Section 45S of the RBI Act, 1984 prohibits any person being an individual, a partnership firm or an unincorporated association of individuals from accepting deposits if (a) his or its business, wholly or partly includes – the financing, whether by way of making loans or advances or otherwise, of any activity other than its own;…More
Category Archives: PERSONAL FINANCE
New Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs
The Finance Bill, 2022 has proposed a new Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs. It may be duly noted that Transactions in Cryptocurrencies and NFTs were taxable in earlier years as well. The classification of Income under Heads of Income such as Business or Capital Gains or Other Sources with…More
Capital Allocation Psychology – Profit booking / No loss booking and Averaging
A largely prevalent Investor / Trader psychology is to make gains in every script in the portfolio (even if assessing returns on investment on the whole portfolio). So these investors / Traders are quick to book profits on positive movement in certain scrips and also endlessly wait on scrips with a negative movement, sometimes also…More
Moneylending related offence included under PASA in Gujarat
The Governor of Gujarat has promulgated ‘The Gujarat Prevention of Anti Social Activities (Amendment) Ordinance, 2020’ with effect from 07 September 2020. Clause (ga) inserted in Section 2 defines a “money lending offender” to mean a person, who commits or attempts to commit or abets the commission of offences under Chapter IX of the Gujarat…More
Banning of Unregulated Deposit Schemes
1. The Government of India has promulgated ‘The Banning of Unregulated Deposit Schemes Act, 2019’ (21 of 2019) and it has commenced from 21 February 2019. Further, the Department of Financial Services, Ministry of Finance, Government of India, has notified ‘The Banning of Unregulated Deposits Schemes Rules, 2020’ with effect from 12 February, 2020. 2.1…More
Nirmal Ghorawat's Blog 