Understanding Diamond Dollar Accounts (DDAs) in the Indian Banking System
Diamond Dollar Accounts (DDAs) are specialized current accounts denominated in US dollars, maintained with banks in India. These accounts are exclusively available to firms and companies engaged in the import and export of rough or cut and polished diamonds, coloured gemstones, and precious metal jewellery, whether plain, enameled (minakari), or studded with diamonds or other…
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RBI’s Revised Framework on Lending Against Gold and Silver Collateral: Implications for Borrowers
The Reserve Bank of India (RBI), vide its circular dated June 6, 2025, has issued a comprehensive and harmonized set of guidelines for lending against gold and silver collateral, applicable to all Regulated Entities (REs). These directions aim to address macroprudential concerns and harmonize prudential and conduct norms across lending institutions. The new framework shall…
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Understanding Personal Financial Planning: Scope, Objectives, and Key Components
Definition of Personal Financial Planning (PFP)Personal Financial Planning (PFP) is a dynamic and comprehensive process of managing an individual’s financial resources—including assets, liabilities, income, and expenditures—with the objective of achieving personal and family life goals. This integrative approach involves formulating strategies and taking informed financial decisions based on one’s unique circumstances. While holistic planning considers…
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Beyond Nomination: The Legal Imperative of Executing a Will
In the realm of personal financial planning, nomination is a widely recognized mechanism governed under various statutory frameworks including the Life Insurance Act, the Employees’ Provident Funds and Miscellaneous Provisions Act, the Payment of Gratuity Act, the Co-operative Societies Act, and the Banking Regulation Act. Individuals often assume that by merely executing nominations for their…
Read article Registered vs. Unregistered Wills: Evaluating the Legal Advantages
Under Section 18 of the Registration Act, 1908, the registration of a Will is not mandatory. The Hon’ble Supreme Court, in Ishwardeo Narain Singh v. Kamta Devi, AIR 1954 SC 280, authoritatively held that the non-registration of a Will does not, by itself, cast any doubt upon its genuineness. The Court observed that the majority…
Specimen Draft of a Last Will and Testament under Indian Law
Legal Note:There is no prescribed statutory format for a Will under Indian law. A Will may be executed in any language and may be either handwritten or typed. Legal or technical language is not mandatory, provided that the document clearly conveys the unambiguous testamentary intent of the testator. A lawyer’s assistance, though advisable in complex…
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