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PMLA : ED news 01st June 2022

Posted on by Business So Simple in News Desk, PMLA

ED has provisionally attached bank accounts of Popular Front of India and Rehab India Foundation having collective balance of Rs. 68,62,081 under PMLA, 2002.
01 Jun ,2022

ED has conducted searches under PMLA, 2002 at the residential and official premises of Subhra Jyoti Bharali, the then Managing Director of Industrial Co-operative Bank Limited (ICBL), under PMLA, 2002 in connection with misappropriation of bank funds of Rs. 9.5 Crore.
01 Jun ,2022

ED has provisionally attached assets worth Rs.1.91 Crore of Sanjeev Kumar, Puja Shrivastav and others under PMLA, 2002 in a fake degree certificate case of “Techno Global University, Shillong, 01 June 2022

Aadhaar Authentication for RBI (Notification dated 02 June 2022)

Posted on by Business So Simple in News Desk, RBI

Ministry of Finance Notification dated 02nd June 2022

S.O. 2543(E).—In exercise of the powers conferred by sub-section (1) of section 11A of the Prevention of Money-laundering Act, 2002 (15 of 2003)[hereinafter referred to as the Money-laundering Act], the Central Government on being satisfied that the reporting entities mentioned in the Table below comply with the standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016)[hereinafter referred to as the Aadhaar Act], and it is necessary and expedient to do so, and after consultation with the Unique Identification Authority of India established under sub-section (1) of section 11 of the Aadhaar Act and the appropriate regulator namely, the Reserve Bank of India, hereby permits the said reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act, namely:-

Cooperative Societies on GeM Platform. Benefits of purchase through GeM.

Posted on by Business So Simple in Entrepreneurship, GeM, Public Affairs

Purchases through GeM will provide the following benefits:

  1. The Cooperatives would get competitive prices through an open and transparent process, and this would be economically beneficial to the members of the societies.
  2. The Cooperative societies can procure from about 45 lakh authenticated sellers/ service providers available across the country on a single GeM platform,
  3. Following the standard procedures on GeM would lead to saving of time and reduction in the administrative burden.
  4. It would enhance the credibility of the cooperatives as complaints of mismanagement of funds will get reduced.

GeM authorities will provide a dedicated on-boarding process for cooperatives, technical infrastructure and support for on-boarding and transactions, via available contact centres, in-field training, and other support services.

The Union Cabinet under the visionary leadership of the  Prime Minister Shri Narendra Modi has approved the registration of cooperative societies as ‘Buyers’ on Government e-Marketplace (GeM) platform. This will enable the cooperative societies to access more than 45 Lakh vendors on a single platform and to follow a transparent, economic and efficient procurement system.

Under the leadership of Union Minister of Cooperation Shri Amit Shah, Ministry of Cooperation is encouraging Multi State Cooperative Societies and Cooperative Societies registered under State Cooperative Acts to join the GeM platform for the benefit of their members and hopes that more and more cooperatives Societies will get benefit of this by joining GeM platform.

At present, there are about 8.54 lakh cooperatives in India with about 29 crore membership. They have been performing a wide range of activities for the production of goods and services. These cooperatives make huge purchases of goods and services from the open market to support their operations.  There was a felt need to provide a platform to them to avail competitive prices through a transparent and efficient process resulting in benefit to the members of the cooperative societies.

Government e-Marketplace (GeM) has been set up as a National Procurement Portal to provide an end-to-end online market place for Central and State Government Ministries/ Departments, and PSUs etc. for procurement of common-use goods and services in a transparent and efficient manner. The Gross Merchandise Value of procurement using GeM was more than Rs.1 lakh crore in the FY 2021-22. There are around 54 lakh products listed across 9,702 product categories and 279 service categories. There was an estimated savings of around Rs.10,000 crores in the FY 2021-22.

(Press release: Release Id :-1830333 dated 02 June 2022)

Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2022 (Notification dated 01st June 2022)

Posted on by Business So Simple in IBBI, News Desk

No. IBBI/2022-23/GN/REG083.- In exercise of the powers conferred by section 240 read with section 194 of the Insolvency and Bankruptcy Code, 2016 (No. 31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017, namely:-

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2022.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017, (hereinafter referred to as „the principal regulations‟) in regulation 5, after subregulation (3), the following proviso shall be inserted, namely:-

“Provided that the Chairperson may amend the consolidated remuneration given in Schedule II for reasons to be recorded in writing.”

3. In the principal regulations, in regulation 8, for sub-regulation (1), the following sub-regulation shall be substituted, namely:- “(1) A selected candidate shall ordinarily be engaged as a Research Associate or Consultant, as the case may be, on contractual basis for a period not less than one year and up to three years: Provided that the Chairperson may extend the term of such engagement, one year at a time, up to a maximum of total five years.”

4. In the principal regulations, for Schedule II, the following Schedule shall be substituted, namely:

Companies (Appointment and Qualification of Directors) Amendment Rules, 2022 (MCA Notification dated 01st June 2022)

Posted on by Business So Simple in Company Law, Legal awareness, News Desk

Short title and commencement.-

(1) These rules may be called the Companies (Appointment and Qualification of Directors) Amendment Rules, 2022.

(2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Appointment and Qualification of Directors) Rules, 2014, ―

(i) in rule 8, after the proviso, the following proviso shall be inserted, namely:-

“Provided further that in case the person seeking appointment is a national of a country which shares land border with India, necessary security clearance from the Ministry of Home Affairs, Government of India shall also be attached alongwith the consent.”;

(ii) in rule 10, in sub-rule (1), the following proviso shall be inserted, namely: –

“Provided that no application number shall be generated in case of the person applying for Director Identification Number is a national of a country which shares land border with India, unless necessary security clearance from the Ministry of Home Affairs, Government of India has been attached alongwith application for Director Identification Number.”.

iii) in the Annexure, –

(A) in Form DIR-2, under the heading Declaration, the existing paragraph, shall be numbered as paragraph

(i) thereof and after the paragraph (i) as so numbered, the following shall be inserted, namely:-

“(ii) I further declare that –

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INCOME TAX : Rajasthan High Court grants refund of recovered tax in excess of 20% against disputed demand

Posted on by Business So Simple in Court Room, Income Tax, Legal awareness, News Desk

Case reference:

Ram Gopal Sharma Vs ITO (Rajasthan High Court) dated 23/05/2022

1. Learned counsel for the petitioner has submitted that the petitioner is a senior citizen and has been filing regular income tax return. In the instant case, return of income tax was filed on 23.07.2017 for the assessment year 2017-18. The same came in scrutiny and high pitched additions were made vide assessment order dated 28.11.2019. It is submitted that income assessed by Assessing Officer was Rs. 24,04,440/-, which is more than two times the returned income, and a demand of Rs. 12,62,649/- was created. Against the said order, appeal before the Commissioner Of Income Tax (Appeal-1) was preferred on 18.12.2019, within a period of 30 days. After filing appeal, the petitioner suo moto deposited a sum of Rs. 2,52,530/- on 18.12.2019, which was equivalent to 20% of demand created, in terms of Office Memorandum dated 29.02.2016 and 31.07.2017, issued by respondent No. 2. As a matter of precaution, stay application dated 26.12.2019 was also filed by the petitioner, requesting for keeping the demand in abeyance till the disposal of the appeal. 

2. It is further submitted that the Assessing Officer i.e. respondent No. 1, against all canons of law, without disposing the stay application filed by the petitioner, without considering the fact that the petitioner has himself deposited Rs. 2,52,530/- and bypassing the Office Memorandum dated 29.02.2016 and 31.07.2017, initiated coercive recovery on 28.01.2020 and recovered entire amount of Rs. 12,62,650/- from the bank account of the petitioner in a exparte manner. 

3. In this background, present writ petition was filed against the adversarial and illegal approach of the respondents contrary to their own circulars and provisions of law and against orders passed by Hon’ble Supreme Court and Hon’ble Jurisdictional High Court and other Hon’ble High Court’s. 

4. Per contra, learned Standing Counsel, Mr. Anuroop Singhi, submitted that the amount of Rs 2,52,530, equivalent to 20% of additional demand, which was deposited by the petitioner on 18.12.2019 was already refunded to him vide rectification order (u/s 154 r.w.s 144 of the I.T. Act, 1961) dated 01.06.2020, after the recovery of entire amount of Rs. 12,62,650 from the petitioner, which was done on 28.01.2020. On the date of hearing, however, learned counsel for the respondent fairly conceded that recovery of over 20% of demand, before disposal of appeal is not appropriate. He was further unable to refute the narration and positions submitted by counsel for the petitioner. He fairly conceded that petitioner is entitled to refund of amount in excess of 20% of the total demand which was recovered from him. 

5. In this background, relying upon the Office Memorandum dated 29.02.2016 & 31.07.2017, considering Section 220(6) of theT. Act, 1961, considering the fair admission on part of Standing Counsel, and considering the fact that the amount of Rs 2,52,531, equivalent to 20% of the demand, was already refunded by department on 01.06.2020, this court deems it appropriate to direct the respondent to refund the excess amount of Rs 10,10,119, being 80% of the demand that is already recovered from the petitioner. The respondents are entitled to keep 20% of the demand, i.e. Rs 2,52,530 in terms of Office Memorandum dated 29.02.2016 and 31.07.2017, until the appeal of petitioner pending before Commissioner Of Income Tax (Appeal-1) is decided. The refund of Rs. 10,10,119 be made to the petitioner within a period of 30 days from the pronouncement of this judgment, failing which respondent will be liable to pay interest as applicable. Upon delay of the payment, interest as applicable will be recovered from the erring officer/respondent. 

6. In light of the above, the writ petition is disposed off. 

All pending applications also stand disposed off.

Department of Legal Affairs introduces opportunity for internship for law students, under it’s offices in Delhi Mumbai, Bengaluru, Kolkata and Chennai

Posted on by Business So Simple in Legal awareness, News Desk

Shri Kiren Rijiju recommends young talent to apply for Internship Programme introduced for Law students


Department of Legal Affairs introduces opportunity for internship for law students, under it’s offices in Delhi Mumbai, Bengaluru, Kolkata and Chennai

Internship programme aims to acquaint young law students with workings of the Department of Legal Affairs by training them in various related fields

Selected interns to be given a token remuneration

On the 1st of June, 2022, the Department of Legal Affairs has opened its forms for the Internship Programme for Law students at the behest of the Minister of Law & Justice, Shri Kiren Rijiju, under the capable guidance of the Minister of State, Prof. S.P. Singh Baghel, the Law Secretary, Dr. Niten Chandra and, the Additional Secretary in the Department of Legal Affairs, Dr. Anju Rathi Rana. The intended purpose of the said Internship Programme is to acquaint young law students with the workings of the Department of Legal Affairs by training them in research and referencing work, tendering legal advice in various specialized fields of law such as constitutional and administrative law, finance law, infrastructure law, economic law, labour law, conveyancing, arbitration and contract law, etc.

Shri Kiren Rijiju, Minister of Law & Justice, has recommended the young talent of the country to apply for this internship programme.

Shri Kiren Rijiju tweeted:

“A great opportunity to work at the Department of Legal Affairs, as it introduces #internships for law students for offices in Delhi, Mumbai, Bengaluru, Kolkata and Chennai.

I recommend young talent to apply for this internship at https://legalaffairs.gov.in/internship ”

A great opportunity to work at the Department of Legal Affairs, as it introduces #internships for law students for offices in Delhi, Mumbai, Bengaluru, Kolkata and Chennai.
I recommend young talent to apply for this internship at https://t.co/Gy4AQBUOwm pic.twitter.com/PuUOFpK8iK— Kiren Rijiju (@KirenRijiju) June 1, 2022

The eligibility criteria for this Internship Programme includes that the applicants must be Indian students who are pursuing their studies in the 2nd and 3rd year of the three-year degree course, and in their 3rd to 5th year of the five-year degree course, or students who have completed their LLB course from any recognized college/law school/university. The duration of this internship will ordinarily remain for a period of one month, which shall commence from the first working day of every month unless specified otherwise. The monthly internships shall tentatively start from June, 2022 until May, 2023.

In a given month, the maximum number of interns to be allowed will be 10-30. The students willing to undergo the Internship Programme under the Department of Legal Affairs may fill their application along with the relevant documents/ an NOC from their respective college/law school/university. The application form can be accessed on the website https://legalaffairs.gov.in/internship. All applicants are advised to fill the form online and upload all the documents prior to the last date, as mentioned on the website.

The selection of the interns for the Programme will be made on a first come, first served basis, subject to the availability of slots and approval of the competent authority. All further intimations regarding the same will be sent to the applicants via SMS and emails. The selected interns will be attached with an officer of appropriate level in the Department of Legal Affairs in the cities of New Delhi, Mumbai, Chennai, Bengaluru and Kolkata.

At the end of the Internship Programme, all interns will be required to submit a report on the work undertaken by them in the Department of Legal Affairs and upon a satisfactory completion of the internship, a Certificate of Internship shall be awarded, along with an honorarium of Rs. 5000/-. For a satisfactory completion of the internship, inter-alia 90% attendance is mandatory. The said Internship is a full-time internship, to be attended physically, where the interns are expected not to pursue any other course/work during the tenure of the internship.

All further information and clarifications can be attained by contacting the Section Officer, Admin.I (LA) admn1-la@nic.in (011-23387914)     

Press Release dated 01st June 2022

E-Concurrence Module Launched on Government e-Marketplace (GeM) for Ministry of Defence

Posted on by Business So Simple in Business Consultancy, Entrepreneurship, News Desk

As a significant step towards the Digital India vision of the Government, Government e-Marketplace (GeM) has developed an IT module for Ministry of Defence, for integration of competent financial authorities and Internal Financial Advisers (IFA) for online e-concurrence and approval of procurement proposals on GeM portal. The integration module was launched by Shri. Rajnish Kumar, Controller General of Defence Accounts (CGDA), in the presence of Shri Prashant Kumar Singh, Chief Executive Officer of Government e-Marketplace (GeM) at Defence Accounts Department Headquarters in New Delhi on June 01, 2022.

The module has been developed by GeM over the course of last one year, utilising Business Process Re-engineering (BPR)-based procedural inputs provided by the Ministry of Defence, Defence Accounts Department Headquarters and the Headquarters of the various defence services and other MoD organisations.

Procurement by Ministry of Defence (MoD) through Government e-Market (GeM) portal had reached an all-time high of Rs 15,047.98 crore for the Financial Year 2021-22, which is more than 250 percent over the last financial year.

Press Release dated 01/06/2022