NON COMPLIANCES
SpiceJet faces contempt notice from Delhi HC for non-compliance
The Delhi High Court issued a contempt notice to SpiceJet and its executives for failing to comply with a May 27 order to return two Boeing aircraft and three engines to lessor TWC Aviation Capital. The court warned that contempt proceedings will proceed unless SpiceJet complies by July 8.
BFSI captives hunt for leadership talent
Executive search firms ET spoke to said candidates from product organisations are tapped for technology hiring, and for non-technical roles, domain and functional expertise remain paramount. Compensation ranges at around Rs 1 crore for those with 18-25 years of experience. For CFO roles, packages could be in the range between Rs 2-4 crores.
NBFCs need to focus on compliance, risk and liquidity, says RBI executive director R Lakshmi Kanth Rao
Non-banking finance companies (NBFCs) were advised by RBI executive director R Lakshmi Kanth Rao to prioritize compliance, risk management, liquidity management, and customer protection. Rao emphasized the regulatory differences between banks and NBFCs, noting the need for NBFCs to enhance compliance systems and balance business with prudence.
Union Budget 2024: By eliminating exemptions in direct taxes, complexities and litigation costs can be removed
The article delves into the historical quirks of taxation, from ancient Egypt to medieval England, highlighting the unique taxes imposed by various rulers. It discusses the current scenario of tax reform anticipation with the upcoming Union budget, resonating with the historical dread of tax season.
RBI to ease compliance burden while fine tuning regulations to address evolving risks
RBI Governor Shaktikanta Das emphasized the importance of strong governance and resilient financial systems at the global conference on financial resilience. Highlighting new guidelines set for release next month, Das noted the need for clear roles and responsibilities for boards and executive management, balancing business growth with robust risk management to ensure long-term success
Avalara's strategy to expand in India aligns well with the country's export ambitions: Anil Paranjape
By leveraging technology, Avalara says businesses can focus on their core operations without being bogged down by the complexities of cross-border tax compliance.
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RBI's special audit over, IIFL Finance appoints team to implement corrective actions
IIFL Finance, under scrutiny by the RBI for irregularities in its gold loan portfolio, has taken corrective actions to address concerns. RBI directed the company to halt new gold loans due to supervisory concerns and deviations in gold assessment. The company raised capital through rights issues and NCDs to mitigate risks and reported a net profit in Q4.
HDB Financial awaits parent’s approval to begin IPO journey
HDB Financial Services, the non-banking financing arm of HDFC Bank, is preparing for an IPO to list by September 2025 with a valuation range of $9 billion to $12 billion. The lender plans to open 200 branches this fiscal year to expand its loan book.
Sebi rules on nomination in mutual funds, demat accounts. 10 things to know
Sebi has announced simplification of compliance for investors by lifting freeze on demat accounts and mutual fund folios due to non-submission of nomination.
Meta hit with privacy complaints in Europe over AI plans
A Vienna-based privacy campaign group filed complaints in 11 European countries against Meta on Thursday, saying the global tech giant's planned privacy policy change would allow "unlawful" use of personal data for artificial intelligence technology. Through the complaints, the group asks data protection authorities in the 11 European countries to stop Meta's new privacy policy before it enters into force in late June and fully investigate it.
Climate change: Cos need some big changes on compliances
World Environment Day holds significance for companies amidst climate change. India Inc's environmental compliance record shows room for improvement. Only 122 of the top 1,000 companies disclosed conducting EIAs in their FY23 reports sourced from Prime Database.
RBI penalties up 88% in 3 yrs; KYC, AML top list
The number of penalties imposed by the Reserve Bank of India on financial institutions grew 88% in the past three years with Know Your Customer (KYC) and Anti Money Laundering (AML) topping the list of non-compliances. The central bank collected ₹78.6 crore over the three years after imposing penalties on 261 occasions in 2023 alone, according to RBI reports compiled by Signzy, a fintech firm that manages regulatory compliance for institutions.
Binance stops cash payment for P2P trades
Binance, the world's largest cryptocurrency exchange, has halted 'cash deals' for P2P trades in India, affecting traders who used the rupee 'cash option' to avoid tax regulations.
RBI imposes monetary penalty on SBM Bank (India)
The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 88.70 lakh on SBM Bank (India) for non-compliance with certain regulatory norms. In a statement, the central banks said the penalty has been imposed for non-compliance with licensing conditions imposed by the RBI, and specific directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect.
Indian AI firms may face extra costs as EU’s AI Act kicks in
The European Union wrapped up approval of the world's first law governing AI development last week. This legislation takes a tiered approach, setting varying compliance timelines and regulations based on the potential risk each AI system poses. Generally applicable AI will have a year to comply, while high-risk systems get up to three years.
NRI Investing Guide: Are you legally allowed to buy agricultural land in India?
NRIs in India face restrictions under FEMA when purchasing agricultural land, but can inherit it from relatives to reconnect with their roots.
RBI imposes penalty on Yes Bank and ICICI Bank
The penalty is imposed on Yes Bank because it levied charges on customers for non-maintenance minimum balance in certain savings accounts with insufficient or zero balance, which is in violation of RBI's guidelines, while ICICI Bank sanctioned term loan/ loans to certain entities in lieu of or to substitute budgetary resources envisaged for certain projects.
South African regulator fines SBI's branch
The bank informed the stock exchange that the financial penalty consists of an immediately payable portion of 5.50 million rand, which the SBI branch in South Africa has already paid. The remaining 4.50 million rand is suspended for 36 months, contingent on compliance within this period.
NFRA to engage with some big listed companies on audit compliance
The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.
Airlines, hotels, retailers fear being left out in Google's search changes
Airlines, hotels, and retailers urge EU tech regulators for fair treatment in Google's compliance with DMA regulations. Concerns raised about revenue impact as Google's response focuses on changes favoring large intermediaries and aggregators, with ongoing investigations by the Commission.
RBI imposes Rs 3.1 lakh penalty on Hero FinCorp
The RBI carried out a statutory inspection of the company, assessing its financial status as of March 31, 2023. Following this inspection, the RBI found instances of non-compliance with its directives and corresponding communication. Consequently, the company received a notice prompting it to explain why penalties shouldn't be applied due to its failure to adhere to the directives.
Suspension order on operations at Vedanta iron ore mine in Karnataka lifted
Vedanta Ltd in April informed the BSE about the temporary suspension of mining operations at the iron ore mine due to non-compliance with the approved mining plan.
Govt working with spice makers to ensure EtO norm compliance; asks Everest to take corrective action
Government finds non-compliant Everest Spices with ethylene oxide, asks for corrective action. MDH samples compliant. Spices industry evolving to meet MRL requirements. Reports on recall of Indian spice brands in Singapore and Hong Kong due to ethylene oxide residue. Spices exports rose 12.27% to USD 405.62 million in April.
GSTN rolls out special procedure for tobacco manufacturers to register machines with tax authorities
The GST Network (GSTN) has introduced an online facility for manufacturers of pan masala, gutkha, and similar tobacco products to register their machines with tax authorities. The Central Board of Indirect Taxes and Customs (CBIC) announced the new registration and monthly return filing procedure to improve GST compliance. The online facility allows manufacturers to submit machine-related information through Form GST SRM-I, and Form GST SRM-II (for return filing) will be available soon.
Pakistan telecom operators block 3,500 SIMs of non-filers after-tax body order
The FBR also sent messages to about 5,000 individuals, warning them that their mobile phone SIMs would be blocked if they did not file their returns. It has further sought details of the blocked SIMs from the telecom operators.
Centre may allow companies a bigger CSR canvas to paint on
Section 135 of Companies Act requires firms of a certain size to spend every year at least 2% of average net profits of previous three financial years on stipulated CSR activities. Failure to do so will make a company liable to pay a penalty twice the unspent amount, or ₹1 crore, whichever is less. Even every officer of a company who is in default is also liable to a maximum penalty of ₹2 lakh.
Brazil judge gives X five days to explain alleged non-compliance with court ruling
Brazil's Supreme Court probes X's compliance with blocking orders, involving Musk, amid accusations of spreading fake news and a coup attempt. X faces scrutiny for allowing active accounts despite court directives.
RBI imposes penalties on DCB Bank, Tamilnad Mercantile Bank
RBI penalized DCB Bank and Tamilnad Mercantile Bank for non-compliance with interest rate directives and CRILC reporting revisions. Penalties were due to regulatory compliance issues, not transaction validity.
Star India initiates arbitration against Zee for non-compliance with ICC TV rights deal
Star India has initiated arbitration proceedings against Zee Entertainment, alleging non-compliance with their August 2022 deal involving sub-licensing ICC TV rights until 2027. The proceedings, filed under the London Court of International Arbitration Rules, seek specific performance of the Alliance Agreement terms. Zee, however, disputes Star's claims and vows to respond accordingly.
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