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1.Publishing loan defaulter’s photos in newspapers is illegal. [Messrs Allianz Convergence Pvt. Ltd. & Ors. v/s The General Manager, State Bank of India & Anr].
2.Tax exemption can’t be denied for service fee designation in Rs. [Commissioner of Service Tax Vs. Balaji Telefilms Ltd. (CESTAT Mumbai)].
3.Change in rate of MVAT 5% to 5.5% W.e.f. 1st April 2016. Notification no. VAT. 1516/C.R. 31/Taxation-1
4.Furnishing of UID in Form 15G/15H for Q3 & Q4 of FY 2015-16. Circular No 18/2016-Income Tax dated 23/05/2016.
5.Changes in rules related payment of pension after death of member. Notification G.S.R. 533(E) dated 19/05/2016.

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RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said. Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm

Credit card spending growth declines on RBI gaze, stress build-up

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India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem. “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and

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