Submission of Records by Banks to Statutory Authorities
Banks and other financial institutions are required to submit various returns, many of which are statutory under the RBI Act of 1934, the Banking Regulation Act of 1949, FEMA 1999, the SEBI Act of 1992, Income Tax 1961, etc. Submission frequency of these returns varies from daily, weekly, fortnightly, monthly, quarterly, half-yearly, and annual. Regulatory…
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What are the powers of Karta in HUF?
The Karta is traditionally the senior most male coparcener of the Hindu Undivided Family (HUF). He is the person who takes care of the day-to-day expenses of the family looks after the family and protects the joint family properties. He remains to be Karta even if he becomes aged, infirm, or ailing. Where a senior…
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The status of Karta and women in HUF explained
(Article answers to the questions like whether younger coparcener can be made Karta when an elder sibling is alive, whether Daughters can also become Karta, whether the wife of the Karta can become Karta, whether there can be a HUF within a HUF, When the father was a Karta in his father’s HUF, who will…
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Shortly, in a few hours you will know the fate of the clearing cheque presented under CTS
RBI in its Statement on Developmental and Regulatory Policies on Thursday (August 8, 2024) announced the implementation of Continuous Clearing of Cheques under the Cheque Truncation System (CTS). The Cheque Truncation System (CTS) is an online Image-based Clearing System (ICS). In this system of clearing, the collecting bank need not present the physical cheque to…
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Statement of RBI MPC Meeting held today: Repo rate remains unchanged
“The Monetary Policy Committee held on Thursday (August 8) decided by a 4:2 majority to keep the policy repo rate unchanged at 6.5%. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth. “These decisions are in consonance to achieve the medium-term…
What is Money Laundering and Financing of Terrorism Risks?
Originally posted on July 22, 2014. Updated and reposted on 04.08.2024 Money laundering is the process wherein criminals attempt to conceal their booty and make an attempt to cover them as a legitimate source of income. A person shall be guilty of offence of money-laundering if such person is found to have directly or indirectly…
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