CA Online

  Mumbai: The Securities and Exchange Board of India (Sebi) will now send show cause notices, summons and orders to securities law offenders via instant messaging platforms such as WhatsApp, Telegram and Signal, a move that will make the processes speedier and efficient.This will be in addition to the normal mode of communication including electronic mail, registered post, courier and fax.   "The law and regulation concerning the securities market and the regulatory framework continues to see dynamic changes from time to time," said Zerick Dastur, founder of Zerick Dastur, advocates and solicitors. "In an effort to smoothen the system of adjudication and issuance of timely processes, the manner of service of notices and orders has also undergone changes to meet with the needs of time."   A bench of Chief Justice S A Bobde, and Justices R S Reddy and A S Bopanna agreed with the suggestions of attorney general K K Venugopal and solicitor general Tushar Mehta that noti...

  Even as the indirect tax department initiated investigations against several crypto exchanges for escaping Good and Services Tax (GST) liability, it may have also set a precedent around the categorisation of crypto assets for taxation.Legal experts have long debated on the categorization - and tax treatment - of cryptocurrencies. They are yet to converge on whether a cryptocurrency is indeed a currency, a commodity, a service, or something else.   The Directorate General of GST Intelligence (DGGI) conducted searches and raids on several crypto exchanges and asked them to pay GST on their transaction fees or margins.The tax department's stand, say tax experts, could mean that at least part of what exchanges provide can be categorised as services. "GST on cryptocurrency has been a subject matter of dispute from the taxability and valuation perspective," said Abhishek A Rastogi, Partner at Khaitan NSE 0.53 % & Co. "Transaction fees are always paid by senders; thes...

  Setting the ball rolling on digital payments through the offline mode, the Reserve Bank of India (RBI) on Monday released a framework for such payments, wherein it stated that the upper limit of an offline payment transaction will be Rs 200, the overall limit Rs 2,000 on a payment instrument at any point in time until the balance in the account is replenished.Offline payments can be made using any channel or instrument like cards, wallets, and mobile devices, the RBI had stated.   According to the RBI, an offline payment means a transaction not requiring internet or telecommunication (telecom) connectivity to take effect.“Offline transactions are expected to give digital transactions a push in areas with poor or weak internet or telecom connectivity, particularly in semi-urban and rural areas,” the RBI said.   In October last year, the central bank had indicated that it would come up with a framework for carrying out small-value digital payments in the offline mode acro...