News
No car loan from SBI if income is less than 6 lacs (12-09-2013)
    No car loan from SBI if income is less than 6 lacs (12-09-2013)   Individuals with annual income of less than Rs. 6 lakh will not get a car loan from State Bank of India (SBI) as the bank has tightened eligibility conditions for its four-wheeler loan scheme with a view to minimising possible defaults. The eligibility limit for loan issuance to salaried individuals for car purchase has been raised from Rs. 2.5 lakh per annum to Rs. 6 lakh per annum, as per a recen...
The National Food Security Bill, 2013 Receives the Assent of the President
  The National Food Security Bill, 2013 Receives the Assent of the President   The National Food Security Bill, 2013 Receives the Assent of the President Published in the Gazette of India as Act No. 20 of 2013 The National Food Security Bill, 2013 has received the assent of the President of India. It has now been published in the Gazette of India, Extraordinary, Part-II, Section-1, dated the 10th September 2013 as Act No. 20 of 2013.
Don’t carry rupees to India - UAE central bank
    The UAE Central Bank has asked banks and money exchange houses in the country to advise their NRI (non-resident Indian) customers against carrying rupees while travelling to India not exceeding an amount of Rs. 7,500.00 applicable for Indian Citizens and foreign travelersto India are strictly prohibited from brining cash Indian currency into India (the related UAE Central Bank Circular is attached for your information) But vide&nbs...
LIC HFL launches “hagyalakshmi plus and New Fixed 10 home loan schemes
  LIC HFL launches “hagyalakshmi plus and New Fixed 10 home loan schemes LIC Housing Finance Ltd, a premier housing finance company in India launched two new home loan schemes “BHAGYALAKSHMI PLUS” and “NEW FIXED 10”. Under “BHAGYALAKSHMI PLUS” is available for women borrowers who are sole owner or first owner of the porperty, the rate of interest will be fixed for the first two years at 10.35% for loans up to Rs. 75 lacs and floating rate thereafter. Und...
Special counters for filing income tax return in Delhi for extended period upto 5 August
  Special counters for filing income tax return in Delhi for extended period upto 5 August Income tax department set up special counters in Delhi for filing income tax return for the extended period from 31 July 2013 to 5 August 2013. Earlier income tax department also extended due date for filing income tax return up to 5 August 2013.  In view of extension of due date for filing of return of Income, special arrangements has been made for accepting th...
Railways to launch Ticket Booking through SMS
Railways to launch Ticket Booking through SMS Railways to Launch Ticket Booking through Non-Internet based Mobile Phones with Effect from 1st July 2013 With an aim to further facilitate the passengers, Indian Railways Catering & Tourism Corporation (IRCTC),a public Sector Undertaking of the Ministry of Railways, will be launching a pilot project of ticketing through non-internet based mobile phones with effect from 1st July 2013. This will enable people using non-internet based mobile phones to easily access Rail...
Restriction on banks loans against gold
Restriction on banks loans against gold In a bid to curb demand for gold, the Reserve Bank Monday (27-May-2013) imposed restrictions on banks and NBFCs for providing loans against gold Coins as well as units of  gold ETFs and Mutual Funds. It  is advised that while granting advance against the security of specially minted gold coins sold by them, banks should ensure that the weights of the coin does not exceed 50 grams per customer,” RBI said in a notification to banks. Also banks have been asked to ens...
No wealth tax on agriculture land
No wealth tax on agriculture land Finance bill 2013-14 has passed in Lok Sabha on Tuesday 30 April 2013 and there are some amendments in the rules of taxation. The new amendment rules are as under. As per the latest amendments  no wealth tax will be levy on agriculture land. The existing and revised  rules are as follows. Existing Rule    The urban land is not chargeable to wealth-tax if it is a land: (1)   On which construction of a building is not permissible under any law...
Inflation Indexed Bonds will be open for investment from 4th June
Inflation Indexed Bonds will be open for investment from 4th June   The first tranche of the IIBs-2013-14 for Rs1,000-Rs2,000 crore will be issued on 4th June, and the maturity period of these bonds will be 10 years The Reserve Bank of India (RBI) today announced it will launch inflation-linked bonds every month, starting 4th June, to attract household savings of up to Rs15,000 crore this fiscal so as to discourage investments in gold. “RBI, in consultation with the Government of India, has...
RBI announces rate of interest on Floating Rate Bonds, 2014
RBI announces rate of interest on Floating Rate Bonds, 2014 The rate of interest on the Floating Rate Bonds, 2014 (FRB, 2014) applicable for the year (May 20, 2013 to May 19, 2014) shall be 7.54 percent per annum. It may be recalled that the rate of interest on the FRB, 2014 was set at a spread (as decided in the auction held on May 19, 2003) over and above the variable base rate to be announced annually. The variable base rate for payment of interest shall be the average rate (rounded off up to two decimal places) o...

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