In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, RBI said.
Mauritius-based Hinduja group firm IndusInd International Holdings (IIHL) has informed the administrator of Reliance Capital that it is ready with its equity contribution of Rs 2,750 crore in cash to acquire the bankrupt firm, but it wants certain conditions to be met in accordance with the resolution plan before transferring the amount. IIHL has also filed an application with the Mumbai Bench of the National Company Law Tribunal (NCLT), seeking directions for the administrator and the committee of creditors (CoC) to complete all pending activities to close the transaction and not let the lenders invoke the bank guarantees provided by the firm earlier.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Employees Provident Fund Organisation (EPFO) will migrate to a new information technology (IT) system within the next three months, Union labour minister Mansukh Mandaviya said on Wednesday. In July last year, a clutch of officers at the retirement fund body had written a letter to the Central government complaining about archaic and "collapsing" software systems. Subscribers too were facing problems due to it.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The RTGS for high-value transactions will remain unavailable for 14 hours from midnight of Saturday due technical upgrade to further improve the disaster recovery time of the system, the RBI said in a statement. The popular National Electronic Funds Transfer or NEFT for fund transfers of up to Rs 2 lakh will continue to be operational as usual during this period.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with ponzi schemes, allegations his group always denied.
Taking the first step towards launch of online PF transfer claim facilities, retirement fund body EPFO has unveiled the revised transfer claim form for the purpose.
'If the borrower can't repay the loan due to lack of income or losses from speculative activities, they risk defaulting on it.' 'This could lead to the bank seizing the property.'
A CBTR pertains to transfer of funds through various channels abroad.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
'In phases when smaller stocks do well, an equal-weight index performs better than its market cap-weighted peer.'
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
The Directorate of Enforcement (ED) has launched a preliminary investigation or a pre-open inquiry into alleged violations related to the Foreign Exchange Management Act (Fema) in the Paytm Payments Bank case, according to sources in the know. The probe follows serious concerns raised by the Reserve Bank of India on multiple violations by the Paytm bank, which is a joint venture between One97 Communications, which is the parent company of Paytm, and the group's founder Vijay Shekhar Sharma.
Systematic Withdrawal Plan, or SWP, can help you achieve your financial goals. Ramalingam Kalirajan's step-by-step guide on how to effectively use an SWP.
Investors need to carefully assess country-specific risks. 'This is especially true of a market that is less transparent than the US.'
In her Budget speech, Finance Minister Nirmala Sitharaman on Tuesday underlined the need for collaboration between the Centre and states to take up the next-generation reforms covering land, labour, capital and entrepreneurship. As far as revenue share goes, the government has projected to give about 32.5 per cent of central taxes to states during FY25, against the 15th Finance Commission's recommendation of 41 per cent, according to the Union Budget estimate.
Finance Minister Nirmala Sitharaman on Thursday said the government is close to reaching saturation in implementing social sector schemes designed to provide basic necessities to the poor. Addressing the students of Hindu College on the occasion of its 125th anniversary, she said the time has come for India to become economically 'aatmanirbhar' (self-reliant) and march forward to becoming a developed nation by 2047. Regretting that 60 years since Independence passed without any sense of urgency, Sitharaman said, "We have laid the material foundation for a Viksit Bharat" and empowering people by providing basic necessities to all.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Justices Arif S Doctor and Somasekhar Sundaresan held there was nothing in the MCC that would interfere with the Board's ongoing activities.
Uttar Pradesh Chief Minister Akhilesh Yadav on met Prime Minister Manmohan Singh and demanded smooth transfer of funds for Central schemes like Mahatma Gandhi National Rural Employment Gurantee Act and asked for help in holding the forthcoming Kumbh festival, cleaning of the Ganga and coal supply to the state.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
Mobile wallet adoption is surging in India and swiftly becoming a primary payment option, surpassing traditional methods like cash and cards. Over the next few years, payments via mobile wallets in India are likely to surpass the Rs 531.8 trillion mark in 2028, witnessing a compound annual growth rate (CAGR) of 18.3 per cent between 2024 and 2028, according to GlobalData - a London-based leading data and analytics company. The value of mobile wallet payments in India, as per a GlobalData report, grew at a CAGR of 72.1 per cent between 2019 and 2023 to reach Rs 202.8 trillion ($2.5 trillion) in 2023.
Retirement fund body EPFO recorded a net addition of 19.94 lakh members in July this year, the labour ministry said on Monday. Union Labour Minister Mansukh Mandaviya said at a press conference that 10.52 lakh new or first-time workers subscribed to social security schemes run by Employees' Provident Fund Organisation (EPFO). The minister said almost 20 lakh net new members addition (19.94 lakh) was recorded in July this year.
Nibe Space (NSPL), a subsidiary of Nibe, announced its vision to establish India's first multi-sensor, all-weather, high-revisit Earth observation satellite constellation. Aiming to strengthen India's self-reliance in the strategically crucial defence-space sector, NSPL signed memoranda of agreement with Indian and global partners, including Larsen & Toubro, Centum, AgniKul, Skyroot Aerospace, SpaceFields, SISIR Radar, CYRAN AI Solutions, and Thales Alenia Space as a technology partner.
The Popular Front of India (PFI), banned recently by the government for alleged terrorist links and spreading communal hatred, has a "well-structured and organised" presence in the Gulf countries for raising and mobilising funds, the Enforcement Directorate said on Monday after a local court took cognisance of its latest charge sheet filed against three PFI office-bearers.
Investors with a long-term horizon and high-risk appetite seeking capital appreciation can consider investing in ELSS.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
As per the Budget proposals, migration of a fund to a fund in IFSC will not be regarded as transfer if done on or before March 31, 2023. Transfer of units will be tax neutral. Grandfathered investments of the fund to continue to enjoy capital gains exemption on future sale by the IFSC fund. There is no impact on carry forward of losses for the investee company.
'Mrs Gandhi had nothing to do in the day-to-day working of Dr Singh's government.' 'People say Mrs Gandhi's office used to give orders, which is nonsense.'
Internship opportunities have been posted by 193 companies, including Jubilant Foodworks, Maruti, Eicher Motor, L&T, Muthoot Finance and Reliance.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Regularly monitor your account for any suspicious activity. Keep your devices updated with the latest security patches to prevent vulnerabilities. Ensure the physical wallet you use is stored securely to avoid loss or theft.
All the latest news from the summer transfer window...
The agency's case is based on a National Investigation Agency complaint filed against the accused and Pakistan-based organisation Falah-i-Insaniyat Foundation.
These schemes are a good choice for investors contemplating a large investment in equity funds. Instead of investing all the money in one go, they can do so in a staggered manner by parking it in these schemes and then transferring it to equity mutual funds through a systematic transfer plan.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
