Now residents can make remittances to IFSCs under LRS
On February 16, 2021 (Tuesday) RBI in a notification said AD Category – I banks may allow resident individuals to make remittances under LRS (Liberalised Remittance Scheme) to IFSCs (International Financial Services Centres) in India, set up in India under the Special Economic Zone Act, 2005 subject to the following conditions: The remittance shall be…
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Meaning of Corporate Social Responsibility (CSR) and impact of amended rules 2021
Corporate Social Responsibility (CSR) activity means an activity undertaken by a company in pursuance of its statutory obligation laid down in Sec 135 of the Act. Every company having a net worth of rupees five hundred crores or more, or turnover of rupees one thousand crore or more or a net profit of rupees five…
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What is agri-cess? Whether it affects the general public?
The Union Budget 2021 proposed an Agriculture Infrastructure and Development Cess (AIDC) effective from February 2, 2021on specific goods as below. Items Petrol – Rs.2.50 per litre Diesel – Rs.4 per litre Gold, Silver and Dore bars -2.50% Alcoholic beverages (falling under chapter 22)-100% Crude palm oil -17.50% Crude soyabean and sunflower oil- 20%…
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Three ombudsman schemes being integrated into a single scheme: RBI report
RBI in its annual report said that the Consumer complaints about banking services jumped 64.97 per cent for the period July1, 2019 to June 30, 2020. The volume of complaints from 2,00,362 in 2018-19 to 3,30,543 complaints in 2019-20.The Annual Report covers the activities under the Banking Ombudsman Scheme (BOS), the Ombudsman Scheme for Non-Banking…
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TLTRO on Tap Scheme – Inclusion of NBFCs
As stated in the Statement on Developmental and Regulatory Policies on February 05, 2021, RBI announced that the funds from banks under the On Tap TLTRO scheme will now available to Non-Banking Financial Companies (NBFCs). “It has been decided to permit banks to provide funds under the ‘On Tap TLTRO’ scheme to Non-Banking Financial Companies…
All 1800 odd branches will come under CTS by September
RBI on Friday announced that all the 18,000-odd branches which are outside the centralised clearing system called cheque truncation system will come under it by September. This is decision is taken by Central Bank as part of further improving, speeding up, and fool-proofing the payments and settlement systems, it said. The Cheque Truncation System (CTS)…
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