IRDAI constituted a Joint Expert Group to tackle transition and implementation issues under Ind AS. The group will guide insurers on compliance, audit requirements, and financial reporting clarity.
The RBI has issued comprehensive guidelines combining incentives and penalties for banks in currency management. The move aims to improve customer service, reporting accuracy, and efficiency in currency distribution.
All banknotes must be authenticated through machines before acceptance or circulation under RBI’s new rules. This reduces human error and strengthens counterfeit detection mechanisms.
The issue involved inconsistent practices by banks in accepting coins and defective notes. RBI held that all branches must provide free exchange services without refusal, reinforcing customer rights and compliance obligations.
In response to changing market dynamics, RBI has revised forex derivative rules, banning certain contracts and restricting rebooking. The circular aims to improve market discipline and financial stability.
The circular mandates faceless assessment for Bills of Entry filed by SEZ units clearing goods to DTA. It ensures uniformity and efficiency while retaining post-assessment roles with jurisdictional officers.
The government has reduced AIDC on ammonium nitrate to nil. The move lowers import costs and ensures supply for key sectors.
Finance Ministry exempts basic customs duty on specified chemicals and polymers till June 30, 2026 under Notification 12/2026-Customs.
The ROC imposed penalties for non-compliance with mandatory woman director requirements. The ruling highlights strict enforcement of Section 149(1) based on turnover criteria.
A prolonged violation of Independent Director requirements led to penalties on both the company and its officer. The ruling underscores consequences of continuous default under corporate law.
