Please refer to our circular RPCD.CO.RRB.BC.No.19/03.05.33/2009-10 dated September 11, 2010 on the captioned subject, in which it has been stated that the practice of collection of cheques crossed ‘account payee’ through third party accounts (of co-operative credit societies) is not permissible. However, to facilitate collection of cheques from a payment system angle, it has been clarified therein that sub-members of the clearing houses may collect the cheques of their customers for the credit to their accounts through the sponsor member, under certain circumstances referred to therein.
It is also confirmed that the appointed director (s) whose particulars are given above, has given a declaration to the company that he/she has not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court.
Banks are hereby advised to put in place appropriate systems and procedures to ensure compliance with the above prescriptions. The guidelines are issued under the powers vested with Reserve Bank of India under Section 10(2) of the Payment & Settlement Systems Act, 2007 and would come into effect from January 1, 2011. The instructions would be reviewed and suitable changes will be effected, if necessary, based on operational experience and general feedback.
In continuation of our letter DBOD.No.FID.FIC.5 /01.02.00/2008-09 dated February 26, 2009 on the captioned subject, please find enclosed Circular DBOD No.BP.No. 49/ 21.04.132/2010-11 dated October 7, 2010 on `Prudential Guidelines on Restructuring of Advances by Banks’ issued to scheduled commercial banks. In this connection, it is advised that these guidelines, shall apply mutatis mutandis to the select All-India Financial Institutions (AIFIs).
Notification No. 79/2010-Income Tax Section 80E of the Income-tax Act, 1961- Deduction – In respect of interest on loan taken for higher education – Financial institution notified for purpose of section 80E(3)(b)
It has been brought to our notice by the Secretary, Government of India, Ministry of Minority Affairs that banks are not opening ‘no-frills’ accounts in favour of students from minority communities who wish to avail of the scholarships being awarded by the Ministry through the State/UT Governments. This is causing hardship to the applicants for scholarship schemes of the Government and is inviting criticism.
In exercise of the powers conferred by section 30 of the Securities and Exchange’ Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Employees’ Service) Regulations, 2001, namely
The principal rules were published tide number G.S.R. 649(E), dated the 19th October. 2006 and were last amended vide number (3.S.K. 765(E). dated 29th March, 7007.
NC Notification No. 83/2010-Income Tax WHEREAS by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 466(E) dated the 29th March, 2007, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 1, “Satya Bharti Schools
NC Notification No. 82/2010-Income Tax WHEREAS by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 466(E) dated the 29th March, 2007, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 21, “(i ) Running and Maintenance
