"22 January 1993" Archive

Guidelines on Entry of New Private Sector Banks

For well over two decades, after the nationalisation of 14 larger banks in 1969, no banks have been allowed to be set up in the private sector. Progressively, over this period, public sector banks have expanded their branch network considerably and catered to the socio-economic needs of large masses of the population, especially the weake...

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Posted Under: Fema / RBI |

Circular No. 643-Income tax dated 22-1-1993

Circular No. 643-Income tax (22/01/1993)

Circular No. 643-Income tax Section 194A of the Income-tax Act, 1961 requires any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident, any income by way of inter­est, other than interest on securities, to deduct income-tax at the prescribed rate thereon, at the time of credit of such ...

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