Blog

2014

Banking Sector in India

  • RBI was set up in 1935 by the RBI Act, 1934 as a private bank with two extra functions – regulation and control of banks in India and being the banker of the Government.
  • It was only in the year 1949 after nationalization, it emerged as the Central Banking body in India.

Archive


2014

Q 1. What are the steps to incorporate LLP?

  • Name reservation: The first step to incorporate Limited liability partnership (LLP) is reservation of name of LLP. Applicant has to file e Form 1, for ascertaining availability and reservation of the name of a LLP business.
  • Incorporate LLP: After reserving a name, user has to file e Form 2 for incorporating a new Limited Liability Partnership (LLP).
    E Form 2 contains the details of LLP proposed to be incorporated, partners’/ designated partners’ details and consent of the partners/ designated partners to act as partners/ designated partners.
  • LLP Agreement: Execution of LLP Agreement is mandatory as per Section 23 of the Act. LLP Agreement is required to be filed with the registrar in eForm 3 within 30 days of incorporation of LLP.

2014
  • CBDT has revised PAN Application form 49A and 49AA w.e.f. from 16.05.2014 vide its notification no. 26/2014, dated- 16-5-2014.
  • Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card the name of his/her mother. But applicant can select only one option, he /she cannot have the name of both mother and father printed on PAN card.
  • In case Applicant do not exercise his/her option than by default Father’s name will get printed on PAN card.

2014
 

If you keep your feet firmly on the ground, you’ll have trouble putting on your pants.


It’s not hard to meet expenses, they are everywhere.


I love being a writer… what I can’t stand is the paperwork.


2014

The fundamental difference between RGS and NEFT, is that while RTGS is based on gross settlement, NEFT is based on net-settlement. Gross settlement is where a transaction is completed on a one-to-one basis without bunching with other transactions. As for a deferred Net Basis ( DNS ), or net-settlement, this is where transactions are completed in batches at specific times. Here, all transfers will be held up until a specific time. RTGS transactions are processed throughout the working hours of the system.


2014

Q 1. What is a One Person Company (OPC)?

Section 2(62) of the Companies Act, 2013 defines OPC to mean a Company which has only one person as a member.

Q 2. Could OPC be formed in the regime of the Companies Act, 1956?

OPC is a new concept introduced in the Companies Act, 2013. Therefore, OPC could not be formed under the earlier Acts.

Financial Management