BANK

Government will pay interest if you have taken Moratorium

Government will pay interest if you have taken Moratorium The Central Government has filed an affidavit in the Supreme Court that the compound interest applicable on MSME, Education, Home, Consumer, Auto loans will be waived. Apart from this, this interest will not be collected even on credit card dues. This rule is only for loans …

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RBI asks HDFC to stop new digital business launches and avoid adding new Credit Card customers

6 Banks of the country left out of this list of RBI

The Reserve Bank of India (RBI) has dropped the names of six state-owned banks, including Oriental Bank of Commerce (OBC) and Allahabad Bank, from the second schedule of the RBI Act. The Reserve Bank has given this information by issuing a notification. These six banks are Syndicate Bank, Oriental Bank of Commerce, United Bank of …

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CBDT interest income of FPIs

CBDT PROVIDES UTILITY TO ASCERTAIN TDS APPLICABILITY RATES ON CASH WITHDRAWALS UNDER SECTION 194N OF INCOME TAX ACT

CBDT Provides Utility to Ascertain TDS Applicability Rates on Cash Withdrawals Under Section 194N of Income Tax Act CBDT Press Release Dated 12th July, 2020 The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs. 20 …

CBDT PROVIDES UTILITY TO ASCERTAIN TDS APPLICABILITY RATES ON CASH WITHDRAWALS UNDER SECTION 194N OF INCOME TAX ACT Read More »

Corporate Tax in Dubai : An Overview

CORPORATE TAX IN DUBAI : AN OVERVIEW

Corporate Tax in Dubai : An Overview Dubai, a major business center in the Middle East has been treated as a tax haven for the Investors / Businessmen. The Taxation system is very satisfactory for the Businessmen and Investors. The corporate tax is set at a maximum rate in the oil and bank sectors in …

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WHY INTEREST WHEN EMI HAS BEEN DEFERRED?

WHY INTEREST WHEN EMI HAS BEEN DEFERRED?

Why Interest when EMI has been Deferred? On a petition by an Agra trader asking for interest on loans to be waived during RBI’s EMI moratorium, the Supreme Court has sent a notice to the central government and the Reserve Bank of India (RBI) following a petition seeking relief on interest being charged during the …

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SUGGESTIONS ON “HOW TO REVIVE POST COVID-19 INDIAN ECONOMY”

I am contributing my suggestions on “How to Revive Post COVID-19 Indian Economy” : 1.) The Government has to take strong measures to boost liquidity in the Market. 2.) To start stabilizing the economy, there should be gradually lifting of the lockdown. 3.) Invite Foreign Companies to invest and to start their units in India …

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MEASURES TO REVIVE INDIAN ECONOMY FROM CORONA VIRUS (COVID-19) IMPACT

Coronavirus outbreak was first reported in Wuhan, China on 31 December, 2019 and spread throughout world by the end of March 2020 with the number of COVID-19 cases leaning dangerously more than 29,00,000 and the worldwide death toll crossing more than 2,00,000 till the date of writing of this article. The World Health Organization (WHO) …

MEASURES TO REVIVE INDIAN ECONOMY FROM CORONA VIRUS (COVID-19) IMPACT Read More »

BIG NEWS FOR LOAN BORROWERS. ADDITIONAL 90 DAYS PROVIDED FOR PAYMENT OF EMI

Highlights The Reserve Bank has issued a directive that the loan borrowers will be given an additional 90 days after the 3-month moratorium period so that they can resume EMI. The RBI has currently changed the definition of loan defaulters. In his address, Governor Shaktikanta Das said that loan holders who have opted for the …

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COMPLIANCE RELIEFS IN THE WAKE OF COVID-19 PANDEMIC

To ease the compliance related to Taxation/MCA, our Hon’ble Finance Minister of India Smt. Nirmala Sitharaman has announced major relevant measures, on 24th March, 2020, to fight against the COVID-19 pandemic. Let’s begin with it. COVID-19 The Invest India Business Immunity Platform is launched to help businesses and investors withstand COVID-19, by getting real-time updates …

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RBI FAQs ON MORATORIUM OF TERM LOANS

>> MINISTRY OF FINANCE (MOF) vide Press Release ID No. 1609820 dated 1st April, 2020 has published FAQ’s on “RBI Allowed Banks to Declare Moratorium on Term Loans.” OVERVIEW : Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as …

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BREAKING : BANK OF BARODA PROVIDES 3 MONTHS MORATORIUM ON EMIs OF ALL TERM LOANS

Bank of Baroda is providing a moratorium of 3 months on payment of all instalments falling due between 01.03.20 & 31.05.20 for all term loans including Corporate, MSME, Agriculture, Retail, Housing, Auto, Personal loans, etc. in pursuance of the RBI COVID-19 Regulatory Package. The repayment schedule as well as residual period of the term loan …

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Reserve Bank of India imposes monetary penalty on State Bank of India

SBI’s BIG DECISION ON EMI AFTER ANNOUNCEMENT OF RBI. CUSTOMERS WILL GET RELIEF

The RBI made several important announcements on Friday to save the economy from the Corona Crisis. SBI has also made a big announcement regarding EMI. SBI has deferred three installments of EMI of borrowers. For this, the customer does not need to apply to the bank. At the same time, the situation is not clear …

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RBI RELAXATION DUE TO COVID-19 PANDEMIC

(1.) Targeted Long Term Repos Operations (TLTROs) : Reserve Bank will conduct auctions of targeted term repos of up to three years tenor of appropriate sizes for a total amount of up to Rs. 1,00,000 crore at a floating rate linked to the policy repo rate. (2.) Repo rate reduce – Repo rate cut by …

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RBI CLARIFICATION : NOT JUST EMI, CREDIT CARD DUES WILL ALSO BE COVERED UNDER THREE MONTHS MORATORIUM

The Reserve Bank of India has clarified that all lending institutions are permitted to grant a moratorium of three months on payments of all installments on term loans, including credit cards. The RBI on Friday (Mar 27) announced that all banks will be permitted to allow a three-month moratorium on payment of installments of all …

RBI CLARIFICATION : NOT JUST EMI, CREDIT CARD DUES WILL ALSO BE COVERED UNDER THREE MONTHS MORATORIUM Read More »

RBI’S EMI MORATORIUM : WILL MY INSTALLMENT BE DEDUCTED? ARE CREDIT CARD BILLS SUSPENDED? AND OTHER QUESTIONS ANSWERED

>> The RBI today allowed banks to offer a moratorium on all term loans. >> The step was taken in light of the COVID-19 outbreak and the subsequent lockdown. The Reserve Bank of India (RBI) today allowed all financial institutions to allow a three-month moratorium for all term loans in light of the COVID-19 outbreak …

RBI’S EMI MORATORIUM : WILL MY INSTALLMENT BE DEDUCTED? ARE CREDIT CARD BILLS SUSPENDED? AND OTHER QUESTIONS ANSWERED Read More »

YES BANK FOUNDER RANA KAPOOR ARRESTED UNDER PMLA

Highlights : He was placed under arrest as he was allegedly not cooperating in the probe for money laundering. The Enforcement Directorate (ED) arrested Yes Bank founder Rana Kapoor under money laundering charges in the wee hours of Sunday, officials said. They said Kapoor was placed under arrest around 3 am under the provision of …

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Reserve Bank of India imposes monetary penalty on State Bank of India

YES BANK CRISIS : SBI MAY PICK UP-TO 49% STAKES, INVEST AT LEAST RS. 2450 CRORE

Highlights : Addressing a press conference in Mumabi, SBI Chairperson Rajnish Kumar said the SBI Board has given an “in-principal” approval to pick up 49 per cent stakes in Yes Bank. Two days after the Reserve Bank of India (RBI) placed capital-starved Yes Bank under a one-month moratorium and capped the monthly withdrawal limit for …

YES BANK CRISIS : SBI MAY PICK UP-TO 49% STAKES, INVEST AT LEAST RS. 2450 CRORE Read More »

ED RAIDS YES BANK FOUNDER RANA KAPOOR’S RESIDENCE

Highlights : The action comes on a day when Finance Minister Nirmala Sitharaman listed “malpractices” of “top leadership” among the reasons for the centre’s decision to restructure the management of the bank. MUMBAI: The Enforcement Directorate (ED) conducted searches at the Mumbai residence of Yes Bank founder Rana Kapoor shortly after the finance minister held …

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DRAFT ‘YES BANK LTD. RECONSTRUCTION SCHEME, 2020’

Preamble Yes Bank Ltd. is a banking company registered under the Companies Act, 1956 and carrying on the business of banking in India; The rapidly deteriorating financial position of the Yes Bank Ltd. relating to liquidity, capital and other critical parameters, and the absence of any credible plan for infusion of capital has necessitated Reserve …

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ALERT : YES BANK PLACED UNDER MORATORIUM. WITHDRAWALS CAPPED AT RS. 50,000 TILL FURTHER ORDER

The financial position of Yes Bank Ltd. (the bank) has undergone a steady decline largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits. The bank has also experienced serious governance issues and practices in the …

ALERT : YES BANK PLACED UNDER MORATORIUM. WITHDRAWALS CAPPED AT RS. 50,000 TILL FURTHER ORDER Read More »