Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The central bank had in July last year imposed curbs such as doubling of margin requirement and a ceiling on position limits on exchange-traded currency derivatives.
The RBI has issued new guidelines doubling the ceiling to 10 crore for settling non-performing assets of public sector banks.
The RBI in November released a framework for large foreign banks with more than 20 branches to convert into wholly owned subsidiaries.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
The Union government will soon make amendments to the foreign trade policy (FTP) to enable exporters to claim export benefits for settling trade in rupees. These benefits are, so far, available for export payments received in foreign currencies. After the Reserve Bank of India (RBI) unveiled a mechanism to settle international trade transactions in the local currency on Monday, exporters have been demanding that the Ministry of Commerce and Industry come up with a clarification on the matter.
With the economy growing at its slowest rate in a decade, India's banking system is facing rising levels of stressed loans, with $100 billion, or about 10 percent of the total, categorised as bad or restructured.
Publicly traded banks in India added Rs 1 trillion in bad loans for the quarter ending December 31, 2015.
Come October 1, merchants, payment aggregators and acquiring banks can no longer store the card details of customers.
Earlier, the RBI had imposed similar restrictions on commercial banks and NBFCs.
Kingfisher Airlines has objected to being identified as a 'wilful defaulter' by state-run UCO Bank.
'Space out when raising funds; Sebi mulls securitisation platform'
Earlier this month, RBI told the Delhi high court that Google Pay is a third party app provider and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007.
The central bank may classify them as foreign-owned Indian banks.
The Reserve Bank of India (RBI) is likely to reiterate its view that it would be comfortable only with holding companies at the top in financial services groups when it releases final guidelines on setting up bank holding companies or financial holding companies by November 15.
Many of India's fintech entities and banks have stored all their customer data in India; however, many do use foreign servers, for operations, providing services and for data analytics.
Banks seems to be upset over RBI's move over rate cut.
Aditya Birla Nuvo gets board's nod, Videocon submits application.
What is expected to change is the level of transparency in the retail and corporate lending market with banks expected to announce the rate changes as and when they happen and also display them at their respective websites.
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State oil refiners, who are the biggest buyers of US dollars, agreed to implement the RBI order with immediate effect, sources with direct knowledge of the development said.
Reserve Bank of India will soon review the progress made by banks in implementing "Know Your Customer" guidelines at branch level to strengthen the mechanism to keep a check on money laundering activities.
The NDA government will be following the footsteps of its predecessor, the UPA, which had introduced the concept of "loan mela" to boost credit by directing banks to lend to people through public meetings.
Central bank likely to keep tabs on large wilful defaulters; policy likely by month-end.
The accused were allegedly complicit in causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.
The 12,000-page charge sheet further claimed that a similar fraud was detected in 2016 following which the RBI took up the issue and issued circulars to all banks.
Linking all new floating rate loans to an external benchmark won't impact existing borrowers, so customers who have taken long-term home loans recently should watch things carefully, say Joydeep Ghosh and Sanjay Kumar Singh.
The relaxation shall be available till March 31, 2021.
The discussion paper is released at a time when the central bank is sifting through 26 applications seeking an entry into the fray.
The Enforcement Directorate has stepped up its probe into a foreign exchange violation case against former Indian Premier League boss Lalit Modi.
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
The Election Commission has asked the Reserve Bank of India to inquire into the conduct of Allahabad Bank and United Bank of India which made drafts of Rs 1.33 crore for Trinamool Congress in poll-bound West Bengal, allegedly violating its guidelines on election expenditure.
Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.
The Reserve Bank of India will soon initiate discussions with Indian banking entities to introduce Basel-II accord, prudential norms including risk management and capital adequacy guidelines, for smooth transition to the new regulatory framework.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
While law-abiding customers are harassed for KYC and have to comply with endless paperwork even to open and close accounts, DHFL could easily open nearly 260,000 fake home-loan accounts, reveals Debashis Basu.
With March 2016 being the final quarter when banks will have to disclose their stressed assets, the markets are assuming the worst is yet to come
Paving the way for takeover of crisis-ridden Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India on Friday granted in-principle approval to the Centrum Financial Services to set up a small finance bank. Centrum Financial Services was one of the applicants for takeover of the PMC Bank. "This 'in-principle' approval has been accorded in specific pursuance to the Centrum Financial Services Limited's offer dated February 1, 2021, in response to the expression of interest notification (November 3, 2020) published by the PMC Bank Ltd," the RBI said in a statement.
The Enforcement Directorate (ED) on Wednesday issued show causes notices for alleged foreign exchange violations of Rs 3,805 crore (Rs 38.05 billion) to telecom firms and other entities as part of its investigation into the 2G spectrum allocation case.
Market breadth depicted gains with 1,476 advances over 1,403 declines on the BSE. 140 stocks remained unchanged.
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