RBI slashes ‘Repo rate’ by 25 basis point from immediate effect. Consequently the policy rates will be as under from 04.03.2015 Repo Rate…………………7.50% Reverse Repo Rate……6.50% Marginal Standing Facility Rate….8.50% Bank Rate………………………………….8.50% SLR…………………………….21.50% (Unchanged) CRR……………………………4% (Unchanged) RBI continues to provide liquidity under overnight repos of 0.25 percent of bank-wise NDTL at the LAF repo rate…
Budget 2015 Highlights: 1. No change in income tax slabs. 2. Medical exemption limit increased to Rs.25000/- from Rs.15000/- 3. Health Insurance Premium deduction for senior citizen increased to Rs.30000/- from Rs.10000/- 4. Exemption of Rs.50000/= for pension under section 80 C 5. Exemption limit rose to Rs.150000/- from Rs.100000/- on contribution to National Pension…
Confirmed news on wage revision In today’s talks between IBA and UFBU, wage revision is settled at 15%(Rs. 4725 crores) w.e.f 1.11.2012. 2nd and 4th Saturday’s will be holidays and other Saturday’s will be full working days. Strike deferred. Detailed circular from UFBU follows.
During the conciliation meeting held at Chief Labour Commissioner’s office Delhi, IBA requested the Unions to defer the strike call so that further negotiations can continue. Unions representing UFBU pointed out that when earlier strike call was deferred there was no positive response from IBA and unless IBA can come out with further positive improvement…
Reserve Bank of India abolished 20:80 gold import schemes on November 28, 2014. The regulator has clarified in this regard that the obligation to export under the scheme will continue to apply in respect of unutilized gold imported before November 28, 2014. Further it is advised that the nominated banks are now permitted to import…
One Rupee currency notes are legal tender as provided in The Coinage Act 2011. Even though, printing of existing currency notes of one Rupee denomination is discontinued by the government 20 years back, the old notes are still under circulation as they remain as legal tender. RBI in its press release dated 13.02.2015 said that…
According to earlier RBI Circular [A.P.(DIR Series) No. 82 dated February 21, 2012] any persons, firms and companies for making payments, exceeding USD 5,000 or its equivalent towards imports into India, application for such payment must be made in Form A-1. RBI communique today (dated 13.02.2015) said that in order to further liberalize and simplify…
Government of India vide its notification No.G.S.R 705 ( E ) dated 23.09.2014 notified that the new Kisan Vikas Patra 2014 scheme. In terms of above notification the agency banks, which have been authorized for Public Provident Fund, 1968 (PPF 1968) scheme are required to implement issuance of Kisan Vikas Patra 2014 together with Post…
Due to failure of wage revision negotiation between United Forum of Bank Unions (UFBU) and IBA under X Bipartite settlement. IBA improved its earlier offer of salary increase 12.50 % to 13% in the taday’s meeting (03.02.2015 which the unions called unsatisfactory offer. Under the Bipartite settlement wage revision of bank employees and officers once…
RBI slashes SLR by 50 bps to 21.50 per cent with effect from February 7, 2015. All other rates remain unchanged. Export Credit refinance (ECR) is replaced with provision of system level liquidity with effect from February 7, 2015. CRR……………………………4% SLR…………………………….21.50% Repo Rate…………………7.75% Reverse Repo Rate……6.75% Marginal Standing Facility Rate….8.75% Bank Rate…………………………………..8.75% Call Rates……………………………………6.40 to8.40%…