Sanjiv Singh

RBI broadens public engagement In a significant move to enhance public engagement, RBI has conducted 72 public consultations across various regulatory and supervisory domains over the past three years, as the central bank broadened its public engagement. The Department of Regulation (DoR), which is entrusted with formulating guidelines for regulated entities, has been at the forefront of this initiative, with a notable increase in public consultations: 21 held in 2023-24, compared to six and five in the previous two years. These consultations are crucial for seeking public feedback on new and major regulatory measures, incremental changes, and comprehensive reviews of existing guidelines. This proactive approach ensures transparency and inclusiveness in the regulatory process, aligning with the RBI's commitment to fostering a collaborative regulatory environment. #RBI #ReserveBankOfIndia #PublicEngagement #Transparency #InclusiveGovernance #IndianEconomy #FinancialSector #CentralGovernment #ICSI #ICAI #ICMAI #CSVasudevaRaoDevaki

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Digital Competition Bill of India is currently a hot topic of discussion. Several countries like EU have already enacted such laws. There are various issues floating around before the new law comes into effect. We are pleased to invite you to an exclusive Global Webinar on Tuesday the 3rd December 2024 at 3 - 4.30 PM IST to discuss some of these issues. The speakers are, Mr. Manas Chaudhuri, Partner, Khaitan & Co., Dr. Vishwanath Pingali, Professor, IIM Ahmedabad, Pranjal Prateek, Partner, Khaitan & Co. and myself. The webinar will aim to discuss some of the following themes, drawing insights from global best practices and experiences, as relevant for India. - Efficacy of a separate inquiry framework for digital competition. - Suitability of thresholds-based selective regulation of digital markets. - Challenges of potential parallel proceedings and regulatory overlaps. - Convergence or divergence in global regulation of digital competition. We look forward to your participation and an engaging discussion. For more information please contact - [email protected]

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Finally - the most awaited tech policy - a legislation that’s been in the making since 2017. Ministry of Electronics and Information Technology has released draft rules for India’s data protection framework - our own version of GDPR. The Digital Personal Data Protection Act (DPDPA) was passed in August 2023 and rules were awaited since then. We will share our analysis on the impact on startups and seek inputs from Startup Policy Forum members for sharing feedback with government. Last date: February 18th.

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Can an NRI open a PPF account in India ? Find out in our infographics and follow us to find out more information on this. Our articles are specifically designed to educate the NRI community and others on tax and FEMA aspects relating to NRIs and their investments in India. Follow us for more insights. #nritaxtech #nri #nritaxation #tax #taxprofessional #rbi #fema #dailytaxupdates #taxupdate #nriupdate #nritaxupdate #nritax #nrippf #investments #savings #taxation #internationaltaxation

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Hemant Soren Takes Oath as Jharkhand CM Amid Money Laundering Controversy. New Cabinet Formation in Collaboration with Congress and RJD. Download the app now: https://lnkd.in/d2rVaKhP #HemantSoren #JharkhandCM #PoliticalUpdate #MoneyLaunderingCase #NewCabinet #Congress #RJD #PoliticalNews #IndiaPolitics #JharkhandNews #BreakingNews

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SARFAESI Act, 2002 Vs FEMA, 1999: Analysis of Recent Karnataka High Court Ruling Introduction to the Acts: SARFAESI Act, 2002: The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act empowers financial institutions to enforce security interests on assets without court intervention in the event of a loan default. This act allows banks and other financial institutions to auction commercial or residential properties to recover loans when borrowers fail to repay. FEMA, 1999: The Foreign Exchange Management Act regulates foreign exchange transactions and cross-border economic activities in India. It aims to facilitate external trade, promote orderly development, and maintain the foreign exchange market in India. Facts of the Case: In the case of Canara Bank v. Commissioner of Customs & Others (Writ Petition No. 10895 of 2023), the Enforcement Directorate (ED) issued a seizure order under Section 37A of FEMA on March 31, 2022. Canara Bank, the petitioner, challenged this order, arguing that the SARFAESI Act should take precedence over FEMA in matters concerning the recovery of debts by secured creditors. In a recent case of Canara Bank v. Commissioner of Customs & Others (Writ Petition No. 10895 of 2023) Karnataka High Court has passed a ruling that SARFAESI Act Prevails Over FEMA. Court’s Ruling: The Karnataka High Court ruled in favor of Canara Bank, emphasizing the following points: Precedence of SARFAESI over FEMA: The Court stated that just because FEMA was enacted before the SARFAESI Act, it cannot be a ground for FEMA to prevail over the SARFAESI Act. Jurisdiction of ED: The Court found that the ED's order to seize/attach the property for dues under FEMA was without jurisdiction or authority of law since the property had already been mortgaged in favor of Canara Bank before the ED's order. Therefore, the ED was not entitled to seize or attach the property that was already secured in favor of the petitioner. Analysis: The decision reinforces the priority of secured creditors' claims over other statutory claims. By ruling that the ED cannot attach property already mortgaged to a bank, the court affirms the protection of banks' interests under the SARFAESI Act. The ruling provides clarity on the enforcement of financial laws, particularly in situations where multiple statutes might intersect. Conclusion: The Karnataka High Court's ruling in Canara Bank v. Commissioner of Customs & Others reinforces the precedence of the SARFAESI Act over FEMA in matters of debt recovery by secured creditors. This decision is significant for financial institutions as it upholds their rights to enforce security interests without interference from orders under other statutes like FEMA. As this ruling is passed by the single bench of Karnataka High Court, ED, the aggrieved party may take recourse to appeal against this ruling to the higher bench. #FEMA #securedcreditors

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𝐂𝐀𝐆 𝐝𝐞𝐭𝐞𝐜𝐭𝐬 ₹𝟏𝟒𝟒.𝟖𝟖 𝐜𝐫𝐨𝐫𝐞 𝐢𝐫𝐫𝐞𝐠𝐮𝐥𝐚𝐫𝐢𝐭𝐲 𝐢𝐧 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐭𝐨 𝐎𝐝𝐢𝐬𝐡𝐚 𝐃𝐂𝐇 During the pandemic, the Comptroller and Auditor General of India found certain irregularities in Odisha's 18 dedicated private Covid-care hospitals (DCHs). CAG detected that of Rs 724.50 crore incurred, payment of Rs 144.88 crore was made to the DCHs without verification of essential documents and records. The auditor also found irregularities worth Rs 2.73 crore in the supply of PPE kits to 10 private DCHs in Khurda and Cuttack districts and excess payment of Rs 2.85 crore toward diet allowance for doctors and paramedical staff. It has also identified inadmissible or excess payments of government funds to several private-run DCHs during the pandemic. #pandemic #irregularities #Covid #hospitals #payment #paramedical #doctors #allowance

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💭 The government should consider three vital factors: 🔄 The NPP and its alliances 📊 Economic and tax policies 🌐 Geopolitical and foreign policy 🇮🇳 India is the key player was instrumental in achieving international recognition for President #AKD and the #NPP Government. Therefore, it is crucial to navigate our foreign policies with a more effective methodology. ✊President Anura Kumara Dissanayake and Prime Minister Dr.Harini Amarasuriya should emphasize the land rights of our IOT Malayaga Tamil community living in the plantation sector. #SriLanka #India #Diplomacy #MinorityRights

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The Co-operative Societies (Amendment) Act, 2024 had received the assent of the Governor and was published in the Gazette on 13 May 2024. It is an act further to amend the Gujarat Co-operative Societies Act, 1961 specifically for co-operative housing societies that- 1. Definition of co-operative housing service society and flat. 2. Enabling to register a co-operative housing or a co-operative housing service society by eight persons. 3. Insertion of new section 159A for the transfer fees for co-operative housing/ co-operative housing service societies.

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What is Infrastructure ? The term infrastructure is covered under various regulations like Income Tax (80 IA), RBI regulations and Department of Economic Affairs publishes harmonized list of Infrastructure. https://lnkd.in/dwcn6xaR What is fundamental difference of Trust Retention Account and Escrow Account Agreement ? The concept of a Trust Retention Account (TRA) is specifically addressed in the RBI guidelines, particularly for infrastructure projects. According to the RBI, a TRA is a mechanism to ensure that the cash flows generated by a project are used to meet the debt service obligations before any other cash outflows are permitted. This is especially crucial in the financing of infrastructure projects where large investments and long gestation periods are involved​ . In contrast, an escrow account is a more general financial arrangement where funds or assets are held by a third party (escrow agent) on behalf of two other parties that are in the process of completing a transaction. The escrow agent releases the funds or assets only when certain conditions or contractual obligations are met. The primary differences between a Trust Retention Account and an escrow account are: 1. Purpose and Usage: TRA: Specifically used in project finance, especially for infrastructure projects, to manage cash flows and ensure debt servicing. Escrow Account: Used in a variety of transactions, not limited to project finance, to ensure that conditions or obligations are met before the release of funds or assets. 2. Regulation and Requirements: TRA: Governed by specific RBI guidelines and is often a requirement in project financing to manage risk and ensure proper use of funds. As given in the regulations https://lnkd.in/daPr4q6p Escrow Account: More flexible and governed by the terms of the specific contract between the parties involved. 3. Management and Control: TRA: Typically managed by a trustee who oversees the allocation of funds as per the pre-agreed terms. Escrow Account: Managed by an escrow agent who acts as a neutral third party to hold and release funds based on the fulfillment of contractual conditions. These distinctions ensure that TRAs are particularly suited for large-scale, long-term projects with significant financial stakes, whereas escrow accounts provide a broader application across various types of transactions. With respect to other aspects 1. Do you include NPA classification clauses in Term Loan, Facility Agreement and Digital Lending loan agreement follow the attached clause as per RBI regulations https://lnkd.in/d74jCnZD 2. With respect to Digital Lending follow the link https://lnkd.in/djWSaaj5 3. With respect to clauses which can be included under facility or term loan agreement follow the link https://lnkd.in/dU8XD2e7 #RBI #bankingandfinance #learning

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Special Bench (SB) of Hyderabad ITAT to hear matter related to interest payable on Compulsorily Convertible Debentures (CCD or FCCD) in case of Invesco (India) Private Limited in August Read the constitution order >> https://buff.ly/4bdmK7r #Taxsutra #tax #TP #transferpricing #CCD #ITAT #debentures #litigation

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