Daily Archives: April 21, 2016

RBI Reference Rate-Revised Methodology

By | April 21, 2016

Computation and Dissemination of RBI Reference Rate-Revised Methodology The Reserve Bank of India (RBI) compiles and publishes on a daily basis the Reference Rate for Spot USD/INR. Under the existing methodology, the rate is arrived at through a polling process involving rates obtained from select banks. RBI had constituted a Committee on Financial Benchmarks (Chairman:… Read More »

Amalgamation of Private Sector Banks : RBI Master Directions 2016

By | April 21, 2016

RBI/DBR/2015-16/22 Master Direction DBR.PSBD.No. 96/16.13.100/2015-16 April 21, 2016 Master Direction – Amalgamation of Private Sector Banks, Directions, 2016 In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and pursuant to the Section 44A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is… Read More »

RBI caution public against placing deposits in dubious schemes

By | April 21, 2016

RBI/2015-16/378 DBR.No.Leg.BC.93/09.07.005/2015-16 April 21, 2016 The Chairman/Chief Executives of All Scheduled Commercial Banks including Regional Rural Banks/ Local Area Banks Dear Sir, Publicity in the bank branches cautioning public against placing deposits in dubious schemes You may be aware that in the recent years there have been several incidents of unscrupulous entities duping general public… Read More »

Category: RBI

Govt allowed to withdraw entire amount from provident fund

By | April 21, 2016

Government Decides to withdraw the 10th February 2016 Notification with Immediate Effect Government had issued a notification dated 10th February 2016 regarding rules for withdrawal from EPF Funds by the members. Under the revised rules, the employee was permitted to withdraw the employees’ share from the fund (which is 12% of the wages). However, it… Read More »

Exchange Rate of Foreign Currency Notified

By | April 21, 2016

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified               In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs (CBEC) No.48/2016-CUSTOMS (N.T.), dated 07th  April, 2016, except as respects… Read More »

Indian Domestic Airlines Performance for March 2016

By | April 21, 2016

Performance of Domestic Airlines for the Year 2016 Traffic data submitted by various domestic airlines has been analysed for the month of March 2016. Following are the salient features: Passengers carried by domestic airlines during Jan-Mar 2016 were 230.03 lakhs as against 185.46 lakhs during the corresponding period of previous year thereby registering a growth… Read More »

Foreign Tax Credit , Draft Rules of CBDT

By | April 21, 2016

DRAFT RULES FOR GRANTING RELIEF OR DEDUCTION UNDER SECTION 90/90A/91 OF THE INCOME-TAX ACT, 1961 LETTER [F.NO.142/24/2015-TPL], DATED 18-4-2016 Clause (ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes (CBDT) may prescribe rules specifying the procedure for the granting of relief or… Read More »