The RBI introduces a detailed compliance framework for Payments Banks undertaking financial services. The update reinforces customer protection, risk controls, and strict limits on agency and referral activities.
RBI introduces a comprehensive governance rulebook strengthening board structure, director eligibility, risk oversight, and compliance standards for Payments Banks. The framework enhances accountability and reduces governance risks.
RBI issued detailed 2025 Directions mandating stricter CRR and SLR maintenance, updated NDTL computation, and enhanced reporting duties for Payments Banks. The framework reinforces liquidity discipline and imposes penalties for non-compliance.
The RBI amends rules on exporting and importing currency to Nepal and Bhutan, capping Indian notes above ₹100 at ₹25,000 for travelers, simplifying cross-border currency movement.
Court held that a consolidated SCN covering different financial years violates Section 73 and renders related demand orders void. Fresh notices may be issued within extended limitation.
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The Tribunal held that once the assessee provided prima facie evidence of identity, creditworthiness, and genuineness, the burden shifts to the AO to make independent inquiries. Non-compliance renders additions invalid.
ITAT Surat relied on precedents (Hari Gopal, Marksans Pharma, Boparai P. Ltd.) to hold that ad-hoc or percentage-based additions do not trigger Section 271(1)(c) penalty. Appeal allowed, penalty deleted.
The adjudicating authority penalised a company and its directors for failing to disclose allottees’ PAN in Form PAS-3. The order enforces compliance with Rule 14(6) and Section 450 of the Companies Act, 2013.
The order holds that the company commenced operations before filing the mandatory INC-20A form, constituting a 293-day delay. Penalties were imposed on the company and its officers under Section 10A(2).
