Press Releases

I-T Dept conducts search on an Educational Group in Chennai

NA (11/11/2019)

On 07.11.2019, the Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a group of trusts that are running educational institutions in and around Chennai for the past thirty years. The institutes run by the group include a number of engineering colleges, polytechnic institutes, dental college, nursin...

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I-T Dept busts a major racket of bogus billing & hawala transactions

NA (11/11/2019)

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 11th November, 2019 PRESS RELEASE Income Tax Department busts a major racket of bogus billing & hawala transactions Income Tax Department carried out searches in the first week of November, 2019 on a group of persons indulging in iss...

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RBI to waive Online NEFT Charges for savings bank account customers

Press Release: 2019-2020/1142 (08/11/2019)

RBI may Mandate banks not to charge savings bank account customers for online transactions in the NEFT system with effect from January 2020. Operationalise the Acceptance Development Fund to increase acceptance infrastructure with effect from January 1, 2020....

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RBI Report on Regulatory & Supervisory Framework for Core Investment Companies

Press Release: 2019-2020/1118-RBI (06/11/2019)

A Core Investment Company (CIC) is a Non-Banking Financial Company (NBFC) which carries on the business of acquisition of shares and securities and holds not less than 90% of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies. Further investments in equity shar...

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RBI enhances withdrawal limit for depositors of PMC Bank to ₹ 50000

Press Release: 2019-2020/1110 (05/11/2019)

Reserve Bank of India, after reviewing the Punjab and Maharashtra Cooperative Bank Limited's  liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to ₹ 50,000/- (Rupees Fifty Thousand only), inclusive of ₹ 40,000 allowed earlier....

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CBDT invites application for prescribing eligible Section 269SU electronic payment mode

NA (18/10/2019)

FTS- 1275045/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes **************************** New Delhi, dated 18th October 2019 NOTICE Prescribing of certain electronic modes of payment under Section 269SU of the Income-tax Act, 1961-Invitation for application In furtherance to the declared po...

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On-tap Authorisation of Payment Systems – Authorisation Criteria for non-bank PSOs

Press Release : 2019-2020/953 (15/10/2019)

Reserve Bank of India had on January 21, 2019 released a policy paper on Authorisation of New Retail Payment Systems on its website and invited public comments there on. Comments / Feedback were received from individuals, public and private entities, institutions and industry associations....

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RBI enhances withdrawal limit for PMCB depositors to Rs. 40,000

Press Release : 2019-2020/942 (14/10/2019)

The Reserve Bank of India, after reviewing the bank’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to Rs. 40,000/- (Rupees Forty Thousand only), inclusive of Rs. 25,000 allowed earlier. With the above relaxation, about 77% of the depositors of the bank will be able to w...

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Income Tax Department conducts searches in Karnataka

NA (11/10/2019)

The Income Tax Department conducted search on 9th October 2019 on a prominent business group in Karnataka which runs multiple educational institutions. During the course of the search, the modus operandi of conversion of seats which were originally to be allotted by merit through counselling by MCC maliciously into institutional quota sea...

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Institutional framework for regulation and development of Valuation Professionals

Press Release No. IBBI/PR/2019/28 (08/10/2019)

Invitation of public views / suggestions on the Institutional framework for regulation and development of Valuation Professionals The Ministry of Corporate Affairs, vide its Order dated 30th August 2019, has constituted a Committee of Experts to examine the need for an Institutional framework for regulation and development of valuation...

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