Articles
Govt Notifications /Circulars
RBI directed banks not to finance for purchase of gold
RBI directed banks not to finance for purchase of gold The Reserve Bank today directed banks not  to give loans for purchase of  gold in any form, including primary gold, bullion and jewellery, to dissuade people from indulging in speculative activity.     The related RBI Circular RBI/2012-13/296 DBOD.No.Dir.BC.57/13.03.00/2012-13 November 19, 2012 All Scheduled Commercial Banks (excluding RRBs) ...
How to change name in demat account
How to change name in demat account Sometimes one needs to change the name in demat account. This may be because of changing the name or after marriage, the name changed. So it's hard to maintain account with the old name. But there was a complex procedure earlier for change the name of beneficial account. SEBI simplifies the procedure for change the name in beneficial account with a circular no. 27/2012 dated 01-11-2012. Full circular is...
Person without bank account can also use NEFT facility to transfer money to other bank account
Person  without bank account can also use NEFT facility to transfer money to other bank account   Reserve bank of India issued a notification about NEFT(National electronic fund transfer) system. With the facility of NEFT, one can transfer the funds to any other bank throughout the country with a minimal charges. The funds is transferred same day or maximum next day.   RBI issued that the person who has not bank account also do NEFT by depositin...
List of Companies authorized to issue Tax-Free Bonds during FY 2012-2013
List of Companies authorized to issue Tax-Free Bonds during FY  2012-2013 NRIs are also eligible to invest in this bond on repatriation as well as non repatriation basis   SECTION 10(15), ITEM (h) OF SUB-CLAUSE (iv) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – INTEREST ON BONDS/DEBENTURES – SPECIFIED COMPANIES AUTHORIZED TO ISSUE TAX-FREE, SECURD, REDEEMABLE, NON-CONVERTIBLE BONDS DURING F.Y. 2012-13 Notification No. 46/2012 [F. No. 178/60/2012-(ITA.1)], dated 6-11-2012 In e...
Banking facilities for persons resident outside India
Banking facilities for persons resident outside India Reserve bank of India has issued a circular about banking facilities to the person resident outside India.Foreign resident needs banking facilities for doing business, invest in share market etc. So RBI issued a circular no. 45 dated 22 October 2012 about what facilities to be provided to the non resident of India. Full circular is as under. Facilities for Persons Resident outside India – FIIs Attention of Authorised Dealers Category – I (AD C...
Amendments to Capital Gains Account Scheme, 2012
Amendments to Capital Gains Account Scheme, 2012 NOTIFICATION NO 44/2012, Dated: October 25, 2012 In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B sub-section (2) of section 54D sub-section (4) of section 54F sub-section (2) of section 54G and sub-section (2) of section 54GB of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme to amend the CapitalGains Account Scheme, 1988, namely:- 1. (1) This Sc...
RBI Second Quarter Review of Monetary Policy 2012-13
RBI Second Quarter Review of Monetary Policy 2012-13 By Dr. D. Subbarao Introduction Over the last quarter, policymakers around the world have confronted increasingly difficult challenges. Globally, even as the growth momentum has slowed, governments have had to manage the balance between fiscal consolidation and growth stimulus amidst visible signs that the two objectives are in conflict with each other. As the advanced economies (AEs) deal with these tensions and global demand conditions weaken, emerging ...
PRAVASI IDENTITY CARD
PRAVASI IDENTITY CARD The Non Resident Keralite Identity Card was introduced in August 2008. The NRKs who are either residing or working abroad for atleast 6 months and have completed 18 years of age are eligible for applying the card. The validity of the card is 3 years. The NRKs may submit their application along with the self attested copies of the relevant pages of passport and visa. The registration fee is Rs. 300/- per person. The New India Insurance Company will provide an insurance coverage upto Rs.2 la...
Grievance Redressal Mechanism in Banks
RBI/2011-12/426 DBOD.No. Leg.BC.83/ 09.07.005/2011-12 March 5, 2012 All Scheduled Commercial Banks (excluding RRBs) Dear Sir Grievance Redressal Mechanism in Banks – Display of Names of Nodal Officers Please refer to our Circular DBOD.No.Leg.BC.24 /09.07.005/2009-10 dated July  21, 2009 wherein banks were, inter alia, advised to display the names and other details of the officials at their Head Office / Zonal Offices / Regional Offices  including the names of the Nodal Officers ...

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