in order to promote financial stability and economic cooperation within the SAARC region. The swap framework provides a backstop line of funding for the SAARC member countries…
On the basis of CPI data announced by the Government for the month of October, November & December 2015, as tabled below, the Dearness Allowance (DA) payable for the period of February’16 to April ‘16 is an increase of 28 DA Slabs at a rate of 0.10% per slab. DA for bank employees and officers…
RBI on its communique dated February 11,2016 informed that the date for exchanging the pre-2005 banknotes is extended up to June 30,2016. Since these banknotes will be withdrawn from the circulation the members of public were requested by the Apex bank to exchange such notes at identified bank branches or issue branches of RBI. Banks…
RBI in its communiqué dated Febraury 4, 2016 has advised that with effect from April 1, 2016, the structure of RTGS service charges levied on member banks as well customers of banks. In the new structure, the monthly membership fee to Scheduled Commercial bank will be Rs.5000 + service tax. The processing charges per outward transaction will…
As per RBI notification dated December 29, 2015 (G.S.R.No.1008 (E) the Debit cards, ATM cards or any other instrument which can be used to create a financial liability may be defined as currency. The above notification of RBI supersedes its earlier notification no. FEMA 15/2000-RB,
RBI has revised nine regulations issued under the FEMA Act 1999 which will be effective on the date of their publication in the Gazette of India. As per RBI communiqué, with the revision of the regulations, the respective original notifications and subsequent amendments stand repealed. It is further informed in the communique that the revised…
RBI in its Sixth Bi-Monthly Statement with regard to ‘Monetary and Liquidity Measures’ made on 02.02.2016 decided to keep, policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.75 per cent. The following rates as a consequence remain unchanged. CRR………………………………………. 4.00% SLR………………………………………..21.50% Repo Rate……………………………. 6.75% Reverse Repo Rate………………. 5.75% Marginal Standing Facility Rate……………
Sovereign Gold Bonds Scheme 2016 Applications for the second trench of Soverein Gold Bonds will be accepted from January 18, 2016 to January 22, 2016, as per RBI communication. The issue price of the Bond for this tranche has been fixed at ₹ 2,600/- (Rupees Two Thousand Six Hundred only) per gram of gold. The…
In the fifth bi-monthly monitory policy statement for 2015-16 (01.12.2015), RBI said that on the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to keep policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.75 percent. The cash reserve ratio (CRR) of scheduled banks unchanged at…