RESERVE BANK’S INSTRUCTION ON BANKING MATTERS (UPDATED AS ON 13-8-2012) INDEX I. Domestic Deposits II. Deposits of Non-Resident Indians (NRIs) III. Advances IV. Advances Against Shares And Debentures V. Donations VI. Loans For Premises VII. Service Charges I. DOMESTIC DEPOSITS 1. Whether banks can accept interest free deposits? Banks cannot accept interest free deposits other… Read More »
SENIOR CITIZENS SAVINGS SCHEME, 2004 (UPDATED AS ON 3-4-2013) 1. What are the salient features of the Senior Citizens Savings Scheme, 2004? The salient features of the Senior Citizens Savings Scheme, 2004 are given below. Tenure of the deposit account 5 years, which can be extended by 3 years. Rate of interest 9.2 per cent… Read More »
SCHEME FOR PAYMENTS OF PENSION TO GOVERNMENT PENSIONERS BY AUTHORISED BANKS (UPDATED AS ON 28-2-2013) Reserve Bank of India (the Bank) overseas disbursement of pension by its agency banks in respect of all Central Government Departments and some State Governments. In the process, it receives queries/ complaints from pensioners in regard to fixation, calculation and… Read More »
MICRO, SMALL AND MEDIUM ENTERPRISES Q.1. What is the definition of MSME? A.1. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under: (a) Enterprises engaged in the manufacture or production, processing or preservation… Read More »
FAQ ON LLP AUDIT AND FILING, DISCLOSURE REQUIREMENT 1. Whether every LLP would be required to maintain and file accounts? An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with… Read More »
HOME LOAN 1. For what purposes can I seek a first time home loan? You can generally seek a first time home loan for buying a house or a flat, renovation, extension and repairs to your existing house. Most banks have a separate policy for those who are going for a second house. Please remember to… Read More »
CONVERSION INTO LLP AND VICE VERSA 1. Whether other business entities like firm or company would be able to convert themselves into LLP? The LLP Act contains enabling provisions pursuant to which a firm (set up under Indian Partnership Act, 1932) and private company or unlisted public company (incorporated under Companies Act) would be able… Read More »
CHANGE IN PARTNERS 1. How can a person become a partner of an LLP? Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement. 2. How can… Read More »
APPLICABILITY OF THE LLP ACT 1. Whether the LLP Act is applicable to any specific services like professional services regulated by Statutes? No.Any two or more persons associating for carrying on a lawful business with a view to profit may set up an LLP. In the light of various inputs received by this Ministry for… Read More »
BASIC SAVINGS BANK DEPOSIT ACCOUNT 1. Query Whether the guidelines issued on ‘no-frills’ account with ‘nil’ or very low minimum balances will continue even after the introduction of ‘Basic Savings Bank Deposit Account’? Response No. In supersession of instructions contained in circular DBOD.No.Leg. BC.44/09.07.005/2005-06 dated November 11, 2005 on No Frill accounts, banks have now… Read More »