From April 1, entities to quote LEI for all payment transactions of above 50 crores
The Legal Entity Identifier (LEI) is a 20-digit number used worldwide that will uniquely identify every legal entity or structure to a financial transaction. Pursuant to the Global Financial Crisis, the Legal Entity Identifier (LEI) code is conceived at the initiative of ‘Group of 20, financial stability Board’ for the purpose of better risk management.…
Read article
RBI announces guidelines for digital payment infra fund-PIDF
The Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country The DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments over different time periods. These parameters are – (i) Payment Enablers (weight 25%), (ii)…
Read article
Record-keeping of cash deals in gems & jewelry trade as well as Real Estate now a must
The Ministry of Finance (Department of Revenue) on the 28th December 2020 notifies (G.S.R.799(E) dealers in precious metals, precious stones, in the exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), as “persons carrying on designated businesses…
Read article
Small Savings Interest rate remains unchanged for January to March 2021
Updated 01.01.2021 The Finance Ministry of Government of India on December 31 said in a statement, “The rates of interest on various small savings schemes for the fourth quarter of 2020-21, starting from January 1 and ending March 31, 2021, shall remain unchanged from those notified for the third quarter (October to December). The interest…
Read article
Calculation of Income or loss from House Property
A person’s gross total income chargeable to tax is a sum of income under various heads such as ‘income from salary’, ‘income from other sources’ etc. One of these heads of income is ‘Income from House Property’. The income from House property is added to the person’s total income for assessment of tax only if…
Bank Holidays-2021 in the Union Territory of Andaman and Nicobar declared under NI Act
The following days are declared as public holidays under sec 25 of NI Act 1881 in the Union Territory of Andaman and Nicobar Islands. Sr.No Date Day Occasion/Festival Date 1 14.01.2021 Thursday MAKARA SANKRANTI/PONGAL 2 26.01.2021 Tuesday REPUBLIC DAY 3 29.03.2021 Monday HOLI * 01.04.2021 Thursday *ANNUAL CLOSING OF BANK ACCOUNTS 4 02.04.2021 Friday GOOD…
Read article