An NBFC is defined as the business of loans and advances or acquisition of shares, stocks, debentures, bonds as well as securities whether issued by the government or local authority but excluding such institutions whose principal business is related to agricultural activities, industrial activity or purchase or sale […]
In the second quarter review of monetary policy, a sub-committee was constituted to study issues and concerns in the MFI sector in November 2010. But the committee submitted the report in January 2011. It has been announced under the monetary policy Statement 2011-2012 that the framework recommended by the committee is accepted by the Bank. […]
Non-Banking Financial Institutes or NBFCs are one of the major contributors to the 12.5% rise in GDP from the finance sector. NBFC registration procedures have been made very simplistic and easy to perform. Before we delve into the details, however, let’s briefly describe what NBFCs are NBFC […]
The Ministry of Finance released a notification on 26th July 2018 which seeks to amend the Integrated Tax(rate) under the Integrated Goods and Services Act, 2017. The notification basically specifies that RCM on services by individual DSAs to banks/NBFCs will be taxed. What this entails is that the services provided by DSAs […]
With the regulation governing Non-Banking Financial Companies, the RBI has always been ahead to play an important role in declaring compliances to the government-owned companies as well as non-government companies. In this article, we will let you know what initiatives the RBI has taken for the government NBFCs with respect to compliance as […]
GST is the one Indirect tax which has eliminated the other indirect taxes in India. GST Law is a comprehensive, multi-stage, destination-based tax in India that had been passed into parliament on 29th March 2017. But it came into existence on 1st July 2017. It is levied on every value addition. In this […]
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