RBI issued Gold Monetisation Scheme norms

RBI issued Gold Monetisation Scheme norms

Advance against Pledge of Gold jewellery /ornaments

Advance against Pledge of Gold jewellery /ornaments

Tips before buying car insurance

Tips before buying car insurance

Investor Education Rule 7 - Do not be greedy

section 14A Expenditure incurred for exempt income

section 14A Expenditure incurred for exempt income

Draft Rules on Land Acquisition Act

Draft Rules on Land Acquisition Act

Obtaining BAR Code and its Applicability

BAR Code: A Coding of your Product: Procedures for Obtaining BAR Code and its Applicability on Business Houses

Bar Coding is a series of parallel vertical lines (bars and space), that can be read by bar code scanners. When scanned by a bar code scanner, the black bars and spaces are decoded to reveal a specific 12 or 13 digit long sequence of numbers (the ‘barcode number’)

WHY TO USE BAR CODE:

RBI cautions public on writing on watermark of banknotes

INSCRIBING ON BANK NOTES – RBI's ADVISORY THEREON

PRESS RELEASE : 2015-2016/152, DATED 16-7-2015

It has been brought to the notice of Reserve Bank of India that members of public and institutions write number, name or messages, etc. on the watermark window of banknotes, thus defacing the banknotes. The watermark window has an important security feature which distinguishes it from a counterfeit note. Any defacement on the window will not allow the common man to identify one of the features of a genuine note. The public is, therefore, requested to refrain from doing anything that leads to defacement.

'Liberalised Remittance Scheme' : FAQ for Indian Traveller

RBI issues FAQs on Forex facilities and 'Liberalised Remittance Scheme' for residents

July 11, 2015

Are you planning to travel abroad and you are not sure how much foreign exchange can you buy when travelling on private visits to country outside India? You are not sure as how much foreign currency can be carried in cash for travelling abroad? You want to know how much Indian currency can be brought in while coming into India?

Now RBI has released FAQs in respect of Forex facilities including Liberalized Remittance Scheme for general guidance and to answer these type of queries. Certain FAQs are highlighted as under:

Q. How much foreign exchange can one buy when traveling abroad on private visits to a country outside India?

For private visits abroad, other than to Nepal and Bhutan, any resident can obtain foreign exchange upto an aggregate amount of USD 2,50,000, from an Authorised Dealer or Full-Fledged Money Changers (FFMCs), in any one financial year, irrespective of the number of visits undertaken during the year.

This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual has already remitted any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for travelling purpose for such individual would be reduced from USD 250,000 by the amount so remitted.


Q. How much foreign currency can be carried in cash for travel abroad?
i. For travelers proceeding to Iraq and Libya, the limit is upto USD 5000

ii. For travelers proceeding to Islamic republic, the limit is upto USD 25000

iii. For travellers proceeding for Haj/Umrah pilgrimage, the limit of forex is full amount of Basic Travel Quota entitlement (USD 250, 000) in cash as specified by the Haj Committee of India

iv. In case of travel to all countries other than above, the limit is upto USD 3000 in currency/coins and balance in form of travellers cheque or banker’s draft.

Q. How much Indian currency can be brought in while coming into India?

i. If returning from Nepal/Bhutan, the limit of Indian currency which can be brought into is upto USD 25,000 in Denomination not exceeding of Rs. 100

ii. Any person resident in India who had gone to Pakistan and/or Bangladesh on a temporary visit, may bring into India at the time of his return, currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 10,000 per person

iii. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 while entering only through an airport.

Q. What is the Liberalised Remittance Scheme (LRS) of USD 2,50,000 ?

Under the LRS, all resident individuals, including minors, are allowed to freely remit upto USD 2,50,000 in financial year for any permissible current or capital account transaction or a combination of both.

Further, resident individuals can avail of foreign exchange facility for the purposes mentioned in Para 1 of Schedule III of FEM (CAT) Amendment Rules 2015, within the limit of USD 2,50,000 only. If an individual has remitted any amount under LRS in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted. In case of remitter being a minor, the LRS declaration form must be countersigned by the minor’s natural guardian.

No penalty if credit card dues are paid within 3 days from the due date: RBI

 RESERVE BANK OF INDIA _________________ www.rbi.org.in

 RBI/2015-16/126 

DBR.No.BP.BC.30/21.04.048/2015-16

July 16, 2015 

All Scheduled Commercial Banks/Non-Banking Financial Companies/Primary (Urban) Co-operative Banks 

Dear Sir, 

Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Credit Card Accounts 

1.Please refer to circular DBOD.No.BP.BC.78/21.04.048/2013-14 dated December 20, 2013 on the captioned subject.

 2. In order to bring in greater credit discipline as also to provide operational flexibility to credit card issuers, it has been decided that, with effect from the date of this circular, ‘past due’ status of a credit card account for the purpose of asset classification would be reckoned from the payment due date mentioned in the monthly credit card statement. Consequently, in case of banks, a credit card account will be treated as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the payment due date mentioned in the statement.

 3. However, banks shall report a credit card account as ‘past due’ to credit information companies (CICs) or levy penal charges, viz. late payment charges, etc., if any, only when a credit card account remains ‘past due’ for more than three days. The number of ‘days past due’ and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement. Yours faithfully,

 (Sudarshan Sen) 

Chief General Manager-in-Charge