A lot of schemes have been started for development in rural sector, but these schemes can achieve its target or not? “The government’s rural jobs programme is in its youth and centre will continue to push it with further allocation this year”, is what Rural Development Minister,Mr. Narendra Singh Tomar said.He also said that under rural development they … Continue reading “Rural Development is in progress”

Union Agriculture and Farmers Welfare Minister,Shri Radha Mohan Singh launched e-Nam mobile app for farmers to connect trading markets for farmers benefits.It will be a boon for all farmers as there will be flat pricing accross the country and it will benefit poor farmers as they would not be fooled anymore by commission agents. They can get … Continue reading “e-Nam mobile app for farmers”

The Government vide Notification no. 58/2016-customs dated  5th October 2016  has made amendments in Notification no. 157/1990-customs dated  28th March 1990 related to “ Exemption to Specified goods imported for display or use at any Specified event such as meetings , Exhibitions, fairs or similar show or display” For more details refer both notifications- Link of … Continue reading “Amendments in Notification no. 157/1990-Customs dated 28th March 1990”

Rate of exchange of conversion of the foreign currency with effect from 7th October, 2016 conversion.pdf

NITI Ayog will oranise its 1st global conference on National Initiative towards Strengthening Arbitration and Enforcement in India.This conference is a step to make India the next big hub for international commercial arbitration. In recent times, India has taken many steps to facilitate ease of doing business. These include a robust bankruptcy framework, a new digital … Continue reading “NITI Ayog to organize first global conference”

RBI vide its circular dated 13.11.2016 has increased the limit for exchange of Specified Bank Notes, over the counter from the existing Rs. 4000/- to Rs. 4500/-. The daily limit on withdrawal from ATMs has also been increased from the existing Rs. 2000/- to Rs. 2500/- per day in the recalibrated ATMs, other ATMs will … Continue reading “RBI revised the withdrawal limits”

Keeping in view the wedding season RBI vide its circular dated November 21, 2016 has decided to allow higher limits of cash withdrawals from their bank deposit accounts to meet wedding related expenses. However, the cash withdrawals shall be subject to the conditions as specified in the attached circular. Banks are advised to keep a … Continue reading “Cash withdrawal for purpose of celebration of wedding”

Reserve Bank of India vide its notification dated December 07, 2016 hereby withdraws the requirement by all Scheduled Commercial Banks/ Regional Rural Banks / all Scheduled Primary (Urban) Co-operative Banks / all Scheduled State Co-operative Banks, to maintain an incremental cash reserve ratio (CRR) of 100 per cent on increase in net demand and time … Continue reading “RBI withdraws the Incremental CRR”

RBI has directed that operation in dormant accounts with banks may be allowed after due diligence as per risk category of the customer. As stated therein, ‘due diligence’ would mean ensuring genuineness of the transaction, verification of the signature and identity etc. Please refer the attached circular for further details. Source: www.rbi.org.in RBI- Requirement of … Continue reading “Requirement of customer due diligence”

For protecting the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, RBI has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes … Continue reading “RBI precautions for bank accounts under Jan Dhan Yojana”

RBI has allowed withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits. Available higher denominations bank notes of ₹ 2000 and ₹ 500 are to be issued for such withdrawals. Source: www.rbi.org.in

Reviewing the current liquidity conditions after the withdrawal of legal tender status of ₹ 500/- and ₹ 1000/- denominations of bank notes issued by the Reserve Bank of India till November 8, 2016 (SBN), RBI has decided to issue a directive under section 42(1A) of the Reserve Bank of India Act, 1934 requiring all Scheduled … Continue reading “Requirement for maintaining additional CRR”

RBI vide circular dated November 24, 2016 has decided that no over the counter exchange (in cash) of SBNs will be permitted after midnight of November 24, 2016. Members of public who approach the banks for over the counter exchange of SBN may be encouraged to deposit SBNs into their bank accounts. Banks shall also … Continue reading “No over the counter exchange of SBNs after midnight of November 24, 2016”

The CBDT has recently entered in four more advance pricing agreement on 22nd and 23rd November, 2016. With this signing of agreement the total of APAs reached to 115 in number. This includes 7 Bilateral APAs and 108 unilateral APAs till date. The recently signed four APAs  pertains to various sectors of the economy like … Continue reading “Signing of Four Unilateral Advance Pricing Agreement by CBDT”

As the Rabi crop season has already commenced and it is imperative that farmers are adequately supported financially to ensure unhindered farming operations. It is estimated that about ₹ 35,000/- crore would be required by the DCCBs for sanction and disbursement of crop loans to the farmers at the rate of ₹ 10,000/- crore per … Continue reading “RBI making cash available for Rabi Crop Season”