A lawful permanent resident is some one who has been granted the right to live in a country or territory of which such person is not a citizen but where they have the right to reside on permanent basis. Permanent residency allows an individual to retain his or her citizenship while legally staying in another…
The Reserve Bank of India (RBI) has proposed a slew of measures to protect micro-finance borrowers from over-indebtedness and enable competitive forces to bring down the interest rates. In a consultative document released on Monday, RBI has proposed to remove the ceiling on interest rates for micro-finance lenders, among other key measures. In the Statement…
The Reserve Bank of India (RBI) today (10.06.2021) allowed an increase in the interchange fee structure for ATM transactions considering the increasing cost of Automated Teller Machines (ATM) deployment and expenses towards ATM maintenance incurred by the banks and white label ATM operators. The last change in interchange fee structure for ATM transactions was in…
The Ministry of Corporate Affairs on 7th June, 2021 has issued the Companies (Incorporation) Fourth Amendment Rules, 2021. The amendment provides that the application for incorporation of a company shall be accompanied by e-form AGILE – PRO-S (INC-35). AGILE – PRO-S stands acronym for Application for Goods and services tax Identification number, employees state Insurance…
Reserve Bank today advised all the banks to preserve the CCTV recordings of operations at bank branches and currency chests till further order. On December 13, 2016, RBI had issued a notification, wherein the banks were advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November…
“In the interest of customer convenience, and to take advantage of the availability of RTGS on all days of the year, it is proposed to make available NACH on all days of the week throughout the year, effective August 1, 2021,” RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy review on June…
RBI has decided to extend a special liquidity facility of Rs16,000 crore to SIDBI for on-lending/ refinancing through novel models and structures, including double intermediation, pooled bond / loan issuances, etc. The facility will be available at the prevailing policy repo rate for a period of up to one year. The special liquidity facility is…
In today’s (4.06.2021) second bimonthly MPC meeting, the Reserve Bank of India decided to maintain the policy repo rate under the liquidity adjustment facility (LAF) on hold at 4.0 per cent. The Monetary Policy Committee of the Reserve Bank of India has decided to maintain status quo on key policy rates. Based on its assessment,…
The Reserve Bank of India (RBI) on Monday clarified that its circular dated April 6, 2018 on Crypto currency transactions is no longer valid from the date of the Supreme Court judgement, in March 2020 and therefore cannot be cited or quoted from. RBI in its notification said, “It has come to our attention through…
Reserve Bank of India (RBI) Governor Shaktikanta Das today made an unscheduled speech as the second wave of coronavirus continues to devastate the country. “As the financial year 2020-21 – the year of the pandemic – was drawing to a close, the Indian economy was advantageously poised, relative to peers. India was at the foothills…