MM TAX CLUB_whatsapp

MM TAX CLUB

Accounting & Tax Consultancy Firm

Blogs

FSSAI License for import of food items,
FSSAI License  manufacture only food  additives, enzymes, and  processing aids,
Covid vaccine _mmtaxclub
Arrest _mmtaxclub

CBI RECOVERS Rs. 1.03 CRORE (APPROX.) SO FAR INCLUDING IN FURTHER SEARCHES AT AROUND 39 LOCATIONS IN A MASSIVE OPERATION ‘KANAK’ AND ALSO ARRESTS A MANAGER OF FCI : SO FAR, SEARCHES AT AROUND 99 LOCATIONS

 The Central Bureau of Investigation has so far recovered Rs. 1.03 crore (approx.) including in further searches conducted at around 39 locations at Rup Nagar, Sangrur, Morinda, Bassi Pathana Fatehgarh Sahib, Mohali, Gurdaspur, Barnala, Mansa, Bathinda, Sunam, Budlada, Mohali (all in Punjab); Ambala, Gurugram (in Haryana); Kolar, Chikkabalapur (in Karnataka); Chennai (Tamil Nadu), New Delhi, Chandigarh etc. in the premises of accused.

Further, FDRs to the extent of over Rs. 3 crore (approx.) and documents pertaining to various properties were recovered during three days searches conducted at the premises of accused. Overall searches were conducted at 99 locations in a massive operation under the name ‘Operation Kanak’ against the unholy nexus of channelized corruption adopted by FCI officials, private rice millers and grain merchants by way of paying undue gratification to certain officials of FCI for getting undue favours etc.

 During investigation, CBI has also arrested a Manager (Lab), FCI, DO, Chandigarh. The accused was produced before the Competent Court and remanded to CBI Custody till 16.01.2023. Earlier, a DGM (Quality Control/Personnel) RO, Chandigarh & a Proprietor of firm based at Kharar (Punjab) were arrested and presently, both are in CBI Custody.

A case was registered against 74 accused including serving (34) & retired officials (3) of FCI, private persons (17) and other entities etc. It was alleged that huge amount of bribe was paid to FCI officials for extending favours to the private nexus operators. It was further alleged that Private rice millers and grain merchants were paying bribes to FCI officials for getting favours in accommodating procurement of low quality foodgrains, malpractices in day-to-day operations in unloading of foodgrains, managing enquiries against various malpractices, etc. It was also alleged that the officials in conspiracy with rice millers cover up the shortages in stocks and accept low quality foodgrains which are transported to other parts of the country. The rice millers in turn allegedly pay a huge amount of bribe to the officials of FCI including Technical Assistants, DGM, AGM, and even Executive Director, as part of channelized corruption.

Source

RBI imposes monetary penalty_mmtaxclub

RBI imposes monetary penalty on Bahadur Chand Investments Private Limited, New Delhi

The Reserve Bank of India (RBI) has, by an order dated January 06, 2023, imposed a monetary penalty of ₹30.00 lakh (Rupees Thirty lakh only) on Bahadur Chand Investments Private Limited, New Delhi (the company) for non-compliance with certain provisions of the “Core Investment Companies (Reserve Bank) Directions, 2016” and directions on “Information Technology Framework for the NBFC Sector”. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.

Background

The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2021 and examination of the Risk Assessment Report, Inspection Report, supervisory letter and all related correspondence pertaining to the same revealed, inter alia, the company’s failure to (i) comply with the RBI directions on outsourcing, (ii) appoint an Independent Director/Chief Information Officer (CIO)/Chief Technology Officer (CTO) on IT Strategy Committee and (iii) disclose components of Adjusted Net Worth (ANW) and other related information in its annual financial statements for the position as on March 31, 2021. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the RBI directions, as stated therein.

After considering the company’s reply to the notice, examination of additional submissions made by it and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

Source