Special Non-Resident Rupee Account: SNRR account in India
Any person resident outside India can open an SNRR account with authorised dealer bank in India having a business interest in India. This account is required to carry out bonafide transactions in rupees which conform with the provisions of the FEMA Act, rules, and regulations made thereunder. However, the Opening of SNRR accounts by Pakistan…
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Explained: Indo–Nepal Remittance Scheme (INRF Scheme)
Nepal Remittance Scheme (INRF Scheme) was launched by the Reserve Bank of India (RBI) in May 2008 to provide a safe and cost-efficient avenue for migrant Nepalese workers in India to remit money back to their families in Nepal. In August 2021, the Scheme was improved to boost the trade payments between the two countries,…
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Explained: Banker’s special relationship with the customer
[This article explains the relationship between the bank and the customer like a creditor and the debtor, Lessor and the Lessee, Trustee and beneficiary, bailor and bailee, Principal and the agent, assigner and assignee, etc. according to the type of service rendered by the bank. The responsibilities of the banker acting upon the mandate and…
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Cash and its Custody in Banks
In the prevailing law and order situation and other subversive activities carried out by antisocial/extremist organizations in the country mainly targeting the banks, cash, and its custody need stringent security arrangements both for the safety of cash within the Bank and in cash management logistics. We have covered the topic ‘SECURITY ARRANGEMENTS IN BANKS AND…
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Collection of Instruments and the Cheque Collection Policies of Banks in India
National Consumer Disputes Redressal Commission has framed Cheque Collection Policies (CCPs) of Banks. The policy framed by the Commission covers the time frame for the collection of local and outstation cheques. The time frame for Local Clearing: The credit and debits of the local cheque shall be given on the same day or at the…
Submission of Records by Banks to Statutory Authorities
Banks and other financial institutions are required to submit various returns, many of which are statutory under the RBI Act of 1934, the Banking Regulation Act of 1949, FEMA 1999, the SEBI Act of 1992, Income Tax 1961, etc. Submission frequency of these returns varies from daily, weekly, fortnightly, monthly, quarterly, half-yearly, and annual. Regulatory…
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