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NRIs are now allowed to Subscribe National Pension Scheme
Reserve bank of India issued a circular no. 24 dated 29 October 2015 about subscription to National Pension Scheme by Nonresident of India.  Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. 2. With a view to enabling NRIs’ acce...
Tax Benefits of Health Insurance Policies
Tax Benefits of Health Insurance Policies The increased incidence of lifestyle-related diseases and the spiraling costs of healthcare have made it necessary for people to get health insurance coverage. You can get yourself and your family, which includes your spouse, children, parents, and other dependents, covered under health insurance. If you or members of your family are affected by a medical emergency, you’ll be flooded with exorbitant medical bills. That’s where health insurance will come in handy. ...
Small savings rates for FY 2015-16 announced
Small savings rates for FY 2015-16 announced The government today announced key small savings rates for the new fiscal, 2015-16, that starts from 1st April,2015   Public Provident Fund: 8.7 percent (unchanged from FY15) Kisan Vikas Patra: 8.7 percent (unchanged) 10 year National Savings Certificate: 8.8 percent (unchanged) 5 year NSC: 8.5 percent (unchanged) 5 year Monthly Income Scheme: 8.4 percent (unchanged) 5 year time deposit: 8.5 percent (unchanged) 5 year recurring deposit: 8.4 percent ...
Gold Monetisation Scheme (GMS)-2015 notification Issued by RBI
Gold  Monetisation Scheme (GMS)-2015 notification Issued by RBI The Reserve Bank of India today issued a Direction to all Scheduled Commercial Banks (excluding Regional Rural Banks) on implementation of the Gold Monetisation Scheme, 2015 notified by the Central Government. Main features of Gold Deposit Scheme The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withd...
Facilities for Non Resident Indians NRIs and Persons of Indian Origin (PIOs)
Facilities for Non Resident Indians NRIs and Persons of Indian Origin (PIOs) (Updated up to September 19, 2014) Source -RBI In terms of the Foreign Exchange Management Act (FEMA), 1999 a person resident outside India means a person who is not resident in India. What are the different types of accounts which can be maintained by an NRI1/PIO2 in India? If a person is NRI o...
Banknotes with new numbering pattern and special features for the visually impaired
Banknotes with new numbering pattern and special features for the visually impaired RBI/2015-16/188 DCM (Plg) No.G-6/1128/10.01.24/2015-16 September 24, 2015 The Chairman / Managing Director/ Chief Executive Officer All Banks Dear Sir /Madam Banknotes with new numbering pattern and special features for the visually impaired Reserve Bank of India is issuing Banknotes in Mahatma Gandhi Series 2005 with a new numbering pattern and special features for the visually impaired in ? 100, 500 and 1000 denominations...
Union Budget 2015
Key Features of Budget 2015-2016   Key Features of Budget 2015-2016  Presented in Lok Sabha by Finance Minister 2015-16   The Income Tax Slab rates for Assessment Year 2016-2017 (Financial Year 2015-2016) Amendments proposed under the Income-tax Act, 1961 (hereafter referred to as “the Act”). 1.    Basic Exemption Limit, Income Slabs, Rates of Taxes and Education Cess unaltered, Surcharges increased:   Income thresholds, basic tax rates and Education Ces...
Ten Tips to Protect your Smart Phone
Ten Tips to Protect your Smart Phone One day, someone you don't know may end up holding your phone. Maybe you'll forget it in a taxi, or it will be snatched out of your hand-smart phone thefts are on the rise. Your smartphone houses a lot of important information. This data includes things from personal email address inboxes to social media accounts to bank accounts. It has photos of the places you've been and people in your life. It also has a record of what you posted on Facebook or bought from your onlin...
AMFI launches all-in-one portal
AMFI launches all-in-one portal The Association of Mutual Funds in India has launched a portal www.mfuindia.com(MF Utility India) that will allow investors to buy schemes of fund houses using a single application and paying money through a single payment. Investors have to open a common account number (CAN) which will function as the unique ID number for all MF investments. Transaction facility would be open from March 4, 2015. Distributors would also benefit from 24*7 transaction submissions sitting in t...
Sukanya Samriddhi Account – specially for girl child – Eligible for deduction U/s 80C of IT Act
Sukanya Samriddhi Account – specially for girl child – Eligible for deduction U/s 80C of IT Act This Investment Scheme is for a minor girl child below the age of  10 years.  Only the natural or legal guardians are allowed to open this account in the name of girl child, and you can open only one account in her name. The government, however, has relaxed the age limit if your child turned 10 within a year before the announcement. This means that if the child turned 10 anytime between December 2013 an...

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