"12 March 2021" Archive - Page 3

Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures

RBI/2020-21/106 DoR. FIN. REC. 46/20.16.056/2020-21 12/03/2021

The Uniform Credit Reporting Format has two Annexes. The Annex-I contains two formats for credit reporting, viz., Consumer Bureau and Commercial Bureau, whereas Annex-II contains credit reporting format for Micro Finance Institution (MFI) segment....

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Flux Cored (Tubular) Electrodes (Quality Control) Order, 2021

Order No. S.O. 1203(E) 12/03/2021

(1) This Order may be called the Flux Cored (Tubular) Electrodes (Quality Control) Order, 2021. (2) It shall come into force with effect from 1st September 2021....

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Unmanned Aircraft System Rules, 2021

Notification No. F. No. AV-11012/4/2019-DG 12/03/2021

1) These rules may be called the Unmanned Aircraft System Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette. (3) They shall apply to, – (a) Unmanned Aircraft System (UAS) registered in India, wherever they may be; or (b) a person owning or possessing or engaged in exporting, importing, ...

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IBBI ask Registered Valuer to take reasonable care & due diligence

Notification No. IBBI/Valuation/Disc/4/2021 12/03/2021

In view of the above, the Authority, in exercise of powers conferred vide notification of Central Government no. GSR 1316(E) dated 18-10-2017 under section 458 of the Companies Act, 2013 and in pursuance of rule 15 and rule 17 of the Companies (Registered Valuers and Valuation) Rules, 2017, hereby warns Mr. Lakhan Lal Gupta that he should...

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Section 138 NI Act : Joint liability, if cheque drawn from Joint Account :SC

Alka Khandu Avhad Vs Amar Syamprasad Mishra & Anr. (Supreme Court of India)

A person might have been jointly liable to pay the debt, but if such a person who might have been liable to pay the debt jointly, cannot be prosecuted unless the bank account is jointly maintained and that he was a signatory to the cheque....

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Reasons for Cancellation of NBFC Certificate of registration

The Reserve Bank of India (RBI) can exercised the power under The Reserve Bank of India Act, 1934 to issue or cancel the certificate of Non-Banking Finance Company (NBFC) in India. The Reserve Bank of India plays the key role of the Regulatory body and an authority to supervise and regulate NBFCs in India. RBI grants […]...

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Posted Under: Fema / RBI |

Section 194N TDS on Cash Withdrawals

In Finance Act, 2020 Government came with section  194N ‘Payment of certain amounts in cash’, Applicable from 01st July, 2020, which states that : Every person, being,—  (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 ...

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Posted Under: Fema / RBI |

SC Judgment on Limitation – Impact on Transitional Credit

Supreme Court (SC) Judgment dated 8.3.2021 on Limitation period─Analysis & Impact on Transitional Credit – In the wake of Covid-19 pandemic Looking to the onset of COVID-19 pandemic and various measures taken by the Govt. to curb COVID-19, from time to time, the Hon’ble Supreme Court took suo motu Cognizance for Extension of...

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Posted Under: Fema / RBI |

Steps for SOP Implementation

Standard Operating Procedures (SOPs) are the documented processes that an organization has consisting of a step-by-step instructions to help the employees within its organization to carry out its routine operations and to achieve efficiency, quality output & uniformity of performance while reducing miscommunication and time....

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Posted Under: Fema / RBI |

ITAT accepts submission of Appellant on Preponderance of probability test vis-a-vis bank account deposits

Shri Praveen Kumar Vs ITO (ITAT Jaipur)

Shri Praveen Kumar Vs ITO (ITAT Jaipur) As per facts of the present case, the assessee was student and studying for said period in Birla Institute of Technology as a regular student of M.Sc. Animation and Design and was tenant of Shri Abhishek Agarwal, who was into business of real estate in name and style […]...

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June 2021