Community & General News
Modification in PPF Scheme: Deposit Limit Raised from Rs. 70,000 to Rs. One Lac while Rate of Interest on Advances Against Deposits in PPF Scheme Raised from 1% to 2 Percentage Points
06 September 2011 at 18:09The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on various small savings schemes with
Reduction of Taxes on Petro-Products
06 September 2011 at 18:03With effect from 25th June, 2011, the Central Government has reduced basic customs duties on crude from 5% to Nil, on petrol and diesel from 7.5% to 2.5% and on other petroleum products from 10% to 5%. Similarly, the basic excise du
Government Takes Necessary Action to Protect Markets while Keeping Close Watch on Global Developments
06 September 2011 at 18:03The uncertainty in the global markets due to recent developments in United States of America (USA) and Eurozone has had some impact on major markets across the globe, including India. However, Indian markets were less affected as compared to some
Branch Expansion of Foreign Banks in India
03 September 2011 at 11:37As on 29.8.2011, 38 foreign banks are functioning with 321 branches in India. Reserve Bank of India has givenfollowing approvals for opening maiden branch/branch expansion in India during 2010 and 2100:- Branch/Branch expansion in India du
Indian Growth Story to Remain Largely Intact
03 September 2011 at 11:37The uncertainty in the global markets due to recent developments in United States of America (USA) and Euorzone have had some impact on capital markets in India. The economy, however, is basically domestic demand driven, as about 85 per cent of it
Government takes Various Steps to Curb Circulation of Fake Currency
03 September 2011 at 11:20The steps taken by the Government to curb circulation of Fake Indian Currency Notes (FICN) in the country include stepping up of vigilance by the Border Security Force and Custom authorities to prevent smuggling of fake notes; dissemination of i
Legislation for Protection of Interest of Depositors
03 September 2011 at 11:36The Reserve Bank of India (RBI) Act, 1934 provides adequate protection to small depositors in financial institutions. The interest of Depositors in financial establishments can be broadly divided into two segments (a) companies registered as Non-Ba
FEMA Violations - Not to be prosecuted as a civil in nature
03 September 2011 at 11:37The Foreign Exchange Management Act, 1999 is a civil act in nature as such there is no provision for launching the prosecutions. During the last three years i.e. 2009-10,2010-11 and 2011-12 (upto July 2011) , the Directorate of Enforcement has
ICAI - President's Message - September 2011
30 August 2011 at 15:22Let me first offer my sincere regards to the former President of India and great philosopher Dr. Sarvepalli Radhakrishnan on the eve of the Teachers Day that is celebrated on 5th September, i.e. his birthday
RBI releases Draft Guidelines for Licensing of New Banks in the Private Sector
29 August 2011 at 15:48RBI releases Draft Guidelines for Licensing of New Banks in the Private Sector The Reserve Bank of India released on its website today, the Draft Guidelines for “Licensing of New Banks in the Private Sector”. The Reserve Bank has
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