Proposed Amendments To The Specific Relief Act, 1963 - Impact Analysis
The underlying objective of the parties behind entering into any contract is the performance of their respective parts. If for any reason this performance fails, courts tend to award damages in order to put the affected party back to his original position. However, if for any reason damages are an inadequate remedy or it is not possible to award compensation, then a relief of specific performance may be awarded to the affected party at the discretion of the court. We have a codified enactment dealing with issue, i.e., the Specific Relief Act, 1963 (“SRA”) governing this aspect.
Understanding the Concept of Cheque Bounce in India
Cheque bounces are considered as a Criminal offence in India .In this age of Internet where Internet Banking and Mobile Banking are used for Transferring Funds , there is a large section of population that prefers cheques .Dr . Gubbi Subba Rao explains the Dishonour of Cheque and Presumption in favor of the holder mentioned under sections 138 and 139 of the Negotiable Instruments Act , 1881. He also gives an exceptional view of Section 420 of the Indian Penal Code under which the punishment for Cheating has been provided according to which the person shall be punished with imprisonment of either description for a term which may extend to 7 years, and shall also be liable to fine .
P2P Lending - RBI's Stance on Peer-to-Peer Lending Platform
The release of the Master Directions on Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (“ Master Directions ”) was a decision anticipated since April 2016 when the Reserve Bank of India (“ RBI ”) issued a Consultation Paper on Peer to Peer (“ P2P ”) lending (“ Consultation Paper ”). The Consultation Paper contained various arguments against and in favour of regulating the P2P lending sector. Thereafter, on August 24, 2017, as a precursor to the ultimate regulations, the RBI issued a gazette notification classifying entities providing the ‘business of a peer to peer lending platform’ as a Non-Banking Financial Company (“ NBFC ”). The Notification assumes significance since the classification of a P2P lending platform as an NBFC brings such a platform within the RBI’s regulatory ambit. The broad points under the Consultation Paper have now been crystallised under the Master Directions released by the RBI on October 04, 2017. 1.
Dispute Resolution through Reference to Micro and Small Enterprises (MSME) Facilitation Council
Dispute Resolution through Reference to Micro and Small Enterprises (MSME) Facilitation Council Author: Advocate Nishant Nigam and Associate Ankit Ahuja Any Micro or small enterprise having valid EM Part -II /UAM can apply to a ‘Micro and Small Enterprises Facilitation Council’ of a the state having jurisdiction to entertain the matter regarding dispute resolution where where any buyer fails to make payment of the amount to the supplier the buyer and such amount to due to be paid shall be liable to pay compound interest with monthly rests to the supplier on that amount from the appointed day from the date immediately following the date agreed upon, at three times of the bank rate.The State Government shall establish one or more Micro and Small Enterprises Facilitation Councils where such dispute resolution takes place State / UT Notified MSEFC Rules (As of 19.03.2019)
DELHI Government to Set up Police Complaint Authority to Hear Complaints Against Police Misconduct
DELHI Government to Set up Police Complaint Authority to Hear Complaints Against Police Misconduct Following the Supreme Court directions, the Delhi Government plans to set up a Police Complaint Authority (PCA) to hear complaints of extortion, harassment, abuse, unlawful detention or arrest by the Delhi Police. The panel will consist of a Chairperson appointed by the Lieutenant Governor of Delhi. For the other members the Delhi Government has recently invited applications for three posts to be filled up. The Chief Justice of the Delhi High Court has also proposed a panel of names for the position of the chairman. The other members of the PCA include a retired IAS officer, a former IPS officer and a person of repute from the civil society.
Alternate Market Commission - A Boost for Startup Ecosystem
Bhumesh Verma, Managing partner and Soumya Shekhar, Associate Introduction Startup eco-system carries vast potential for economic activity and revenue generation in India. It has the knack to change the dynamics of the Indian economy to a large extent. To make it happen, however is hugely dependent on proper monitoring coupled with timely measures to support the startup fraternity by providing appropriate incentives. Last few years, Indian government has been beating its trumpet of having created and facilitated the Startup eco-system.
Cheque Bounce Case: All You Need To Know
The Indian government launched a program named ‘Digital India’ in 2015. After the implementation of this program, a sector that underwent major change was the banking sector. Every bank in the country was made available on our finger tips.
6 Mandatory Tax And Regulatory Compliances For Business
6 Mandatory Tax And Regulatory Compliances For Business Author: Associate Runa Jasia What is Mandatory Tax? As the name itself suggests, it is mandatory to pay these taxes.
Data Protection in India and Europe: A Comparative Analysis
Bhumesh Verma, Managing partner and Soumya Shekhar, Associate Introduction The term `General Data Protection Regulations’ or ‘GDPR’ has the world baffled. EU has come up with a new set of data privacy norms which are bound to have far-reaching effects.
