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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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…
Read article NBFC-ICCs can do NBFC Factor business and TReDS have to assign receivables: RBI
In terms of the recently amended Factoring Regulation Act, 2011which widens the scope of companies that can undertake factoring business, permits Trade Receivables Discounting System (TReDS) to file the particulars of assignment of receivables transactions with the Central Registry on behalf of the Factors for operational efficiency. The Act empowers the Reserve Bank of India…
Read article RBI releases ‘Framework for facilitating small value digital payments in offline mode’
To push digital transactions in rural and semi-urban areas, the Reserve Bank of India (RBI) on Monday issued a framework allowing offline payments up to Rs.200 per transaction, subject to an overall limit of Rs 2,000 until the balance in the account is replenished. Balance replenishment can only occur in an online mode. The new…
RBI extends the timeline for tokenisation of cards by six months.
The Reserve Bank of India (RBI) on Thursday extended the deadline to comply with new card storage rules by another six months till 30th June 2022, following requests from industry bodies and other stakeholders. “In light of various representations received in this regard, we advise…the timeline for storing of a card on file (CoF) data…
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