RBI makes paperwork simple on Bank of International Settlements nudge
With prodding from the Bank of International Settlements (BIS) and the Reserve Bank of India’s (RBI) governor Urjit Patel, the central bank is demystifying the language in which its documents are written. The campaign to speak directly stems from a Regulatory Consistency Assessment Programmed (RCAP) of the BIS, which is a body of all central banks. Besides, a separate campaign called ‘Plain English’ aims to de-jargonise legal documents.
No units or offices in India, yet MNCs slapped I-T notices
India’s taxman is sparing no nook and corner of the world to scoop up potential revenue. A US-based multinational company without a subsidiary or representative office in India received a notice by post asking it to file returns for assessment year 2011-12 for income that India’s tax department claimed had escaped assessment. Tax experts said many companies had been served similar notices for not filing returns. The notices were dispatched by post to where these companies are based. Many of these companies are in the services sector such as engineering services, according to people privy to the notices.
Binani Cement: UltraTech moves NCLAT for direction to RP for calling CoC meet
UltraTech Cement on Monday filed an application before the National Company Law Appellate Tribunal (NCLAT), seeking its direction to the resolution professional (RP) of Binani Cement to call a committee of creditors (CoC) meets in order to consider its revised bid for the insolvent cement maker. The Kolkata bench of the National Company Law Tribunal (NCLT) had passed an order on May 2, asking RP Vijaykumar V Iyer and the CoC to consider the revised offer of around `7,900 crore from UltraTech Cement.
Linking CBS to SWIFT: Finmin to pull up PSBs over non-compliance
Public-sector banks (PSBs) that haven’t yet linked their core banking solution (CBS) with the SWIFT interbank messaging mechanism — which was manipulated at Punjab National Bank (PNB), leading to a $2-billion fraud there — are in for trouble. The finance ministry has decided to pull up any PSB that hasn’t complied with a directive to link the two crucial systems by April 30, to reduce scope for fraudulent activities. “Any bank that has failed to comply has to make a written submission, giving very strong reasons as to why it couldn’t stick to the deadline.
Sebi proposes listed cos disclose payment delays for debt securities in 24 hours
Sebi today proposed that listed companies have to disclose any delay or expected delay in payment related to their debt securities within 24 hours from occurrence of such an event. The proposal comes against the backdrop of various instances regarding non-compliance with listing norms by issuers of non-convertible debt securities (NCDs) or non-convertible redeemable preference shares (NCRPS). Besides, Sebi has received representations from various stakeholders flagging difficulties in complying with various provisions of Listing Obligations and Disclosure Requirement.
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