Individuals tax slabs: Before listing out the new slabs, the minister announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime. No changes have been made to the old tax regime. The Union Finance…
Reserve Bank of India, taking into consideration the various developments in the area of banking and technology, the nature of consumer grievances, and other stakeholders, has reviewed the guidelines/instructions issued on locker rent agreements and issued a circular on August 18, 2021, in this regard. ‘The review also took into account, the principles enumerated by…
National E-Governance Services Limited (“NeSL”) is a Union government company and is governed by the provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC”) and Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. It is appointed by the Insolvency and Bankruptcy Board of India (“IBBI”) as an Information Utility (“IU”). As a regulated…
Gift cards or vouchers that may be used to obtain goods or services on a discount on goods,, mileage points, reward points, and loyalty cards will be excluded from the definition of virtual digital assets (VDAs), Central Board of Direct Taxes (CBDT) said in a notification issued late Thursday. Hence, these products do not face…
Edited on 23.06.2022 In the recent Monthly Economic review, the finance ministry struck a note of caution on the twin deficit problem. Many of our readers like to know about the twin deficit problem. Whenever a country faces an increased fiscal deficit and current account deficit at the same time, it is known as the…
Financial Benchmarks India Pvt. Ltd. (FBIL) was jointly formed by Fixed Income, Money Market and Derivatives Association of India (FIMMDA), Foreign Exchange Dealers’ Association of India (FEDAI) and Indian Banks’ Association (IBA), was incorporated in December 2014 as a private limited company and had commenced operations in February 2015. It develops and administers benchmarks relating…
The Union Cabinet on Wednesday approved the setting up of the National Land Monetisation Corporation (NLMC) as a wholly-owned Government of India company. The new entity has an initial authorised share capital of Rs 5,000 crore and a paid-up share capital of Rs 150 crore. In view of Central Public Sector Enterprises ( CPSEs) and…
There are four types of bills passed in Parliament viz. (i) Ordinary bills, (ii) Money bills and Finance bills, (iii) Ordinance Replacing Bills, and (iv) Constitutional amendment bills. These Bills are the statutes in the draft. Once they are approved in both the houses of Parliament and then with the President’s nod, they become the…
RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Tokenisation is a process by which actual card details mask sensitive card details of your debit/credit / prepaid card with an alternate code. This process by which the primary details of…
The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse, or frauds by bank employees. The banks will have to put in place a Board-approved policy outlining their…