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Category: RBI Consultancy

January 22, 2024 / RBI Consultancy

Unclaimed Deposits/ Inoperative A/c in Banks- RBI Instruction

Unclaimed Deposits or Inoperative Ac in Banks- RBI Revised Instructions RBI has issued revised Instructions w,e.f. 1st April 2024 relating to Inoperative Accounts/ Unclaimed Deposits in all Commercial Banks (including RRBs) and all Co-operative Banks  and waiver of related Penal Charges. As a result existing RBI Revised Instructions on these issues shall stand repealed from …

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November 6, 2023 / RBI Consultancy

RBI Update: Withdrawal of ₹2000 Denomination Banknotes

Reserve Bank of India Update: Withdrawal of ₹2000 Denomination Banknotes – As on May 19, 2023, Reserve Bank of India said more than 97% of Rs. 2,000  denomination banknotes in circulation have been returned by 31st October, 2023, Even as balance Rs. 2,000 Banknotes in circulation continue to be legal tender. Reserve Bank of India, …

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May 28, 2023 / RBI Consultancy

RBI issue FAQ on withdrawal of Rs. 2000/- Denomination Notes

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 …

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December 16, 2022 / Cryptocurrency

Basic features of newly launched Digital Rupee

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 …

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July 17, 2022 / NBFC

Applicability Reporting for NBFC – XBRL Filling in India

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 …

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September 1, 2021 / RBI Consultancy

BANKING COMPLAINTS WITH RBI’S OMBUDSMAN

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. …

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July 10, 2021 / INCOME TAX

Money transfers /Repatriation of non-repatriable earnings and NRO Account available balances:

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. …

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July 14, 2021 / Chartered Accountant

RBI enforce withdrawal restriction of a total amount not exceeding Rs 500 For Karnala Nagari Sahakari Bank Ltd

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 …

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July 14, 2021 / Audit

CORPORATE TAX UPDATE FOR THE MONTH

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. …

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July 14, 2021 / INCOME TAX

ALP: TPO COULD NOT MAKE ADDITION TO ASSESSEE’S ALP BY ADOPTING CUP METHOD DURING RELEVANT YEAR WITHOUT CONDUCTING ANY FAR ANALYSIS.

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 …

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