MoS for finance, ET LegalWorld
The government said on Tuesday that capital markets regulator Sebi has “adequate internal mechanisms”, including a disclosure framework and provisions for recusal, to address issues relating to conflicts of interest. In a written reply in the Rajya Sabha, minister of state for finance Pankaj Chaudhary said the Sebi board has adopted a code on conflicts […]
Oilfields (Regulation and Development) Amendment Bill, 2024 passed in Rajya Sabha, ET LegalWorld
Oilfields (Regulation and Development) Amendment Bill, 2024 to expand the definition of mineral oils and include petroleum and natural gas passed in the Rajya Sabha on Tuesday. The bill was introduced by Union petroleum and natural gas minister Hardeep Singh Puri for consideration and passing. The Bill will regulate the exploration and extraction of natural […]
GoM proposes 35% hike in GST on cigarettes, tobacco, aerated drinks, ET LegalWorld
The Group of Ministers (GoM) on GST rate rationalisation has decided to increase tax on aerated beverages, cigarettes, tobacco and related products to 35 per cent from the current 28 per cent, an official said on Monday. “The GoM has agreed to propose a special rate of 35 per cent on tobacco and related products […]
Builders Must File Annual Reports in 30 Days or Risk ₹5L Fine, ET LegalWorld
Representative image The Haryana Real Estate Regulatory Authority (HRera) has issued a strict directive to real estate promoters, mandating submission of annual reports for their under-construction projects within 30 days. The move comes after the regulator observed widespread non-compliance by promoters, raising concerns about transparency and accountability in the sector. During a recent review meeting, […]
Finance ministry official, ET LegalWorld
Concrete steps have been taken to regulate the fintech industry in India as per the Financial Action Task Force’s recommendations to tackle money laundering and terror financing, a central government official said on Wednesday. India is among the few countries that are working on FATF recommendations to regulate the fintech industry, said Vivek Agrawal, additional […]
In LS today, FM Nirmala Sitharaman to move Bills to amend banking laws, ET LegalWorld
Union Finance Minister Nirmala Sitharaman on Wednesday will move the Banking Laws (Amendment) Bill in the Lok Sabha which aims to amend the Reserve Bank of India Act, 1934, in addition to the Banking Regulation Act, among other Bills. The Banking Laws (Amendment) Bill, 2024 amends the Reserve Bank of India Act, 1934, the Banking […]
Govt working on integrated platform for insolvency ecosystem: Official, ET LegalWorld
The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution process. Anita […]
Over 40,000 filed in NCLT under IBC by September 2024, ET LegalWorld
Highlights As of September 30, 2024, a total of 40,943 cases have been filed in the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016. Creditors have realized 3.55 lakh crore under resolution plans, achieving 161.11% of the liquidation value and 86.13% of the fair value of the assets. The quarterly reports indicate […]
PM Modi to participate in the Constitution Day celebrations at SC, ET LegalWorld
Prime Minister Narendra Modi will participate in the Constitution Day celebrations at the Supreme Court on Tuesday. “On the momentous occasion of completion of 75 years of adoption of the Constitution of India, Prime Minister Narendra Modi will participate in the Constitution Day celebrations on 26th November at around 5 p.m. at the Auditorium, Administrative […]
Adani Group and Recent Investigations, Legal News, ET LegalWorld
The FCPA stands for Foreign Corrupt Practices Act of 1977, was enacted by Congress for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Amendments to the FCPA The FCPA was amended in 1998, with which the […]