Demonetization now hits Financial Statement of Companies by Megha Saraf and Abhirup Ghosh

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Background

Reserve Bank of India (“RBI”) on 8th November, 2016, has took a very bold move towards the currency market of India. Ministry of Finance (“MoF”) with effect from 9th November, 2016, has brought a serious revolution in the economy of the country by withdrawing Rs. 500 and Rs. 1000 as a legal tender. Due to this, people as well as corporates and Financial Institutions all over the country faced a serious glitch towards monetary transactions.

Further, MoF by its subsequent circulars brought stringent norms towards the monetary market. Several restrictions were imposed on cash and electronic transactions to curb the black market. Read more →

MCA amends Audit Rules and MBP Rules: its impact and analysis by Trupti Upadhyay

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The Ministry of Corporate Affairs (‘MCA’) has come up with amendments in the Companies (Audit and Auditors) Rules, 2014 (“ADT Rules”) and the Companies (Meetings of Board and its Powers) Rules, 2014 (“MBP Rules”) vide notification(s) G.S.R. 307(E)[1] and G.S.R. 309(E)[2] dated 30th March, 2017. The same shall come into force from the date of their publication in the Official Gazette viz, 30th March, 2017. In this write up both the amendments has been covered along with its implications.

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Stringent norms ahead for the issuers of Pre-paid Payment Instruments (PPIs) in India, Kirti Sharma

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Introduction

India Inc is witnessing a major shift from cash driven economy to a cashless economy with a steep rise in the mobile transaction services through digital payment modes in the financial technology industry undoubtedly pushing huge pressure on cash. The payment industry is striving to become an integral part of the economy. With the evolution of online wallets, consumers are provided with simpler and more efficient method to complete online transactions Read more →

FAQs on section 269ST of the Income-tax Act, Kanishka Jain

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Amid the brunt of the De-monetization, which was relatively fresh in the minds of the common people, Budget 2017 spelt out a loud message. The message was very clear; the government wanted the economy to be digitally equipped with no or very less cash transaction. While it seems impossible for the government to have an absolute cash free economy, but the tremors of the change can be felt. Read more →

Reforms to hit the Prepaid Payment Instrument issuers hard, by Ameet Roy

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The financial year 2017-18 is all set to bring in an array of reforms thought the Indian economy, all aimed to achieve one thing and one thing only – turn India into a 21st century super economy . Where business would be able to run without any hurdles involving regulatory, technological, man power, etc.

As India enters into the transformation stage into a super economy, new challenges have started to surface for the regulators, keeping the economy on track to achieve the national goal is of primary concern in this crucial stage. One of the many such challenges is the concern regarding the new age payments Read more →

Samagrata December 2016

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Samagrata June 2016

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Independence and Impartiality of Arbitrators: A Step Closer Towards Alternate Dispute Resolution, by Sneha Bhawnani & Swatilekha Chakraborty

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In the recent times, a significant change has been noticed in the attitude and approach of the society, at large, in relation to resolution of disputes. It has been witnessed in some of the prominent Western countries, especially, the United States of America, that the Courts have adopted an approach which is clearly in favour of pro arbitration mechanisms. However, there is much scholarly debate to subject such alternate dispute mechanisms to a particular specified standard in order to avoid any conflict between the traditional way of delivering justice by means of Courts and the new method of resolving disputes by means of arbitration. Read more →