RBI launches Website ‘सचेत’ (‘Sachet’) in a move to curb illegal Collection of Deposits
The Sachet (‘सचेत’) portal makes available the information regarding entities that are allowed to accept deposits and prescribes regulations that different entities have to follow. The general public check on the whether the entity is having permission to accept deposits from the public. The general public can lodge the complaint and share information regarding illegal…
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The issuance of the Sovereign Gold Bonds 2016 – Series I
Update: The Sovereign Gold Bonds series I issued on August 05, 2016 and held in dematerialised form shall be eligible for trading on Thursday, September 01, 2016 on the stock exchanges recognised by the Government of India under the Securities Contracts (Regulation) Act, 1956. The issuance of the Sovereign Gold Bonds 2016 – Series I (“the…
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Currency limit for purchase from duty-free shops increased
The Central Board of Excise & Customs has amended the rules for purchase of goods from duty-free shops. The Government of India communication dated July 8, 2016, states that the Indian currency limit is increased purchase limit from Rs.5000/- to Rs.25000/- at duty-free shops. The above revision is in order to avoid paying excessive exchange…
Read articleInterest rates for small savings schemes for the quarter July 2016 to September 2016
The interest rates for small savings schemes for the quarter July 2016 to September 2016 kept unchanged, as per announcement of the Government (finance ministry). Accordingly, the interest rates for the investments in the small savings schemes remain the same as in the previous quarter. The details of the interest rate applicable on various small saving…
Read articleUnion Cabinet approves take-over by State Bank of India (SBI) of all the 5 of its subsidiaries
In a leading move to the consolidation of struggling public sector banks, Union Cabinet today (15th Jun 2016) has approved take over of State Bank of Bikaner and Jaipur, State Bank of Hyderabad , State Bank of Mysore and State Bank of Travancore by State Bank of India. The Government sources said that the above move is…
Second Bimonthly statement of RBI: Key policy rate remain unchanged
RBI in its Second Bi-Monthly Statement with regard to ‘Monetary and Liquidity Measures’ made on 06.06.2016 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent; keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities (NDTL);…
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