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 has extended the due date for furnishing Return of Income for Assessment Year 2026-27 (FY 2025-26) in respect of…
Denying the accumulation of u/s 11(2) merely on grounds of a procedural delay in filing Form No. 10 is unsustainable…
Engagement of 05 Young Professionals CAs in the Office of Central Registrar of Cooperative Society on contractual basis The office…
Immunity u/s 270AA(2) in respect of a single transaction can not be denied to one assessee when the penalty was…
ITAT deleted addition u/s 69A towards jewellery found in search in view of Indian traditions, CBDT Instruction and High Court…
Documents obtained post search and information obtained from the public domain not incriminating material. Documents obtained by AO post search…