What are the forms of business organisations in India?
Based on ownership and structure, we have different forms of business organisation like a proprietary concern, a partnership firm, or a corporate. Here are some common forms of business organizations: Partnership: A partnership business is a business structure where a formal agreement between two or more people who agree to be the co-owners and distribute…
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What is a limited Liability Partnership?
Limited Liability Partnership (LLP) is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. It shall be a registered body corporate and a legal entity separate from its partners. It will have perpetual succession. Unlike a “traditional partnership firm”, wherein every partner is…
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Credit Cards Guidelines issued by RBI
Banks in India with a net worth of `100 crore and above can undertake credit card business either departmentally or through a subsidiary company set up for the purpose. They can also undertake domestic credit card business by entering into tie-up arrangements with one of the banks already having arrangements for the issue of credit…
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Explained: Operational aspects of credit cards
A Credit card holder is the customer, or consumer, who is using the card for payment or cash withdrawal. Credit card holders can also add authorized users to their account. The authorized user can make purchases, but the primary holder is still responsible for the debt. Credit card issuer: Financial institutions, usually banks and NBFCs,…
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Foreign Contribution (Regulation) Act 2010 and Amendment Act 2020 of FCRA
CRA 2010 is an Act to consolidate the law to regulate the acceptance and utilisation of foreign contributions or foreign hospitality by certain individuals or associations or companies and prohibit acceptance and utilisation of foreign contributions or foreign hospitality for any activities determinantal to the national interest and matters connected therewith or incidental thereto. This…
Monitoring of Transactions under KYC norms
Monitoring of Transactions under KYC norms is a process that involves tracking customer transactions to identify suspicious activity and potential fraud. The customer risk profile is created at the time of opening a bank account and is used to monitor their transactions. Transaction monitoring provides enterprises with the tools to detect unusual transactional activity using…
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