AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
India has defined Virtual Digital Assets (VDAs) for tax purposes, establishing compliance measures for TDS and other income sources. This includes provisions for gifts and mining income, clarifying the parameters for taxation in the crypto space.
The NCLT has held that a DRT Recovery Certificate restarts the limitation period for filing a Corporate Insolvency Resolution Process (CIRP), admitting a ₹17.54 crore plea against Sunbeam Dealers.
The NCLAT reaffirmed the necessity of actual fund disbursal for classifying financial debt under the IBC. Properties mortgaged without actual cash flow do not qualify as financial debt.
The RBI has promulgated amendments to enhance responsible business conduct for regional rural banks, focusing on accountability and service delivery.
The RBI has issued amendments to strengthen credit risk management practices for non-banking financial companies (NBFCs), focusing on asset resolution processes.
The RBI has issued new amendments to enhance credit risk management practices for rural cooperative banks, focusing on asset resolution frameworks.
The RBI has issued amendments concerning the resolution of stressed assets for all India financial institutions, focusing on enhancing recovery processes.
The RBI has announced amendments to strengthen credit risk management practices for regional rural banks, enhancing their operational resilience.
The RBI has issued new amendments pertaining to income recognition, asset classification, and provisioning for all India financial institutions. These changes are aimed at reinforcing robust accounting practices.
The RBI has issued amendments to enhance the standards of responsible business conduct for all India financial institutions. These amendments align with the broader goal of improving the resolution of stressed assets.
The Reserve Bank of India has issued amendments regarding credit risk management for all India financial institutions. The adjustments aim to strengthen the guidelines for resolution of stressed assets and overall risk management frameworks.
The RBI has issued new directions on the disbursement of government pensions through Agency Banks, aimed at improving efficiency and governance. These directions establish procedures for the implementation of government orders related to pension payments.
The Reserve Bank of India has issued directions regarding the conduct of government business by Agency Banks, focusing on agency commission payments and oversight mechanisms. These guidelines aim to streamline operations and enhance accountability within agency banking.