We advise that the Equitas Small Finance Bank Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.PSBD.No.7144/16.02.002/2016-17 dated December 23, 2016, and published in the Gazette of India (Part III – Section 4) dated February 4- February 10, 2017.
On a review, it has been decided to increase the quantum of loan that could be granted under the scheme, from Rs.1.00 lakh to Rs.2.00 lakh subject to the following conditions:
n order to operationalise the above, RBI will reimburse banks the MDR on debit cards used for payment of tax and non-tax dues to the Government of India with effect from January 1, 2017.
Recent developments have given a fillip to electronic transactions including card payments even at smaller merchant establishments. Keeping this in mind, for encouraging a wider segment of merchants to accept card payments, consultations were held with stakeholders for rationalising the MDR structure for debit card transactions.
The Government of Telangana vide Gazette Notification dated October 11, 2016 had notified the formation of twenty one new districts in the State of Telangana. It has been decided to assign the lead bank responsibility of the twenty one new districts as detailed below:-
Now, it is easier for the middle and relatively lower income group to avail and enjoy the legal services of the country. The Hon’ble Supreme Court of India has introduced the Middle Income Group Scheme.
his Court in Paras Buildtech India Pvt. Ltd. v. Commissioner of Income Tax (2016) 382 ITR 630 (Del) had noted that this method is a known and recognised method of accounting, and was approved as a proper one. The Court had also relied on CIT v. Bilahari Investment Pvt. Ltd. (2008) 299 ITR 1 (SC).
Union Cabinet has approved the acquisition by State Bank of India of its subsidiary banks namely State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.
Government’s policy of insuring the uninsured has gradually pushed insurance penetration in the country and proliferation of insurance schemes are expected to catapult this key ratio beyond 4 per cent mark by the end of this year, reveals the ASSOCHAM latest paper.
The government of India offered incentives bonanza for small traders going digital. The government has announced 2% rebate in income tax for small traders and businesses having a turnover of up to INR 2 crores annually for receiving payments via digital mode instead of cash.
