Daily Archives: December 29, 2016

Financial Data Management Center Committee Report

By | December 29, 2016

Report of the Committee to study the Financial Data Management Legal Framework in India Department of Economic Affairs Ministry of Finance October 25, 2016 Submitted to Ministry of Finance Government of India 1. Introduction 1.1 The Financial Sector Legislative Reforms Commission (FSLRC) has, inter-alia, recommended the creation of a statutory Financial Data Management Centre (FDMC),… Read More »

ICAI formed Group of Digital Transformation for providing self- service portal to CA/ Students

By | December 29, 2016

Council Affairs/M-626/2016 28th December, 2016 ALL MEMBERS OF THE COUNCIL Madam/Dear Sir, The President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016, has constituted a Group of Digital Transformation and Process Reengineering Committee with the following members:- CA. Sanjay Kumar Agarwal, (Convenor) CA.… Read More »

Sanction Additional Working Capital Limits to Micro and Small Enterprises : RBI

By | December 29, 2016

RBI/2016-17/200 FIDD.MSME & NFS.BC.No.20/06.02.31/2016-17 December 29, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir / Madam, Sanction of Additional Working Capital Limits to Micro and Small Enterprises (MSEs) Please refer to our circular FIDD.MSME & NFS.BC.No.60/06.02.31/2015-16 dated August 27, 2015 on ‘Streamlining flow of credit to Micro and Small Enterprises (MSEs) for… Read More »

RBI issued Interest Rate Options Directions 2016 in India

By | December 29, 2016

RBI/2016-17/199 FMRD.DIRD.12/14.01.011/2016-17 December 29, 2016 To All eligible market participants Dear Sir/Madam Introduction of Interest Rate Options in India As announced in the fourth bi-monthly Monetary Policy Statement 2016-17, it has been decided to introduce Interest Rate Options in India. 2. The Reserve Bank of India has accordingly issued a Notification No. FMRD.DIRD. 11/2016 dated… Read More »

High level committee to review Institutionalization of Arbitration Mechanism in India

By | December 29, 2016

Constitution of high level committee to review Institutionalization of Arbitration Mechanism in India Source : Ministry of Law & Justice 29-December, 2016 Justice Dispensing System in India has come under great stress for various reasons including huge pendency of cases in various courts. The injustice is particularly egregious in commercial disputes, where cases remain pending for… Read More »

Remonetisation and its impact :- Arun Jaitley Statement

By | December 29, 2016

Statement made by the Union Finance Minister Shri Arun Jaitley on Remonetisation and its impact. Following is the transcription of the Statement made by the Union Finance Minister Shri Arun Jaitley on ‘Remonetisation and its impact’ to media today.  “On the November 8, the Prime Minister had asked for the country to support him notwithstanding… Read More »

ICICI Bank Revised FDR Interest Rate w.e.f 28.12.2016

By | December 29, 2016

ICICI Bank FDR Interest Rate The spree of reduction in interest rates on term deposits continued, with ICICI Bank on Tuesday cutting rates on one- and two-year retail deposits by 10 basis points (bps) to 6.9% and 7%, respectively. The bank also slashed the rate on three-year deposits by 25 bps to 6.75%. ICICI Bank’s… Read More »