RBI’s statement on fraud in Punjab National Bank

There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given any such instructions. The fraud in

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Relief for MSME Borrowers registered under GST

Relief for MSME Borrowers registered under GST Presently, banks and NBFCs in India generally classify a loan account as Non-Performing Asset (NPA) based on 90 day and 120 day delinquency norms, respectively. It has been represented to us that formalisation of business through registration under GST had adversely impacted the cash flows of the smaller entities during the transition phase

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Change in criteria for classifying MSMEs

Section 7 of theMicro, Small and Medium Enterprises Development (MSMED) Act, 2006 will accordingly be amended to define units producing goods and rendering services in terms of annual turnover as follows: A micro enterprise will be defined as a unit where the annual turnover does not exceed five crore rupees. 2. A small enterprise will be defined as a unit

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EVOLUTION OF MONEY (मनी का विकास)

THE EVOLUTION OF MONEY The word ‘money’ is derived from the Latin word ‘Moneta’, which was the surname of Roman Goddess of guno. The origin of money is lost. Even in the primitive stage, man had some sort of money. The type of money differed on the nature of man and their livelihood, like, in hunting stage, the spines of

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Union Budget 2018-19

Highlights from Budget 2018-19: Fiscal Situation * Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal * GST revenue will be received only for 11 months, that will have an effect on balance sheets * Rs 21.57 lakh crores transferred as net GSTto states

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