"12 August 2022" Archive

Outsourcing of Financial Services – Responsibilities of regulated entities employing Recovery Agents

RBI/2022-23/108 DOR.ORG.REC.65/21.04.158/2022-23 and Press Release: 2022-2023/707 12/08/2022

Existing Guidelines/Directions issued by the Reserve Bank of India referring to/governing the ‘Outsourcing of Financial Services’ and ‘Recovery Agents’...

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Income Tax Department searches Jhansi based Real Estate group

Income Tax Department carried out a search operation on a Jhansi based group, engaged in the business of civil contract and real estate development. ...

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Posted Under: Fema / RBI |

Requirement of Health Certificate accompanied with import of food consignments

Instruction No. 18/2022-Customs 12/08/2022

FSSAI stated that with effect from 1st November 2022, imported food consignments of following food categories as specified in FSS(Food Product Standards & Food Additives) shall be accompanied by a Health Certificate issued by Competent Authority of the exporting country in the prescribed format as attached as Annexure-I with the said Ord...

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Risk management Process……. Beware of TDS refund claim!

It is common practice usually followed by most of the salaried person to claim excessive deduction even though it is not reflecting in Form 16 issued by employer, and they have not made the investments specified under chapter VI-A of the Income Tax Act 1961. Some time it happens that person has genuinely made the […]...

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Posted Under: Fema / RBI | ,

Does a Partnership firm continue to exist with legal representative of deceased as new Partner?

A plain reading of Section 42 (c) of the Indian Partnership Act, 1932[1] implies that subject to the contract to the contrary, a firm is dissolved by the death of a partner. In case of only 2 partners in the firm, death of a partner results in dissolution even if there is a contract to […]...

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Posted Under: Fema / RBI |

Case Analysis: Gujarat State Road Transport vs. Ramanbhai Prabhatbhai & Another

Gujarat State Road Transport Vs. Ramanbhai Prabhatbhai & Another (Supreme Court of India)

The present case is related to the compensation to be awarded to the brothers of the deceased who was a victim in a motor vehicle accident. The case helps us understand as to who can be an heir and legal representative who is entitled to claim compensation under the Fatal Accidents Act and Motor Vehicles Act....

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Advantages of Doing Dual Specialization From CIMA Institute

CIMA® credential is more appropriate for professionals who are looking to work in multinational corporations, investment banking, brokerage firms, mutual funds, hedge funds etc. , and also various business entities....

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Posted Under: Fema / RBI |

Credibility of Child Witness under the Indian Evidence Act

Judicial proceedings in India or anywhere in the world are incomplete without witnesses and evidence because a witness is a primary source of evidence. A witness is a person who gives testimony under oath before the court of law with regards to the facts in issue and the case at hand....

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Posted Under: Fema / RBI |

दाल मिलों के बाय-प्रोडक्ट के कर मुक्त होने के संबंध में भ्रम की स्थिति

इस सर्कूलर में यह कहा गया है कि दलहन की मीलिंग के दौरान निर्मित होने वाले बाय-प्रोडक्ट्स जैसे कि छिलका, खंडा एवं चूरी पर जीएसटी लाग...

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Posted Under: Fema / RBI |

Corporate Insolvency Resolution Process Initiated by Operational Creditor – Full Procedure

Who can initiate CIRP? -financial creditor -operational creditor (in the instant scenario) -corporate debtor itself Steps involved in CIRP Step 1: Notice The Operational Creditor is required to deliver Demand notice (in Form 3) (or) copy of invoice attached with a notice (in Form 4) to the corporate debtor.[1] Step 2: Reply by Corporate D...

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Posted Under: Fema / RBI |

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