E-way relief, for now, to e-commerce, courier firms sending small orders
Small orders that are part of a large consignment of multiple deliveries will not require generation of an electronic-way bill from April 1. A relief to e-commerce, courier companies and the like. Only, this relaxation might be temporary. At its meeting on Saturday, the Goods and Services Tax (GST) Council decided to make it mandatory for inter-state movement of goods worth over Rs 50,000 to have e-way bills from April 1. The requirement for such bills in the ntra-state movement would be implemented in a phased manner.
PNB fraud: RBI initiates special audit of PSBs with focus on trade finance
NEW DELHI: Rattled by spate of banking frauds, RBI has initiated special audit of state-owned lenders with focus on trade financing activities, especially relating to issuance of letters of undertakings (LoUs) by them, banking sources said. In addition, the RBI has asked all banks for details of the LoUs they had written, including the amounts outstanding, and whether the banks had pre-approved credit limits or kept enough cash on margin before issuing the guarantees.
Banks want RBI to relax revised framework for NPA resolution
The Indian Banks’ Association has written to the Reserve Bank of India requesting relaxation in its revised framework for the resolution of stressed assets, emphasizing that the banking regulator’s zero tolerance towards even a day’s delay in loan repayment could seriously jeopardize lending to the infrastructure sector, which is a priority area for the government. While banks have no issue in reporting an account to the Central Repository of Information on Large Credits (CRILC) even if there is a day’s delay in loan repayment, they want the account resolution process involving restructuring to kick-in only after 60 days (and not on the first day of default).
Bankrupt companies use civil justice system to delay insolvency process
MUMBAI: Old habits die hard – and Indian promoters and companies are proving just that when it comes to bankrupt firms and those bidding for them. They are pursuing legal options that may end up delaying or even disrupting the insolvency resolution process. While bankrupt companies such as Videocon Industries and BILT Graphic Paper are using the civil justice system to oppose resolution proceedings, companies including UltraTech Cement, Renaissance Steel, Larsen & Toubro and Liberty House are knocking on the doors of the National Company Law Tribunal with their gripes about the process followed under Insolvency & Bankruptcy Code.
Parliamentary panel asks government to define ‘shell companies’ in Companies Act
A Parliamentary panel has asked the government to define “Shell Company” in the Companies Act and ensure distinction between those guilty of fraud and those irregular with filings. The recommendation assumes significance at a time when the government is cracking down on companies that have not been carrying out business activities for long as well as those entities being allegedly used for illicit fund flows.As part of larger efforts to curb the black money menace, the corporate affairs ministry has already struck off the names of more than 2.26 Lakh companies from the official records besides disqualifying a large number of directors associated with such entities.
Apps, online startups making access to legal services easier
NEW DELHI: Technology is slowly but surely winning the case for ordinary litigants. Mobile applications and online startups are not only pushing down the cost but also considerably reducing the hassle of availing legal services. The latest to hit the market is the Willstar app, which can be downloaded for free and takes the pain out of making a will. A similar kit is available on the Amazon marketplace, which costs Rs 399. The kit is self-explanatory and makes it possible to make a will within 15 minutes.
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