financial assistance

RBI circular on Financial Assistance to Senior Citizens, Widows and Handicapped persons

Financial Assistance to Senior Citizens, Widows and Handicapped persons RBI/2010-11/328 RPCD.CO.RRB.BC No. 38/ 03.05.33/2010-11, December 24, 2010 The Chairmen All Regional Rural Banks Dear Sir, Financial Assistance to Senior Citizens, Widows and Handicapped persons Please refer to our circulars RPCD. CO. No. RRB. BC. 57/ 03.05.33(F)/ 2005-06 dated December 27, 2005 and RPCD. CO. FID. BC. [...]
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State should be compensated for loss of revenue on implementation of GST

States that have huge mineral and petroleum reserves, but are economically backward may face significant loss of tax revenues on implementation of goods and services tax (GST), according to economists and experts in public finance. Introduction of GST would lead to the abolition of central sales tax (CST), which is collected by state governments on inter-state sales of goods. The CST rate was reduced from 4% to 2% at the time of introducing value added tax (VAT) in 2005.
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Educational loans provided by the banks are meant only for poor and meritorious student: Madras HC

The Madras high court bench in Madurai has ruled that educational loans being provided by the banks are meant only for poor and meritorious students who can not not pursue their studies due to poverty. Dismissing a writ petition, filed by Harish Babu of Aruppukottai on Thursday, Justice S Manikumar said students with means to [...]
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BIFR empowered by express provisions of SICA to curtail the rights of shareholders

Tamil Nadu Industrial Development Corporation Ltd. vs. Board For Industrial Reconstruction & Ors. [(2008) 145 Comp Cas 24 (Mad)] The Appellant, a State level institution incorporated for the purpose of development of industries in the State, was an equity shareholder in the Third Respondent Company. The company was referred to the Board For Industrial Reconstruction [...]
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Dishonour of cheque for insufficiency of funds in account

Section 141 of the Negotiable Instruments Act, 1881 - Dishonour of cheque for insufficiency, etc., of funds in account - Offences by companies - Whether for showing a vicarious liability of a director, it is incumbent upon complainant to plead in complaint that accused was responsible to company for conduct of business of company ; negotiation for obtaining financial assistance on behalf of company by its directors itself is not an ingredient for purpose of constituting ..
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