"04 January 2022" Archive

EOU not entitled to claim refund of TED on its own, may avail of the entitlements of DTA supplier specified in FTP

Sandoz Private Limited Vs Union of India (Supreme Court of India)

Export Oriented Unit (EOU) is not entitled to claim refund of Terminal Excise Duty (TED) on its own, however, adds a caveat that EOU may avail of the entitlements of Domestic Tariff Area (DTA) supplier specified in Chapter 8 of Foreign Trade Policy (FTP) on condition that it will not pass on that benefit back to DTA supplier later on....

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Delinquent officer cannot appoint any representative during departmental proceedings

Rajasthan Marudhara Gramin Bank (RMGB) Vs Ramesh Chandra Meena (Supreme Court of India)

Rajasthan Marudhara Gramin Bank (RMGB) and Anr. Vs Ramesh Chandra Meena & Anr. (Supreme Court of India) Facts- While working as Branch Manager, it was alleged that he committed irregularities while granting loans to farmers/ villagers under loan scheme. He didn’t take adequate precautions and without writing mandates of borrowers, ...

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IBU, GIFT City, Gandhinagar to undertake SWIFT operations: IFSCA

Circular No. 293/IFSCA/Banking Supervision/2021-22/2 04/01/2022

It is hereby directed that the SWIFT operations shall be undertaken from the IBU, GIFT City, Gandhinagar by assigning the roles of maker and checker to suitable staff in IBU itself for ensuring the data confidentiality and data protection....

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RBI Includes ‘Airtel Payments Bank’ in Second Schedule of RBI Act, 1934

Circular No. RBI/2021-22/148 DOR.RET.REC.76/12.07.160/2021-22 04/01/2022

Airtel Payments Bank Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DoR.LIC.No.S2659/16.13.215/2021-22 dated December 02, 2021 and published in the Gazette of India (Part III - Section 4) dated January 01 - January 07, 2022....

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RBI Retail Direct Scheme – Market Making

Circular No. RBI/2021-22/147 IDMD.PDRD.No.S1617/03.64.023/2021-22 04/01/2022

To promote retail participation in Government Securities by providing prices/quotes to Retail Direct Gilt (RDG) account holders enabling them to buy/sell securities under the RBI Retail Direct Scheme....

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HC directs closure of Cheque Bounce Case despite payment of fine by Convict Directly to Complainant

Rajeswary Vs State of Kerala (Kerala High Court)

But if the Court permits payment of fine as compensation to the complainant directly, it enables the accused to pay the entire fine as compensation directly to the complainant, as is the case with the sentence in C.C.785/2003, the Magistrate cannot insist that fine is to be paid in Court and it cannot be paid directly to the complainant a...

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IFSCA (Insurance Intermediary) (Amendment) Regulations, 2021

Notification No. IFSCA/2021-22/GN/REG020 04/01/2022

(1) These Regulations may be called the International Financial Services Centres Authority (Insurance Intermediary) (Amendment) Regulations, 2021. (2) They shall come into force from the date of their publication in the Official Gazette....

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IFSCA (Registration of Insurance Business) (Amendment) Regulations, 2021

Notification No. IFSCA/2021-22/GN/REG019 04/01/2022

Provide a certificate from a practicing Chartered Accountant in India, a practicing Company Secretary in India, a practicing Cost Accountant in India or any other person with appropriate qualification, as specified by the Authority, certifying that all the requirements of the Act read with IFSCA (Registration of Insurance Business) Regula...

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Section 148 notice issued to a dead assesse is notice without jurisdiction

Arunaben Kanaiyalal Patel L/R of Late Kanaiyalal Dalsukh Patel Vs ACIT (Gujarat High Court)

Arunaben Kanaiyalal Patel L/R of Late Kanaiyalal Dalsukh Patel Vs ACIT (Gujarat High Court) The subject matter of challenge in the present writ application is to the notice of reopening issued under Section 148 of the Act for the A.Y. 2017-18, essentially on the ground that the same is without jurisdiction as the impugned notice […...

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HC quashes Section 148 order approved by mere noting the word ‘Yes, I am satisfied’

Svitzer Hazira Pvt. Ltd. Vs ACIT (Bombay High Court)

Svitzer Hazira Pvt. Ltd. Vs ACIT (Bombay High Court) In the facts of the present case, it is clear from the digital signature on the notice issued by Respondent No.1 that the notice was issued at 2.40 p.m. on 31/03/2019. The sanction by the authority under Section 151 was digitally signed at 2.55 p.m. on […]...

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