AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The RBI has published new Second Amendment Directions focused on income recognition, asset classification, and provisioning for Small Finance Banks, aiming for better compliance.
The Reserve Bank of India has published the Third Amendment Directions regarding income recognition and provisioning for Non-Banking Financial Companies, aiming to enhance operational standards.
The Reserve Bank of India has released the Second Amendment Directions for All India Financial Institutions, focusing on enhancements in income recognition and asset provisioning mechanisms.
The RBI has updated the Second Amendment Directions concerning income recognition and provisioning for Urban Cooperative Banks. The circular emphasizes asset classification standards to avoid financial discrepancies.
The Reserve Bank of India has announced the Third Amendment Directions for Rural Co-operative Banks regarding income recognition and asset management. The revised directives aim to enhance compliance and operational efficiency.
The Reserve Bank of India has issued amendments to the income recognition and provisioning guidelines for Regional Rural Banks, reinforcing regulatory framework for asset classification.
The Reserve Bank of India has released the Second Amendment Directions for Local Area Banks concerning income recognition, asset classification, and provisioning. This aims to streamline banking operations and improve asset quality.
CESTAT Kolkata has set aside a customs duty demand claiming undervaluation, holding that self-assessment was never contested. This indicates the importance of proper challenge procedures in customs assessments.
CESTAT Mumbai has set aside the revocation of a customs broker's license, citing a lack of evidence for alleged violations of the CBEC (Licensing Regulations). This ruling emphasizes due process in administrative actions.
The CESTAT Kolkata has set aside a differential IGST demand, interest, redemption fine, and penalty, ruling that the extended limitation period was not applicable in this case. This decision highlights limitations in tax assessments concerning statutory timelines.
The CCPA has commenced action against 41 restaurants for charging default service fees without proper disclosure, citing violations of the Consumer Protection Act, 2019.
The NCLT Delhi has admitted a Section 7 application under the Insolvency and Bankruptcy Code against a toll road company for defaulting on ₹117.74 crore, initiating a Corporate Insolvency Resolution Process (CIRP).
The Madras High Court has instructed FSSAI to test herbal hookah products, allowing operations subject to compliance with regulations concerning tobacco and nicotine content.