The Karta is traditionally the senior most male coparcener of the Hindu Undivided Family (HUF). He is the person who takes care of day to day expenses of the family looks after the family and protects the joint family properties. He remains to be Karta even if he becomes aged, infirm or ailing. Where a…
Banking Codes and Standards Board of India (BCSBI) was constituted on the recommendation of the committee under the Chairmanship of Shri S.S.Tarapore former deputy Governor of RBI. It was registered as a Society under Societies registration Act 1860 in February 2006.The primary objective of the BCSBI is a board for hassle free service to the Common Man. The…
Selective credit control means control over bank finance against the security of sensitive commodities. In exercise of powers conferred by Section 21 & 35A of the Banking Regulation Act, 1949, the Reserve Bank of India issues directives to commercial banks from time to time, stipulating specific restrictions on bank advances against specified sensitive commodities. The…
In terms Banking Regulation Act, 1949, RBI provides a framework of the rules, regulations, and instructions with regard to bank lending. Accordingly it has issued following directions to scheduled commercial banks on statutory and other restrictions on loans and advances. A bank cannot grant any loans and advances on the security of its own shares.…
FEDAI prescribes rules regarding trading hours, Exchange rate, Crystallization, of foreign currency, extension/cancellation of contracts etc. The FEDAI rules govern all Authorised Dealers of foreign exchange in India. Some of the important rules of FEDAI are as under. Trading Hours of Authorised Dealers (Rule 1): Exchange trading hours for interbank forex market in India would…
The real Estate (Regulation and Development) Act 2016 (RERA 2016) is passed by Parliament and same is now adapted by the most of the states and union territories. The Act is touted as a key reform measure in the massive real estate sector. Highlights of the RERA 2016: 1. The property buyers need not approach…
Updated on 09.07.2017 to include amended Ombudsman scheme vide RBI notificaton CEPD. PRS. No. 6317 /13.01.01/2016-17 dated June16,2017 .The amendments in the scheme shall come into force from July 1,2017. Banking ombudsman is essentially an independent arbitrator who will fairly resolve the complaints/disputes in bank service. The scheme virtually covers all banking transactions related grievances…
In view of the recent surge in customers’ complaints relating to unauthorized transactions, the Reserve Bank of India on Thursday came out with the concept of Zero liability and Limited Liability for bank customers for any card or online frauds. In its directions to all commercial banks, RRBs, Small Finance banks, Payment banks the Central…
The Union government has made Aadhaar number mandatory for opening the bank accounts, as well as conductiong financial transactions of Rs.50000.00 and above.The existing customers of banks who have not linked Aadhar number issued by the Unique Identification Authority of India (UIDAI) to their bank is now required to link the same before December 31,…
With the clearance of pending rules including transition provisions and returns by the Government and the GST council, the new tax regime GST (Goods and Services Tax) is set to roll out all over India from July 1, 2017. As per Constitutional amendment stipulations all the states must pass SGST bill by September 15, 2017,…