Aadhar mandatory for opening bank account,large transactions

The Union government has made Aadhaar number mandatory for opening the bank accounts, as well as conductiong financial transactions of Rs.50000.00 and above.The  existing customers of banks who have not linked Aadhar number issued by the Unique Identification Authority of India (UIDAI) to their bank is now required to link the same before December 31,…

Proceedings against large Corporates under IBC

Following the ordinance empowering RBI to lay down the process of initiating steps under the Insolvency and Bankruptcy Code (IBC), an Internal Advisory Committee (IAC) is set up by RBI to oversee the specific steps that are initiated by bankers for resolution of a bad debt. In its first meeting on June 12, 2017, the…

Applicability of Stamp duty when signatories are in different states/abroad

Stamp duty payable on an instrument/document when joint executants are in different state The section 17 of Stamp act 1899 provides that all instruments chargeable to the duty and executed by any person in India shall be stamped before or at the time of execution of the instrument. Section 19A provides that added stamp duty…