Business law Current Affairs, GK & News
MCA notifies Insolvency and Bankruptcy Rules, 2019
On 15 Nov, the Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules). The rules will provide a framework for insolvency and liquidation proceedings of Financial Service Providers (FSPs) other than banks. These rules will be applicable ..
Topics: Bankruptcy • Business law • Corporate law • Debt • Economy • Finance • Insolvency • Liquidation
Injeti Srinivas Committee to look into offences under the Companies Act
The government has constituted a committee under Injeti Srinivas, secretary of the Corporate Affairs Ministry to look at recategorization of certain offences under the Companies Act as civil offences as well as review other provisions of the Companies Act and the Limited Liability Partnerships Act 2008. Mandate of the Committee The committee will look into ..
Topics: Business law • Corporate law • Economy • Indian company law • Insolvency and Bankruptcy Code • Law • Legal entities • Limited liability partnership • Modi administration • National Company Law Tribunal • Partnerships • United Kingdom company law
IDBI Bank launches paperless account opening facility for NRIs
IDBI Bank has launched the ‘NRI-Insta-Online’ account-opening process for Non-Resident Indians (NRIs) residing in Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents and KYC proofs for opening an account with the bank. NRIs will now be able to open account in IDBI Bank without submitting paper ..
Topics: Asia/Pacific Group on Money Laundering • Business law • Corporate crime • Crime • Financial Action Task Force on Money Laundering • Financial regulation • IDBI Bank • Money Laundering • OECD • Politically exposed person • Tax Evasion • Terrorism financing
Pakistan could be blacklisted by FATF
Pakistan Foreign Minister Shah Mahmood Qureshi said that Pakistan could be blacklisted by the Financial Action Task Force because of ‘lobbying by India’ after estimating that the country could suffer $10 billion loss annually if it remains in the watchdog’s grey list. Last year the Paris-based FATF had placed Pakistan on the ‘grey list’ of ..
Topics: Business law • Corporate crime • Crime • FATF blacklist • Financial Action Task Force on Money Laundering • Financial regulation • Money Laundering • OECD • Organisation for Economic Co-operation and Development controversy • Pakistan • Tax Evasion • Terrorism financing
11-member working group to go into concept of ‘Group Insolvency’ and suggest a suitable framework
The insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has set up a 11-member working group under the Chairmanship of former SEBI chief UK Sinha to go into the concept of ‘Group Insolvency’ and suggest a suitable framework. This Working Group has been tasked to submit a report — within two months and will ..
Topics: Bankruptcy • Business law • Debt • Economy • Finance • Insolvency • Insolvency and Bankruptcy Board of India • Insolvency and Bankruptcy Code • Liquidation • Modi administration • National Company Law Tribunal • Securities and Exchange Board of India
India ranked 77th in World Bank’s Ease of Doing Business Index 2018
India has been ranked 77th in the World Bank’s Ease of Doing Business Index 2018 . With this, India has jumped 23 places from 2017 in which it was ranked at 100th. In its annual ‘Doing Business’ 2019 report, World Bank stated that India improved its rank on six out of the 10 parameters relating ..
Topics: Administrative law • Business • Business law • Ease of doing business index • Economy • Entrepreneurship • World Bank