Legal Tender and the Promise to Pay Legal Tender The concept of legal tender is often misunderstood. Contrary to popular opinion, legal tender is not a means of payment that must be accepted by the parties […]
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 (Act No. 22 of 2015) Dated 26th May, 2015 The following Act of Parliament received the assent […]
Understanding Marx’s Capital: Today we see the logical conclusion of this process: not only have coins of gold and silver been replaced by less precious metals; not only have coins themselves been replaced by paper notes; but now we represent money as mere digital information – as numbers on a screen. No longer is there a need for physical tokens of value to exchange hands; instead we have electronic bank transfers.
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007
Money or value transfer services (MVTS) refers to financial services that involve the acceptance of cash, cheques, other monetary instruments or other stores of value and the payment of a corresponding sum in cash […]
1 rupee = 16 anna (later 100 naye paise) 1 ardharupee = 8 anna, or 1⁄2 rupee (later 50 naye paise) 1 pavala = 4 anna, or 1⁄4 rupee (later 25 naye paise) 1 beda = 2 […]
THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 1st June, 2017 G.S.R. 538(E).— In exercise of the powers conferred by sub-section […]
The Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the .. of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005
These rules may be called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005.