Skip to main content

No credit to corporates without identification number RBI

By
No credit to corporates without identification number RBI
The Reserve Bank of India (RBI) on Thursday said corporate borrowers who do not obtain the legal entity identifier (LEI) number from banks won´t be given credit.
However, the schedule for getting the LEI number is spread out till December 2019 and depends on the exposure.The 20 digit unique code will be used to maintain a  credit database with the RBI´s Central Repository of Information on Large Credits to facilitate assessment of aggregate borrowing by corporate groups, and monitoring of the financial profile of an entity or group.
The central bank had announced introducing the LEI number inaphased manner in its October policy.According to RBI norms, any corporate with exposure of more than Rs 5 crore has to obtain an LEI number.“Borrowers who do not obtain LEI as per the schedule are not to be granted renewal enhancement of credit facilities,” the central bank said in a statement on its website.
For total exposure of Rs 1,000 crore and above,acorporate entity will have to take the LEI number by March 31, 2018; between Rs 500 crore and Rs 1,000 crore by June 2018; between Rs 100 crore and Rs 500 crore by March 31, 2019; and between Rs 50 crore and Rs 100 crore by December 2019.The schedule for LEI number for exposure below this would be announced separately, the RBI said.
RBI employees stage protests on pension issu
Reserve Bank of India (RBI) employees and officers, including retirees, held rallies in all offices of the central bank on Thursday, demanding pensions be updated andafresh option to join the pension scheme in lieu of the contributory provident fund (CPF) scheme.The pension of retired employees of the central bank continues to get 50 per cent of the last pay drawn, whereas the pension for central government employees get periodically revised with every pay commission recommended wage revision, said a statement from the All India Reserve Bank Employees Association.
The central board of the RBI has been trying for the past few years to update the pension drawn by the retirees in line with central government employees, but the government remains noncommittal.The RBI governors, both Urjit Patel now and Raghuram Rajan before him, assured the government that the cost will be borne by the central bank itself, without burdening the exchequer, but the government hasn´t given its nod. Recently, Patel had written to the government to introduce the pension scheme option.

The RBI introduced the pension scheme for its employees joining after November 1990 and gave an option to existing employees to choose between the pension scheme and CPF scheme.The government then put an embargo from 2002 onwards on the RBI offering its remaining employees to switch over to the pension scheme from the CPF scheme.
The Business standard, New Delhi, 03rd November 2017

Comments

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more