Ans :- The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under :- Enterprises engaged in the manufacture or production, processing or preservation of goods as specified below:
Whether the guidelines issued on 'no-frills' account with 'nil' low minimum blaneces will continue even after the introduction of 'Basic Savings Bank Deposit Account'?
No. In supersession of instructions contained in RBI's earlier circular on No Frill accounts, banks have now been advised to offer a 'Basic Savings Bank Deposit Account' to all their customers vide a new circular dated August 10, 2012, which will offer minimum common facliities as stated therein. Banks are required to convert the existing 'no-frills' accounts' into 'Basic Savings Bank Deposit Accounts'.
RuPay is the Indian domestic card payment network set up by National Payments Corporations of India (NPCI) at the behest of banks in India. The RuPay project had been conceived by Indian Banks Association (IBA) and had the approval of Reserve Bank of India (RBI). National Payments Corporation of India (NPCI) has a plan to provide a full range of card payment services including the RuPay ATM, RuPay MicroATM, Debit, Prepaid and Credit Cards which will be accepted in India and abroad, across various channels like POS, Internet, IVR and mobile etc.
SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME
A one-time amnesty for those who have collected service tax but not deposited the same with the government. Those service tax providers that have not flied service tax return since October 2007 can disclose true liability and get an interest or penalty waive off.
Provident funds, by their very nature, need to invest in risk free securities that also provide them a reasinable return. Government securiries, also called the gilt edged securities or G-Secs, are not only free from default risk but also provide reasonable returns and, therefore, offer the most suitable incesatment opportunity to provident funds.
The Basel Committee on Banking Supervision (BCBS) provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. Currently there are 27 member nations in the committee. Basel guidelines refer to broad supervisory standards formulated by this group of central banks, called the Basel Committee on Banking Supervision (BCBS).