Remittance of salary outside India
When a foreign citizen or a citizen of India, being employed by a foreign company outside India is deputed to India on an official duty to their branch/subsidiary/joint venture/Group Company, may credit the whole salary received by him/her at a bank account maintained abroad. Such remittance is allowed subject to a condition that he/she has…
Read article
Additional Interest Subvention scheme 2014-15: Reward for prompt repayment of crop loan
Commercial Banks are eligible to claim interest subvention of 2% p.a in respect of short term crop loans granted by them at 7% p.a to farmers in rural and semi-urban areas. The interest subvention will be allowed on the loan amount up to Rs.300000/- disbursed from the bank’s own source of funds. Interest subvention of…
Read articleIndividuals can now carry Indian Currency in Rs.500 and Rs.1000 Denomination to Nepal and Bhutan
The Reserve Bank of India has lifted on Thursday (22.01.2015) the ban on individuals carrying Indian currency notes of higher denominations to Nepal and Bhutan. Now Indian travellers to Nepal and Bhutan can carry Indian currency notes in denominations of Rs.500 and/or Rs.1000, provided the maximum value of these currency notes should not exceed a…
Read articleRBI reference rate for US$
The Reserve Bank of India’s Reference Rate for the US Dollar is `61.6140 on January 21, 2015 The corresponding rate for the previous day (January 20.2015) was `61.8475. Based on the reference rate for the US Dollar and the middle rates of the cross-currency quotes, the exchange rate of EUR, GBP and JPY against the…
Read article
Banks cannot indiscriminately charge interest on advances of same category
Hereafter banks cannot differentiate old and new borrowal accounts for the purpose of selectively charging different rate of interest within the same category borrowers. The new guidelines of RBI on ‘Interest Rates on Advances’ will comes into effect immediately one month after its Circular dated 19.01.2015. Hitherto banks used to selectively lower rate of interest…
Definition of net-worth under PSS act.2007
The Payment System operators including issuers of prepaid instruments, overseas principals for money transfer scheme, card network operators etc. within the country has to obtain authorization from RBI under PSS act.2007. Such payment system operators who apply to RBI for authorization needs to comply with the requirements of minimum paid-up capital and net-worth, as applicable…
Read article