RBI CLARIFICATION
India to launch new cheque book rules from January 1, 2027? RBI clarifies
RBI has clarified that there will be no changes to the standard CTS cheque books in 2027. Social media messages claimed new cheque books with security features would be introduced from January 1. The central bank has emphasized these claims are misleading and factually incorrect. RBI urges the public to rely only on information published by the bank.
New Rs 10, Rs 20 & Rs 50 notes to run short before Diwali? PIB Fact Check debunks viral RBI circular
A viral WhatsApp message claiming that new Rs 10, Rs 20 and Rs 50 notes may be in short supply ahead of Diwali has been debunked by PIB Fact Check. The agency clarified that the RBI has made no such announcement and urged people not to share unverified claims.
“During Congress’s time, banks were created; in Modi era, they are being sold”: Rahul Gandhi targets govt over IDBI Bank sale
Rahul Gandhi has criticised the Centre's proposed sale of a 60.72% stake in IDBI Bank, questioning the privatisation of a profitable public sector lender. Backing the bank's employees, he flagged concerns over reservation provisions, service conditions and pension benefits as the government defended the disinvestment bidding process.
GST registration gets easier as CBIC drops Udyam proof, sets seven-day limit for approvals
The Central Board of Indirect Taxes and Customs has issued clarifications regarding GST registration requirements for businesses. Companies will no longer need to provide Udyam certificates or face rejections due to unpaid bills. Registration applications must be processed within seven working days with Aadhaar authentication. Tax demands must include clear justifications and cannot be arbitrary. These changes aim to simplify compliance and reduce disputes in tax administration.
New Rs 1,000 note with temple image in India? Govt clarifies on viral claim
Images of a purported Rs 1,000 yellow currency note have circulated on social media recently. Claims state that the note is new or will be introduced soon on the 15th. PIB Fact Check has clarified that no announcement from the Reserve Bank of India supports this claim. The agency has advised the public to verify information through official sources before sharing it.
Central Bank of India clarifies all accounts are safe after reports of 187 unauthorised transactions worth Rs 13.97 crore
In a recent statement, the Central Bank of India reassured customers that a technical issue with its RTGS server did not compromise account safety. Allegedly, 187 transactions involved 36 separate accounts. RTGS services have since been restored without further complications.
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Tata Sons AGM deadline nears as Tata Trusts deadlock clouds voting
Tata Sons is currently observing the situation involving its majority owners, Tata Trusts, regarding governance issues. The annual general meeting (AGM) deadlines are approaching and require shareholder majority for resolutions. Important changes in trustee roles could affect voting dynamics significantly. Legal experts suggest focusing on regulatory clarity to facilitate successful AGM execution. Clear representation and consensus among the trusts are critical for passing necessary resolutions.
Finance Ministry clarifies on legislative developments concerning govt's IDBI Bank stake
The Finance Ministry clarified the legislative developments regarding IDBI Bank's government stake in 2003. An amendment to restrict the dilution of the government's ownership was proposed but ultimately rejected during parliamentary discussions. The ministry highlighted that this issue was previously examined by the Delhi High Court. This examination took place in the case of All India IDBI Officers' Association v. Union of India & Others.
RBI clarifies interbank trades, ECBs coupons not part of FERR
Reserve Bank of India recently clarified the applicability of foreign exchange risk reserve for banks. The requirement does not apply to banks engaging in market-making or proprietary trading. It will also not affect interest on External Commercial Borrowings or dividends payable to non-resident investors. The FERR must be maintained until one day after the derivative contract's termination.
RBI issues clarifications on forex hedging curbs
The Reserve Bank of India issued clarifications on its recent measures to support the rupee. This followed concerns about tighter hedging rules and cash margins on certain derivatives. Several lenders have held back on quoting dollar-rupee forwards due to confusion regarding transaction requirements. The measures included redirecting oil companies' dollar purchases and levying cash reserve requirements. The impact of these measures has raised uncertainties in the financial markets.
PM Modi woos global investors, says India believes in 'Power to Empower'
The Prime Minister told the gathering of business leaders from India and abroad that the country has seen inclusive growth at a steady pace in the last decade, despite challenges such as the Covid pandemic, wars, disruption of supply chains, trade barriers and supplies of critical minerals being choked off.
IHC, First Abu Dhabi eye stake in Bandhan Bank promoter
Early investors GIC & IFC jointly hold 30% in Bandhan Financial Services (BFSL), keen to exit. PE funds tapped too to gauge strategic interest. BFSL, led by Bandhan founder Chandra Shekhar Ghosh, has been working with advisers Jefferies to find strategic investors for 25-32%.
Banks seek clarification on implementation of RBI forex measures
Indian lenders have requested clarification from the Reserve Bank of India regarding new currency-supporting measures. They seek guidance on calculating the foreign exchange risk reserve and its impact on liquidity ratios. Additionally, banks are uncertain about cost transmission to customers and how exposure limits are assessed. Clarifications on the treatment of cash reserves and their classification as high-quality liquid assets have also been requested.
DA hike for central government employees: AIDEF urges cabinet secretary, Finance Ministry to announce DA hike soon, increase in bonus ceiling
DA hike: Central government employees and pensioners are in eager anticipation of the upcoming announcement regarding the dearness allowance and relief hike. The All India Defence Employees’ Association is urging the government to speed up this declaration. They also propose a significant increase in the performance-linked bonus ceiling, from Rs 7,000 to Rs 21,000.
GST Council proposes 2% TDS on scrap deals
The proposed levy covers plastic waste, discarded tyres, electrical and electronic scrap, and used cooking oil. Under the framework, registered buyers will have to deduct TDS when purchasing from registered suppliers and pay GST under RCM on purchases from unregistered sellers, even when the latter fall below the GST registration threshold.
NBFC services to banks will attract 18% GST
The interest on the underlying loan will remain exempt from GST. The 18% levy will apply to the taxable service supplied by the NBFC to the bank in the co-lending arrangement. The committee also decided to align the valuation of the NBFC's service with the methodology prescribed by the Reserve Bank of India.
RBI still assessing revolving credit norms: Sanjay Malhotra
Reserve Bank of India governor Sanjay Malhotra has indicated that regulations on revolving credit by non-banking finance companies are under review. The RBI issued draft norms limiting NBFCs to term loans without revolving credit options. Malhotra said that systemic risks linked to these changes will be thoroughly evaluated before reaching a decision.
RBI moves to quell forex reporting confusion, says individuals need not report imports, export earnings
The RBI on Wednesday clarified that individuals are not required to report imports or export earnings under the new foreign exchange regulations, and said FAQs will be issued shortly to address confusion. Governor Sanjay Malhotra said reporting on the RBI platform is handled by banks and authorised dealers, not traders.
"If SIR removed anti-BJP votes, how did TMC perform?" Fadnavis questions Rahul Gandhi's allegations
Maharashtra Chief Minister Devendra Fadnavis addressed allegations made by Rahul Gandhi regarding the Special Intensive Revision of electoral rolls. He highlighted that in West Bengal, constituencies experiencing significant vote reductions still saw TMC victories. Fadnavis asserted that all political parties could appoint Booth Level Agents for electoral roll objections.
Did government order banks to stock ATMs ahead of UPI charges? Here’s what PIB said
A newspaper clipping claiming banks were told to increase ATM cash stocks ahead of UPI fees has circulated online, prompting a government fact check. PIB said neither the RBI nor the Finance Ministry issued such an instruction. The clarification comes as a revised UPI framework introduces MDR for specified higher-value merchant payments, while keeping P2P transactions and most merchant payments free.
PVR INOX asks to pay using UPI only; customer sends legal notice for refusing to accept cash payment
PVR INOX asked an Ahmedabad advocate to pay using UPI only and refused to accept his cash payments. He has sent a legal notice to PVR INOX Ltd after its Palladium Mall cinema refused to accept cash for a movie ticket and food, forcing him to pay via UPI. The notice cites the RBI Act on legal tender and the Consumer Protection Act, and seeks a response within seven days, failing which the advocate may move a consumer commission.
Indian Bank, Bank of Maharashtra, Canara Bank among 9 PSU banks to merge with SBI, PNB, BoB? PIB responds
A Gazette notification claiming that nine public sector banks will be merged into State Bank of India, Punjab National Bank and Bank of Baroda has gone viral on social media. The document, designed to resemble an official Ministry of Finance notification, lists the proposed combinations. The PIB Fact Check Unit has debunked the claim and identified the circulating notification as fake.
UPI fee issue raised at finance panel meet; crypto report in final stage
A parliamentary committee convened to evaluate the fees associated with UPI transactions and explore revenue strategies. Opposition members expressed strong concerns regarding the government's choice to impose such charges. Previously, the committee had advocated for a sustainable financial model to support UPI. Furthermore, officials reiterated that cryptocurrency does not align with India's economic goals. The committee is poised to complete its report on virtual digital assets shortly.
SC asks RBI to secure compliance of norms on seizure of financed vehicles by NBFCs, banks
The Supreme Court mandated the RBI to enforce lawful vehicle repossession rules. Financial institutions cannot seize vehicles without due legal process. The court ordered a finance firm to close loan accounts and refund money. Compensation was awarded for mental agony and livelihood loss. This ruling ensures borrowers are not dispossessed of vehicles arbitrarily.
RBI backs MDR on large-value UPI transactions, says could help expand UPI acceptance
The Reserve Bank of India supports Merchant Discount Rate on large UPI transactions. This move aims to ensure the long-term sustainability of India's digital payments ecosystem. New provisions will apply MDR to person-to-merchant transactions exceeding two thousand rupees. Person-to-person transactions and smaller merchant payments will remain free of charge.
Guidelines on auditors to help streamline appointments: RBI
“These guidelines will also help in streamlining the procedure for appointment of statutory auditors across all the regulated entities and ensure that appointments are made in a timely, transparent and effective manner,” the RBI said.
Reserve bank of India to clarify on licensing norms for small and finance banks
The RBI has been receiving queries from intending applicants seeking clarifications on these guidelines, it said in a notification.
RBI clarifications on new bank licences shortly
The RBI will shortly come out with its clarifications on issuing licences for more private sector banks, the Finance Ministry said on tuesday.
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