RBI issue FAQ on withdrawal of INR 2000/- Denomination Banknotes Main points to understand about the banknotes withdrawal in the Rs.2000 denomination from circulation: Legal Tender Banks not to issue INR 2000/- notes Time limit Operational limit Use of INR 2000/- note for transactions Business correspondents (BC) can also provide an exchange facility Exchange facility …
Basic features of newly launched Digital Rupee: Digital Rupee (eRs-R) would be in the form of a digital token that represents legal tender. above Digital Rupee would be issued in same denominations that paper currency & coins are existing issued. Digital Rupee (eRs-R) would be distributed via intermediaries ie. banks. 8 Pvt or Public sector …
Overview on NBFC – XBRL Filling in India The E-xtensible business reporting language (XBRL) is transforming company reporting all over the world by allowing for the electronic exchange of financial & business data. From financial year 2019–20, the Reserve Bank of India required all NBFCs to submit their NBFC returns in XBRL format. Moreover, we’ll …
REGISTRATION OF BANKING COMPLAINTS WITH RBI’S OMBUDSMAN BRIEF INTRODUCTION We all know that Reserve Bank of India, has been termed as the central banking institution of India, which is vested with the responsibility to controls the monetary policy of Indian rupee. To know the functioning of India’s apex banking institution, let’s first take a glance at a number of its main functions. …
Money transfers /Repatriation of non-repatriable earnings and NRO Account available balances: While under FEMA Act, 1999 NRI’s non-repatriable current earnings, like rental, dividends, insurance, Interest on NRO investment, etc. attributed to the NRO account, is now completely repatriable subject to reasonable tax payment/deduction.NRIs that do not hold an NRO account is also given such facilities. …
RBI enforce withdrawal restriction of a total amount not exceeding 500 For Karnala Nagari Sahakari Bank Ltd., (Maharashtra) 1. Authority to issue certain Directions to Karnala Nagari Sahakari Bank Ltd., (Maharashtra) by which, as from of the end of trading on 15 June 2020, the Administrator of the aforementioned bank shall not, without prior written …
Corporate tax Update for the Month : Company Law: Query: Is sitting fees payable to a director who participates in a meeting through video conferencing? Answer: Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. …
ALP: TPO COULD NOT MAKE ADDITION TO ASSESSEE’S ALP BY ADOPTING CUP METHOD DURING RELEVANT YEAR WITHOUT CONDUCTING ANY FAR ANALYSIS. Schutz Dishman Bio-Tech (P.) Ltd vs DCIT [2015] (Ahmadabad – Trib.) In a recent ruling, Where Tribunal in earlier year adopted TNMM in assessee’s case for determining ALP, in absence of change in circumstances; TPO …
RBI GRANTED ‘IN PRINCIPLE’ APPROVAL FOR ESTABLISHMENT OF PAYMENT BANKS – AN OVERVIEW Payment Banks An Overview: On August 19, 2015 the RBI had granted ‘in principle’ approval to 11 entities for establishment of payment banks. The ‘in-principle’ approval shall be valid for a period of 18 months during which the applicants shall have to …
EXEMPTION UNDER SEC. 54 F COULD NOT BE DENIED MERELY BECAUSE THE CONSTRUCTION OF HOUSE WAS NOT COMPLETE IN ALL RESPECTS WITHIN 3 YEARS OF TRANSFER CIT(Bangalore) v. Smt. B.S. Shantha kumari Where assessee had invested net sale consideration on transfer of long-term asset in construction of a residential house property, deduction of section 54F could not be denied …