Fema / RBI judiciary-2

MP High Court Stays RBI Circular For Controlling Urban Cooperative Banks

Mahanagar Nagrik Sahakari Bank Maryadit Vs Union of India And Others (Madhya Pradesh)

Mahanagar Nagrik Sahakari Bank Maryadit Vs Union of India And Others (Madhya Pradesh) Reserve Bank of India Circular Dated 25th June 2021; related to RBI control over Urban Co-Operative Banks; Stayed by Hon’ble MP High Court Jabalpur. While hearing a writ petition challenging constitutionality of Banking Regulation (Amendment) Act, 2020...

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Offence under FEMA – Distinction between two stages of adjudication process

J P Morgan India Private Limited Vs Special Director, Directorate of Enforcement and Anr. (Delhi High Court)

J P Morgan India Private Limited Vs Special Director, Directorate of Enforcement and Anr. (Delhi High Court) Brief: Offence under FEMA – Distinction between the two stages of the adjudication process – eligible reasons by the respondent no. 1 for the formation of opinion to proceed with the inquiry against the petitioner. Our ...

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Offence under PMLA includes ‘Scheduled Offence’ & ‘Offence of money-laundering’

Fairdeal Supplies Limited & Anr.Vs. Union of India & Ors. (Calcutta High Court)

Fairdeal Supplies Limited & Anr.Vs. Union of India & Ors. (Calcutta High Court) (i) On a plain reading of Section 2(1)(y) and Section 3 of the PMLA , it appears to me that the legislature has bifurcated the offence under PMLA into “Scheduled Offence” and “Offence of money-laundering”. “Scheduled Offence” are provided i...

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Secured Debts have priority against Government dues in respect of Assets against which such loan was given

State Bank of India Vs Assistant Commissioner (ST) (Madras High Court)

State Bank of India Vs Assistant Commissioner (ST) (Madras High Court) Whether the Financial Institution, which is a secured creditor, or the department of the government concerned, would have the ‘Priority of Charge’ over the mortgaged property in question, with regard to the tax and other dues? No doubt that the rights of a ...

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Excess jewellery seized : ED should pass reasoned order

Banka Bullion Private Limited Vs Assistant Director & Ors. (Calcutta High Court)

Banka Bullion Private Limited Vs Assistant Director & Ors. (Calcutta High Court) With regard to the search and seizure of the excess jewellery that has been seized by the Enforcement Directorate, it is to be noted that in the writ petition, the petitioner has relied on several documents to indicate that this “excess jewellery” was...

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RBI is ‘State’ under Article 12 of Indian Constitution: Calcutta HC

Pearson Drums & Barrels Pvt. Ltd. Vs The General Manager, Consumer Education & Protection Cell of Reserve Bank of India and others (Calcutta High Court)

Pearson Drums & Barrels Pvt. Ltd. Vs The General Manager, Consumer Education & Protection Cell of Reserve Bank of India and others (Calcutta High Court)  Upon considering the submissions of the parties, it is evident that the petitioner has not only claimed refund of full processing fees from respondent no.4, a private bank, but ...

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SC Lays Down Guidelines for Operation & Safety of Lockers

Amitabha Dasgupta Vs United Bank of India & Ors.  (Supreme Court Of India)

Amitabha Dasgupta Vs United Bank of India & Ors.  (Supreme Court Of India) Hon’ble SC held atht irrespective of the value of the articles placed inside the locker, the bank is under a separate obligation to ensure that proper procedures are followed while allotting and operating the lockers: (a) This includes maintenance ...

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Property purchased from Salary income cannot be treated as proceeds of Crime: HC

L. Sivaramakrishnan Vs Deputy Director (Madras High Court)

L. Sivaramakrishnan Vs Deputy Director (Madras High Court) In this Even the C.B.I. has not found that Sivaramakrishnan benefitted financially from the criminal activity of fudging records. Of course, these findings of the C.B.I. are not binding on the Enforcement Directorate, but, this Court cannot turn a Nelson’s eye to this, espe...

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In absence of nexus between Criminal Activity & Property acquired PMLA provisions cannot be invoked

R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court)

R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court) From a reading of Section 2(u) of the PML Act which defines the expression “proceeds of crime”, it is limpid that the profit derived or obtained must be a result of a criminal activity which relates to a schedule offence. Even if we take […]...

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Freezing of bank accounts under PMLA without compliance of law was not valid

OPTO Circuit India Ltd. Vs Axis Bank & Ors. (Supreme Court)

Since freezing of bank account due to initiation of proceedings under PMLA has been done without due compliance of law, it was necessary to direct to defreeze the respective accounts and clear the cheques issued by assessee, drawn in favour of the Competent Authority towards the ITDS, PF, ESI, Professional Tax, Gratuity and LIC employees...

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