Pradhan Mantri Fasal Bima Yojana (PMFBY)
The Government of India recently approved the repealing of all earlier schemes under existing National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS). A new Insurance scheme called “Pradhan Mantri Fasal Bima Yojana (PMFBY) is put in place which replaces the old schemes from Kharif 2016. For all loanee farmers who borrow…
Read articleInterest rate on small savings schemes slashed
In terms of Government announcement on February 2016, the interest rate on small savings schemes will be notified on quarterly basis hereafter, instead of earlier system of announcing for every year. Accordingly the Government h,as announced the interest rates for the following small savings schemes (for the quarter April 2016 to June 2016) wich are…
Read articleMeaning of ‘diversion of funds’ and ‘siphoning of funds’
The diversion of funds means utilization of funds by the borrower in deviation of sanction terms of the lender, including any of the following occurrences. The credit facility extended for the working capital purposes, used by the unit for long term purposes, which is not in conformity with the sanction terms. The unit deploys borrowed…
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Do you know that Repo auction framework is different from Repo rate?
Repo rate is the rate at which the RBI lends shotterm money to the banks against the security of all SLR-eligible transferable Government of India- dated Securities, Treasury Bills and State Development Loans (SDL). The repo auction framework is a new regime for liquidity management to keep overnight rates close to the repo rate. Under…
Read articleBudget 2016 highlights for individual tax-payers
The salaried class in India had a lot of expectation from the budget 2016 in respect of IT exemption limit. But no changes have been made to existing tax slabs. However, a small relief is provided by increasing maximum tax relief from Rs.2000/- to maximum Rs.5000/-under section 87(a) to individuals whose income is less than…
Income Tax slabs and key tax legislation for the FY 2015-16 (AY 2016-17)
Tax slabs for Individuals of below 60 years (Born on or after 01.04.1956). A). Up to Rs.2, 50,000: – Nil B). From Rs.2, 50,001 to Rs.5, 00,000:– 10% on taxable income which exceeds Rs. 2, 50,000/-. C). From Rs.5, 00,001 to Rs.10, 00,000:- 20% [Rs.25, 000/-+ 20% on amount which exceeds Rs. 2, 50,000/-] D).…
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