New rule for international credit card users: Spending in foreign exchange through international credit cards will be covered under the RBI’s liberalised remittance scheme (LRS). On May 16, the Finance Ministry notified the amended rules under the Foreign Exchange Management Act (FEMA), which has brought credit card spending outside India under the LRS. Earlier, the usage […]
TDS is applicable on interest earned from Mahila Samman Savings Scheme: CBDT
The Central Board of Direct Taxes (CBDT) has issued a notification clarifying that TDS will be applicable to the interest earned on the Mahila Samman Savings Scheme. As per the new notification, tax will be deducted on the interest earned from the Mahila Samman Savings Scheme under Section 194A of the Income Tax Act, 1961. […]
Unclaimed deposits: How a nominee, legal heir can make a claim after death of depositor
The Reserve Bank of India has encouraged banks to publish a list of unclaimed deposits and inactive accounts that have been unclaimed, inactive, or for 10 years or more so that potential claimants can research the names online before visiting the bank. Currently, in order to find unclaimed bank deposits that have been lying dormant […]
EPFO: Higher pension or bigger provident fund balance? Key things to consider before rejigging your EPF, EPS mix
EPFO news: If you are a private sector employee, you have time till June 26, to opt for a higher pension under the Employees’ Pension Scheme (EPS) run by the Employees’ Provident Fund Organisation (EPFO). Although the taxpayers have a sufficient window to opt for the higher pension under EPS. But they should note that […]
SBI customers alert: ‘Your account is temporarily locked due to…’ What to do if you get such a message?
Many SBI customers have received a message claiming their accounts will be temporarily locked due to suspicious activity. This is a fake message being circulated by scammers. If you have also received such a message, don’t respond and report it to the bank. The Government’s official fact-checker, PIB Fact Check has warned SBI customers about […]
How will RBI’s new locker norms affect you
RBI’s new locker norms, if implemented effectively by banks, could increase transparency to the benefit of the customer Why is the Reserve Bank of India(RBI) asking customers to sign a new bank locker agreement? What changes will it bring? It started with a 2021 Supreme Court order that laid the basis for determining the responsibilities […]
How to set up and use DigiLocker on your WhatsApp
MyGov announced earlier this week that Indian citizens will soon be able to use the MyGov WhatsApp helpdesk to access DigiLocker. This service will make using DigiLocker even easier as you will no longer need to use a separate application for quickly downloading and producing your original documents like Aadhaar card, Driving license and others. […]
How to find out your EPF account’s UAN
Every person who contributes to the EPF is issued a 12-digit unique number called a Universal Account Number. EPFO will assign you a UAN (Universal Account Number). The UAN will serve as a central repository for all of an individual’s member IDs issued by various organisations/companies. The UAN will remain the same throughout an employee’s […]
SBI Customers Alert! Do not Reply to this ‘Fake’ Message, Says Govt; Details Here
SBI Fake SMS: The media wing of the central government, Press Information Bureau, or PIB has alerted customers of the State Bank of India of a fake SMS in circulation, claiming that their accounts have been blocked. It has asked SBI account holders not to respond to such emails or SMS that might ask them […]
Ujjwala Yojana beneficiaries to get Rs 200 subsidy on cooking gas
The move will help ease some of the burden arising from cooking gas rates rising to record levels More than 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana will now get a subsidy of RS 200 per gas cylinder (for up to 12 cylinders), leading to a reduction in its price, which will now cost […]