penalty

RBI Fines HDFC For Non-compliance Under NHB Act

March 18, 2023 admin

According to a statutory inspection of HDFC conducted by NHB, it was revealed that the company failed to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20 The Indian Central Bank on Friday imposed a monetary penalty of Rs 5 lakh Housing Development Finance Corporation Limited (HDFC) for non-compliance with certain provisions issued by the National Housing Bank (NHB). According to a statutory inspection of HDFC conducted by NHB, it was revealed that the company failed to transfer matured deposits of certain…

UK’s Auditing Authority Slaps A Penalty Of $8.9 Mn On PwC For Serious Breaches In Babcock Audits

March 9, 2023 admin

For “severe breaches” discovered in audits of defence contractor Babcock International Group PLC, Britain’s auditing authority UK Financial Reporting Council has fined PwC a penalty of 7.5 million pounds ($8.9 million). This was announced by the regulator on Wednesday. According to the council, the penalties are related to failings on audits of Babcock’s accounts up to the end of March 2017 and 2018, as well as one of its subsidiaries in the latter year. The regulator further added that the penalty was reduced by 25 per cent to 5.6 million…

Penal Offences Covered Under IPC Maybe Removed From GST Law: Report

November 21, 2022 admin

The proposal, is expected to be considered in the next meeting of the GST Council, making it part of the exercise to decriminalise GST law The government is planning to cut the penal offences already covered under the Indian Penal Code (IPC) from the purview of GST Act in order to make it more taxpayer-friendly, said an official. The proposal, is expected to be considered in the next meeting of the GST Council, making it part of the exercise to decriminalise GST law. Once it receives the essence of GST…

CCI Slaps Another Penalty On Google For Anti-competitive Practices

October 25, 2022 admin

Competition Commission of India (CCI) on Tuesday imposed a penalty of Rs 936.44 crore on Google in relation to its Play Store policies. The regulator has fined the tech giant for abusing its dominant position with respect to its Play Store policies. Further, CCI has also issued a cease-and-desist order. Additionally, the Commission has directed Google to modify its conduct within a defined timeline. Google’s Play Store policies require the App developers to exclusively and mandatorily use Google Play’s Billing System (GPBS) not only for receiving payments for Apps (and…

Delhi Shells Out Rs 22L For Not Wearing Mask – ET HealthWorld

May 7, 2022 admin

New Delhi: In the last fortnight, since the mandate to wear face masks came back in force following an uptick in the number of Covid-19 cases, the district authorities have prosecuted more than 4,500 people and imposed fines amounting to more than Rs 22 lakh for not keeping their faces covered in public. In its meeting on April 20, Delhi Disaster Management Authority (DDMA) decided that not wearing a face mask in public places would attract a penalty of Rs 500. On April 22, Delhi government issued an order stating…

Rs 1 Crore Penalty Imposed On SBI

October 19, 2021 admin

The Reserve Bank of India, on Monday, slapped a penalty of Rs 1 crore on the State Bank of India. The penalty was imposed owing to the bank’s failure to comply with fraud-reporting norms. A probe was conducted by the RBI and after examining the scrutiny report, the bank found that SBI had underreported the number of frauds. It was in non-compliance with the RBI’s directions of reporting fraud. In response to the penalty, SBI has been asked to show cause why the penalty should not be imposed. “After…