Nation
Printing of new Rs500, Rs2,000 notes costs Rs2.87 to Rs 3.77
The cost of printing a new Rs 500 currency note is in the range of Rs 2.87 to Rs 3.09, and Rs 3.54 to Rs 3.77 for a Rs 2,000 note, Parliament was informed on Wednesday.
 
"The approximate cost of printing each note of new Rs 500 currency note is in the range of Rs 2.87 to Rs 3.09 and for a Rs 2,000 note is Rs 3.54 to Rs 3.77," Minister of State for Finance Arjun Ram Meghwal said here in a written reply in the Rajya Sabha.
 
The minister, however, said that it was too early to indicate the total cost of printing of new notes of Rs 500 and Rs 2,000, as those were still being printed. 
 
The currency in circulation as on February 24 was Rs 11.641 lakh crore, Meghwal said.
 
The old Rs 500 and Rs 1,000 notes returned to the Reserve Bank of India and currency chests amounted to Rs 12.44 lakh crore, as of December 10, 2016. 
 
"Verification of returned notes for counterfeit notes and accounting reconciliation is in process," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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The police cannot lift the corporate veil and arrest a company founder, CEO or other directors over a commercial deal - legal expert
Lifting the corporate veil cannot be done as a matter of routine and certainly the police cannot do that on its own to arrest a company founder, CEO or other directors over a commercial deal, said a legal expert.
 
He was referring to the arrest of Yogendra Vasupal, founder of Stayzilla an online homestay market place by the city police on Tuesday for not settling the dues of an advertising agency.
 
The basic tenet on which a company is incorporated under the Companies Act is that it is a separate legal entity different from its promoters and shareholders. The liability of the shareholders is limited to the capital they have invested and does not extend to their private assets, they said.
 
"The corporate veil cannot be lifted as a matter of routine. There are several parameters to be followed to lift the corporate veil. Normally corporate veil would be lifted in cases were the corporate structure is used for evasion of government taxes, to act against public interest," D. Varadarajan, Supreme Court advocate specialising in company/competition/insurance laws told IANS over phone from New Delhi on Thursday.
 
"Unpaid vendors would rank as unsecured creditors and their dues would be settled only after the settlement of government dues, secured creditors," a company secretary of a Mumbai based private company told IANS not wanting to be named in the report.
 
According to Varadarajan, there is no promoter shareholding threshold or shareholding index for lifting the corporate veil.
 
"Similarly for the sake of a commercial transaction the corporate veil cannot be lifted," Varadarajan added.
 
Queried about the recourse that a vendor who is also a start-up can have for recovering his dues from a wilful defaulter Varadarajan said: "Certainly it is a civil case and not a criminal one. The affected vendor can file a case in the courts for settling commercial disputes. Payment default is a business risk that a vendor faces."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

T.c. Shivswamy

8 months ago

When a real estate company cheats thousands of investors whether CPA or Real estate act is applicable to prosecute the MD and directors of the
company under criminal law?

T.c. Shivswamy

8 months ago

what about real estate pvt ltd companies cheating their clients by false promises?

State election results to facilitate reforms: Moody's
Global credit rating agency Moody's Investor's Service on Wednesday said the recent state election results will facilitate reforms by the BJP led Indian government.
 
In a statement Moody's said the 2017 state election results demonstrate broad-based popular support for the Indian government's policy agenda and will facilitate the implementation of further reforms, a credit positive for the sovereign.
 
Moody's said the Bharatiya Janata Party (BJP) has made substantial gains in the state elections.
 
As a result, the party will increase its share of seats in the upper house of India's parliament.
 
"The ruling party will not feel the benefit of its electoral gains immediately, because the changes in the upper house will only occur next year, when some members retire," said William Foster, a Moody's Vice President and Senior Credit Officer.
 
"Nevertheless, electoral support at the state level should translate into broader support for government policy in the upper house, facilitating the passage and implementation of additional reforms," added Foster.
 
The BJP's solid gains were despite the negative economic hit from demonetisation in late 2016, Moody's said.
 
According to Moody's in 2018, 69 seats in the upper house, including 10 from Uttar Pradesh and one from Uttarkhand, will come up for reelection.
 
If the BJP-led coalition increases its seat tally to or close to an outright majority, passage of policies will become easier, helping to accelerate reform.
 
In addition, collaboration between the central government and the new BJP-led states could improve, partially circumventing impediments to reform at the federal level on politically sensitive issues like land and labour reform.
 
This situation would support state-led reform momentum. For example, BJP-led states like Gujarat and Rajasthan have already amended some land and labour laws, Moody's said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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