The Reserve Bank of India (RBI) has amended the Master Directions on Prepaid Payment Instruments (MD-PPIs) to permit authorised banks and non-banks to issue prepaid payment instruments (PPIs) for enabling digital payments across multiple means of public transport in the country (Amendment).
A three Judge Bench of the Supreme Court (Supreme Court) in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Anr, 2024 SCC OnLine SC 122 recently upheld the prevailing view that NCLT has the power to recall its order.
The new leniency regime under the Competition Act, 2002 (as amended) (Competition Act) came into effect on 20 February 2024. It marks the advent of the “leniency plus” framework – a cartel detection tool deployed in several jurisdictions including the U.S.A., U.K., Brazil, Canada, and Singapore.
The International Financial Services Centre (IFSC) at the Gujarat International Finance Tec-City City is India’s first international financial centre. The objective of the IFSC, which has been created through the Special Economic Zones Act, 2005, is amongst others, to onshore the offshore, i.e. to undertake those India related financial activities in IFSC, which are currently carried out outside of India.
With a view to boost collection of revenue in an era of highly significant property transactions, Government of Maharashtra introduced Maharashtra Stamp Duty Amnesty Scheme - 2023 on 7 December 2023 which, read with the explanatory note and guidelines dated 11 December 2023, the corrigendum dated 13 December 2023 and an order dated 2 February 2024 issued by Revenue and Forest Department, Government of Maharashtra (the Amnesty Scheme), provides for a reduction or remission not only of the penalty but also of the stamp duty chargeable under the Maharashtra
Regulation of private coaching centers in India has been an indistinct part of public discourse since the year 2015. Poor facilities, lack of safety measures, malpractices, and inadequate infrastructure are only tip of the iceberg.
The Insolvency and Bankruptcy Board of India (IBBI) issued two notifications dated 31 January 2024, in terms of the powers conferred under Section 196(1)(t), Section 240 read with Section 2(e) of the Insolvency and Bankruptcy Code, 2016 (Code), introducing: (a) IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024 (Insolvency Amendments); and (b) IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024 (Bankruptcy
Through the circular dated 29 January 2024, the Employees’ Provident Fund Organisation (EPFO) issued a clarification regarding eligibility for and computation of pension under the Employees’ Pension Scheme, 1995 (Pension Scheme) in case of members having multiple account numbers for the reason of dual employment. The update assumes significance against the backdrop of legislative, executive, and judicial developments in the past 2 years in connection with the Pension Scheme.
On 10 January 2024, vide a notification issued by the Ministry of Power, Government of India (MoP) in terms of the powers conferred under Section 176 of the Electricity Act, 2003 (Act), MoP has made certain amendments to Electricity Rules, 2005 (Amendment Rules).
Money market instruments play a pivotal role in fulfilling working capital requirements of corporates by facilitating acquisition of short-term financing and thereby establishing liquidity across diverse financial markets. The Reserve Bank of India (RBI), as the regulator of the financial market, lays down the regulatory landscape for the growth of these markets.
