Category Archives: Finance

New Pension Scheme and Post-Retirement Medical Schemes for Employees of Food Corporation of India

Cabinet approves introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees of Food Corporation of India The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees of Food Corporation of… Read More »

Govt Guidelines for approval of Public Funded Schemes and Projects

New forward looking Guidelines issued by Department of Expenditure, Ministry of Finance to improve the efficiency with which Public Funded Schemes and Projects are appraised and approved; In order to bring-in the concept of outcome evaluation to improve the delivery of public goods and services to the citizens. In order to build a growth friendly… Read More »

Sections 188 to 194 of Insolvency and Bankruptcy Code 2016 Comes into force w.e.f 5.08.2016.

Insolvency and Bankruptcy Code 2016 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 5th August, 2016 S.O.2618(E).—In exercise of the powers conferred by the proviso to sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 5th of August, 2016 as the date on… Read More »

START-UP INDIA-Coverage and Eligibility

START-UP INDIA-Coverage and Eligibility             Till date 728 applications have been received in the Startup India portal. Out of them, 180 applications are complete and have been recognized as startups by Department of Industrial Policy and Promotion (DIPP). Only 16 applicants are incorporated after 1.04.2016 and are thus eligible for consideration for tax benefits,… Read More »

Foreign Investment under ‘MAKE IN INDIA’ Programme

Foreign Investment under ‘MAKE IN INDIA’ Programme               The `Make in India’ initiative was launched in September, 2014 with the aims of promoting India as an important investment destination and a global hub for manufacturing, design, and innovation. Thereafter, during the period October, 2014 to May, 2016, the FDI equity inflow has increased by… Read More »

Merger of Nationalised banks in India

Merger of Nationalised banks The guiding principle for the consolidation process of banking in India was suggested by Narasimham Committee. According to which any initiative with respect to merger of public sector banks has to come from the Boards of the banks concerned, the extant legal framework, keeping in view the synergies and benefits of… Read More »

Foreign funded NGOs

Foreign funded NGOs Government has cancelled the FCRA registration of NGOs based on the violation of provisions of FCRA, 2010. Government has taken action only in those cases where violations of FCRA have come to notice, specifically if they are reported. Ministry of External Affairs has communicated a write up containing certain views of UN… Read More »

Rs.22,915 crore allocated for Public Sector Banks

Rs.22, 915 crore allocated for the capitalization needs of Public Sector Banks during the year 2016-17 In line with the announcements made under Indradhanush and the Union Budget, Government has undertaken an exercise to assess the capitalization needs of Public Sector Banks during the year 2016-17.  The capital infusion exercise for the current year is… Read More »

New Features Released For National Pension System Subscribers

New Features Released For NPS Subscribers Pension Fund Regulatory and Development Authority (PFRDA) takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc. In this regard, recently many new… Read More »

India’s Foreign Trade: June, 2016

India’s Foreign Trade: June, 2016 MERCHANDISE TRADE   EXPORTS (including re-exports) For the first time after a gap of 18 months, exports in June 2016 have recorded a positive growth of 1.27%. During June,2016 exports were valued at US$ 22572.30 million (Rs.151904.56 crore) which was 1.27 per cent higher in Dollar terms (6.72 per cent higher… Read More »

Govt approved disinvestment of 15% in NBCC

Cabinet approves disinvestment of 15% in NBCC The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved the disinvestment of 15% paid up equity of National Buildings Construction Corporation Limited (NBCC) out of Government of India’s 90% shareholding. It would result in estimated receipts of Rs.1,706 crore approximately to the… Read More »

Revision of pension of BSNL Pensioners approved by govt

Cabinet approves Revision of pension of BSNL Pensioners Removing Anomalies The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the revision of pension of BSNL pensioners and family pensioners, who retired prior to 10.06.2013 by allowing the benefit of merger of 50% DA/DR with Basic Pay/ Pension, effectively amounting to 78.2%… Read More »

How creditor can recover money using Insolvency and Bankruptcy Code 2016

Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 received the Assent of President on 28.05.2016 . Read Complete Insolvency and Bankruptcy Code 2016 Notified by the Government. This Code has two parts i.e. Part II for Corporate Debtors (applicable for Companies and LLPs) and Part III, IV and V applicable to individuals and partnership firms.… Read More »

100% FDI in E commerce, Defence, Aviation allowed

Major impetus to job creation and infrastructure: Radical changes in FDI policy regime; Most sectors on automatic route for FDI 20.06.2016 The Union Government has radically liberalized the FDI regime today, with the objective of providing major impetus to employment and job creation in India. The decision was taken at a high-level meeting chaired by… Read More »

NRIs can now subscribe to NPS online through eNPS

Non Resident Indians (NRIs) can now join and subscribe to NPS online through eNPS NRIs have a pivotal role to play in the Indian economy. India has the second-largest Diaspora in the world, with around 29 million people living in over 200 countries and out of these 25% live in the Gulf countries. Most of… Read More »

Government approves 3 proposals of FDI Rs 60.73 crore

Government approves three (3) proposals of Foreign Direct Investment (FDI) amounting to Rs. 60.73 crore approximately; recommends one proposal for approval of CCEA involving FDI of Rs. 12,973.14 crore. Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 234th meeting held on 29th April 2016, the Government has approved three FDI… Read More »

Interest on Loans to Govt. employees for construction/Purchase of houses/flats

Rates of interest on advances and Loans to Govt. employees, for construction/Purchase of houses/flats No.5(3)-B(PD)/2015 Government of India Ministry of Finance Department of Economic Affairs (Budget Division) Room No. 263-B, North Block, New Delhi dated the 3rd February, 2016. Office Memorandum The undersigned state-that the rates of interest on advances and loans given to Government… Read More »

8 temples deposited gold under Gold Monetization Scheme

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Gold Monetization Scheme: Deposits by Temple/Religious Bodies Eight (08) temples have deposited gold under Gold Monetization Scheme, 2015 so far and the State-wise details are as under:   Name of the State Number of temples deposited gold under GMS Tamil Nadu 04 Maharashtra 02… Read More »

Interest subsidy on housing loans for the urban poor increased from 5.00% to 6.50%

No discrimination in housing sanctions to States, asserts Shri M.Venkaiah Naidu States empowered to sanction houses, more funds will be sought based on proposals received, says Minister Central Assistance to Prime Minister’s Awas Yojana (Urban ) substantially hiked Members say availability of land and resources key for success of housing mission Minster warns of strict… Read More »

Govt Action Against Ponzi Scheme Offenders

Action Against Ponzi Scheme Offenders The Government is committed to tackle the menace of unregulated ponzi deposit-taking schemes and take action against the offenders. The Ministry of Corporate Affairs has ordered investigations through Serious Fraud Investigation Office (SFIO) under Section 235 of the Companies Act, 1956 and Section 212 of the Companies Act, 2013 into… Read More »

Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill

Legislative Framework for Regulating Deposit Taking Activities The Government of India had constituted an Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit taking activities and to suggest administrative / legislative measures, including formulation of a new law, to cover all relevant aspects of ‘Deposit Taking’. IMG has finalized its Report… Read More »


MASTER DIRECTION – INSURANCE FED MASTER DIRECTION NO.9 (2015-16), DATED 1-1-2016 Issuance of insurance is regulated under sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999, (42 of 1999), read with Notification No.FEMA.12/2000- RB, dated May 3, 2000. These Regulations are amended from time to time to incorporate the changes in the… Read More »

Swabhiman Campaign of Banks

Swabhiman Campaign Under the Swabhimaan campaign, the banks were advised to provide appropriate banking facilities to habitations having a population in excess of 2000 (as per 2001 census) by March 2012. The banks identified approximately 74000 habitations across the country having a population of over 2000 for providing banking facilities. As per reports received from… Read More »

Bank Board Bureau stared functioning with effect from 1.4.2016

Bank Board Bureau With the approval of Appointments Committee of the Cabinet (ACC), the Government has set-up an autonomous Banks Board Bureau (BBB), which has stared functioning with effect from 1.4.2016. The Bureau will search and select heads of public Sector Banks/Financial Institutions and help them in developing differentiated strategies and capital raising plans through… Read More »

Atal Pension Yojana Amendment

Amendment in the existing Atal Pension Yojana The Government has made following amendment in the existing Atal Pension Yojana (APY) vide Government Notification F. No. 16//1/2015 PR dated 22nd March, 2016. Option to the spouse of the subscriber to continue contribution to APY on death of subscriber before the age of 60 years: “If the… Read More »

Risk Weight of investments in Corporate Bonds by Standalone Primary Dealers (SPDs)

RBI/2015-16/388 DNBR.CO.PD.No.080/03.10.01/2015-16 April 28, 2016 All Standalone Primary Dealers Madam/ Sir, Risk Weight in respect of investments in Corporate Bonds by Standalone Primary Dealers (SPDs) In terms of the Capital Adequacy Standards and Risk Management Guidelines for SPDs, risk weight of 100% has been stipulated in respect of investments in corporate bonds, for the purpose… Read More »

Public Private Partnership : Report of Committee for Revitalising

REPORT OF THE COMMITTEE ON REVISITING AND REVITALISING PUBLIC PRIVATE PARTNERSHIP MODEL OF INFRASTRUCTURE Nov 2015 by Department of Economic Affairs Ministry of Finance Public Private Partnerships (PPPs) in infrastructure refer to the provision of a public asset and service by a private partner who has been conceded the right (the “Concession”) for the purpose, for… Read More »

Investments by Foreign Countries in India

Investments by Foreign Countries                Due to the continuous reforms and initiatives being undertaken by the Government the FDI equity inflow has  recorded a growth of 44%  in its 21 months tenure (June 2014 to February 2016) from US$ 43.87 billion to US$ 63.16 billion over the preceding period of 21 months (September, 2012… Read More »

Port Congestion Surcharge withdrawn by Railway

Railways Decides to Withdraw the Levy of Port Congestion Surcharge Key benefits of withdrawal of Port Congestion Surcharge  :- The Decision is One of the Significant Steps in the Direction of Rationalization of Freight Rate Structure Initiated by the Railways Indian Railways is moving ahead with big bang reforms as announced in the Railway Budget. In… Read More »

Startup- Generally Asked Questions

Startup 1.For Startups What qualifies as a “ Startup ” for the purpose of Government schemes? An entity (Private Limited Company or Registered Partnership Firm or Limited Liability Partnership) shall be considered a “Startup” – a) Upto 5 years from the date of its incorporation/ registration, and b) If its turnover for any of the… Read More »

Liquidity Adjustment Facility reduced by RBI

RBI/2015-16/355 REF.No.MPD.BC.380 /07.01.279/2015-16 Chaitra 16, 1938 (Sake) April 5, 2016 To All Primary Dealers Dear Sir/Madam, Standing Liquidity Facilities for Primary Dealers Please refer to the First Bi-monthly Monetary Policy statement 2016-17 by Dr. Raghuram G Rajan, Governor dated April 5, 2016, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF)… Read More »

OECD statement on Panama Papers

The “Panama Papers” revelations have thrown light on Panama’s culture and secretive ways of carrying out business. Panama is the last major tax haven that continues to allow funds to be hidden offshore from tax and law enforcement authorities flouting international best practices with impunity. The OECD has been leading a global crackdown on these… Read More »

Panama Papers FAQ’s : Largest leak in offshore history

Panama Papers What are Panama Papers ? 2.6-terabyte leak of  confidential papers of Panamanian law firm called  “Mossack Fonseca ” to the International Consortium of Investigative Journalists is called Panama Papers. Mossack Fonseca was helping foreigners to set up Panamanian shell companies to hold financial assets while obscuring the identities of their real owners. The documents provide… Read More »

Finacle commands for Bank Audit

Finacle commands Selective Finacle menu options / Finacle commands for your ready reference.Few commands vary from Bank to Bank but most of them are common to all Banks using Finacle as their as their CBS application SL COMMANDS/MENUS Function of the Finacle Menu 1. AALI A/c Abnormal Limits/Details Inquiry 2. ABMR Report of Accounts Below… Read More »

Branch office in India :FEMA Regulations Notified

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] RESERVE BANK OF INDIA (Foreign Exchange Department ) (CENTRAL OFFICE ) NOTIFICATION Mumbai, the 31st March, 2016 Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016 G.S.R.384.—In exercise of… Read More »