Right of set-off and the important requirement to initiate the same
The banker’s right to combine different accounts of a person against the debt it holds against the same person is called the right to set off. The right of set-off is available to the bank only when the money owed to the bank is a certain sum, which should be due at the time of…
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Income tax slabs and rates for FY 2023-24(AY 2024-25) under old and new regimes
Before listing out the new slabs in the budget 2023, the finance minister announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime. The taxpayers can choose the regime while filing income tax returns.…
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All inbound travelers with Int’l mob no. will have UPI access for merchant payments in India
India’s central bank on Wednesday announced that all inbound travelers to India are permitted to access UPI for their merchant payments (P2M) using their international mobile numbers, while they are in the country. This is an enhancement to the earlier provision of UPI access to non-resident Indians who have international mobile numbers linked to their…
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RBI expands the scope of TReDS for enhancement of Cash flow to MSMEs
The guidelines on Trade Receivables Discounting System (TReDS) were issued in December 2014 with the objective of facilitating the financing of trade receivables of MSMEs. Small businesses can use the TReDS platform to raise capital by auctioning off their trade receivables. Before the buyer pays, a finance provider or a bank (basically the vendor) bids…
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Recovery of Penal interest for delay/default in servicing of the loan shall be stopped: RBI
The Statement on Developmental and Regulatory Policies dated February 8, 2023 sets out various developmental and regulatory policy measures relating to (i) Financial Markets; (ii) Regulation; (iii) Payment and Settlement Systems and (iv) Currency Management. In its statement today, India’s central bank announced that it will issue draft guidelines for transparency in the penal charges…
Soon, QR Code based Coin Vending Machines
In the statement on Developmental and Regulatory Policies dated February 8, 2023, the Reserve Bank of India (RBI) announced today that the central bank will start a pilot project to launch QR code based coin vending machines. Unlike cash-based traditional Coin Vending Machines, the QCVM is a coin dispensation machine that would eliminate the need…
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