Pandurang Ganpati Chaugule Vs Vishwasrao Patil Murgud Sahakari (Supreme Court) (1) (a) The co-operative banks registered under the State legislation and multi-State level co-operative societies registered under the MSCS Act, 2002 with respect to ‘banking’ are governed by the legislation relatable to Entry 45 of List I of the Seventh Schedule of the Constitution of […]
Auditing and Assurance Standards Board (AASB) of ICAI Institute of Chartered Accountants of India This document has been prepared to highlight key areas of focus in the current environment when undertaking procedures relating to subsequent events in accordance with the Standards on Auditing (SAs). This document does not amend or override the SAs and it […]
T. Krishnamurthy Vs ITO (Madras High Court) This is a case where details of investment in shares and immovable property were not originally disclosed by the petitioner at the time of filing of the original returns under section 139 of the Income-tax Act, 1961 for the respective assessment years. Therefore, two notices under section 148 […]
Max New York Life Insurance Company Ltd. Vs DCIT (ITAT Delhi) 1. This is an appeal filed by the assessee against the order of the ld CIT (A)-22, New Delhi dated 15.11.2017 for the Assessment Year 2014-15. 2. The assessee has raised the following grounds of appeal:- “1. That on the facts and circumstances of […]
1. Login to Member Interface of Unified Portal http://unifiedportal-mem.epfindia.gov.in 2. Go to online services and Click on Claim (Form-31,19,10C & 10D) Tab 3. Enter your Bank account number and Verify. 4. Click on ‘Proceed for Online Claim’ 5. Select PF Advance (Form 31) Form the Drop Down Menu 6. Select Purpose as ‘Outbreak of Pandemic […]
Multi-National Companies (‘MNCs’) are allowed to set up their presence in India subject to the Foreign Direct Investment policy and other relevant regulations. One such presence that MNCs typically try to build is in the form of a liaison office (‘LO’) in India. Such offices are set up by foreign enterprises to understand the Indian market and to carry out certain pre-defined limited activities. For setting up an LO, necessary approval is required.
With a view to facilitate greater flow of resources to corporates, it has been decided, as a one-time measure, to increase a bank’s exposure to a group of connected counterparties from 25% to 30% of the eligible capital base of the bank.
In respect of accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lenders shall have the usual 180 days for resolution.
Lending institutions are permitted, at their discretion, to convert the accumulated interest for the deferment period up to August 31, 2020, into a funded interest term loan (FITL) which shall be repayable not later than March 31, 2021.
It has been decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from one year to 15 months, for disbursements made upto July 31, 2020.
