Resident Individuals may also open a Foreign Currency Account (FCA) in IFSCs under the LRS scheme
RBI on Wednesday (April 26) decided to amend the directions under para 2 (ii) of the A.P. (DIR Series) Circular dated February 16, 2021. As per the revised amendment, Resident Individuals may also open a Foreign Currency Account (FCA) in IFSCs, for making the above permissible investments under Liberalised Remittance Scheme (LRS). Hence, the extant…
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The GCC Scheme shall henceforth be called “General Credit Card (GCC) Facility”
RBI today announced through a circular that the GCC Scheme shall henceforth be called “General Credit Card (GCC) Facility. The General Credit Cards (GCC cards) can be issued by banks to Individuals who have been sanctioned working capital facilities for non-farm entrepreneurial activities that are eligible for classification under the priority sector guidelines. The GCC…
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Money transfer guide for NRIs who sold their property in India
The Non-Resident Indians (NRIs), Persons of Indian Origin (PIO), or Overseas Citizens of India (OCI) may want to sell their property if they do not have a plan to visit India or maintain the property in India. Any property residential or commercial can be sold to a resident Indian whether purchased, inherited, or gifted. However,…
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Why the NRIs need NRO accounts?
The account held by the resident Indian will be re-designated as an NRO account, once he/she becomes a Non-Resident Indian (NRI). A new NRO account can be opened in the bank from abroad if they need one. NRO account is maintained in Indian Currency. The NRO account holder can use these funds available in his…
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Why do banks collect credit reports from other 4 CICs besides CIBIL?
In terms of Section 15 of the Credit Information Companies (Regulation) Act, 2005(CICRA), every credit institution shall become a member of at least one Credit Information Company. Normally to adhere to the above regulation most of the Banks and Financial institutions become members of CIBIL to seek CIR of the borrower entity, all the partners,…
Major centrally sponsored schemes reserved for SC/ST beneficiaries
There are several major centrally sponsored schemes under which credit is provided by banks and subsidy is received through Government Agencies. Credit flow under these schemes is monitored by RBI. Under each of these, there is a significant reservation/relaxation for the members of the SC/ST communities. SCLCSS for under the National SC/ST hub scheme: The…
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