Bar Council of India may now invest funds in Private Sector Banks

Bar Council of India may now invest funds in Private Sector Banks

BAR Council of India has amended its Rule to authorise it to invest its funds in Scheduled Commercial Public Sector and/or Private Sector Banks in India.

BAR COUNCIL OF INDIA

NOTIFICATION

New Delhi, the 24th August, 2024

No. BCI:D: 4367/2024

Resolution under Item No. 230(A)/2022 dated 21.08.2022.

After detailed discussion, deliberation and opinion of the Chartered Accountants resolves to amend the Rule -15 (i) & 15 (iii), Chapter-V, Part-II of the Rules of the Bar Council of India.

The amended Rule-15 inclusive of amendment to Rule -15 (i) & 15 (iii), Chapter-V, Part-II will now read as follows: –

15. The funds of the Bar Council of India may be invested as follows: –

(i) In the State Bank of India or such other nationalized bank and/or in Scheduled Commercial Public Sector and/or Private Sector Banks in India, as the Bar Council of India may decide;

(ii) In any of the securities specified in Section-20 of the Indian Trusts Act, 1882, as the Council may decide;

(iii) In Fixed Deposits with Government Companies as defined in the Companies Act, 2013 and as maybe amended from time to time.

SRIMANTO SEN, Secy.

[ADVT.-III/4/Exty./478/2024-25]

abCAus note:  Hitherto, as per Rule 15, the Bar Council was authorised to invest its fund as follows :-
(i) in the State Bank of India or such other nationalised bank as the Council may decide ;
(ii) in any of the securities specified in Section 20 of the Indian Trusts Act, 1882, as the Council may decide;
(iii) in Fixed Deposits with Government Companies as defined in the Companies Act, 1956

Download Bar Council Notification Click Here >>

• AO can’t take two different stands on immunity u/s 270AA(2) for a same transaction
• ITAT held 2000 gram jewellery reasonable in view of customary practices & CBDT Instruction
• Documents obtained post search & information obtained from public domain not incriminating material
• No second reopening for unexplained credits in bank due to bank’s name change
• FDCM invites application for empanelment of practising CAs/ Chartered Accountant Firms