Banking Awareness 31st December 2016 | Financial Affairs 31st December 2016.

RBI extends period of enhanced Prepaid Payment Instruments limit

limit of Rs 20,000 as part of efforts to promote digital payments.

• Reserve Bank today extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments.
• It has been decided to extend the measures till the completion of review of the PPI guidelines.

Rs 50,000 per month

Merchants can transfer funds from such PPIs to their own linked bank accounts.

India, Singapore sign 3rd protocol for amending DTAA

For amending Double Taxation Avoidance Agreement (DTAA).

India and Singapore have signed the 3rd protocol for amending Double Taxation Avoidance Agreement (DTAA). Briefing reporters in New Delhi, Finance Minister Arun Jaitley said the revisiting of this treaty is important as it will help in government’s efforts to eliminate black money.

DTAA with countries

• Mauritius
• Cyprus

  RBI extends loan repayment window to 90 days

   

  

  Repayment of housing, car, farm and other loans
  

The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees, saying that the dispensation will apply to dues payable between 1st November and 31st December.

Additional 60 days

For repayment of loans worth up to Rs 1 crore.

Sugar production touches 66 lakh tonnes so far during 2016-17

Expected to be about 22.5 million tonne

Sugar production has touched 66 Lakh tonnes so far during the 2016-17 marketing year. Food Ministry has said that the sugar production is expected to be about 22.5 million tonne by the end of the season.

25 million tonnes.

Estimations of sugar manufacturing for domestic requirements.

RBI’s new Deputy Governor Acharya to take charge on Jan 20

He has been appointed for a term of three years

Viral V Acharya will assume the charge as Deputy Governor of the Reserve Bank of India (RBI) from 20th of January, 2017. He has been appointed for a term of three years, with effect from 20th of January.

Roles and responsibilities

Mr. Acharya will look after the Monetary Policy and Research cluster.

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