The identification of nominee whether resident or non-resident, the procedure is the same. The nominee can be identified by: Nominee swearing an affidavit before a Notary/Judicial Authority. Or Two officers of the Bank. Or Clients of the Branch or persons of repute known to the Branch. The settlement of the claim involves the following procedures.…
Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other States and Union territories where it is not a holiday,…
Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other States and Union territories where it is not a holiday,…
Section 42 of the Indian Partnership Act, 1932 (“Act”) provides for dissolution of partnership on occurrence of certain contingencies which includes ‘death of the partner’ or ‘adjudication of a partner as an insolvent’ or if constituted for a fixed term, by the expiry of that term, etc.as one of those contingencies. However, the partnership need…
The FEDAI Rules (10th edition) for import transactions came in to force with effect from 01 April 2019. Regarding foreign exchange contracts the FEDAI rule 5 specifies the norms detailed as below. Contract amounts: FEDAI rule 5.1 states that any ‘Exchange contracts’ shall be for definite amounts and periods”. Whenever a bill contract mentions more…
With effect from April 1st, 2013, the bank carrying out inter-bank VOSTRO transfer by RTGS should follow the procedure as detailed below as per FEDAI rule no. 4.6; i) In the “remark” column of RTGS message related to Vostro Accounts with two banks, the remitting bank should mention that “We undertake to send form A3…
The 10th edition of FEDAI Rules came in force from 01 April 2019. The FEDAI rule 4.1 deals with Outward Remittance, Rule 4.2 deals with encashment of foreign currency notes and instruments, Rule 4.3 deals with Payment of foreign inward remittance, Rule 4.4 deals with the applicable exchange rate for conversion of the foreign currency,…
The FEDAI Rules (10th edition) for import transactions came in to force with effect from 01 April 2019. The FEDAI rule 3.1 deals with the application of exchange rate, rule 3.2 deals with the application of Interest, rule 3.3 deals with crystallisation of Import Bill under Letters of Credit as detailed below; Application of exchange…
The revised FEDAI Rules (10th edition) for export transactions came in to force with effect from 01 April 2019. The FEDAI rule 2.1 deals with Post shipment Credit in Rupees, Application of Interest, Normal Transit Period, Substitution/Change in Tenor, and Export Bills sent for collection. Post shipment credit in Rupees:The exchange rate for post-shipment Foreign…
On Friday (15th November 2019), the Ministry of Corporate affairs notified “Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019”. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART II, SECTION 3, SUBSECTION (i)]. The new rule called in short as “Insolvency and Bankruptcy rule 2019” shall come…