Dearness Allowance on Special Pay of Bank employees for the months of August-October 2022
Consumer Price Index for April, May, and June 2022 are respectively- 127.70, 129, and 129.20. It works out to 526 slabs in DA for the quarter of May to July 2022. Hence there will be an increase of 54 slabs in DA from August 2022 to October 2022. New DA Rate is 36.82 %. DA on special pay payable…
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Rupee will find its level: Shaktikanta Das
RBI Governor Shaktikanta Das on Friday speaking at the ‘Banking beyond tomorrow’ the Annual Banking Conclave of Bank of Baroda said that the central bank will ensure that the rupee “finds its level” in line with its fundamentals with “zero tolerance” for volatile and bumpy movements of the currency.” We are living in turbulent times.…
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Four-tier differentiated regulatory prescription for Urban Cooperative Banks
The Reserve Bank of India (RBI) on Tuesday issued final guidelines for urban cooperative banks (UCBs), accepting the NS Vishwanathan committee’s recommendation to implement a four-tiered regulatory framework, among others. The four-tiered regulatory framework is based on the size of deposits of the banks and their area of operations. The major recommendations which have been…
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RBI renews the Statement of Commitment (SoC) to the FX Global Code (“Code”).
The Reserve Bank of India (RBI) on Wednesday has signed its renewed Statement of Commitment (SoC) to the FX Global Code (“Code”). The FX Global Code (Code) is a compilation of best market practices, formulated by Central Banks and market participants, developed under the auspices of Bank for International Settlements (BIS), Basel. The Code sets…
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Why India’s GST tax system is considered regressive compare to tax system of other countries?
Paying taxes under a direct tax system or indirect tax system like GST is inevitable. In India, eighty percent of total revenue is earned by the Government through taxes, and the remaining twenty percent is from non-tax revenue like dividends earned from profits of public sector enterprises, interest, fines, regulatory charges, etc. The impact of…
18 per cent GST on bank charges for issue of cheque book and loose cheque leaves
The GST Council has agreed to levy an 18 percent cess on cheques, irrespective of whether they are in loose or in book form with effect from July 18, 2022. There will be a 5 percent GST if rooms worth more than Rs 5,000 (non-ICU) are rented out in hospitals.Pre-packed and labeled food items like…
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