Banking Laws Amendment Bill 2024 introduced In Lok Sabha: What’s new in law?
Finance Minister Nirmala Sitharaman on Friday introduced in the Lok Sabha the Banking Laws (Amendment) Bill, 2024, which seeks the following changes in existing laws. “To improve bank governance and enhance investors’ protection, certain amendments to the Banking Regulation Act, the Banking Companies Act, and the Reserve Bank of India Act are proposed,” FM said…
Read article
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…
Read article
Opening of Proprietorship/ HUF/ Liquidator/ Trust/Govt. accounts in banks
While opening opening Current Accounts of all categories of depositors including proprietors, partners, trustees, settlers, beneficiaries those holding power of attorney, founders, managers, directors, etc. the customers need to submit ‘know your customer’ related official valid documents of the entities and natural persons behind the entities. As per RBI guidelines, in addition to seeking NOC…
Read article
RBI: “Delegate Payment” introduced to allow another user, “tax payment “can be done up to 5 lakh through UPI payment
RBI on Thursday (August 8, 2024) in its Statement on Developmental and Regulatory Policies announced two major changes in the UPI payment system. It is proposed to introduce a facility for “Delegated Payments” in UPI. This would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a…
Read article
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…
RBI shortens the frequency of reporting by lenders to Credit Information Companies(CIC)
The Reserve Bank of India in exercise of the powers conferred by sub-section (1) of section 11 of the Credit Information Companies (Regulation) Act, 2005 (CICRA, 2005), directed that Credit Information Companies (CICs) and Credit Institutions (CIs )shall keep the credit information collected/maintained by them updated regularly on a fortnightly basis (i.e., as on 15th…
Read article