10th series of the Sovereign Gold Bonds (SGBs) scheme 2021-22 is open for subscription from today
The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding the subscription period, is Rs.5109 (Rupees Five Thousand One Hundred and Nine only). The investors who apply…
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SARFAESI overrides all other laws: Supreme Court
Provisions of the SARFAESI act have an overriding effect on the provisions of the Central Excise Act of 1944. The dues of secured creditors will have top priority over the Central excise department. Judgment details : PUNJAB NATIONAL BANK …..APPELLANT VERSUS UNION OF INDIA & ORS. …RESPONDENTS CIVIL APPEAL NO.2196 OF 2012 Coram: Justice L.…
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Do you know this? It is mandatory for these people to file ITR even if their gross total income does not exceed the basic exemption limit
In terms of section 234F, certain individuals can file their ITR without paying a penalty if the gross total income does not exceed the basic exemption limit of Rs.2.50 lakhs even after the expiry of the deadline. The basic exemption limit of Rs.3 lakh for Senior Citizens of above 60 years and Rs.5 lakh for…
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The role of KYC Registration Agency (KRA) in the securities market
Earlier to initiation of KRA by SEBI, investors were required to complete the KYC process as and when they interact with each type of SEBI Intermediaries by submitting the relevant documents, requirements of which may vary from intermediary to intermediary. In view of bringing uniformity in KYC requirements for the securities markets, SEBI has initiated…
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Right of subrogation: Right of Guarantor against principal borrower on whose behalf loan is repaid
The right of subrogation is an equitable and natural right of the guarantor against the principal borrower on whose behalf he has paid the money. Section 128 of the Indian Contract Act 1872 provides that the liability of the guarantor is co-extensive with the principal debtor. It means the guarantor of a loan is liable…
RBI clarifies on new definition of Micro, Small and Medium Enterprises
The government of India (GoI), vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small, and Medium enterprises. The new criteria came into effect on July 1, 2020. According to the new notification, these enterprises are reclassified under composite criteria (investment and turnover). and…
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