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…
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Basel III Framework: Revised Guidelines on Liquidity Standards – Liquidity Coverage Ratio (LCR)
The Reserve Bank of India (RBI) has issued revised guidelines pertaining to liquidity standards, with a particular focus on the Liquidity Coverage Ratio (LCR), following feedback from stakeholders. These amendments, which will come into effect from April 1, 2026, introduce several key changes aimed at enhancing the liquidity risk management framework in alignment with global…
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How to open Current Account of a Limited Company?
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…
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KYC policy for opening bank accounts of all varieties (latest update)
(Last updated on August 04, 2024) Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering, and terrorist financing. KYC involves several steps to: establish customer identity; understand the nature of customers’ activities and qualify that the source of funds is legitimate; KYC involves several steps to (i) establish…
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Advantages of a Current Deposit Account
A current deposit account, commonly known as a current account, is a type of demand deposit account specifically designed to accommodate frequent and high-volume financial transactions. These accounts are primarily utilized by business entities and individuals engaged in regular, large-scale monetary operations. Current accounts offer a variety of advantages tailored to the operational requirements of…
Procedure to open Trust/NGO/foundation Accounts in a bank
A trust is a fiduciary relationship between the trustor and the trustee. A Trustor is just the person who creates and opens a Trust. A trustee is a person or an entity created and entrusted with property/assets to deal with for the benefit of a certain person or persons called ‘beneficiaries’. A trust is created…
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