Bank employees DA for special pay for Feb-Apr 2022
The average AICPIN-IW for the months of October 2021, November 2021 and December 2021 has been released by Labour Bureau on 29.10.2021 is 8236 as per index numbers released by Labour Bureau of India. Accordingly, the number of DA slabs works out to 471 Slabs (8236 – 6352= 1884/4 = 471 Slabs). The payment of…
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NBFC-ICCs can do NBFC Factor business and TReDS have to assign receivables: RBI
In terms of the recently amended Factoring Regulation Act, 2011which widens the scope of companies that can undertake factoring business, permits Trade Receivables Discounting System (TReDS) to file the particulars of assignment of receivables transactions with the Central Registry on behalf of the Factors for operational efficiency. The Act empowers the Reserve Bank of India…
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Meaning of Spread/Mark up in Bank loan rates
In banks, the markup is the value added to the cost of funds used for lending as Spread or mark-up broadly: profit. Banks are free to decide the mark-up or spread over the cost of funds. As per RBI guidelines, banks shall adopt the following broad components of spread: (i) Business strategy: The component shall…
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The due date for filing income tax returns for AY 2021-22 and also for the report of audits extended
The Central Board of Direct Taxes (CBDT) on Tuesday extended the due date for filing income tax returns for the assessment year 2021-22 till March 15, 2022, and also extended the due date for other compliances of the report of audits for 2020-21 till 15 February 2022. The notification No 01/2022 dated 11.01.2022 said that…
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Subscription for Sovereign Gold Bonds open from today
The issue of the IX series of the Sovereign Gold Bonds (SGBs) scheme 2021-22 is open for subscription from January 10, 2022 – January 14, 2022.The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the…
RBI releases ‘Framework for facilitating small value digital payments in offline mode’
To push digital transactions in rural and semi-urban areas, the Reserve Bank of India (RBI) on Monday issued a framework allowing offline payments up to Rs.200 per transaction, subject to an overall limit of Rs 2,000 until the balance in the account is replenished. Balance replenishment can only occur in an online mode. The new…
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