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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RBI clarifies perception over the definition of ‘out of order’ and ‘standard assets’ under Prudential Norms
RBI today clarified banks and other financial institutions about the definition of ‘out of order’, as clarified in the earlier circulars, shall be applicable to all loan products being offered as an overdraft facility, including those not meant for business purposes and/or which entail interest repayments as the only credits. “The ‘previous 90 days period’…
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The difference between money bill and finance bill explained
There are four types of bills passed in Parliament viz. (i) Ordinary bills, (ii) Money bills and Finance bills, (iii) Ordinance Replacing Bills, and (iv) Constitutional amendment bills. These Bills are the statutes in the draft. Once they are approved in both the houses of Parliament and then with the President’s nod, they become the…
Read article Key policy rates unchanged, Repo at 4%: Highlights of Governor’s statement
In today’s (10.02.2022) meeting, the MPC decided by a majority of 5 to 1 to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. Accordingly,…
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Original Power of Attorney not needed to sell the property, copy enough: Supreme Court
In its judgment dated 30th January 2022, in the case of AMAR NATH– APPELLANT(S) VERSUS GIAN CHAND AND ANR. … RESPONDENT(S)[ (CIVIL APPEAL NO. 5797 OF 2009,], the Supreme Court observed that the production of the original power of attorney is not necessary if the document is presented for registration by the power of attorney…
Highlights of Indian Budget 2022-23
Finance Minister Nirmala Sitharaman presented the fourth Budget of the second term of the Modi government today. The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 percent growth…
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