RBI clarifies on operational aspect of 20:80 gold import scheme
Reserve Bank of India abolished 20:80 gold import schemes on November 28, 2014. The regulator has clarified in this regard that the obligation to export under the scheme will continue to apply in respect of unutilized gold imported before November 28, 2014. Further it is advised that the nominated banks are now permitted to import…
Read articleNew One Rupee currency note will be shortly put in circulation
One Rupee currency notes are legal tender as provided in The Coinage Act 2011. Even though, printing of existing currency notes of one Rupee denomination is discontinued by the government 20 years back, the old notes are still under circulation as they remain as legal tender. RBI in its press release dated 13.02.2015 said that…
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Now on wards submission of Form A-1 is dispensed with for import of goods to India
According to earlier RBI Circular [A.P.(DIR Series) No. 82 dated February 21, 2012] any persons, firms and companies for making payments, exceeding USD 5,000 or its equivalent towards imports into India, application for such payment must be made in Form A-1. RBI communique today (dated 13.02.2015) said that in order to further liberalize and simplify…
Read articleNow Banks are eligible to issue Kisan Vikas Patra, 2014
Government of India vide its notification No.G.S.R 705 ( E ) dated 23.09.2014 notified that the new Kisan Vikas Patra 2014 scheme. In terms of above notification the agency banks, which have been authorized for Public Provident Fund, 1968 (PPF 1968) scheme are required to implement issuance of Kisan Vikas Patra 2014 together with Post…
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Small finance bank setup in India
The Small Finance Bank setup in India is similar to a normal banking activities of other commercial banks viz. accepting deposits from the customers for the purpose of lending to unserved and underserved segments across the country. These banks can also sell mutual funds, pensions, insurance and foreign exchange to their customers The permission to…
Income Tax slabs,rates and key tax exemption details for A/Y 2015-16
Income Tax Slabs, rates, key tax exemption details for Assessment Year 2015-16 (Financial year 2014-15) For Senior CitizenResident Individuals earning Income less than Rs. 5 Lakh in a Year are eligible for income Tax Credit u/s 87A – i.e.10% of taxable income up to a maximum of Rs. 2000/-.] Education Cess : 3% of the…
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