FCNR (B) Accounts interest rates on deposits during LIBOR transition: RBI advises banks to use ARR
Edited on December 6, 2024 With the expectation that the publication of the London Interbank Offered Rate (LIBOR) as a benchmark rate will cease by the end of 2021, RBI permitted banks to offer interest rates on FCNR (B) deposits using the widely accepted ‘Overnight Alternative Reference Rate (ARR)* for the respective currency’ with upward…
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GIFT TAX Rules: Find out who needs to pay tax on gifts received
This article talks about how gifts are taxed in India and who need not pay tax on gifts received. Gifting has always been seen as a way for people to express love and affection. Yet, with the increased focus on taxation, the legislations have been penned so as to levy tax on gifts. The Act…
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How account aggregator framework helps borrowers, Banks, and Money Managers?
With the account aggregation solutions, the user doesn’t have to physically provide hard copies of documents from various financial information providers like Banks/NBFCs, Mutual Fund Houses, and Insurance companies to various users like cash flow based lenders, personal finance managers, wealth managers, and Robo advisors in a secure and effectual manner. Through AA all financial…
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Why returns from Pin Money and Streedhan of a woman cannot club with her husband’s income?
( The intent of the clubbing provision is to control tax evasion arising out of the transfer of assets and income to the spouse. Clubbing provisions of the income tax act also apply to assets or income transferred to the minor children from parents and from father in law to daughter in law, also to…
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How Online Life Certificate or Jeevan Pramaan Patra is submitted at Pension disbursing authority?
One of the major requirements for pensioners to draw uninterrupted pension during their lifetime is to provide life certificates to the authorized pension disbursing agencies like Banks, Post offices, etc., usually during the month of November, following which their pension is credited to their account. According to a circular issued by the Department of Pension…
Dearness Allowance payable to the bank staff from November 2021 to January 2022
AICPIN-IW for September 2021 has been released by Labour Bureau on 29.10.2021. On the basis of CPI data announced by the Labour Bureau for the period of July 2021 to September 2021, the average index number works out to 434 slabs (base 1960=100) or 30.38 % for the above period. Accordingly, for the months of…
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