Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: Central Excise rule to resale the machines to a new company :: VAT Audit :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS
 
 
« News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

RBI seeks to keep an eye on payment system
December, 01st 2007
The Reserve Bank of India (RBI) has called for regulation of the entire payments system infrastructure institutions, instruments, rules, procedures, standards and technical means to ensure an efficient and reliable payments and settlement system in India.

RBI, in its report on Oversight of Payment Systems in India, which was placed on its website this week, has said that certain large value transaction and securities settlements in the financial market can go so high that settlements for two to three days can be equivalent to a countrys GDP. Such high-value payment systems are termed systematically important payment systems (SIPS).

In India too, SIPS are high, though not as high as in many of the matured markets. According to the report, the turnover in the SIPS segment constituted more than four-fifth of the total turnover Rs 3,51,16,277 crore of the total Rs 4,23,74,063 crore in 2006-07.

The central bank has made a detailed assessment of SIPS against the international standards published by the Committee on Payment and Settlement Systems (CPSS) and the Bank for International Settlements (BIS). While in most areas, it has found the compliance level close to the international benchmarks, it says that some areas still needed improvement.

For instance, the integration of the Integrated Accounting System (IAS) with real-time gross settlement system (RTGS) has been implemented in July 2006. But the liquidity management is now expected to be done by participants themselves. The monitoring of the request for intra-day liquidity (IDL) and its usage by individual participants is not being done currently, but would be taken up, the report said.

It needs to be ensured that participants also are transparent about services offered to their customers. The participants should also do a self assessment and understand the risks they face and follow self discipline. Banks should also be transparent about their policies for the services they provide to users.

Though the central bank, from time to time, has indicated the need for this, only a few banks are seen to be following it as has been observed from a recent survey conducted by DPSS, RBI.

The central bank has also called for laying down standards for cooperation with other regulators/supervisors in the financial system within the country and internationally, besides taking a key role in central banking co-operation in the SAARC region.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions