As the applicant is not a signatory to the cheque, no liability can be fastened upon him for the dishonour of the cheque under Section 138 of the Negotiable Instruments Act.
Government has introduced new section 269ST limiting cash transactions above Rs. 2 lakhs. There are no exceptions to this. Even gift received in cash form close relatives above Rs. 2 lakhs come under the ambit of this section. At present there are also certain other provisions which have either a cap or a complete ban on cash transactions.
Indian Bank’s Association (IBA) invites applications from eligible Chartered Accountant Firms for empanelment to take up assignments relating to forensic audit of Frauds upto Rs. 50 crores & Frauds above Rs. 50 crores in the Banking Industry.
In the Model GST Law, the provisions for Settlement Commission are incorporated only under the IGST Act under Section 11 to 26. This implies that cases cannot be settled in relation to tax liability pertaining to intra-state tax administrations which want to constitute Settlement Commission can do so on the basis of the template provided under the IGST Act and the CGST Act can have an enabling provision drawing from the IGST Act for such states.
