Section 10 in The Income Tax Act, 1961
10. Incomes not included in total income
role of Recovery Agents use of abusive
language due process of law RBI guidelines.
FACTORS:
? The issue of Banks employing alternate means of
recovery other ... bank and should be
bought directly under the purview of the RBI.
? It may be useful that in view of the enormous amount of
litigation
scrutiny of the records
before the schemes were placed before the RBI was sufficient
compliance of the requirements of the law; that the
provisions ... draft scheme. Since it is a draft
scheme prepared by RBI and right to object or to make
suggestions is extended to both the banking
provided under the
2005 Act.
2. It has been contended by the RBI that it carries out inspections of
banks and financial institutions on regular ... statutory inspection of
Makarpura Industrial Estate Cooperative Bank Ltd. was conducted by RBI
under the Banking Regulation Act, 1949 . Thereafter, in October 2010, the
Respondent
respondent -
Bank be directed to settle the matter as per the RBI guidelines. The said writ
petition was dismissed only on the premise that ... appellants had pleaded the same. The purpose and object for
which the RBI guidelines were issued was for realization of the
loan amount from chronic
importers (the Company) to the Reserve Bank of India (in short
RBI). The Company was under the bonafide impression that the
documents submitted ... were forwarded by the authorized dealers
to the RBI and that the RBI in turn had given due intimation to the
Enforcement Directorate. The Company
issuing and receiving SGL transfer
forms and lodging the same with the RBI; and (ix) maintaining the account
with the RBI and reconciling the same ... Banks may be towards banking system (as defined under Section 42 of RBI
Act, 1934) or towards others in the form of Demand and Time
observed that it would be open to the
Reserve Bank of India (RBI) to take such steps as were open ... observations of this Court and
keeping in mind the public interest, the RBI in exercise of
its powers under sections
that is non-consultation with the
Reserve Bank of India [RBI] before taking a decision to supersede the Board
of Directors. The order was challenged ... forwarded the show-cause notice dated 23.2.2009 along with other materials
to RBI seeking its views on the proposed action of supersession and the RBI
Master Directions on Frauds. The decision has been
assailed by the RBI and lender banks through these civil appeals.
2. In this background the court ... observing the
principles of natural justice.
1 “Master Directions on Frauds”
2 “RBI”
3 Writ Petition No. 19102 of 2019
4
B. Facts