TECHNICAL COMMITTEE OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
The Insolvency and Bankruptcy Board of India (IBBI) has constituted a Technical Committee in accordance with Regulation 14 of the IBBI (Information Utilities) Regulations, 2017. The Technical Committee (Committee) shall consist of the following:
The Committee shall give its recommendation for laying down Technical Standards for the performance of core services and other services under Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 and specifically on the following matters, namely:
(a) the Application Programming Interface;
(b) standard terms of service;
(c) registration of users;
(d) unique identifier for each record and each user;
(e) submission of information;
(f) identification and verification of persons;
(g) authentication of information;
(h) verification of information;
(i) data integrity;
(j) consent framework for providing access to information to third parties;
(k) security of the system;
(l) security of information;
(m) risk management framework;
(n) porting of information;
(o) exchange or transfer of information between information utilities;
(p) inter-operability among information utilities;
(q) preservation of information; and
(r) purging of information.
The Enforcement Directorate (ED) is carrying out a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and company secretaries for allegedly providing a legitimate cover to shell companies.
The CAs and CSs are accused of helping shell companies convert black money in to white. They allegedly help shell companies by providing a legal framework for the paper companies. The raids follow notices that were earlier issued.
On Wedesnday, the ED was raiding the offices of 34 CAs in the Jain brothers case who were arrested last month in action against shell by the ED.
According to a report by PTI, the agency had arrested Surendra Kumar Jain and Virendra Jain and were later sent to 10 days custody after being produced in front of a court.
The ED, at the time said in a statement that “the modus operandi of Jain brothers was to launder the unaccounted money through the process of palcement of funds, layering of transactions and teh final integration of laundering money into the banking channel camouflaged as legitimate share premium transactions.
“Funds were brought in by the mediators on behalf of the beneficiaries through the mediators. Jain Brothers were providing accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company. In this process Jain Brothers earned money as a certain percentage of the unaccounted money converted into share premium,” it added.
The ED also said, “during probe of some other firms ‘controlled’ by these brothers, it has emerged that during a “short period of three months between the opening and closing of the accounts of these companies, there was credit and debit summations to the tune of Rs 8,000 crore.”
There are chances that you may not get printed forms which are necessary to exchange your notes or you can save time to fill them by standing in bank / queue by printing & filling the currency exchange form pdf file.
So simple suggestion is to take printout of above PDF, fill in advance at home and then approach bank.
- Take printout of exchange of old currency notes (download-request-slip-for-exchange-of-old-bank-notes-of-500-1000)
- Carry approved identity proof in case you are not visiting home branch of your bank account
(Click here to refer to Frequently Asked Question on Reserve Bank of India RBI website for details )
- Valid Identity proof is any of the following :
Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
- Option 1 : Exchange old notes
At a time you can exchange 4000 Rs only, i.e. four 1000 Rs notes or 8 500 Rs notes or combination of them to maximum 4000 Rs, per day.
- Option 2 : Deposit old notes to your bank account
No limit for value or quantity of old bank notes to be credited to the bank account maintained by that person (KYC norms must be complete for the bank account).
Regards | Sukhwinder Singh | +919999939069
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