Cash/ready rate, tom rate, Spot and forward rates are settlement prices of cash, tom, spot & forward contracts. The cross rates are exchange rate between two currencies computed by reference to a third currency, usually the US dollar. For example, USD is used to compute a business transaction between India and Germany although USD is…
What is Sukanya Samriddhi Account scheme? Sukanya Samriddhi scheme is launched with a view to encourage savings and to promote the education of girl child. The money saved under the scheme will be convenient for pursuing higher education of girl child and incentives to parent/guardian under the Income-tax Act. Who is eligible to open Sukanya…
NSCs are one of the safest tax saving investments available to the investors with assured returns and tax benefits. These certificates are issued at all Post Offices. NSCs are available in two series with effect from 01.04.2012 viz. NSC VIII issue and NSC IX issue. Income Tax deductions Investment of Rs.1.50 lakh in the 5…
Adequate capital is required by banks to absorb any losses that arise during the normal course of the bank’s operations. As per recommendations of Basel III capital requirements banks’ capital is split into two categories viz. Tier I and Tier II for supervisory purposes. Tier 1 capital is the term used to refer core component…
PPF – TAX rule (EEE): Investment in PPF is eligible for tax exemption u/s 80C IT act. Income is exempt from tax, and Redemption proceeds are not added to tax PPF is one of the top-ranked investments all these years because of the following advantages. The balance available in PPF account is free from court…
Sufficient capital is required by banks to absorb any losses that arise during the normal course of the bank’s operations. The Capital of a bank is divided into different tiers according to the characteristics / qualities of each qualifying instrument. The Basel III framework tightens the capital requirements by limiting the type of capital into…
A Deferred Tax Asset is an asset on an organisation’s balance sheet that may be used to reduce taxable income. The DTAs are associated with accumulated losses and other such assets. Such losses should be deducted in full from CET1 capital of the Banks. The Common Equity Tier 1 (CET1) is a component of Tier…
“No Progress in Talks! Stalemate continues” “In today’s discussion with IBA, we (UFBU) reiterated 1. Their offer of 6% should be substantially improved 2. Performance Linked Pay should be delinked from wage revision and 3. Resolution of mandate issue – IBA repeated their proposal that wage increase should be linked to paying capacity – we…
From the UIIC/IBA circular dated 06-10-18, on UIIC Group Health Insurance Policy for Bank Retirees, it could be interpreted as under: A cover of RS 4 lakh WITHOUT Domiciliary, costs annual premium including GST is Rs 28,792/- to a retiree officer. Whereas for a cover of RS 4 lakh WITH Domiciliary annual premium (including GST)…
Renewal of UIIC Group Health Insurance Policy for Bank Retirees’ for the period 01.11.2018 to 31.10.2019 The renewal premium payable as per last year options and options for reduced basic insurance are given below under Option I, Option II, Option III & Option IV(a) & IV (b) OPTION I RENEWAL WITHOUT DOMICILIARY…