AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Calcutta High Court has affirmed equal pay for equal work, granting pay parity to municipal tax collectors based on the administration's own admission.
The Reserve Bank of India has directed banks to implement training programs for staff involved in cash handling, enhancing their ability to detect counterfeit currency.
The Directorate General of Foreign Trade (DGFT) has updated its export schedule to declare several inorganic and organic chemicals, along with other items, as 'free' for export. This move aims to liberalize trade and facilitate exports.
The RBI has revised its disclosure norms for banks by removing Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR), and remuneration reporting requirements. These changes are effective from April 1, 2027, easing reporting obligations but potentially reducing transparency.
The Kerala High Court modified an order stating that the onus to prove negligence in the non-recovery of tax dues lies on the director, and not the Principal Secretary.
The CESTAT ruled that running account bills, when accompanied by payment orders, are valid documents for claiming CENVAT credit.
The ITAT ruled that once jurisdiction under Section 153C is validly assumed, the assessing officer can consider information received from the Investigation Wing for assessments.
The Income Tax Appellate Tribunal (ITAT) dismissed an appeal due to the non-filing of Profit & Loss Account and Balance Sheet, critical for proving the status of an entity as a co-operative society under Section 80P.
SEBI has mandated that all covered intermediaries must use validated ‘@valid’ UPI IDs and QR codes starting from October 1, 2025, to strengthen payment verification and mitigate the risk of fraud.
The Securities and Exchange Board of India (SEBI) has introduced the GARUDA mechanism to streamline the procedures for filing the Private Placement Memorandum (PPM) and launching Alternative Investment Fund (AIF) schemes. This is aimed at improving efficiency in the registration process.
The Reserve Bank of India has published new Statutory Audit Directions for commercial banks, delineating guidelines for audit procedures and governance, critical for regulatory compliance and financial integrity.
The Reserve Bank of India has set forth the Internal Audit Function Directions for commercial banks, aiming to enhance internal governance and compliance oversight within financial institutions.
The Reserve Bank of India has unveiled new guidelines focused on fraud risk management within commercial banks, aiming to enhance the overall resilience and regulatory compliance of financial institutions.