November 2024

RBI is an institution of national importance and the pillar of the surging Indian economy. It is a member of the International Monetary Fund (IMF).  The concept of the Reserve Bank of India was based on the strategies formulated by Dr. Ambedkar in his book named “The Problem of the Rupee – Its Origin and Its Solution”. This central banking institution was established based on the suggestions of the “Royal Commission on Indian Currency & Finance” in 1926. This commission was also known as the Hilton Young Commission. In 1949, the Reserve Bank of India was nationalized and became a member bank of the Asian Clearing Union. RBI regulates the credit and currency system in India. The chief objectives of the RBI are to sustain the confidence of the public in the system, protect the interests of the depositors, and offer cost-effective banking services like cooperative banking and commercial banking to the people. E-Mandate eMandate is a feature by which the customer’s bank initiates the mandates to the sponsor bank (to which the amount has to be paid) or to the customer. The corporate moves the mandate via the sponsor bank to the concerned bank with the attributes of customer authentication. The eMandate system makes it easier for issuance and confirmation of mandate by the customers through alternate channels to a paper-based mandate.  Objectives of eMandate The objectives of e-mandate are as follows: To create an authenticated mandate by the customer using electronic channels. To mandate the acceptance cycle of auto acceptance of mandates. To ensure secured and assured mandate acceptance. Charges Levied National Payments Corporation of India (NPCL) levies charges for the usage of the eMandate system of NACH. These charges include: Joining/Membership fee Transaction fee Network recovery charges Certification and on-boarding charges Taxes and statutory payments Testing Training Charges for offering value-added services Fines and penalties The intervals for collection of such charges and the mode of the collection would be decided by NPCI in consultation with NACH steering committee and would be communicated to participating banks. NPCL furnishes a schedule of charges to all member banks. All charges would be without the inclusion of service tax or any other statutory charges that have to be paid separately. Submission of eMandates The destination banks, after verifying and confirming the authentication of the mandate, have to submit the mandate to NACH system for onward transmission to the sponsor bank within 48 hours of completion of the activity. FAQs What is an RBI eMandate? An eMandate is a digital authorization from a bank account holder that allows a business or service provider to automatically debit a specific amount from their account on a recurring basis. This mandate system is governed by the Reserve Bank of India (RBI) and is typically used for payments like subscription fees, utility bills, loan EMIs, and insurance premiums. How does the eMandate process work? Customer Authorization: The customer authorizes an eMandate through their bank or service provider’s website or mobile app. Verification: The bank verifies the customer’s details and authorizes the eMandate. Recurring Payments: Once the eMandate is set up, the agreed amount is automatically deducted from the customer’s account as per the defined schedule (monthly, quarterly, etc.).

The land of cultures, cuisines, & captivating sceneries- West Bengal is a State like no other. Needless to say, inheriting a property in a prime State like this will include a lot of paperwork involving the legal transfer of property ownership.  While buying a property or inheriting one as a gift can be a thrilling experience, there is one crucial step that often gets overlooked. The process of legal title transfer, also known as property mutation, plays a key role in determining the property’s true owner. But what is the process for mutation, and can this process be the key to avoiding ownership conflicts Why is property mutation important? Property mutation is a crucial process that every property owner should be aware of. It involves the transfer of ownership from one person to another, and it is essential for several reasons, such as- Legal ownership:Property mutation establishes legal ownership of the property. It ensures that the property is registered under the correct owner’s name, providing a clear title. Tax assessment:Property mutation is necessary for accurate tax assessment. The local municipal corporation uses the mutation records to determine the property’s value and calculate property taxes accordingly. Property transactions:When buying or selling a property, mutation records play a vital role. Prospective buyers can verify the property’s ownership and ensure that there are no legal encumbrances or pending dues before making the purchase. Inheritance:Property mutation is crucial in cases of inheritance. It allows the legal heirs to transfer the property’s ownership and update the records accordingly, ensuring a smooth transition of assets. Property development:For property development projects, mutation records are necessary to obtain permits and approvals from the local authorities. It helps in establishing the ownership and legality of the property. What are the documents required for property mutation in West Bengal The following documents are required for property mutation- Application formFill out the application form for property mutation, which can be obtained from the local municipal corporation or online portal. Proof of ownershipProvide the original and photocopies of the property documents, such as sale deed, gift deed, or will, to establish your ownership. Encumbrance certificateObtain an encumbrance certificate from the Sub-Registrar’s Office to verify that the property is free from any legal dues or liabilities. Property tax receiptsSubmit the latest property tax receipts to show that all taxes have been paid up to date. Identity proofProvide your identity proof, such as Aadhaar card, PAN card, or voter ID card, to establish your identity as the property owner. Address proofSubmit address proof documents, like electricity bill, water bill, or ration card, to verify your residential address. NOC from housing societyIf the property is located in a housing society, obtain a No Objection Certificate (NOC) from the society stating that they have no objection to the mutation. Who are eligible to opt for property mutation in West Bengal? Eligibility Criteria for Property Mutation Property Owners Only registered owners of the property can apply for mutation. Successors If the original property owner has passed away, the legal heirs or successors can apply for mutation. Buyers If a property has been re-sold, the buyer can apply for mutation after completing the necessary legal formalities. Gifted Property If the property has been gifted, the recipient of the gift can apply for mutation What are the charges for property mutation in West Bengal? Subject Mutation Fee Conditions Applicable Transfer by sale/gift Rs 25 If the property value is less than Rs 10,000 Transfer by inheritance Rs 10, Rs 20, Rs 50, Rs 100 If the annual holding exceeds Rs 200, Rs 500, Rs 1,000, and Rs 5,000 respectively Transfer by Partition Deed 0.10% Mutation fee is charged based on the overall market value of the property How to apply for property mutation in West Bengal? Visit the official Banglar Bhumi website at banglarbhumi.gov.in Select the Citizen Services from the top-right section of the website and select Online Application. Next choose Mutation Application from the drop-down menu. The page will ask you to log in. Click on Sign up and fill out the public registration pop-up form. Next, log in again and fill in your details on the Applicant Description and go to Particulars of Transferrer to add the details of the seller or gift giver. Upload the necessary documents, such as the sale deed, proof of payment of property tax, and identity proof. Now, click on the Online Application menu again and select Fees Payment. Verify the payment status and submit the application. Don’t forget to keep a copy of the payment acknowledgement receipt. FAQs Why is land mutation important? Land mutation is important because: It provides proof of ownership. It enables the owner to pay land taxes. It is essential for property transactions, as it reflects the updated ownership status in official land records. Who can apply for land mutation in West Bengal? Any individual who has acquired property through purchase, inheritance, gift, or any other transfer method can apply for land mutation in West Bengal.

Every LLP is formed to carry on a specific business activity with a motive to earn profit. At the time of incorporation of an LLP, partners have to provide the main object of an LLP. Such object must be mentioned in brief in the LLP agreement. An LLP cannot carry on any business activities which are not mentioned in the agreement.   There is no specific provision in the LLP act regarding alteration of objects of LLP. In the rules, if any changes in the LLP agreement, a copy of changed LLP agreement and particulars of change shall me filed with Registrar. The only provision regarding LLP activity is section 11(2) (c) which is in fact matters covered in the LLP incorporation document. Usually, LLP agreement contain a clause regarding LLP activity and procedures to be followed for changing the activity. Based on the partners understanding, LLP agreement set out  procedures to be followed for altering LLP agreement. After completing the procedures set out in LLP, LLP shall file a copy of revised LLP agreement with respective Registrar of Companies. What do you mean by Object Change? The objects of an Object Change of LLP: Complete Overview LLP define the scope and purpose of its operations. These objects are outlined in the LLP Agreement, which is a crucial document that outlines the rights, duties, and responsibilities of partners, as well as the internal functioning of the LLP. Over time, business dynamics, market conditions, and strategic goals may evolve, necessitating a change in the objects of the LLP. An object change involves altering the activities that the LLP is authorized to undertake as per its initial LLP Agreement. This change can be significant, such as diversifying into new business sectors, or relatively minor, such as modifying the scope of existing activities Why business activities of an LLP require changes? If the partners want to change the business completely.  In case of partners want to add a new product line in an LLP. Kindly note an LLP can carry on only similar business activities. Hence, if the new product line is not related to an existing business then a new LLP has to be incorporated.  If an LLP take over a firm which is carrying on different business activities.  In case the government authorities orders as a result of change in prevailing law.  Whenever such business activity is prohibited under any law. How to Change the Object Clause of LLP? Board Resolution: The process begins with a board resolution. The partners of the LLP should convene a meeting to pass a resolution proposing the object change. This resolution should detail the reasons behind the proposed change, the new activities to be added, and the modifications required in the LLP Agreement. Amendment of LLP Agreement: After passing the board resolution, an amendment to the LLP Agreement is necessary. This amendment should clearly outline the revised objects of the LLP. Partners should review and approve the changes before proceeding. Consent of Partners: All partners of the LLP should provide their written consent to the proposed object change. This ensures that all partners are in agreement with the modifications and understand their implications. Filing with the Registrar: The LLP must file Form 3 with the Registrar of Companies (RoC) within 30 days from the date of passing the board resolution. This form includes the details of the object change, along with the revised LLP Agreement as an attachment. RoC Approval: The RoC examines the filed documents and, if satisfied, approves the object change. The RoC will then issue a Certificate of Incorporation with the updated objects. Implications of Object Change Legal Standing: Once the object change is approved, the LLP can engage in the new activities outlined in the revised LLP Agreement without any legal hurdles. Third-Party Agreements: The LLP must review and amend any existing contracts, agreements, or licenses that were based on its previous objects. This ensures that the LLP remains compliant and doesn’t breach any contractual obligations. Tax and Regulatory Compliance: The LLP should evaluate if the new activities result in changes to its tax liabilities or regulatory obligations. Registration with relevant regulatory authorities might be necessary for certain sectors. Liability and Risk: While LLPs offer limited liability protection, partners should be aware that the new activities might introduce different risks. A comprehensive risk assessment should be conducted before finalizing the object change. FAQs What is meant by an Object Change in LLP? An Object Change in an LLP refers to altering the purpose or business activities for which the LLP was originally formed. This change requires an amendment to the LLP agreement and must be communicated to the Registrar of Companies (RoC) for updating the records. Why would an LLP change its object? Expansion of business activities: If the business wants to enter new sectors or start new services. Diversification: When the LLP wishes to diversify into a different industry or area. Rebranding or restructuring: To align with the LLP’s long-term strategy or goals.

nvestments in Mutual Funds can be broadly classified into two types- lumpsum and SIP. A lumpsum investment is when the depositor invests a significant sum of money on a particular mutual fund scheme. SIP or Systematic Investment Plan, on the other hand, entails the investment of smaller amounts on a monthly basis. Both these type of mutual fund investment strategies have their fair share of benefits. Lumpsum investments are particularly preferred by a majority of investors, as there are lesser variables involved and returns are generally on the higher side What is a Lump Sum Investment Plan? Lumpsum investment plan is an investment method in which you make a one-time investment in a scheme of your choice. This typically involves a relatively large amount and you can use this technique of investing when you have a large corpus of cash available, such as after receiving your annual bonus or after a fixed deposit has matured. In the case of lumpsum investments in market-linked products, it is important to be mindful of prevailing market conditions. While timing your lumpsum investment correctly can lead to significant gains, investing at the wrong time can potentially result in losses. How can a Lump sum Calculator Help You? Mutual fund investors can use this calculator to figure out the estimated returns on their investments. Before getting into the benefits of using this calculator, one must know the types of return for a lumpsum investment. Absolute return Total return Annualised return Point to point return Trailing return Rolling return Formula to Calculate MF returns All lumpsum calculator mutual fund uses a specific method to compute the estimated return on investment. It is essentially a compound interest formula with one of the variables being the number of times the interest is compounded in a year. The formula is as follows: A = P (1 + r/n) ^ nt The variables are mentioned in the table below. A Estimated return P Present value r Rate of return t Duration of investment n Number of compounded interests in a year You can use this formula to compute your mutual funds returns accurately. For example, imagine investing Rs. 15 Lakh in a fund with a 12% return for 5-year period compounding every 6 months. The estimated return in this scenario will be- A = Rs. 15, 00,000 (1 + 12%) ^ 5 As you can surmise, it’s a complex equation which may be out of grasp for a majority of investors. A lumpsum MF calculator will calculate it instantly. In this case, your estimated return at the end of a 5-year period shall be Rs. 26, 43, 513. FAQs What is a lumpsum investment? A lumpsum investment involves investing a large amount of money into an asset or financial instrument at one time. This is contrasted with systematic investment plans (SIPs), where you invest smaller amounts regularly over time. How does a lumpsum investment plan work? In a lumpsum investment plan, you invest a significant sum of money upfront in mutual funds, stocks, or other investment vehicles. Your returns depend on the performance of the asset over time. For mutual funds, the number of units you purchase is based on the market price (NAV) at the time of investment.