LIABILITY RULES
Supreme Court sends Trump immunity case back to lower court, dimming chance of trial before election
The Supreme Court has extended the delay in the Washington criminal case against Donald Trump on charges he plotted to overturn his 2020 presidential election loss. The historic 6-3 ruling by the justices stated that former presidents have absolute immunity from prosecution for their official acts and no immunity for unofficial acts. The outcome means additional delay before Trump could face trial in the case brought by special counsel Jack Smith.
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions
How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts or cards. Let's take a closer look at the RBI regulations.
Change in EPS rule for calculating lump sum withdrawal amount on early exit: Who benefits, who loses?
Pension amount in EPS: The government via notification dated June 14, 2024 has revised the table used for calculating lump sum withdrawal amount. A member of Employees' Pension Scheme (EPS) can withdraw lump sum amount if he/she exit the scheme before completion of 10 years. Read on to know who gains and who loses from the new pension scheme rule.
The Life Insurance Rule: How much money will your family need if your income stops?
Life insurance rule: A common rule of thumb for life insurance coverage is to have a life insurance policy that is at least 10 times your current income. This coverage should take into account any outstanding debts and loans you have. By following this rule, you can estimate the income your family would need to maintain their standard of living if you were to pass away.
Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI
Motor Insurance New Rules by IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has updated the master circular clarifying important rules for motor insurance policyholders. The regulator has proposed the implementation of strict timelines for claim settlements of auto insurance policyholders. It is a crucial step towards improving efficiency and customer satisfaction. Another key change is the introduction of a customer information sheet (CIS) for auto insurance policies to enhance customer awareness.
Banks ask RBI to ease liquidity rule to keep credit taps open
Indian banks are urging the industry regulator to relax the current liquidity coverage requirements. They believe easing these mandates will free up more funds for lending.
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Judge rules Google will not face jury trial in US digital ads case
Google avoids jury trial by paying $2.3 million to U.S. government for alleged digital advertising dominance, preventing the first-ever civil antitrust case jury trial by the Justice Department and states suing the tech giant.
Data protection, AI rules top tech’s wishlist for next govt
Technology policy lawyers, think tanks and policy groups are making a list of priority items for the new leadership at the IT ministry after the results of the general elections. The Digital Personal Data Protection (DPDP) Rules seem to top the list, along with regulation of AI and the Digital India Bill.
PSBs seek changes to rules for Infra loans, may approach govt
State-owned lenders plan to approach the government seeking changes to terms governing performance bank guarantees (PBGs), timely compensation from concessioning authorities, and greater immunity for board members sanctioning funds for infrastructure projects as they firm up their response to Reserve Bank of India (RBI) draft rules on project financing that call for higher provisioning.
No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC
Tax on concessional interest rate loan: The Supreme Court of India has stated that bank employees have to have income tax if they have availed loan from their employers at concessional interest rate or interest free rate. However as per our calculations, even if bank employees pay income tax on this loan, they will still have some savings.
Frauds by bank employees: Take these steps to ensure branch manager or any other employee does not run away with your money
Fraud by bank employees: Many reports of bank employees defrauding customers of the bank. These are the cases where the bank and its customers both are the victims of fraud by the employee(s). In a recent judgement by the SC, it was said that banks would be held liable for criminal misconduct by its employees.
Advocates cannot be held liable under Consumer Protection Act: Supreme Court
The Supreme Court ruled that advocates cannot be held liable for deficient services under the Consumer Protection Act 1986. It stated that the legal profession is unique and specialized, with advocates required to respect client autonomy and not make concessions without instructions, thus excluding them from the Act's definition of services. This came in a response to a plea challenging a 2007 National Consumer Disputes Redressal Commission (NCDRC) verdict.
Esop non-disclosure triggers black money law
A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the Income Tax (I-T) department which has pointed out amounts that either went undisclosed or untaxed or both.
SC asks Centre to not use "threat and coercion" in GST recovery operations
The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals time to seek advice and settle liabilities.
Will you get refund of flat booking amount after cancelling it? Check your state's RERA Act which will decide the extent of recovery
Flat booking refund: There are some states like Maharashtra, Delhi, Madhya Pradesh etc who specify up to how much amount of the booking amount can be forfeited and be refunded if a buyer cancels a booking. Know here the full list of states where flat booking amount refund is specified.
Buying a home in Dubai? Do a FEMA reality check
Navigating property purchases in Dubai can be a regulatory maze for Indians due to foreign exchange laws. Deals offering easy payment plans with instalments over years may violate FEMA. Regulations permit remittance of $250,000 per individual annually for property purchases abroad. However, transactions involving 'instalments' create obligations in foreign exchange, potentially breaching FEMA rules.
New rule to impact flight ticket prices: Find out which air ticket prices to get cheaper or expensive
Flight ticket price: Directorate General of Civil Aviation (DGCA) has come out with a direction which has potential to make the base fare of a flight ticket affordable. DGCA also came out with another directive about a child below 12 years of age to be seated with a parent. Know here how these two directives can make flight ticket cost more expensive.
Flight delay refund: What are present rules for weather delays?
Confusion, lack of simplicity and the fine print have created roadblocks for the new US Federal Rules on Flight Delays and Cancellations
Encryption Clash Explained: WhatsApp's existence in India hangs in the balance
WhatsApp's encryption debate in the Delhi High Court has sparked a discussion on the balance between privacy and security. The court is considering a rule that requires social media companies to disclose message senders, raising concerns about privacy and data storage. WhatsApp argues that breaking encryption would violate user rights, while the government emphasizes the need for traceability in cases like communal violence. The court will continue hearings, with potential implications for messaging platforms and user privacy in India.
Delhi HC to hear in August pleas of FB, WhatsApp against IT rules on tracing originator
Observing that the matter would have to be argued by the parties, a bench headed by Acting Chief Justice Manmohan asked if the issue has been considered in any other country.
Payment for imported software not royalty, rules SC
A bench of Justices BR Gavai, BV Nagarathna and Pankaj Mithal rejected a batch of review petitions filed by the Commissioner of Income Tax both on merits as well as on the grounds of delay. This means tax liability of foreign software seller without a permanent establishment in India would reduce to the 2% equalisation levy introduced via Finance Act 2020 from the 10%-15% royalty tax, which the Indian buyer has hitherto been liable to withhold.
Astroworld legal battle update: Judge dismisses lawsuits against Drake over 2021 music festival
Rapper Drake has been cleared of legal liability in lawsuits related to the deadly Astroworld concert in 2021, where 10 people lost their lives. The judge dismissed the lawsuits against him, ruling that he was not involved in organizing the concert and therefore not responsible for the tragic events that occurred.
No interim HC relief for Arvind Kejriwal; ED asked to respond to Delhi CM's plea
The Delhi High Court has denied interim relief to Delhi Chief Minister Arvind Kejriwal in a money laundering case linked to the excise policy and the Enforcement Directorate (ED). The court issued a notice to the ED on Kejriwal's plea challenging his arrest and seeking immediate relief from custody, with the agency directed to respond by April 2. The matter is scheduled for resumed hearing on April 3 for "final disposal," with no adjournments granted. Kejriwal will be produced before a local court on Thursday for further custodial interrogation.
Income Tax dept is calculating your advance tax liability by tracking these financial transactions: Here's how to check on compliance portal
The Income Tax Department said, "The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. This information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing. The value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis." Read here to know what are these 'specified financial transactions'.
Rahul Gandhi a liability for INDIA bloc: BJP leader Mukhtar Abbas Naqvi
Regarding the leadership crisis within the opposition, Naqvi singled out Rahul Gandhi as a liability for the INDIA bloc, suggesting that the opposition's frustration is evident in their rhetoric. He said, "Rahul Gandhi is a liability of the opposition bloc INDIA. Now, their depression over imminent defeat is visible through their abuses which reflect their frustration. INDIA bloc in no way is a challenge to the BJP."
Plan afoot to reclassify items for GST clarity in FMCG sector
The Central Board of Indirect Taxes and Customs (CBIC) is planning to prepare a list of products that end up in litigation due to classification issues. The fitment committee will investigate items with minor changes in composition but different tax slabs, creating confusion in tax liability, particularly in the fast-moving consumer goods (FMCG) sector.
Congress to challenge ITAT order on tax demand in Delhi HC
The Congress party plans to move the Delhi High Court early next week to challenge the Income Tax Appellate Tribunal's dismissal of its plea for a stay on the Income Tax Department's lien on its bank accounts. Congress sought a stay on the department's demand of ₹210 crore for alleged tax liabilities and penalties for 2018-19, arguing that it hindered its financial requirements for the upcoming Lok Sabha elections. Congress lawyer Vivek Tankha expressed disappointment over the dismissal and stated that they would appeal to the high court.
We are strong in last mile, small ticket, digital. In affordable housing, we grew 61% in 9 months: Ajay Kanwal, Jana SFB
Ajay Kanwal says: "Our net NPA is 0.7 or 0.8 now. Gross NPA at 2%. So, asset quality is good. Growth rate is good. I think we will remain steady there which is our secured business will keep growing, that is rule number one. We will maintain good asset quality. We will maintain ROEs and ROAs. We are in a comfortable liquidity position."
MCA seeks comments on rules under companies, limited liability partnership laws
The MCA is also the nodal ministry for implementing the Competition Act, 2002, Insolvency and Bankruptcy Code, Chartered Accountants Act, 1949, Cost and Works Accountants Act, 1959, and Company Secretaries Act, 1980. It has already released a policy for pre-legislative consultation and comprehensive review of existing rules and regulations prescribed under various legislations administered by it.
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