RBI
RBI withdraws Chapter IIIB exemptions from Housing Finance Companies
Housing Finance Institutions (HFIs) as defined under Clause (d) of Section 2 of the National Housing Bank Act, 1987. Such HFIs are currently exempt from the provisions of Chapter IIIB of Reserve Bank of India Act, 1934.
Chapter IIIB contains provisions relating to Non-Banking Institutions receiving deposits and Financial Institutions receiving deposits and financial institutions.
Under Chapter IIIB, exemption was granted to a Non-Banking institution which is authorized to operate a payment system and to issue prepaid payment instruments under the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
The exemption was limited and restricted to money received by such non-banking institution for issue of prepaid payment instruments.
RBI, has now decided to withdraw these exemptions and make the provisions of Chapter IIIB except Section 45-IA of Reserve Bank of India Act, 1934, applicable to HFIs.
Read Revised Master Direction – Exemptions from the provisions of RBI Act, 1934
CBDT Circular can’t restrict powers of Income Tax Authority u/s 119(2)(b) to condone delay beyond six years In a recent…
Benefit of the cash bought at the time of migration from Pakistan allowed as assessee fulfilled conditions of CBDT Circular…
Ambiguous notices without striking off the irrelevant limb cannot be the foundation of imposition of any penalty – Supreme Court…
Assessment itself is not a process to penalise assessee for earning undisclosed income – High Court upheld application of peak…
Actual use of asset not the sole test for allowability of depreciation and it may be allowed when business only…
It can never be the object of assessment proceedings to find an empirically, absolutely correct solution on every fact issue…