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These guidelines are issued under Section 35A of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) and Rule 7 of Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005.
The due diligence on entities to be engaged as the Business Facilitator / Correspondent shall factor the key risks and other risks identified of different capacities of entities. Some of the indicative parameters for due diligence of MFIs/ other entities while considering agency / funding relationship with them are given below.
Industry body Assocham on Thursday asked the government to provide exemption or concession on service tax on rentals to help the retail sector, besides scrapping the levy on dividend received by a subsidiary of a company. Representatives of the indus
A special court conducting trial in the multi-crore accounting fraud in Satyam Computers here today recorded the statements of two state government officials, while a banker was cross-examined. A sub-registrar official D Vasudeva Reddy (Medchal in R
As overseas remittances continue to jump, the Comptroller and Auditor General (CAG) is concerned that the tax collections have not matched the growth in foreign exchange earnings amid fears that some of these transactions may have completely escaped
I have read the proposed Legal Practitioners Act, 2010 and the object may appear to be good, but, it will create so many problems and further damage the profession. When it comes improving the legal system, the unfortunate thing is that we are not addressing the root problem though we are interested to make laws. Except the issue of “All India Bar Council Examination” and the issue of Judicial Standards and Accountability Bill, I have not seen any practical and reasonable steps towards correcting our legal system and strengthening it.
We have pleasure to inform you that the 52nd National Cost Convention of The Institute of Cost & Works Accountants of India is being organized by Southern India Regional Council from 6th January,2011 to 8th January,2011 in the most happening city of Chennai the State Capital of Tamilnadu. The Students and Practioners Convention are also being organized on the 5th January 2011.
The Reserve Bank of India (RBI) will release the draft guidelines for new bank licences by the end of January, its chief said here on Thursday. RBI Governor Duvvuri Subbarao told reporters after the apex bank’s board meeting that it had sought feedback from the public on several issues relating to the new licences.
Public sector Reserve Bank of India today said it has upped interest rates on its domestic term deposits by up to 1.75 per cent. The upward revision is with effect from today, the bank said in a press release issued here. For deposits of a maturity
S.O. 2926(E).—In exercise of the powers conferred by sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendment in the notification of Government of India, Ministry of Corporate Affairs, published in the Gazette of India
