In its Statement on Developmental and Regulatory Policies dated August 6, 2020, wherein Reserve Bank of India (RBI) had announced the introduction of the Positive Pay System for Cheque Truncation System (CTS). On September 25, 2020, RBI has issued a circular stating that the Positive Pay System shall be implemented from January 01, 2021, for…
On Thursday (6th August), on the eve of the Statement on Developmental and Regulatory Measures, RBI Governor Mr.Shaktikant Das announced “To enhance safety of cheque payments, it has been decided to introduce a mechanism of Positive Pay for all cheques of value ₹50,000 and above. This will cover approximately 20 per cent and 80 per…
Q: Whether two illiterate people (thumb impression) can open a joint account? R: Normally, Banks do not allow the opening of joint accounts of two illiterate persons. However, at the discretion of the bank, they may allow the opening of accounts of closely related people like illiterate husband and wife under a condition that the…
(Many people have a confusion over why do officials ask for the left thumb impression(LTI) in the case of males and the right thumb (RTI) impression in the case of female while offering consent upon the matter written upon the paper. This article clarifies on law and practice on this topic.) The purpose behind getting…
Limited companies are of two kinds. They can be classified as (i) Private Limited companies (ii) Public Limited companies. A private limited company is a form of privately held business governed under the provisions of the Indian Companies Act, 2013. The minimum number of members required to form q private limited company is two and…
(Compare the Interest Rates Offered on deposits by all the public sector banks and major private sector bank in India at a quick glance.) The names of public sector banks and private sector banks are separately listed below in alphabetic order. The table at the right side of the banks’ name shows the interest rate…
A WILL is made by an individual in order to circumvent any litigation amongst his heirs in respect of the distribution of his assets after his death. The WILL surpasses the succession law on inheritance and the beneficiary of the WILL (in whose name property is bequeathed) only is entitled to receive his/her share specified…
The Regulated Entities (RE) like banks required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions. This is to adhere the rules and regulations in terms of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. …
Core Bio-metric Information” is defined under clause 2(j) of Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 as biological attribute of an individual like fingerprint, Iris scan, or such other biological attribute as may be specified by regulations. The “Aadhaar number” is a 12 digit identification number issued to an…
The major characteristics of the RD account can be described as “a variant of term deposit offered by the banks with fixed monthly investment, fixed duration, and a fixed rate of interest throughout the tenure of the deposit”. Under the scheme, the account holder has to deposit a pre-decided fixed amount every month to his…