SC Stays RBI Circular of February 12: Recovery process by banks could be further delayed
The Supreme Court on September 11, 2018 (Tuesday) consolidated all cases by members of the Association of Power Producers (APP), Independent Power Producers Association of India (IPPA), Shipowners Association and Textile Associations filed across the country to be heard on November 14, 2018. The Court has meanwhile, asked RBI and parties to maintain status quo…
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Monetary limit for filing cases in DRT rose up to Rs.20 lakh
The notification dated September 6, 2018 of finance ministry, Government of India increased the monetary limit up to Rs.20 lakh for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions. It is reported that there are 38,376 cases pending in 39 debt recovery tribunals (DRTs) in the country, as…
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Capital gain account in banks: All you need to know
What is capital gains account scheme? Whenever a house property is sold, the owner of the property is liable to pay income tax on capital gain (profit earned) from the transaction. The long-term capital gain on house property arises when the duration between the purchase and sale of a property is more than 24 months…
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How soiled notes/ Mutilated Notes exchanged in banks?
You may be holding a few currency notes which have become dirty due to normal wear and tear or two piece note pasted together wherein both the pieces presented belong to the same note and form the entire note with no essential feature missing. These notes are called as ‘soiled notes’ as per RBI definition.…
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Amendments to Reserve Bank of India (Note Refund) Rules, 2009
The Central Government has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009. The amended rules called “the Reserve Bank of India (Note Refund) Amendment Rules, 2018” are effective from Gazette notification date September 6, 2018. The amendment to rules would help the public to exchange mutilated notes in Mahatma Gandhi (New)…
Several banks are fronting penalties for missing daily ‘Aadhaar’ enrollment targets
In terms of UIDAI notification dated On June 1,2018 all the bank branches with Aadhaar facility will have to ensure at least eight enrolments or updations daily in each branch from July 1 and 12 per day per branch from October 1, and up to 16 from January 1, 2019 onwards. However, the deadline for…
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