NOTICES
Fraud tag on loans only after hearing borrowers: RBI to banks
The RBI has mandated banks to give borrowers three weeks to respond before labeling accounts as fraudulent, aligning with a Supreme Court ruling on natural justice. Banks must issue detailed notices and consider responses before final classification, ensuring transparency. Boards must review fraud risk policies every three years, with a committee overseeing cases chaired by an independent director. Auditors are to investigate flagged accounts promptly, aiding in fraud detection. These measures aim to strengthen banking integrity and safeguard against financial misconduct.
RBI issues new circular, says lenders must hear loan defaulters before declaring accounts 'fraud'
The Reserve Bank of India has directed banks to provide defaulting borrowers with a minimum of 21 days to respond before classifying their accounts as "fraud." This follows a Supreme Court ruling mandating that banks cannot declare an account as fraudulent without issuing a show-cause notice and allowing the borrower a chance to respond.
Delhi man pays half a lakh to CA for 1 rupee income tax dispute
Delhi's Apoorva Jain paid Rs 50,000 to a CA due to an Income Tax notice for Re 1. Sharing on social media platform X sparked reactions on the fee and absurdity. The initial dispute involved lakhs, stressing taxpayer challenges, need for transparency, clarity, fairness, and managing additional documentation in complex tax procedures.
Ramesh gives breach of privilege notice against PM over 'Ansari remarks'
Congress chief whip Jairam Ramesh has filed a breach of privilege notice against PM Modi for alleged derogatory remarks against former chairman Hamid Ansari. The incident occurred during Modi's recent speech in the Lok Sabha.
Legal trouble for SpiceJet: Delhi HC orders registration of contempt case for failing to return engine to lessor
SpiceJet Contempt Notice: The Delhi High Court orders contempt case against SpiceJet directors for failing to comply with court orders to hand over aircraft and engines to lessor TWC Aviation Capital. SpiceJet's counsel claims "substantial" compliance, but court disagrees, emphasizing strict adherence to deadlines. Contempt proceedings may be dropped if compliance is met by July 8.
SC issues notice on pleas against acquittal of Nithari accused
The Supreme Court has issued notices on appeals by the UP government and CBI against the Nithari killings acquittal. Justice BR Gavai's bench directed responses. Tushar Mehta termed Surinder Koli a serial killer. The Allahabad High Court reversed Koli’s death sentence amid cannibalism claims. Skeletal remains of children and young women were discovered in Noida, December 2006.
Kotak twist to Adani- Hindenburg drama: Here's how US short seller responded to Sebi show cause notice
Adani Hindenburg Row: In the latest turn of events, Hindenburg revealed it received a show-cause notice from India's market regulator SEBI over alleged violations related to its bets on Adani Group stocks. Kotak Bank was also entangled in the latest developments. Previously, Hindenburg Research had accused the Adani Group of stock market manipulation and accounting fraud.
Kotak Bank created fund used to bet against Adani: Hindenburg
Kotak Mahindra Bank managed funds for Adani stock trades, leading to significant profits. Despite ET queries, the bank mentioned transactions were made on a principal basis. Kingdon transferred funds for short positions on Adani stocks, resulting in gains after positions were squared off.
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.
Hindenburg faces Sebi scrutiny, Kotak Bank dragged in Adani saga
Adani-Hindenburg Case: Hindenburg Research's disclosure of suspected violations by Sebi regarding Adani Group's short bet led to minimal gains, highlighting challenges foreign investors face under Indian securities rules. The short seller also stated that Kotak Mahindra Bank created and oversaw an offshore fund structure used by its "investor partner" to bet against the conglomerate, providing new details of trades that puzzled investors.
MHA extends validity of FCRA registered NGOs with pending renewal application
The Union Home Ministry has extended the validity of FCRA registered NGOs with pending renewal applications until September 30. This notification impacts entities dealing with the Foreign Contribution (Regulation) Act, particularly those facing expiration of the five years validity period. Renewal guidelines are crucial for maintaining eligibility to receive and utilize foreign contributions.
ICICI Prudential and HDFC Life get GST notices
ICICI Prudential Life Insurance has received a GST notice amounting to Rs. 365 crore, including interest, from the GST authority. The notice demands GST along with applicable interest and penalties for the fiscal years 2017-18 to 2022-23 across all GST-registered states. This pertains to amounts recovered from insurance agents as per commercial terms, which the department alleges should have been deposited as GST.
NHRC notice to UP DGP over brothers' suicide
The NHRC has taken suo motu cognisance of a media report carried on June 25 that "two brothers of Agra committed suicide within three days due to alleged harassment by police personnel of Sadabad police station in Hathras", the human rights panel said in a statement.
Adani CFO says Sebi notices procedural
The conglomerate faces Sebi notices, financial scrutiny, and market challenges but remains compliant and poised for a strategic rebound from recent setbacks.
Less than 2% assessees under CGST gets notice, working to make taxpayers life easier: FM Sitharaman
Addressing the media post the GST Council meeting, the Minister said as of December 31, 2023, only 1.96 per cent of all active tax assessees have been sent notices from the Central GST (CGST). Around 1.14 lakh assessees have been sent notices by the CGST out of total 58.62 lakh assessees.
Retro tax demand on online gaming companies may be quashed
As per the recommendation tax notices in cases where the lower tax was paid due to interpretation of law or lack of clarity can be quashed, people familiar with the development said. The law committee has suggested amendment to the Central Goods and Services Tax (CGST) Act, 2017 via the introduction of a new Section 11A in the legislation.
Paying rent in cash without a rent receipt? Know why your HRA claim may be rejected, and you may get an income tax notice
House rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does not offer it for income tax. For every claim of HRA there should be a corresponding income offerred for tax. Read here to know how a tenant got into trouble because of this.
Food safety violations at Blinkit warehouse: Telangana authority to issue notice
Several products in the Blinkit warehouse were found to have expired and were seized, Telangana's Commissioner of Food Safety said on Thursday. The raid found that cosmetic products were stored with food items and that the licence of Congruence Trade and Services Pvt Ltd – one of the manufacturers of Whole Farm brand – was not as per the Food Safety and Standards Act.
Prajwal Revanna will be arrested at Airport upon his return: Karnataka Home Minister
The statement comes two days after Prajwal released a video statement promising that he would appear before the Special Investigation Team (SIT), probing the cases against him, on May 31.
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