Government announces several packages to handle COVID 19 crisis
Today (May 13, 2020), Finance Minister Nirmala Sitharaman announced the extension of due date for all income tax returns to November 30. While addressing the press she made several announcements. The highlights of the announcements are as under. The due date for all income tax returns extended up to November 30 Statutory PF contribution is…
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Kisan Credit Card (KCC) scheme for farmers,animal-husbandary and fisheries
Kisan Credit Accounts are normally short term crop loans emerged as an innovative credit delivery mechanism to meet the production credit requirements of the farmers in a timely and hassle-free manner. The repayment period may be fixed as per the anticipated harvesting and marketing period for the crops for which a loan has been granted. …
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RBI releases FAQs on Cash withdrawal from POS terminals
RBI on Tuesday (May 5, 2020) issued FAQs on cash withdrawal from Point of sale (POS) terminals with the following information for general guidance purposes. The cash withdrawal facility at POS terminal is made available at merchant establishments designated by the acquirer banks (i.e. the banks that deploy the PoS terminals) after a process of…
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Bad Loans (NPA) in Banks: Why do we have this state of affairs?
The BSR-1 released by RBI at every quarter shows that small borrowal accounts the credit limit up to ₹ 0.2 million constitute only a share of 7.3 percent in total outstanding credit of the banks. From the above stats, we may infer that it is the large borrowers who have been heavily damaging banking industries…
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How an account of Executor or Administrator opened in the bank?
A WILL is made by an individual in order to circumvent any litigation amongst his heirs in respect of the distribution of his assets after his death. The WILL surpasses the succession law on inheritance and the beneficiary of the WILL (in whose name property is bequeathed) only is entitled to receive his/her share specified…
RBI Governor held meeting with MD/CEOs of banks to discuss on three months moratorium
Today (May 2, 2020), RBI Governor Shaktikanta Das held meeting with the MD/CEOs of major public and private sector banks in two separate sessions through video conference. The meetings were attended by Deputy Governors and other senior officers of RBI. The move comes after an apex court direction to the regulator that the intended beneficiaries…
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