Dearness Allowance for Bank Officers (May – July 2024)
CPI (IW) for Jan 2024 – 138.90 | Feb 2024 – 139.20 | March 138.90Average 139-123.03 = 15.97% | Last quarter DA – 15.73 | Increase now 0.24% OFFICERS SCALE – STAGNATION – BASIC New DA Previous DA Difference SCALE 1 – 48480 9930 9780 149 SCALE 1 – 50480 10334 10178 155 SCALE 1…
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RBI announces new definition of Bulk Deposit in Banks
The Reserve Bank of India (RBI) on Friday, June 7, 2024, in its Statement on Developmental and Regulatory Policies announced, that banks have the discretion to offer differential rates of interest on bulk deposits as per their requirements and Asset-Liability Management (ALM) projections. The bulk deposit limit was enhanced in the year 2019 for Scheduled…
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Auto-replenishment of UPI Lite wallet – Inclusion under the e-mandate framework introduced
RBI today announced Automatic replenishment under the UPI Lite facility. Automatic replenishment ensures that users do not need to manually top up their UPI Lite wallets, making it easier to manage their offline transactions. This feature will be particularly beneficial for users in remote or rural areas where, internet connectivity is limited, as they can…
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FASTags, NCMC payments made easier: RBI announces auto-replenishment facility
In the Statement on Developmental and Regulatory Policies, the Reserve Bank of India, Friday 7th June, announced recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with an auto-replenishment facility under the e-mandate framework. The current e-mandate framework requires a pre-debit notification at least a 24-hours before the actual debit from the customer’s account.…
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RBI MPC Meeting 7 June 2024: Repo rate remain unchanged, GDP projection 7.2 per cent
Presenting the second monetary policy statement of FY25, RBI Governor Shaktikanta Das about the Central Bank’s position on the economy said “Remains vigil on any upside risk inflation, especially food inflation. Economic growth is holding firm.” The RBI’s monetary policy committee on June 7 decided to keep the repo rate unchanged for the eighth time…
Know TDS for Cash deposit, withdrawal and other cash transaction limits
When you are depositing or withdrawing a certain specified amount in cash, you need to consider the following scenarios where you may be liable for tax liability. Besides, an assessee is liable to pay tax and, or penalty for the different types of transactions under various sections of the Income Tax Act. The details of…
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