What is a recurring deposit (RD)?

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…

Major amendments made to KYC Master Direction

Major Amendments made to KYC Master Direction. In the Gazette Notification G.S.R. 582(E) dated August 19, 2019, and G.S.R. 840(E) dated November 13, 2019, the Government of India has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Further RBI has permitted Regulated Entities (REs) Video-based Customer Identification Process (V-CIP) as a…

Position of a partnership firm when a partner dies or retires or becomes insolvent

Section 42 of the Indian Partnership Act, 1932 (“Act”) provides for dissolution of partnership on occurrence of certain contingencies which includes ‘death of the partner’ or ‘adjudication of a partner as an insolvent’ or if constituted for a fixed term, by the expiry of that term, etc.as one of those contingencies. However, the partnership need…