Reporting of remittance under Liberalised Remittance Scheme (LRS) scheme
All the AD category-I branches are now required to upload transaction-wise information (LRS data) of resident individuals to RBI on daily basis. According to RBI circular A.P. (DIR Series) Circular No. 23 dated April 12, 2018, all AD-I category branches are required to report remittances made under LRS scheme on a daily basis which…
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Tax-free gratuity limit enhanced to Rs.20 lakhs through gazette notification
Payment of Gratuity (Amendment) Act, 2018 is notified in the Government Gazette on 29th March 2018. The above amendment enables the employees to receive tax-free gratuity up to Rs 20 lakh from existing Rs 10 lakh under the Payment of Gratuity Act. According to the notification Payment of Gratuity (Amendment) Act, 2018 (12 of 2018),…
Read article Revision of position (long or short) for all currencies in Exchange Traded Currency Derivatives (ETCD) Market
Hitherto, the persons resident in India and Foreign Portfolio Investors (FPIs) are allowed to take a long (bought) or short (sold) position in USD-INR upto USD 15 million per exchange without having to establish existence of underlying exposure. In addition, residents & FPIs are allowed to take long or short positions in EUR-INR, GBP-INR and…
Read article Resolution of Stressed Assets: RBI scraps all existing debt restructuring schemes
The Reserve Bank of India on Monday (12.02.2018) scrapped all existing frameworks for revitalizing distressed assets such as Corporate Debt Restructuring (CDR) scheme , Flexible restructuring of long-term project loans(5/25) scheme, Strategic Debt Restructuring (SDR) scheme, Scheme for Sustainable Structuring of Stressed Assets(S4A). The Joint Lendes’ Foroum (JLF) as an institutional mechanism for resolution of…
Read article NPA classification: Temporary relief to MSME borrowers
The Reserve Bank of India on Febraury 7, 2018 vide its circular DBR.No.BP.BC.100/21.04.048/2017-18, given an instrucion to banks and NBFCs not to down grade the asset classification of accounts of MSME borrowers where the borrower’s account was standard as on August 31, 2017.The accounts shall be treated as standard accounts if the borrower unit is…
Budget 2018 highlights
Tax proposals for Salaried Class: No change in income slabs for salaried class. Health and education cess has been increased to 4 per cent Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses Education cess: 3% to 4% Surcharge of 10 % on income above Rs 50 lakh but…
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