A look at recent rulings which can affect you
BANKING>> The Reserve Bank of India has advised banks to allot a different product code in their core banking systems to accounts opened for beneficiaries of various state and central government schemes. These accounts will also not be classified as dormant even if no transaction takes place for two years, as required for other savings accounts. The governments had been facing difficulty in transferring benefits due to such accounts being marked as dormant or inoperative.
>> Foreign students can get a non-resident ordinary (NRO) account on arrival to India on the basis of their passport (with visa and immigration endorsement) along with the admission acceptance letter from the educational institution. They will have to submit their local address proof (rent agreement or hostel accommodation) within 30 days of opening the account. Until then, the account will have caps on foreign remittances ($1,000) into the amount and withdrawals (Rs 50,000/month).
MARKETS>> Foreign institutional investors (FIIs) and qualified foreign investors (QFIs) have been permitted to invest in Indian government debt without purchasing debt limits till the overall investment reaches 90%. Once this 90% limit is reached, an auction mechanism will be initiated for allocation of the remaining limits. This auction mechanism is currently in place for FII investments in corporate debt. Currently, FIIs and QFIs have to purchase the debt limits through the auction mechanism for investing in government debt.
**82% children (5-14) in Indian metros own gadgets, says a survey by Assocham**
