Spending in foreign exchange through international credit cards will be covered under the RBI’s liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the Reserve Bank, as per a Finance Ministry …
Rs.2000 Denomination Banknotes Withdrawal from Circulation; Will continue as Legal Tender The Rs.2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender …
The Reserve Bank of India (RBI) has informed all financial institutions including banks and NBFCs to treat informal micro enterprises (IMEs) not covered under the Goods and Services Tax (GST) regime or exempted from the CGST Act, 2017, but having the Udyam Assist Certificate (UAC) as …
The Reserve Bank has undertaken a comprehensive review of the system of processing of applications for registration as Core Investment Companies (CICs) to make the registration process smoother and hassle free. Accordingly, the application form has been revamped to make it structured and aligned with the …
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (April 6, 2023) decided to: Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent. The standing deposit …
A recent Reuters poll of economists predicts that the Reserve Bank of India (RBI) will increase its primary interest rate by 25 basis points on April 6, but then keep rates unchanged for the remainder of the year while continuing to maintain its tightening stance. The …
With the annual closing of accounts just 10 days away and the financial year 2022–23 coming to a close, the Reserve Bank of India (RBI) has directed all banks to keep their branches open until the end of the working hours on March 31. In a …
India has seen significant growth in the use of digital payments over the past few years. However, there is still a significant portion of the population that is not using digital payments for day-to-day transactions. In an effort to bridge this gap, Reserve Bank of India …
The Reserve Bank on Tuesday announced its second global hackathon — ‘HARBINGER 2023 – Innovation for Transformation’ with the theme ‘Inclusive Digital Services’. Fintechs have been invited to develop solutions that have the potential to make digital financial services accessible to the differently-abled, facilitate efficient compliance, extend the …
The Reserve Bank of India is likely to raise interest rates once again in April as inflation pressures persist and the Federal Reserve continues to tighten, analysts said on Thursday, a day after the central bank delivered what many had expected to be its last hike …
