Government Policy, Finance and general News and Articles

The Indian Stamp Act, 1899, nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp paper for which he has no immediate use (which is not spoiled or rendered unfit or useless), can seek refund of the value thereof by surrendering such stamp paper to the Collector provided it was purchased within the period of six months next preceding the date on which it was so surrendered. The stipulation of the period of.. Full Article

The petrol price was hiked today by a record Rs 7.54 per litre as rupee had a free fall, an unpopular decision that was attacked by allies of UPA government who demanded its immediate rollback holding it as unacceptable. Full Article

What is Electronic Clearing Service (ECS)? It is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. This is normally for bulk transfers from one account to many accounts or vice-versa. This can be used both for making payments like distribution of dividend, interest, salary, pension, etc. by institutions or for collection of amounts for purposes such as payments to utility companies like telephone,.. Full Article

You can now access your Credit Information Report (CIR) directly from CIBIL. As you may be aware, your CIBIL CIR is a factual record of your credit payment history compiled from information received from credit grantors. The purpose is to help credit grantors make informed lending decisions - quickly and objectively, and enable faster processing of your credit applications to help provide you speedier access to credit at better terms. Full Article

Government has hiked interest rate on contributions to General Provident Fund (GPF) and other similar funds to 8.8 per cent for 2012-13.The interest rate on such funds was 8.6 per cent during December 2011-March 2012 period, while it was 8 per cent for April-November 2011. Full Article

The Union Minister of Parliamentary Affairs & Water Resources Shri Pawan Kumar Bansal said that the government is very keen on passing of the Lokpal Bill the earliest possible. He was addressing a Press Conference on the conclusion of the Budget Session- 2012 in New Delhi today. The Budget Session of the Parliament which commenced on 12th March 2012 has been adjourned sine die on 22nd May 2012. Full Article

Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) today announced profit growth of 109 per cent. Profit after tax for FY 2011-12 stood at Rs. 211 crores, up from Rs. 101 crores the previous year. The Company has wiped out all its accumulated losses and added Rs. 51 crores to its net worth which now stands at Rs. 613 crores. Full Article

When the new financial year come up, part of the Indian corporate is fully energized to restructure their loan/debt portfolio. Yes this is the prime time for the Indian corporate to go for restructuring their huge outstanding loan books and increasing the debt of the bank which is the tax earning money of the government. Full Article