Corporate Updates 30 May 2014


RBI announces operational guidelines for ‘Depositor’s Education and Awareness Fund Scheme – 2014‘. According to this scheme, banks shall calculate the cumulative balances in all inoperative accounts and balances remaining unclaimed for ten years or more accounts along with interest accrued, as on the day prior to the effective date, i.e May 23, 2014 and such amounts due should be transferred to the Depositor Education and Awareness Fund (Fund) on June 30, 2014. Further, banks shall transfer to the Fund the amounts becoming due in each calendar month as specified in the Scheme and the interest accrued thereon on the last working day of the subsequent month.


Haryana government has waived off stamp duty on transfer of immovable property to blood relations, including children, grandchildren, spouse, brothers and sisters. The government felt that non-transfer of property among blood relations leads to avoidable disputes and litigation among parents, siblings and other blood relations. Haryana charges stamp duty at 7% for transferring property even to family members while in case of women it is 5%. The decision comes in the wake of the state’s observation that the stamp duty levied on transfer of immovable property within the family and among blood relations had become a hindrance for such transfers. (Source TOI, Chandigarh)

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