Author: Legal Parivar

The Indian Meteorological Department (IMD) has forecasted increased rainfall activity accompanied by thunderstorms in several states like Punjab, Haryana, and Chandigarh until April 4. Conversely, heatwave conditions are predicted in states such as Karnataka and Maharashtra during the same period. In other developments, Delhi experienced a maximum temperature of 35.2 degrees Celsius on Saturday, which is three notches above the season’s average. However, West Bengal’s Jalpaiguri-Mainaguri areas faced disasters on Sunday due to heavy rainfall and stormy winds, resulting in loss of life. IMD Rainfall Prediction North India: East India: IMD Heatwave Prediction The IMD has issued heatwave, warm night,…

HDFC Bank has issued a notification to its customers, advising them to refrain from using National Electronic Funds Transfer (NEFT) transactions on April 1 due to anticipated delays resulting from financial year-end procedures. While this announcement suggests potential delays in NEFT transactions, HDFC Bank assured its customers that other payment services like IMPS, RTGS, or UPI will continue to operate normally. In an email to customers, HDFC Bank stated, “Please note, outward NEFT transactions may get delayed/may not be available on 1st April 2024 due to financial year-end procedures. We request you to please complete your transaction using IMPS, RTGS…

The union ministry of coal is aiming to monetize assets worth ₹54,721 crore in FY25, which marks a 9% increase compared to the target set for FY24, amounting to ₹50,118 crore. In the 11 months leading up to February, the ministry exceeded its FY24 target by monetizing assets worth ₹55,148 crore. According to a response to a query sent via email, the coal ministry stated, “The projected target with reference to asset monetization plan for FY 24-25 is ₹54,721.06 crore. ₹55,148 crore of asset monetization has been done in FY 2023-24 till February 2024 against NITI Aayog Target of ₹50,118…

Indian Oil Corporation Ltd (IOCL), a state-run entity, has revealed plans to establish a joint venture with Panasonic Energy from Japan for the production of cylindrical lithium-ion cells in India. Following the signing of a heads of agreement on January 21, the companies have now inked a binding term sheet to outline the framework for the joint venture. A heads of agreement is a preliminary, non-binding document outlining the key terms of a potential sale, partnership, or other agreement. The two entities are presently engaged in a feasibility study to explore battery technology’s role in supporting India’s shift towards clean…

Zomato Limited informed stock exchanges on March 31 about receiving a GST order from the Assistant Commissioner of Commercial Taxes (Audit) in Karnataka for the financial year 2018-19. According to Zomato’s disclosure, the order demands a GST payment of Rs 11,27,23,564, along with additional interest and penalty charges totaling Rs 23,26,64,271. The action taken by the food delivery firm relates to an Adjudication Order passed under Section 73(9) of the CGST Act, 2017 and KGST Act, 2017. This order imposes a GST demand of Rs 11,27,23,564, along with interest of Rs 10,86,68,351 and a penalty of Rs 1,12,72,356, resulting in…

Housing sales in Gurugram witnessed a 12 percent decline year-on-year during the January-March period, while Noida experienced a 19 percent increase in demand for residential properties, as per data from real estate consultant Anarock. Anarock’s data revealed that housing sales in Gurugram’s primary market fell by 12 percent to 8,550 units in the January-March period of this year, compared to 9,750 units in the same period last year. On the other hand, Noida saw a 19 percent surge in housing sales, with 1,600 units sold during January-March this year compared to 1,350 units in the corresponding period of the previous…

Starting April 1, the Income Tax Act’s Section 43B(h) will enforce stricter regulations on businesses, disallowing tax deductions for payments delayed beyond 45 days to Micro, Small, and Medium Enterprises (MSMEs) for goods and services supplied. Introduced through the Finance Act 2023, this provision aims to ensure timely payments to MSMEs and prevent larger companies from withholding payments, potentially resulting in higher taxes for the defaulting entities. While some industry bodies have called for a postponement of the rule’s implementation, the Federation of Indian Micro and Small & Medium Enterprises (FISME) views it as a potential game-changer for MSMEs. Despite…

The Enforcement Directorate (ED) has claimed to have substantiated the money trail related to the alleged Rs 45 crore kickbacks stemming from the Delhi excise policy “scam.” This money was purportedly utilized for the Aam Aadmi Party’s (AAP) 2022 election campaign in Goa, as per documents submitted in court. The Central Bureau of Investigation (CBI) and the Income Tax department, in their separate investigations, have also reportedly corroborated this assertion. The ED’s probe into the matter involves examining a network of Hawala operators and ‘Angadiyas’, informal courier and banking services often used in sectors like diamonds and jewelry to bypass…

Just three days before the Supreme Court’s ruling that declared electoral bonds unconstitutional, an RTI investigation unveiled that the Finance Ministry had authorized the Security Printing and Minting Corporation of India (SPMCIL) to print 10,000 electoral bonds valued at Rs 1 crore each. This authorization came to light through file notations, correspondence, and email exchanges between the Finance Ministry and the State Bank of India (SBI), as reported by The Indian Express. However, in the wake of the Supreme Court’s decision on February 28, the Finance Ministry promptly directed the SBI to halt the printing of these bonds. The revelation…

The Reserve Bank of India (RBI) announced that India’s foreign exchange reserves surged by $140 million to reach a record high of $642.631 billion as of March 22. This marks the fifth consecutive week of substantial growth in the country’s overall reserves. The previous week also witnessed a significant increase, with reserves rising by $6.396 billion to reach $642.492 billion. The surge in reserves is attributed to higher Foreign Portfolio Investor (FPI) flows, reflecting growing foreign investor confidence in Indian markets. Commenting on the FPI flows in FY24, Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated,…