Corporate Law Reporter - The Daily Journal

Measures Taken by Government to Protect Consumers from Price Rise

The Government has undertaken various measures to insulate the vulnerable sections of society from price rise. The central issue prices(CIP) for rice (at Rs. 5.65 per kg for below poverty line(BPL) and Rs. 3 per kg for Antodaya Anna Yojana (AAY) families) and wheat (at Rs. 4.15 per kg for BPL and Rs. 2 per… Read More

RBI asks NBFCs to review KYC policies with clarifications on the PMLA guidelines

RBI/2012-13/422 DNBS (PD).CC. No 321 /03.10.42 /2012-13 February 27, 2013 All Non Banking Financial Companies / Residuary Non Banking Companies Dear Sir/Madam, Know Your Customer (KYC) norms /Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Please refer to para 2.II (Annex VI para 3)… Read More

Change in SLBC responsibility for Jharkhand from Allahabad bank to Bank of India

RBI/2012-13/421 RPCD.CO.LBS.BC. No. 65 /02.13.001/2012-13 February 27, 2013 The Chairmen and Managing Directors SLBC Convenor banks Dear Sir, Change in SLBC responsibility for Jharkhand from ALLAHABAD BANK to BANK OF INDIA It has been decided to change the responsibility of State Level Bankers' Committee (SLBC) Convenor bank for the State of Jharkhand from Allahabad Bank… Read More

Summary of Economic Survey

SUMMARY OF ECONOMIC SURVEY More than 6 Per Cent Growth Forecast for Next Fiscal Considerable Enhancement for Social Sector Spending India on Verge of Creating Quality Jobs to Seize ˜Demographic Dividend™ Indian economy is likely to grow between 6.1% to 6.7% in 2013-14 as the downturn is more or less over and the economy is… Read More

TRAI imposes Financial Disincentives on Violation of Guidelines

TRAI has imposed financial disincentives on service providers for violation of the provisions of regulations. TRAI had imposed financial disincentives on various service providers for violation of the provisions of the regulations, as per the details given below:- Year Name of Service Provider Amount of Penalty Violation 2009-10 M/s Vodafone Rs.15,000/- Under Telecom Unsolicited Commercial… Read More

DoT issues New instructions for Verification of Subscribers

New set of instructions have been issued in respect of mobile subscribers vide DoT letter dated 09.08.2012. These instructions revise earlier instructions issued on the subject from time to time. These instructions inter-alia prescribe the following: A passport size photograph should be pasted on the Customer Acquisition Form (CAF) and the documents as proof of… Read More

Launch of Government to Business (G2B) Portal

As a part of Government`s initiative to improve the business environment and the ease of doing business in the country, the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry launched the eBiz portal on 28.01.2013 comprising Licenses and Permits Services component that will allow business users to obtain a customized list of… Read More

Court duty bound to provide relief when called upon – is open to exercise jurisdiction, under Article 226

CLR Editorial Note: When the Constitution confers on the High Court the power to give relief, it becomes the duty of the court to give such relief and that the existence of an alternative remedy is not always a sufficient reason for refusing a party quick relief by way of a writ. Jurisdiction under Article 226… Read More

Concept of Private Listed Company

Well any literate will take the above title as contradictory and absurd as there can be no such company which is privately held and still a publicly traded company. I want to assure our readers that the title is not my creativity, but what is proposed by Companies Bill, 2012 (herein after referred as Bill).… Read More

Highlights of Railway Budget 2013-14

67 new Express trains to be introduced 26 new passenger services, 8 DEMU services and 5 MEMU services to be introduced Run of 57 trains to be extended Frequency of 24 trains to be increased First AC EMU rake to be introduced on Mumbai suburban network in 2013-14 72 additional services to be introduced in… Read More

Rail Budget – Marginal Increase in Some Charges, Enhanced Reservation Fee Abolished

The Minister of Railways Shri Pawan Kumar Bansal has announced to effect marginal increase in some charges which are in the form of compensation for cost actually incurred by Railways in rendering relevant services. While presenting Railway Budget for 2013-14 in Parliament today he said that the charges have not been revised for last… Read More

Rail Budget – Thrust on Safety, Consolidation, Improving Passenger Amenities and Fiscal Discipline

Rail Budget Lays Thrust on Safety, Consolidation, Improving Passenger Amenities and Fiscal Discipline Operating Ratio Likely to Improves to 87.8% In 2013-14 Highest Ever Plan Outlay of Rs. 63,363 Crore Increase in Passenger Fare Absorbed 10 Year Perspective Plan to be Taken up on Safety E-Ticketing Through Mobile; Sms Alert to Passengers For Reservation Update… Read More

Restriction on Issue of Cheques from Saving Bank Accounts

Reserve Bank of India (RBI) has issued a Master Circular dated 02.07.2012 on ˜Customer Service in Banks™ which, inter-alia, provides that banks may issue cheque books with larger number of leaves (20 or 25) if a customer demands the same and also ensure that adequate stocks of such cheque books (20 / 25 leaves) are… Read More