The Reserve Bank of India (RBI) has recently introduced new rules that can potentially save home loan borrowers a significant amount of money in interest payments. Traditionally, when the interest rates increase, banks would extend the tenure of the loan to protect borrowers from rising equated monthly installments (EMIs). However, this extension often leads to higher overall interest payments and longer durations of debt for borrowers. To address this issue, the RBI has mandated lenders to provide borrowers with options to either increase the EMI, extend the loan tenure, or use a combination of both when resetting interest rates on home loans. In this article, we will explore the new RBI rules and how they can benefit home loan borrowers.
The year 2023 marked a significant moment in global diplomacy as India assumed the prestigious presidency of the G20 on December 1, 2022, succeeding Indonesia. This leadership transition was followed by the convening of the G20 Leaders' Summit, a historic event hosted by India. In this blog, we will delve into the key highlights and outcomes of India's G20 presidency, as well as the significant takeaways from the New Delhi Summit.
In the ever-evolving landscape of the digital world, convenience and connectivity have brought tremendous benefits to our lives. However, this progress has also given rise to a new breed of criminals who exploit the online realm for financial gain. As technology advances, so do the tactics of online scammers. In this blog, we will delve into seven of the latest highly deceptive online scams, discuss how to spot them, and provide essential tips to safeguard your hard-earned money.
Life can get busy, and sometimes deadlines slip through the cracks. If you missed the July 31, 2023 deadline to file your income tax return (ITR) for the financial year 2022-23 (assessment year 2023-24), don't worry. The good news is that income tax regulations provide the option to file a belated ITR. However, there are a few things to keep in mind.
In a recent announcement, the Finance Ministry of India has confirmed that there is no proposal to extend the deadline for the exchange of Rs 2,000 notes. As per the original directive, the deadline for exchanging these high-denomination currency notes remains in place. This decision has sparked various discussions and debates within the country, with citizens expressing their views on the implications of the decision and its potential impact on the economy. In this blog, we will delve deeper into the context, rationale, and potential consequences of the Finance Ministry's stance on the Rs 2,000 note exchange deadline.
In a significant move aimed at bolstering economic cooperation, India and the United Arab Emirates (UAE) recently signed Memorandums of Understanding (MoUs) to promote the use of local currencies in cross-border trade. The Reserve Bank of India (RBI) and the UAE Central Bank agreed to facilitate transactions in Indian Rupees and Emirati Dirhams, signaling a strategic step towards enhancing bilateral trade relations between the two nations. Additionally, the MoUs include plans to link the Unified Payments Interface (UPI) with UAE's payment platform, further facilitating seamless transactions and financial integration. This development comes as a boon for both countries, fostering greater economic growth and paving the way for a more prosperous future.
India and Japan, two prominent Asian economies, have enjoyed a long-standing and fruitful relationship built on trust, mutual respect, and shared economic interests. In a recent development, the Indian Union Minister for Commerce and Industry, Mr. Jyotiraditya Scindia, announced that Japan is keen to make substantial investments worth 5 trillion yen in India. This ambitious investment plan marks a significant milestone in the bilateral ties between the two nations and holds the potential to reshape India's economic landscape positively.
Despite facing economic challenges and higher loan rates, the housing market in India has defied expectations by witnessing a record-high surge in sales during the second quarter of the year. This remarkable growth in the real estate sector has raised eyebrows and piqued the interest of both industry experts and potential homebuyers. In this article, we will delve deeper into the factors contributing to this unexpected success and explore the implications for the housing market in India.
In a recent ruling, the Supreme Court shed light on an important aspect of property ownership, emphasizing that a General Power of Attorney (GPA) and a Will do not confer title in immovable property. This landmark judgment has significant implications for property transactions and highlights the importance of understanding legal nuances when dealing with real estate. In this blog, we will delve into the details of the Supreme Court's ruling and its implications for property ownership in India.
As per recent reports, the Reserve Bank of India (RBI) estimates that over Rs 1.50 trillion worth of Rs 2,000 notes have been deposited in banks across the country. In light of this, it is crucial to understand Rule 114E of the Income Tax Rules 1962, which mandates financial institutions such as banks, post offices, NIDHI, and NBFCs to report Specified Financial Transactions (SFT) to the Income Tax Department.
Subscribe our monthly newsletter to know more about offers and new tips we share on how to manage your finance.
