Day: March 10, 2017

NBFC cash loan against gold restricted to Rs 20,000

Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 20,000 in cash against gold, the Reserve Bank said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque. RBI reduced the amount to Rs 20,000 from the earlier Rs 1 lakh in line with the provisions of the Income Tax Act. The relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand,” the central bank said, while amending the provisions for disbursal of loan amount in cash by NBFCs. This assumes significance in the backdrop of government’s focus on less cash economy and promoting digital payments. The decision created severe cash crunch in the country in the last two months of 2016 as 86 per cent of the currency was declared invalid. RBI had placed several restrictions on cash withdrawals from the bank branches and ATMs. However, with increasing pace of remonetisation, all the restrictions, except on savings bank account, have been lifted. The cash withdrawal limit on savings bank account too will be removed from March...

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RBS (Royal Bank of Scotland) included in list of Scheduled Commercial Banks

Inclusion of “The Royal Bank of Scotland plc” in the Second Schedule to the Reserve Bank of India Act, 1934 RBI/2016-17/244                                                               DBR.No.Ret.BC.54/12.07.150/2016-17 March 09, 2017 All Scheduled Commercial Banks Dear Sir, Inclusion of “The Royal Bank of Scotland plc” in the Second Schedule to the Reserve Bank of India Act, 1934 We advise that the “The Royal Bank of Scotland plc” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.IBD.No.3878/23.13.020/2016-17 dated September 29, 2016, and published in the Gazette of India (Part III – Section 4) dated January 21- January 27, 2017 Yours faithfully (M.G.Suprabhat) Deputy General...

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Due Dates – March Month – Income Tax

2 March 2017 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2017. 7 March 2017 – Due date for deposit of Tax deducted/collected for the month of February, 2017. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan. 15 March 2017 – Due date for furnishing of Form 24G by an office of the Government where TDS for the month of February, 2017 has been paid without the production of a challan. 15 March 2017 – Fourth instalment of advance tax for the assessment year 2017-18. 15 March 2017 – Due date for payment of whole amount of advance tax in respect of assessment year 2017-18 for assessees covered under presumptive scheme of Section 44AD. 17 March 2017 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2017. 30 March 2017 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of February, 2017. 31 March 2017 – Lastdate for declaration of undisclosed income under Pradhan MantriGaribKalyanYojana, 2016. 31 March 2017 – Due date for payment of second installment (i.e., 25% of tax,...

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