Daily Banking News for 20th August. Get latest updates on Banking & Financial Awareness @bipartite News.
SOVEREIGN GOLD BOND SCHEME 2022-23 (SERIES II): Sovereign Gold Bonds 2022-23 (Series II) will be opened for subscription during the period August 22-26, 2022 with Settlement date August 30, 2022. The issue price of the Bond shall be Rs 5,197 per gram with a discount of Rs 50/- per gram to those investors who apply online with digital mode of payment. (Press Information Bureau, GoI )
ALL-INDIA CPI NUMBERS FOR AGRICULTURAL & RURAL LABOURERS – JULY, 2022: The All-India Consumer Price Index Number for Agricultural Labourers and Rural Labourers (Base: 1986- 87=100) for the month of July, 2022 increased by 6 points each to stand at 1131 and 1143 respectively. The rise in index varied from State to State. Tamilnadu recorded highest increase in both categories. (Press Information Bureau, GoI )
RBI CLARIFIES ON PSB PRIVATIZATION REPORTS, SAYS BULLETIN ARTICLE NOT ITS VIEW: The Reserve Bank of India (RBI) on August 19 clarified that a staff-authored article that appeared in the monthly bulletin arguing against a big bang approach to state-run bank privatization does not represent the central bank's view.“As clearly stated in the article itself, the views expressed in the article are those of the authors and do not represent the views of the Reserve Bank of India,” the central bank said in a clarification. (Moneycontrol)
INDIA'S FOREIGN EXCHANGE RESERVES DECLINE TO $570.74 BILLION: The country's foreign exchange reserves fell USD 2.238 billion to USD 570.74 billion in the week ended August 12, according to the RBI data. The fall in the reserves in the reporting week ended August 12 was on account a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves. FCA declined USD 2.652 billion to USD 506.994 billion. Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves surged USD 305 million to USD 40.618 billion. The Special Drawing Rights (SDRs) increased USD 102 million to USD 18.133 billion. The country's reserve position with IMF also rose by USD 7 million to USD 4.994 billion in the reporting week, as per the data. (Moneycontrol)
SEBI JOINS RBI's ACCOUNT AGGREGATOR FRAMEWORK: In a big push for India‟s lending ecosystem, the market regulator SEBI said in a circular that it has joined the RBI‟s Account Aggregator framework by allowing depositories, asset management companies (AMCs) and mutual fund houses to become financial information providers or FIPs. “The FIPs in the securities market will provide the Financial Information, to the customers and financial information users who furnish the consent artifact through any of the Account Aggregators registered with RBI,” SEBI said in a circular dated August 19. The AA framework ensures quick data sharing with the consent of the user and eliminates the need for physical documents. (Moneycontrol)
RBI GETS MORE AGGRESSIVE ON FORWARDS TO SAVE RUPEE: In a move to contain the liquidity impact of its foreign exchange operations, the Reserve Bank of India sold a record $18 billion in the forward markets in June to defend the currency as the rupee turned volatile during the month to touch a new low. The Reserve Bank sold a net of $3.7 billion in the spot market and $18 billion in the forward market in June according to the latest data released by the Reserve Bank of India. (Economic Times)
HDFC BANK's NEW CAMPAIGN 'VIGIL AUNTY' TO HELP TACKLE CYBER FRAUDS: To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, HDFC Bank has come out with a community awareness programme called „Vigil Aunty‟. The bank has roped in actor Anuradha Menon, who will host chat shows on social media platforms to create awareness on cyber frauds. Until now, the financial sector regulator, had taken up the mantle to educate customers on frauds happening in this space. (Business Standard)
CBDT EXEMPTS NON-RESIDENT CORPORATES FROM TCS ON REMITTANCES, TOUR PACKAGES: The income tax department has exempted non-resident corporate entities and firms not having a permanent establishment or a fixed place of business in India from 5 per cent TCS on foreign remittances and tour packages. (That was previously available only to non-resident individuals under section 206(1G) of the I-T Act.). (Business Standard)
SEBI MOVES TO SAFEGUARD DEMAT ACCOUNTS THROUGH BLOCK MECHANISM: SEBI has announced that the socalled block mechanism will become mandatory for all early pay-in transactions with effect from November 14. The early pay of securities is used by traders to reduce their margin obligations. Presently, the shares sold by an investor are either transferred to brokers‟ pool or then sent to the clearing corporation or remain blocked in an investor‟s demat account and get delivered to the clearing corporation directly. Going ahead, the former option will cease to exist. (Business Standard)
I-T DEPT ALLOWS TAXPAYERS MORE TIME TO CLAIM CREDIT FOR TAXES PAID ABROAD: The income tax department on Friday said taxpayers can claim credit for taxes paid outside India before the end of the assessment year if the I-T return is filed within the stipulated deadline. So far, Foreign Tax Credit (FTC) could have been claimed only if Form- 67 along with necessary documents were filed within the due date for filing the original return, thereby restricting the ability to claim credit for taxes paid outside India. (Business Standard)
NEW RBI PROPOSAL: UPTO RS 25 FEE ON NEFT TRANSACTIONS INITIATED THROUGH BANK BRANCHES: In a „Discussion paper on Charges in payment Systems‟, the RBI has prescribed the implementation of processing charges on NEFT transactions through bank branches. The paper has proposed to levy up to Rs 25 as a transaction fee for amounts above Rs 2 lakh. Currently, the RBI doesn‟t levy any processing charges for NEFT transactions on the member banks. The central bank has also advised banks to not levy any charges on savings account holders for online NEFT transactions.The above prescription is currently open to discussion among stakeholders. (Financial Express)
NOW OPEN AND CLOSE NSC & KVP ACCOUNTS ONLINE USING DOP NET BANKING: The Department of Posts, has implemented online account registration and closure for National Savings Certificates (VIII Issue) (NSC) and Kisan Vikas Patra (KVP) through DOP Online Banking. The facility for opening and closing National Savings Certificates (VIII Issue) Kisan Vikas Patra is now accessible under the 'General Services' section of DOP Internet Banking, allowing individuals to open and close NSC and KVP online. (Live Mint)
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FLIPKART SIGNS PACT WITH IIMR TO GROOM FPOs, SHGs: Flipkart has signed an agreement with the Indian Institute of Millets Research (IIMR) to give Farmer Producer Organizations (FPOs) and Self-Help Groups (SHGs) access to markets. IIMR, Flipkart aim to improve operations of small farmers and FPOs by sharpening skills and knowledge. (Business Line)