59 Minutes Loan
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How to apply for the new Loan under 59 Scheme by the Government

Prime Minister Narendra Modi has announced an ambitious scheme of getting loan up to 1 Crore in just 59 minutes. The scheme has been started for the Micro, small and medium enterprises. Among the 12 schemes that were generated, one that was highlighted was the facility of availing loan under 59 minutes. With this initiative, the Government is working towards pushing the growth in automation and bringing down the time and process involved in cumbersome Loan facilities. Quick Approval Process An Individual who qualified for such loan would…
Class 3 DSC

Class 3 DSC Signature and E-tendering- What you need to know

Class 3 Digital Signature is used for e-tendering and is considered to be the signature of the highest level. The importance of the Class 3 DSC lies in the fact that it enables safety of the user. An Individual who is applying for tenders through e-tendering route would always want to know that his transactions are safe. Class 3 Digital Signature has been designed to do exactly the same. There are two validity period of Class 3 Digital Signature – One year and Two Years. According to the Information Technology Act, Class 3 Digital Signatures…
US$ to INR

Here is Why Indian Rupee is Falling Against The U.S. Dollar

The Indian Rupee is not taking halt against US dollar, falling continuously to touch the lifetime low of 71.10 against the greenback. In today’s session, the currency got some relief after the good GDP numbers but failed to sustain and fell to an all time low levels. There are multiple factors behind falling Indian rupee against US dollar. Global and Domestic Factors The rising tensions between two biggest economies – the United States and China has taken toll on India rupee. Both the countries are in a race to slap tariff on each other’s…

DIR-3 KYC Filing Date Extended - How to file the form?

The government has extended due date of filing DIR-3 KYC without any late fee till 15th September. As a part of updating the registry, the Ministry of Corporate Affairs as is conducting KYC of all Directors of all companies annually through DIR-3 KYC form. This form is compulsorily required to be filed by every director who has been allotted a Director Identification Number on or before 31st March of a financial year and whose DIN is in Approved status. It is mandatory for Disqualified directors also. Late filing after 15th September would attract…

Different Types OF ITR Status And How To Check It Online

Taxpayers should regularly check their ITR status to ensure that the Income Tax Return has been accepted and processed. Income-tax Department has provided access to check Income-tax Return Status in user login. However, not every tax payer understands the meaning of checking the status means after they file the return. Different types of ITR status: Submitted and pending for e-verification: this status appears on the screen:  When you have filed the ITR but have not e-verified it. You have  sent the acknowledgement to the department but…
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Everything you need to know about Digital Signature

Digital Signature acts like a guarantee that the electronic documents and the message sent digitally has not been tampered because of the encryption techniques used. Digital signature is popularly known as electronic signature. Difference between digital and electronic signature Digital signature is also a form of electronic signature but the method differs slightly. It uses the certificate-based digital ID to authenticate signer identity. In digital signature, the proof of signing linked together to the document through encryption and the…
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Income tax notices and what should the tax payer do

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…
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GST Training in Bangalore | GST Classroom cum online training in Bangalore

Being July 1st 2017  date fixed for GST roll out all over India many of us are worried about GST preparedness??  We have one good opportunity with GST training in Bangalore DBA Cosmic IT services pvt. Ltd. Bangalore with it's 16 years of rich industry experience in US and Indian financial market has launched 3 days and 2 days GST training session from 3rd of July to 7th of July  2017 . Following are the topics covered in these 5 days: One more greater advantage you will have once you attend session and write exam you will get Certificate…

Premature withdrawal of all fixed deposits needed consent of all holders in case of Joint account

RBI circular DBOD No. Leg BC 46 /09.07.005/2011-12 dated 4 Nov 2011, on fixed/term deposit repayments As per the above circular, premature withdrawal of deposits that are linked to bank accounts with the signature rule Either/ Survivor or Former/ Survivor will be allowed with the consent of all the joint account holders. With effect from October 1, 2012, customers with accounts having more than one holder, who wish to avail the premature withdrawal of fixed deposits and/or booking of Multi Deposits may do so at our branches with the consent…

SEBI on non-performing Mutual funds | Non-performing mutual fund on watch

Mutual fund at one point of time was a very good tool in terms of small investors who wants to increase their wealth and be safe in equity market. Down the line it has become so tuff for me in terms of service to change address , redeem my fund by the eradication of commission to payable to AMFI members which was just 2-3 % which none of the investors would say no as they will get service. Now investors are abandoned with no service by the policy in force. Market regulator Securities and Exchange Board of India (Sebi) is planning to pull up…

Reserve Bank license to Dealers in foreign exchange transactions

In order to provide adequate foreign exchange facilities and efficient customer service, the Reserve Bank has decided to grant licences to certain entities by authorising them as Authorised Dealer – Category II to undertake a range of non-trade current account transactions. Accordingly, Authorised Dealer – Category II are authorised to release / remit foreign exchange for the following non-trade current account transactions: (a) Private visits, (b) Remittance by tour operators / travel agents to overseas agents / principals / hotels, (c)…
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Banks grapple with illegal ATM withdrawals

There appears to be a sudden rise in instances of ATM skimming. Over the past few days, a number of bank account holders in Bangalore have complained that money was illegally withdrawn from their accounts through ATMs and several have lodged police complaints. Metlife Insurance employee G Sreekumar, who has a Citibank account, said around 10.28am on February 4, Rs 10,000 was withdrawn from an ATM in RT Nagar. He was at home and the debit card was with him. "I received an alert on my mobile phone. Even as I wondered what was going on, I received…

RBI in action to control Rupee slide in the market | Dollar V/S INR may stabalize

The Reserve Bank today swung into action to check slide in rupee value against dollar and speculations. RBI has imposed restrictions with immediate effect on forward trading in the local currency by Foreign Institutional Investors and traders and capped banks exposure to the forex market. The Reserve Bank has also decided to withdraw the facility of re-booking forex contracts by companies and reduced across-the board exposure limits of banks which are authorised to deal in the foreign currency. The central bank said these steps have been…

Savings Bank Deposit Interest Rate to go up | Deregulation of interest rate for savings bank

Deregulation of Savings Bank Deposit Interest Rate - Guidelines 1. Please refer to our Directive DBOD.Dir.BC.89/13.03.00/2010-11 dated May 3, 2011. 2. As indicated in the Second Quarter Review of Monetary Policy announced on October 25, 2011, it has been decided to deregulate the savings bank deposit interest rate with immediate effect. Accordingly, the following Guidelines will be effective from October 25, 2011: • Banks are free to determine their savings bank deposit interest rate, subject to the following two conditions: •…

Domestic Money Transfer- Relaxations by RBI

Domestic Money Transfer- Relaxations:     Domestic Money Transfer- Relaxations   At present only banks are permitted to initiate money transfers in the country subject to adherence of KYC/AML guidelines. A large number of people, particularly the migrant population, do not have access to formal banking channels for want of proof of identity/address. Consequently, they face difficulties in using the authorized channels for transferring funds. Reserve Bank has been receiving frequent representations to open up the formal banking channel…
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Do Not Pay Money to receive Large Funds from Abroad : RBI Advisory

Beware of Fraud Mails: The Reserve Bank has today once again issued an advisory cautioning the members of public against responding in any manner to offers of moneys from abroad. It has stated that such offers are fraudulent and has advised the public to immediately register a complaint with the local police/ cyber crime authorities when they receive such offers or become a victim of any such fraud. Members of public have also been cautioned against making any remittance towards participation in such schemes/offers from unknown entities…
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Beware of +372 calls

If you received missed call from +37281021150 or Start from +372 , don.t call back. It is ISD number from Estonia European Country. Call will come from ADD & Promotinal activity company. If you call back it will charge you Rs.45/- per Min for Pre-paid customers.BEWARE of this call.This is a fraud call. There was some lady who was insisting to know my Name and address. She also said that there is a company called Mobile Zero. When I asked where from she got my number she said they got number from a lucky draw. Please be aware of such cal…

Trading in Forex beware | Credit card cannot honor payment towards forex trading

Many of you would have got call to attend session on foreign exchange trading/ and make money out of just Rs.1000.00 to one lakh but beware of recent RBI circular on payment towards forex trading. Amid introduction of illegal online forex trade by certain companies, the Reserve Bank has asked credit card issuing companies to not permit payments for such transactions. The regulations under Foreign Exchange Management Act (FEMA), 1999, do not permit resident Indians to trade in foreign exchange in domestic or overseas markets. The RBI’s…