Cent vyapari Scheme
Wholesale attention to retail trade for all types of traders including retailers and distributors. The facility under the scheme may be extended by way of working capital limit (cash credit against paid stock and receivable upto 90 days) up to a maximum of Rs 20 lakh per borrower. In any case drawing power on receivables should not exceed 50% of total DP worked out on paid stock. A minimum margin of 25% on stocks and 50% on receivables (up to 90 days) should be maintained. For limits up to Rs 5 lakh margin of 25% should be kept on the combined value of stock and sundry debtors less sundry creditors. No drawing power to be allowed on receivables beyond 90 days. Repayable on demand to be reviewed, renewed every year. EM of land and building value of which is. At least equal to limit sanctioned in case of limit/loan up to Rs 10 lakh to Rs 50
lakh.
The Provisions of Income Tax Act with
reference to NRIs
The following income, which might have been payable outside India are deemed to arise in India. Dividend paid by an Indian company to a non-resident: interest paid on moneys borrowed and brought into India and royalty and technical services fees where the royalty is payable in respect of any right or fees are payable in respect of technical services used for business or profession in India which is exempt, if it is payable through an agreement made before 1st April, 1976 which is approved by the Central Government, and in respect of computer software supplied by a non-resident manufacturer along with a computer or computer based equipment under approved specified scheme of the Government of India. A person having been a non-resident for a continuous period of 2 years on his return will remain "not ordinary resident" for at least 8 subsequent years.
Personal Loan To Employees Of Corporate Clients
Permanent employees of large corporate clients/other very reputed companies not having credit limits with us. To meet any personal/domestic expenses of the applicant. Ten times of gross salary subject to a maximum of Rs 1 lakh. Net take home pay after taking into account the proposed loan installments should not be less than 50% of the gross salary. 36 months in equated monthly installments commencing one month after the month of disbursement. Employer will have to give an undertaking to deduct monthly installments from salary of the employee and remit the same to the bank.
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CENT Liquid Scheme
Individuals who are the confide owners of shares/debentures and are maintaining DEMAT account with depository participant. In the form of overdraft or demand loan. The facility will be under non-priority sector for meeting contingencies and needs of personal nature or for subscribing to rights or new issues of shares, debentures against the security of existing shares and debentures. Shares in dematerialised form only. The lien with depository participant should be marked in bank’s favour. 50% on the value of the shares worked out on the basis of average market price for last 6 months or the current market price whichever is lower. Quantum is maximum Rs 20
lakh.
Concessions Available to NRIs on their return to India
NRIs who return to India after 18th April 1992 after having been "a person resident outside India" for a continuous period of at least one year have been granted the following permissions on their return: To maintain and operate, their foreign currency accounts with banks abroad. Resident account holders for making any payments to persons resident outside India can use funds held in these accounts. To hold transfer or dispose of their other foreign currency assets like shares, securities, life insurance policies, and immovable properties, business abroad NRI can continue as usual even after his return to India.
These schemes are provided by several MNC and Indian banks. For details, and for
contacting relevant officers please write to
sales@indiaempire.com
info@indiaempire.com or
call 91.11.2923.1515 (10 AM-6 PM) Monday through Friday
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