The Demand for money concept is explained
The word ‘money’ or cash is usually used by the common man for currency notes and coins. Apart from above said portable money (cash), we also use cheque demand drafts, debit cards, and credit cards as money equivalents. In a broader interpretation, money means not only notes and coins in circulation; it includes other monetary…
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FX retail: Now Foreign Exchange retail trading platform for retail customers of banks
The Reserve Bank of India, on Thursday (June 20, 2019), communicated that the electronic trading platform for buying/selling foreign exchange (FX-Retail) by retail customers (individuals, MSMEs) of banks is ready for rollout. The FX-Retail platform can be accessed by retail customers of a bank (through the websitehttps://www.fxretail.co.in), who has a need to purchase or sell…
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Tax liability on interest and other income of a minor
We often receive questions about tax liability of a person in case of any income that accrues or is paid to a minor. Whether it is the minor’s own tax liability or the income of the minor should be clubbed with his father’s income or his mother’s income or the income should be divided into…
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IBA – UFBU wage settlement discussion news
Today (19.06.2019), leaders of UFBU unions had wage settlement discussion with IBA. The officers associations AIBOC and NOBO did not participate in the meeting. In the absence of major officers associations, IBA asked Award Staff Unions to continue the discussion. The following are the points discussed. UFBU discussed about mandate issue up to Scale 7…
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Role of Currency Board explained
Currency Boards have been set up by many economies, big and small across the globe. A currency board is a country’s monetary authority (in India we do not have currency board, RBI issues currency notes), which is basically entrusted with the responsibility of issuing currency notes and coins. The currency board also takes decisions about…
Meaning of devaluation of a currency
Devaluation of a currency means the official lowering of value of a country’s currency within a fixed exchange rate system. In devaluation, the monetary authority of the country deliberately make downward adjustment of the value of a country’s money and sets a new fixed rate with respect to a foreign reference currency (currency of other…
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