It is noticed that many of Financial Institutions like Banks, Financial Corporations are resorting to attachments and sale of assets of the Industry, Commercial Organizations and Personal properties of the borrowers, guarantors. This act is totally stopping the Industrial, Commercial activity of the Commercial Organization. The Bank, Financial Institution will not get any amount of […]
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WE THE ASSOCIATION WORKING FOR INCEPIENT SICK ‘MSME’ UNITS EXPECT THE FOLLOWING FROM THE BANKS BEFORE INITIATING RECOVERY PROCEEDINGS: GOVERNMENT INCENTIVES: CONSIDER AS INCENTIVES DECLARED, ASSURED BY THE CENTRAL, STATE GFOVERNMENTS AS SECURED RECOVERY FOR CALACULATIO OF ‘NPA’ . RE SCHEDULEMENT OF LOANS: MANY OF THE LOANS GIVEN TO ‘MSME’ UNITS ARE FULLY SECURED BY […]
Read MoreTHE GOVERNMENT SHOULD HAVE INDEPENDENT SUPER REGULATORY AUTHORITY TO DIRECT, GUIDE, MONITER THE MOVEMENT OF MONEY OF THE GOVERNEMT, COMMERCIAL AND INDIVIDUAL OF ALL SOURCES INCLUDING INVESTMENTS, BORROWINGS, EXPENDITURE TO LOOK AFTER FUTURE INTERESTS OF THE NATION. AS PER MY KNOWLEDGE, THERE IS NO EFFECTIVE AUTHORITY WHICH CARRIES ON THE ROLE OF THE SUPER REGULATORY […]
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AT PRESENT BANKS ARE FACING RECOVERY PROBLEMS OF LOANS ISSUED. THE REASONS MAY BE DUE TO LOANS GI VEN TO MANUFACTURING TRADING REVENUE BASESD PROJECTS PERSONAL, HOUSING, VEIHCLES OTHERS. REASONF FOR DEFAULT LONGE PROCESS PERIOD, MORE STOCKS, RECEIVABLES EASY TO SELL, LACK OF MARKET LONGER OERFIRNABCE PERIOD, EXPECTATIONS MAY VARY OWN PERSONAL ARRANGMENT, SOURCES […]
Read MoreDescription: Bank of Maharashtra v.ITO[2010] 6 ITR [Ahd-Trib] 824 The board has clearly clarified the position and the facts are exactly identical In the present case that the interest credited as per notional entry was only provisioning in the accounts for the purposes of macro- monitoring and it was not actual credit or payment of […]
Read More1. Eligible Assessees: Scheduled bank having an offshore banking unit in a Special Economic Zone or Foreign Bank having an offshore banking unit in a Special Economic Zone, or Unit of International Financial Services Centre 2. Conditions: Gross total income of the assessee includes- Income from the Offshore Banking Unit in a Special Economic Zone, […]
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