Points to be remembered while handling import documents
Handling import documents is a sensitive job. In the past, there were several instances of remittances made by the banks on behalf of unscrupulous persons who have submitted fake import bills for the purpose of siphoning out the country’s foreign exchange. The risk of fake import bills is highest for import bills received on a…
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RBI launches mission har payment digital
RBI governor Shaktikanta Das launches Har Payment Digital for making every citizen a user of digital paymentson the occasion of Digital Payments Awareness Week (DPAW) 2023. This is part of RBI’s endeavour to make every person in India a user of digital payments. DPAW 2023 will be observed from March 6 to 12, 2023. The…
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Issue of last tranche of Sovereign Gold Bond Scheme 2022-23 starts today
The Subscription of the Gold Bonds under this Scheme shall be open between March 6 (Monday) and March 10 (Friday).The Central Government may, with prior notice, close the Scheme at any time before the period specified above. Sovereign Gold Bonds are issued by the Reserve Bank of India (RBI) on behalf of the Centre as…
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Noting and Protest under negotiable instrument act
Section 99 of the Negotiable instrument Act 1881 provides that “When a promissory note or bill of exchange has been dishonoured by non-acceptance or non-payment, the holder may cause such dishonour to be noted by a notary public upon the instrument or upon a paper attached thereto, or partly upon each. A such note must…
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Execution of Loan Documents: The manager must remember these 29 important points
The main concern of a bank is that security available to it should be good enough to fall back upon, in the event of adverse circumstances. The role of loan documentation in the bank is to establish a legal relationship between the lender and the borrower when the dispute goes to a court of law.…
How do banks determine ‘Spread’ in respect of interest on advances?
The interest rate on advance levied by banks comprises the BPLR, Base rate, MCLR rate, or external benchmarks like Repo-linked lending of the respective bank, and the ‘Spread’ over the cost of lending is decided by the bank’s Board. The determination of ‘Spread’ varies on each category of advance depending upon the tenure of the…
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