RBI keeps policy repo rate unchanged at 6.5%
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Wednesday (April 6, 2023) decided to keep the policy repo rate unchanged at 6.50%. Reserve Bank projected India’s GDP growth forecast raised to 6.5% from the previous 6.4 percent for 2023-24. The present policy rates can still be regarded as accommodative, the statement said.…
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The Rule for Exchange of Soiled, Mutilated, and Imperfect Notes in Banks
Updated as per RBI Master circular dated April 3, 2023 All bank branches are required to display at their branch premises, at a prominent place, a board indicating the availability of note and coin exchange facility with the legend, “SOILED/ MUTILATED NOTES AND COINS ARE ACCEPTED AND EXCHANGED HERE” for information about the general public.…
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<strong>If redemption date for Coupons/Govt. Securities is a public holiday, then which day will be the due date?</strong>
The Government on Monday announced that the outstanding balance of ‘7.37% Government Securities 2023’ due on 16th April 2023 will be payable on 15th April 2023 as the 16th is a Sunday. It is a common belief of many people that if your payment due date falls on Sunday or a holiday the same can…
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<strong>Interest on small savings schemes hiked by up to 70 bps for the April-June 2023 quarter</strong>
Today, the government has hiked the interest rates of small savings schemes by up to 70 bps (One percentage point is equivalent to 100 basis points.) for the April-June 2023 quarter. The latest chart of interest for small savings instruments for the Q1 (April 1 to June 30) of 2023 is as under. Scheme Rate…
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NPCI clarifies who will pay fees on UPI wallet transactions from April 1
In a statement issued on Wednesday, NPCI said that as per recent regulatory guidelines, PPI wallets have been permitted to be part of the interoperable UPI ecosystem. As per the circular issued on March 24, the changes of the 1.1% fee on UPI wallet transactions above Rs 2,000 will come into effect from April 1,…
Tax setback for debt mutual funds: What investors can do now?
On Friday, the government amended the mutual fund rules in Finance Bill 2023, wherein debt mutual fund investors will no longer receive a tax benefit on long-term capital gains after April 1. The change in the tax treatment on debt mutual funds comes into effect after the Lok Sabha passed the Finance Bill 2023 on…
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