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Based on the review of progress made under the National Strategy for financial education 2013-18 and keeping in view the various developments that have taken place over the last 5 years, notably the Pradhan Mantri Jan Dhan Yojana (PMJDY), the National Centre for Financial Education (NCFE) in consultation with the four Financial Sector Reg...

Over the past five years India has become not only the world’s second-largest sending market – after only China – but also one of the fastest-growing sources of outbound students. Now, there are many provisions of FEMA which is applicable to students going abroad such as their Residential status, Remittance facilities, Educational l...

What is NBFC? Non-banking financial companies (NBFCs), also known as non-banking financial institutions (NBFIs) are entities that provide certain bank-like and financial services but do not hold a banking license. NBFCs are not subject to the banking regulations and oversight by federal and state authorities adhered to by traditional bank...

In India many reforms are taking place. Another reform is to safeguard the banks money and reduce NPA of accounts. Business houses often take CC/OD facility from one bank, open current account in another bank and perform all the business transactions in that current account....

I have already written in one of my earlier articles that I was amazed to find the names of 13 companies at the entrance of an office but with no receptionist or any semblance of company activities therein.  This type of behavior of companies might have forced RBI to constitute a Working Group (WG) to […]...

1. Now Banks can’t open current accounts for borrowers who have a cash credit account with any other bank. 2. Banks with over 10% exposure can open CC/OD accts; other lenders can have collection accounts; but have to debit money only to CC/OD accounts of banks that have more than 10% exposure to borrower...

With a view to strike a balance in providing further relief to the borrowers and finding a solution to the problem faced by lenders of non-realization of EMI on account of moratorium, RBI has come up with One-time Restructuring of loans vide notification dated 06th August, 2020. This proposed restructuring is addressed to all the [&hellip...

Determining the residential status is the starting point to understand the: – The extent to which a person is regulated for cross border transactions; –The extent of the Income-tax liability. Two laws were residential status is most relevant are Income-tax Act, 1961 (ITA) and Foreign Exchange and Management Act, 1999 (FEMA). We often ...

The Reserve Bank of India (RBI) has released Statement on Developmental and Regulatory Policies dated 06th August, 2020 on account of various developmental and regulatory policy measures to enhance liquidity support for financial markets and other stakeholders; further easing of financial stress caused by COVID-19 disruptions. Payment and...

Reserve Bank of India (RBI) on August 6, 2020 vide circular no. RBI/2020-21/20 DOR. No. BP.BC/7/21.04.048/2020-21, Issued revised Guidelines on Opening Current Account with Banks, key points of which are as follows: 1. No Current Account, where Customer Availing Credit Facilities (CC/OD) from banking System 2. In Case, customer not availe...