Global pact on minimum tax deal agreed as Nations back 15% rate
A global deal has been agreed by 136 countries, to set a minimum tax rate of 15 percent as governments look to end a race to the bottom on corporate taxation. This is one of the sweeping overhauls of international tax rules finalised on Friday (October 8, 2021) at an Inclusive Framework meeting under the…
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Transaction Limit in IMPS enhanced to ₹5 lakh
In the Statement on Developmental and Regulatory Policies on October 8, 2021, the Reserve Bank of India announced that the transaction limit of Immediate Payment Service (IMPS) to be increased to ₹5 lakh. “In view of the importance of the IMPS system in the processing of domestic payment transactions, it is proposed to increase the…
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No repo rate cut for 8th time
The monetary policy committee of the Reserve Bank of India today unanimously decided to keep the repo rate unchanged for the eighth consecutive time. The committee also lowered the FY22 inflation forecast to 5.3 per cent from an earlier estimate of 5.7 per cent. MPC also decided to continue with its accommodative stance as long…
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Why is the conveyance of property in the name of Co-operative Housing Societies important?
If you look at the bye-laws of a cooperative housing society, you may find that the main objective of a CHS is to obtain the conveyance from the landowner/developer in its name. Conveyance is a transfer of the title deed of land and building by the builder and developer/landowner in favour of housing society by…
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RBI permits banks to amortise Family Pension enhancement over the next 5 years
RBI on Monday said that the expenditure towards enhancement in family pension of employees of banks if not fully charged to the Profit and Loss Account during the financial year 2021-22, be amortised over a period not exceeding five years. According to the RBI notification dated October 4, IBA has approached the regulator for the…
Additional Tier1 capital: Eligible limit for Foreign Currency/Rupee denominated Bonds overseas
RBI on Monday clarified on criteria for the Inclusion of Perpetual Debt Instruments (PDI) in Additional Tier 1 Capital under Basel –III capital regulations. The issue was examined by the regulator as ‘several banks have approached us to clarify the maximum amount of capital funds that can be raised overseas’ the circular said. The Central…
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