In the interest of conduct of business relating to Non-Banking Financial Companies (NBFCs), RBI directs specified NBFCs registered with RBI under Section 45-IA of the RBI Act, 1934 to appoint an Internal Ombudsman (IO). Reserve Bank of India RBI/2021-2022/126 CO.CEPD.PRS.No.S874/13-01-008/2021-2022 November 15, 2021 The Chairman/Managing Director & CEO a) NBFCs-D with 10 or more branches, […]
Clarification regarding requirement of seeking No Objection Certificate or No Dues Certificate from the Income Tax Department during Voluntary Liquidation Process under the Insolvency and Bankruptcy Code, 2016 (Code).
Director General of Foreign Trade hereby notifies the Standard Operating Procedures (SOP) for random checking of imported consignments of metal scrap with respect to radioactive contamination. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) New Delhi, the 15th November, 2021 Public Notice No. 37/2015-2020 Subject : Standard Operating Procedures (SOP) […]
Representations have been received from the Bar Associations requesting for physical hearing of appeals. As there is improvement in the pandemic situation and the higher courts have partially shifted to physical mode of hearing, Hon’ble President directs that appeals may be heard physically on a request made by the counsel.
Mumbai has made a detection of evasion of Rs. 265 crores and recovered Rs. 250 crores, which is praiseworthy. This is a case of availing ITC of Compensation Cess on coking coal used for captive consumption. The credit of unutilized cess was being consequently claimed as refund on products exported.
In section 25 of the Central Vigilance Commission Act, 2003, in clause (d), the following provisos shall be inserted, namely,— Provided that the period for which the Director of Enforcement holds the office on his initial appointment may, in public interest, on the recommendation of the Committee under clause(a) and for the reasons to be recorded in writing, be extended up to one year at a time:
(1) This Scheme may be called the Reserve Bank – Integrated Ombudsman Scheme, 2021. (2) It shall come into force on such date as the Reserve Bank may specify. (3) It shall extend to the whole of India. (4) The Scheme shall apply to the services provided by a Regulated Entity in India to its customers under the provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, and the Payment and Settlement Systems Act, 2007.
All Commercial Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks and Non-Scheduled Primary (Urban) Co-operative Banks with deposits size of Rupees 50 crore and above as on the date of the audited balance sheet of the previous financial year;
With a view to encouraging wider participation and retail holding of Government securities, retail investors are allowed participation on “non- competitive” basis in select auctions of dated Government of India (GoI) securities and Treasury Bills.
The extant instructions on IRACP norms specify that an amount is to be treated as overdue if it is not paid on the due date fixed by the bank. It has been observed that due dates for repayments are sometimes not specifically mentioned in the loan agreements, and instead a description of due dates is mentioned, leaving scope for different interpretations.
