The Bankers’ Books Evidence Act, 1891: Practical Guide for Bankers and Litigators
The Bankers’ Books Evidence Act, 1891 streamlines how banking records are proved in legal proceedings, making certified copies and authenticated printouts/e-records admissible as prima facie evidence without producing original ledgers in court. Applicability and definitions Conditions in the printout Mode of proof of entries When bank officers need not produce books Court‑ordered inspection of books…
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The Recovery of Debts and Bankruptcy Act, 1993: A Comprehensive Overview
The Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) is a landmark legislation enacted to streamline the process of recovering debts due to banks and financial institutions. Against the backdrop of mounting non-performing assets in the early 1990s, this Act was introduced to ensure faster adjudication of claims and reduce the burden on traditional…
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RBI widened the scope of ARCs; they can now act as resolution applicants
The Reserve Bank of India on Tuesday raised the minimum capital requirement for asset reconstruction companies (ARC) and widened the scope of their activities by allowing them to act as resolution applicants under the bankruptcy law. Previously, the Central Bank opposed the proposal allowing ARCs to bid for debt resolution under bankruptcy courts. ARCs are…
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Legal aspects of partnership business
Constitution of the partnership In simple words, a partnership is that two or more people jointly carry on a business and share its profit or loss. The person who joined the partnership may be a natural person (individual) or a legal person (corporates). However, an HUF (Hindu Undivided Family) is not treated as a person…
Read article Registration of Security Interest under SARFAESI: filings, rectifications, effects, and priority—made simple
A strong registration discipline turns secured lending rights on paper into enforceable outcomes in practice. This guide explains who must register security interests, how rectifications work in special cases, what legal effects registration creates, and how enforcement rights and priority for secured creditors hinge on timely, accurate filings. Who must register How registration works Rectification…
Penalties and Appeals under RBI Directions: Offences, Cognizance, Adjudication, and Appellate Review
Penalties for non-compliance with directions issued by the Reserve Bank of India encompass monetary sanctions, adjudication, and appellate remedies under the Banking Regulation Act, 1949, the RBI Act, 1934, and the Foreign Exchange Management Act, 1999, depending on the regulated entity and contravention type. In practice, RBI imposes calibrated penalties for supervisory non-compliance, while contraventions…
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