The first two decades after independence, India had almost a constant peg against the US dollar at Rs.4.75/$, how the value of Indian Rupee drifted down to present level? In replying to the above question, I would like to add-on how our economy has been time and again battered due to various factors which led…
The penal measures that can be taken against wilful defaulters are outlined in RBI circular DBR.CID.BC.No.22/20.16.003/2015-16 dated July 1, 2015. In this regard, RBI made an observation that the Photographs of defaulters/guarantors are published indiscriminately by some of the lending institutions. In this context, the apex bank has directed lending institutions as under. (i) A…
(This article explains three methods of depreciation applied on fixed assets and the meaning of amortization and difference between depreciation and amortization.) Depreciation means writing off the value of an asset over a period of time due to wear and tear, age and obsolesces. There are three major methods of charging depreciation or recognition of the cost…
The Income Declaration Scheme, 2016 has come into effect from June 1, 2016. Under the said scheme, the declarants may pay their tax dues in cash at the Bank counters. In this connection, RBI invites attention to its circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008, wherein banks have been advised to ensure that their branches invariably accept…
There is no prescribed format for a WILL; you can write a WILL in your own language in your own style. It is not necessary that any technical words or terms of art be used, no need to approach a lawyer to prepare a “WILL”, but only that the wording used in the ‘WILL’ shall…
The term WILL is, defined under Section 2(h) of the Indian Succession Act 1925. It is a declaration in writing by the Testator (A person who makes a will), showing how his/her properties and assets should be distributed after his/her death. The WILL surpasses the succession law on inheritance. The person, whose name is mentioned…
In terms of section 18 of Registration act, the registration of a WILL is not compulsory. In the case of Ishwardeo Narain Singh vs Kamta Devi ( AIR 1954 SC280), the Supreme Court also held and observed that in a majority of cases wills are not registered and to draw any inference against the genuineness…
The provisions of nomination are found in various Acts like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts. You might have made nominations for all your bank deposits, real estate assets in the co-operative housing society, Bank lockers, insurance policies, mutual funds, shares etc. Therefore, you assume that nominations made by you…
Reserve Bank of India, directed today (September 1, 2016) that with effect from January 1, 2017, all Credit Information Companies (CICs) shall provide access, upon request and after due authentication of the requester, to a free full credit report (FFCR) once in a calendar year (January to December) to individuals whose credit history is available…