No Charge On ATM Withdrawals For 3 Months ; Complete Waiver Of Minimum Balance Charge : Finance Ministry

As a part of relief measures announced in view of COVID-19 lockdown, the Union Finance Minister Nirmala Sitharaman on Tuesday announced complete waiver of minimum balance charges for savings bank accounts for next three months.Also, debit card holders who withdraw cash from any bank ATM can do it free of charge for the next three months."You may withdraw cash from any bank's ATM. You don't have to worry about keeping a minimum balance. No fee shall be levied for not maintaining a minimum...

Eligibility Limit Of NBFCs For Debt Recovery Reduced [Read Notification]

The Central government has relaxed the eligibility criteria for non-banking financial companies (NBFCs) for debt recovery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. As per the notification issued by the Ministry of Finance on Monday, a NBFC having assets worth Rs 100 crore will be entitled for enforcement of security interest in secured debts of at least Rs 50 lakh. The existing eligibility limit for ...

All You Want To Know About Law On Willful Defaulters

The case of Willful Defaulters was taken up by the Central Vigilance Commission back in 1999. It gave instructions for the collection of information on willful defaults of Rs.25 lakhs and above. Pursuant to these instructions, Banks and notified Financial Institutions were required to submit information on willful defaulters to RBI. The RBI, on 1.07.2015 (Revised) issued a Master Circular which consolidated instructions on how all the commercial banks and notified financial ...

24 Yrs After Causing Loss Of Rs 38K, Bank Peon’s Conviction Upheld By SC

Twenty-four years after a bank’s peon, who doubled as cash clerk due to shortage of staff, was held for corruption and causing wrongful loss of Rs 38,500 to the bank, the Supreme Court on Wednesday upheld his conviction but reduced his jail term from a cumulative five years to three years.A bench of Justice R Banumathi and Justice Indira Banerjee upheld the conviction of Ram Lal while holding that “there is no merit in the contention of the appellant that in the absence of office order...

Serpent Beneath The Falcon’s Shadow

NUT SHELLA statutory prescription that has beckoned much litigation has recently been granted as a boon on a platter to upcoming economic tycoons in private sector; is the point of discussion that has been attempted to ventilate through this pieceDays passed away; as the undulate ocean waveLife galloped; with the swiftness of a horseAs the tulips; await its autumn springSo shall the law; evolve with the efflux of time.“BE A VOICE NOT AN ECHO”The fiscal policy of the democratic government as...