Question
Which of the following accurately describes the Reserve
Bank of India's revised Domestic Money Transfer (DMT) guidelines effective from November 1, 2024? A) The changes mandate maintenance of records for beneficiaries of cash pay-out services. B) Every transaction must now be validated through an Additional Factor of Authentication (AFA). C) The remitting banks are required to comply with provisions related to cash deposits under the Income Tax Act, 1961.Solution
The RBI's updated guidelines for DMT services aim to enhance security by requiring records of beneficiaries and mandating additional authentication for transactions, thereby promoting greater compliance and security in money transfers. · Under the new framework, remitting banks will be required to maintain records of the name and address of beneficiaries for cash pay-out services. · This has been done to improve traceability and accountability in cash-based transactions. · The RBI has said every transaction by a remitter will now require validation through an Additional Factor of Authentication (AFA). · Remitting banks must adhere to the regulations outlined in the Income Tax Act of 1961 regarding cash deposits.
A sold a toy to B at a profit of 15%. Later, B sold it back to A at a profit of 20%, thereby gaining Rs. 575. How much did A pay for the toy originally?
'A' purchased an article and sold it to 'B' at 10% profit. 'B' marked it up by 26% above the price at which 'A' has purchased it and then sold it after ...
- A shopkeeper marked an item at Rs. 1000. The discount given on it is equal to 40% of the difference between marked price and cost price. If he made a profi...
When an item is sold for Rs. 800, the profit is 10% more than when it's sold for Rs. 780. To achieve a 60% profit, determine the selling price.
Article ‘P’, if sold at a profit of 18% earns a profit of Rs. 360. If article ‘P’ is marked 30% above its cost price and then sold after offerin...
Zara purchased a microwave for Rs. 2400 and spent some amount on service. She marked it up by 25%, gave a Rs. 360 discount, and earned a 15% profit. Fin...
- A customer bought a refrigerator at a 15% discount. If he had received a 30% discount, he would have saved ₹4500 more.Find the market price of the refrig...
The selling price of an item rose from Rs. 320 to Rs. 448. Calculate the percentage increase in its price.
A shopkeeper bought two articles for Rs. 700 each. If he sold one of them at 40% profit and the other at 25% loss, then find the difference between the ...
The marked price of a cap is Rs. ‘x’. Rekha bought it at 20% discount and then sold it for Rs. ‘x’. Find the profit earned by her.
Relevant for Exams:
