The Centre decides to increase the Dearness Allowance (DA) of central government employees for July 2019. According to reports, the CG employees would be getting 17 percent Dearness Allowance (DA) for July 2019 to October 2019. It is expected that the same DA will continue until January 2020. The present, DA for Central govt employees…
For individuals: No change in personal income tax slabs. Full tax rebate on taxable income (after all applicable deductions) up to Rs. 5 Lakh continues as announced in the interim budget of 2019. 3% surcharge for those in the income bracket ₹2 crore to5 crore, and 7% surcharge on income of ₹5 crore and above.…
RBI fixed base rate of 9.18 for Non-Banking finance Companies and Microfinance Institutions effective from July 1st 2019. So the borrowers of these institutions will be charged not less than the above base rate for the quarter beginning from July 1. The Reserve Bank of India in a circular during 2014 had communicated to NBFCs…
RBI today (June 24, 2019) launched the “Complaint Management System (CMS)” to facilitate grievance redressal process. CMS portal is a software application through which public can access at RBI website to lodge their online complaints against any of the entities regulated by RBI with public interface such as commercial banks, Urban Co-operative banks, Non-Banking Financial…
RBI vide its notification RBI/2018-19/189 DPSS (CO) RTGS No. 2488/04.04.016/2018-19 dated 28.05.2019 announced that it has extended the timings for customer transactions (initial cut-off) in RTGS time window from 4:30 pm to 6:00 pm. with effect from June 01.06.2019 which will be asunder. Sr. No. Event Time 1. Open for Business 08:00 hours 2. Customer…
As per committee on currency Chest (Chaired :Shri.D.K.Mohanty) recommendation, RBI advised the banks that they shall follow the below procedure. Cash indents by the Service Provider shall be made at least a day in advance (T-1 where T is the day of cash loading), in consultation with the chest / nodal branch. Cash withdrawal points…
Mr.Yogesh Dayal, Chief General Manger of RBI in his press release dated Apr 20, 2019 clarified that RBI has not issued any direction on 5 days week in banks and the above information appeared in media reports is not factually correct. The reason for the above clarification on press release is necessitated because of certain…
In terms of notification No. FEMA 10(R)(2)/2019-RB dated February 27, 2019, the Reserve Bankof India on April 2019 advised all ategory – I Authorised Dealers and Authorised Banks that they may open interest free foreign currency accounts for reinsurance brokers. A According to the notification, re-insurance and composite insurance brokers registered with IRDA may open…
Reserve Bank of India (RBI) in its press release announced that it has learnt merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL)through media. As per media news above entities have made a merger announcement on April 5, 2019 with approval of their respective Boards. RBI’s disclaimer said that a section of…
Reserve Bank of India (RBI) has today (April 4, 2019)announced its first Bi-Monthly Monetary Policy Rates for 2019-20 in Mumbai. The Monitory Policy Committee (MPC) of Reserve Bank of India On the basis of an assessment of the current and evolving macroeconomic situation at its meeting decided to reduce the policy repo rate under the…