Restrictions on offering incentives on any banking products :
Banks are also not permitted to offer any banking products, including online remittance schemes etc., with prizes /lottery/free trips (in India and/or
abroad), etc. or any other incentives having an element of chance, except inexpensive gifts costing not more than Rs. 250/-, as such products involve nontransparency in the pricing mechanism. Such products, if offered, by banks are considered as violation of the extant guidelines and the banks concerned are liable for penal action.
Latest posts by Tina Saha (see all)
- Seeks to amend notification No. 8/2017- Integrated Tax (Rate) so as to notify IGST rates of various services as recommended by Goods and Services Tax Council in its 28th meeting held on 21.07.2018. - November 16, 2018
- Seeks to exempt payment of tax under section 5(4) of the IGST Act, 2017 till 30.09.2018 - November 14, 2018
- Seeks to amend notification No. 04/2017- Integrated Tax (Rate) dated 28.06.2017 so as to notify levy of Priority Sector Lending Certificate (PSLC) under Reverse Charge Mechanism (RCM) - November 14, 2018