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For transactions less that Rs. 1/-, round off to the nearest Rupee!
Posted on: 29/May/2014 2:23:47 PM
The difficulties experienced by non-banking financial institutions while collecting the interest or advance in rounding off the amount less than Rs. 1/- to the nearest Rupee was brought to the notice of the Reserve Bank of India.
RBI has issued orders that all transactions pertaining to collection of interest should follow the practice of rounding off amounts less than Rs. 1/- to the nearest Rupee.
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