Master Index by Prerit Jain

CA FINAL (NEW SYLLABUS)
Elective Paper 6D: Economic Laws

MASTER INDEX
Competition Act, 2002
Detailed Topic Page No. Section Important Points
1.Introduction
Competition,Its need 1.2 Meaning of Trade | Free Trade & its drawbacks (@ end)
Role of Competition in Economic Development,Competition Policy and Law 1.3 Competition law is subset of Competition Policy
Evolution of Competition Law in India 1.4 Extends to whole of India except J&K
Q. What are the objectives for establishment of CCI/Act and The its judgement
Scheme and object behind the enactment of Competition Act,2002 1.5
also.
2.Definitions
Acquistion 1.5 [Section 2(a) ] Remember "Acquire or Agreeing to Acquire"
Agreement 1.6 [Section 2(b)] Whether or Not formal/writing/enforceable - It is an Agreement
Appellate Tribunal 1.6 [Section 2(ba)] NCLAT
Cartel ,Examples ,Cases (New Additions) 1.6-1.8 [Section 2(c)] - Mind it ! The purpose should be important, which in turn should be limit,
control or attempt to control production, sale…etc.
- Exclusive Export cartel - Not fall in Anti-competitive agreements
Chairperson 1.9 [Section 2(d)] Appointed u/s 8(1)
Commission 1.9 [Section 2(e)] Appointed u/s 7(1)
Buys/Hires - For Resale,Personal Use,Commercial Purpose + Includes
Consumer 1.9
[Section 2(f)] offline/online
Director General 1.10 [Section 2(g)]
Enterprise 1.10 [Section 2(h)] Remember Dept of Government is also included, it means can be sued + It
excludes Govt Sovereign department (Atomic energy, currency, defense and
space) - Case law -Peninsular and Oriental Steam Navigation Co. v. Secretary of
State of India.
Goods, Examples ,Cases (New Additions) 1.11-1.12 [Section 2(i)] State Bank of India Vs. Smt. Neeta Ashok Naik - Fixed Deposit are also goods
Morgan Stanley Mutual Fund vs. Kartick Das - Goods - Includes debentures,
stock and shares only after allotment
Member 1.13 [Section 2(j)] Member of CCI and Chairperson is also a member by default hence.
Notification 1.13 [Section 2(k)]
Person 1.13 [Section 2(l)]
Practice 1.14 [Section 2(m)]
Prescribed 1.14 [Section 2(n)]
Public financial institution 1.14 [Section 2(p)] For Eg LIC, IDFC etc
Regulations 1.15 [Section 2(q)]
Relevant Market 1.15 [Section 2(r)] Q Why relevant market - Page 1.35
Relevant Geographic Market 1.15 [Section 2(s)] Q Factors to be considered while determining RGM - Page 1.35
Relevant Product Market 1.15 [Section 2(t)] Q Factors to be considered while determining RPM - Page 1.35
Service 1.16 [Section 2(u)]
Which entitles voting rights - Remember Preference shares also have voting
Shares 1.16
rights and Here embedded securities are also included - CCPS & CCDS
[Section 2(v)]
Statutory Authority 1.17 [Section 2(w)]
Trade 1.17 [Section 2(x)]
Case : Excel Crop Care Limited vs. CCI - Relevant Turnover should be considered
1.17
Turnover [Section 2(y)] for calculating penalty. Q What is Relevant Turnover - Page 1.41
Words and Expressions 1.17 [Section (z)]
3.Prohibition of certain agreements, abuse of dominant position and regulation of combinations
"Agreement causing an appreciable adverse effect on competition (AAEC) within
1. Anti competitive agreements
1.18 India"
Identical or similar trade of goods or provisions of services
Horizontal anti-competitive agreements AAEC If : Determines Prices | Limits/Controls | Shares Market/Source of
1.18 Prod | Bid Rigging
* Bid-rigging 1.19 Eliminating or reducing competition for Bids
Case laws :
In re: Aluminum Phosphide Tablets Manufacturers, (Suo Moto Case No 02 of 2011) 1.18-1.19 It was noted that the identical bid price is not possible unless there is some sort
of prior and collective understanding. Further the common entry in the premises
of FCI before submission of bids is also valid evidence of the existence of an
understanding among the parties.
Commission prima-facie noted that Quantity quoted was less than 50% of Total
tender quantity, Quoted rate was 10% higher, the rate was inclusive of freight
B. P. Khare, Principal Chief Engineer, South Eastern Railway vs. M/s Orissa and Bidders were located across the country & the cost of freight for
Concrete supplying the product from different parts of the country could not have been
the same hence identical rates, indicative of meeting of minds, Further bid docs
revealed that so many were in similiar handwriting
Allied Industries Ltd. and Ors.,Alleged cartelization in the matter of supply of Suo Moto alleged cartelization in the matter of supply of spares
spares to Diesel Loco Modernization Works, Indian Railways, Patiala, Punjab. (Suo [Section 3]
Moto Case No. 3 of 2012)
Tie-in arrangement ,Exclusive supply agreement,Exclusive distribution
Vertical anti-competitive agreements
1.20 agreement,Refusal to deal ,Resale price maintenance
Case laws :
1.21
Sodhi Transport Co. vs. State of UP
Rule of reason [Burden to Proof on Plaintiff] is applicable to vertical agreements.
Mr. Mohit Manglani and M/s Flipkart India Private Limited and 4 Ors 1.21 E-Commerce Platforms are not anti-competitive since they provide an
opportunity for consumers to compare the prices as well as the pros and cons
of the product hence no appreciable adverse effect on competition in the
market.
1.21 Exclusive Distribution and Refusal to deal
It was held that the Indian car spare-parts market forms a separate market
from that of cars -> Major auto manufactures were not allowing its spare parts
Shamsher Kataria and Honda Siel Cars and 13 Ors. and diagnostic tools to be sold in the open car market and forcing the
consumers to buy it from their authorized dealers at high prices resulting in
appreciable adverse effect on competition . (Note :- It is pending in SC).
Exceptions to an anti-competitive agreement 1.22
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2. Abuse of dominant position [Section 4]
1.22-1.24 No Enterprise of Group (Definition Page No 1.26) shall dominant the position
It was enjoying dominance in the relevant market of production and supply of
non- coking coal in India. CIL and its subsidiaries are imposing
Maharashtra State Power Generation Co, Coal India Limited
unfair/discriminatory conditions in the supply of non-coking coal to the power
producers through Fuel Supply Agreements.
For abusing its dominant position through IPL team ownership agreements were
Board of Control for Cricket in India (BCCI)
unfair and discriminatory.BCCI denying market access to potential competitors
using its regulatory powers in deciding matters relating to its commercial act
CCI ordered a probe against Google for abusing its market position to block
Google
market rivals with Android
Predatory price means the sale of goods or provision of services, at a price
which is below the cost, as may be determined by regulations, of production of
Predatory Pricing
the goods or provision of services, with a view to reduce competition or
eliminate competitors.
Acquisition | Acquiring control over enterprise over which he already have an
3. Combination
1.24-1.26 [Section 5] direct or indirect control in Identical and Substitutable | M&A
Notifications granting exemption from application of section 5
Group means two or more enterprises which, directly or indirectly, are in a
position
-> to exercise at least 26 {Now 50% see notification below} percent voting
rights or
-> to appoint more than 50% percent of the directors or
-> controls the management or affairs in the other enterprise.
Vide notification S.O. 673 (E) dated 4th March 2016, the government has
exempted “Group” exercising less than fifty percent of voting rights in other
enterprise from the application of section 5 of the Act for a period of five
1.27 Section 54(a) years from the date of notification (i.e. 4th March 2016 itself).
Vide notification S.O. 988 (E) dated 27th March 2017, Deminimus Exemption
from Section 5 application for a period of 5 years from the date of notification
if the target enterprise has assets value not more than 350 crs and Turnover
1.27 not more than 1000 crs in India
1.27 RRB - 5 Years, Nationalized Banks - 10 years, Oil and Gas Sectors - 5 Years
4. Regulation of combinations 1.27
Notice prior to entering into a combination
Normally 30 days from date of approvals but currently it has been deffered till
29th June 2021 (Case Study Digest No. 2 - it is a mandatory notice)
[Section 6]
1.28
Value of Assets = Book Value of Assets as per Audited FS in Preceeding FY
(Less dep and Add IA)
Turnover = Sales of Goods and Services
Vide notification S.O. 988 (E) dated 27th March 2017, Value of Relevant Assets
and Turnover shall be taken into account.
Specified categories of combination under Green channel would be deemed to
Green Channel 1.29 have been approved - MIMP Question Case Study Digest No. 2 (1.5)
4.COMPETITION COMMISSION OF INDIA
Establishment of Commission 1.29 [Section 7] Established by CG
Composition of Commission 1.29 [Section 8] Chairperson + Minimum 2 and Maximum 6 members + Appointment by CG
Selection committee for Chairperson and other Members of the commission 1.30 [Section 9]
Term of office of Chairperson and other Members 1.30 [Section 10] Terms 5 years + Reappointment + Maximum 65 years
Resignation, removal and suspension of Chairperson and other members 1.31 [Section 11]
Restriction on employment of Chairperson and other Members in certain cases [Section 12]
1.32 Two Year Restrictions
Administrative powers of Chairperson 1.32 [Section 13] Here it includes delegation power also.
Salary and allowances and other terms and conditions of service of Chairperson
[Section 14]
and other Members 1.33
Vacancy, etc. not to invalidate proceedings of Commission 1.33 [Section 15]
Appointment of Director General, etc. 1.33 [Section 16]
Secretary and officers and other employees of Commission 1.33 [Section 17] ** CCI may engage Number of Experts
5.DUTIES, POWERS AND FUNCTIONS OF COMMISSION
** With Prior permission of CG CCI may enter into an
Duties of Commission 1.34 [Section 18] memorandum/arrangement with Foreign Country
Inquiry into certain agreements and dominant position of enterprise 1.34-1.36 [Section 19]
Inquiry into combination by Commission (Limits mentioned) 1..37 [Section 20]
Reference by statutory authority 1.38 [Section 21] 60 days Time Limit
Reference by Commission 1.38 [Section 21 A] 60 days Time Limit
Meetings of Commission 1.38 [Section 22] Quorum - 3 Members, Majority Votes, Chairperson - Casting Vote
Procedure for inquiry under Section 19 1.39 [Section 26]
Competition Commission of India vs. Steel Authority of India Limited (2010) It was held that neither any statutory duty is cast on the CCI to issue notice or
grant hearing, nor can any party claim as a matter of right, notice, and/or
hearing at the stage of formation of opinion by Commission in terms of section
26 (1) of the Act that a prima facie case exists
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Orders by Commission after inquiry into agreements or abuse of dominant
position 1.40-1.41 [Section 27]
Division of enterprise enjoying dominant position 1.42 [Section 28]
Procedure for investigation of combination 1.42-1.43 [Section 29]
Procedure in case of notice under sub-Section 2 of Section 6 1.44 [Section 30] Proceed as per provisions contained in section 29
Orders of Commission on certain combinations 1.44-1.46 [Section 31]
Acts taking place outside India but having an effect on competition in India 1.47 [Section 32]
Power to issue interim orders 1.48 [Section 33]
Appearance before Commission 1.48 [Section 35]
Power of Commission to regulate its own procedure 1.48 [Section 36]
Rectification of orders 1.49 [Section 38]
Execution of orders of Commission imposing monetary penalty 1.49 [Section 39]
6.DUTIES OF DIRECTOR GENERAL
Director General to investigate contravention 1.49 [Section 41]
7.PENALTIES
Contravention of orders of Commission 1.50 [Section 42] Fails to comply with 27/28/31/32/33/42A43 of the ACT - May extend to Rs 1
lakh each day upto 10 cr
Fails to comply with order/direction/pay fine as per above - Jail upto 3 years or
Fine upto 25 cr or Both as Chief Matropolitian Magistrate New Delhi decides
Compensation in case of contravention of orders of Commission If any damage or loss caused to any person due to violation of
direction/order/restriction/delay of CCI by any enterprise, then such person
may claim compensation with application to AT and AT will pass order to such
1.51 [Section 42A] enterprise.
Penalty for failure to comply with directions of Commission and Director May extend to Rs 1 lakh each day upto 1 cr as the commission may decide
General 1.51 [Section 43] (Section 36(2) &(4) and 41(2)
Fails to give notice u/s 6(2) - 1% of Total assets/ Turnover (WIH) - Total here
Power to impose penalty for non-furnishing of information on combinations
1.52 [Section 43A] means combined
Rs 50 lakh - Rs 1 cr as the commission may decide @ Only for in relation to
Penalty for making false statement or omission to furnish material information
1.52 [Section 44] combination
Penalty for offences in relation to furnishing of information 1.52 [Section 45] Upto Rs 1 cr as the commission may decide @ Other than Combination
Power to impose lesser penalty 1.53 [Section 46] LENIENCY PROGRAMME
Crediting sums realised by way of penalties to Consolidated Fund of India 1.53 [Section 47]
Contravention by companies 1.53 [Section 48]
8.COMPETITION ADVOCACY
Competition advocacy 1.54 [Section 49] Commission opinion in 60 days and it is not binding on CG/SG
9.FINANCE, ACCOUNTS AND AUDIT
Grants by Central Government 1.55 [Section 50]
Constitution of Fund 1.55 [Section 51] Competition Fund
Accounts and Audit 1.56 [Section 52]
Furnishing of returns, etc., to Central Government 1.56 [Section 53] Report every year as may be prescribed
10.APPELLATE TRIBUNAL
Appellate Tribunal 1.57 [Section 53A NCLAT
Appeal to Appellate Tribunal 1.57 [Section 53B] 60 days + Condonation of Delay
Awarding compensation 1.58 [Section 53N] Read with Section 42A + 53Q
Procedures and powers of Appellate Tribunal 1.59 [Section 53 O]
Execution of orders of Appellate Tribunal 1.60 (Section 53P)
Fails to comply with order - Jail upto 3 years or Fine upto 1 cr or Both as Chief
Metropolitan Magistrate New Delhi decides.
If any damage or loss caused to any person due to violation of
Contravention of orders of Appellate Tribunal direction/order/restriction/delay of CCI by any enterprise, then such person
may claim compensation with application to AT and AT will pass order to such
1.61 [Section 53Q] enterprise.
Right to legal representation 1.61 [Section 53S]
Appeal to Supreme Court 1.62 [Section 53T] 60 days + Condonation of Delay
Power to Punish for contempt 1.62 [Section 53U]
11.MISCELLANEOUS
Power to exempt 1.62 [Section 54]
Power of Central Government to issue directions 1.63 [Section 55]
Power of Central Government to supersede Commission 1.63 [Section 56]
Restriction on disclosure of information 1.64 [Section 57]
Chairperson, Members, Director General, Registrar, officers and other employees,
[Section 58]
etc. of Commission to be public servants 1.64
Protection of action taken in good faith 1.64 [Section 59]
Act to have overriding effect 1.64 [Section 60]
Exclusion of jurisdiction of civil courts 1.65 [Section 61]
Application of other laws not barred 1.65 [Section 62]
Power to make rules 1.65 [Section 63]
Power to make regulations 1.66 [Section 64]
Power to remove difficulties 1.67 [Section 65]
Repeal and saving 1.67-1.70 [Section 66]
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MASTER INDEX
THE REAL ESTATE (REGULATION & DEVELOPMENT) ACT,2016
1.Introduction 2.2 -
Real Estate Act-Important Dates and Timelines 2.2 -
RERA at a glance & prominent features 2.3-2.10 - Section 1(2) - It extends to the Whole of India.
Scope of RERA 2.11 -
Benefits of RERA to allottees 2.12 -
2.Definition
Adjudicating officer 2.13 [Section 2(a) ] Appointed under Section 70
Advertisement 2.13 [Section 2(b) ]
Agreement for sale 2.13 [Section 2(c) ] Terms/Timing of Payment as per Agreement of Sale - Case Study 11
Excludes person to whom plot/building etc given on Rent
Specific Penalties
Section 67 - Failure to Comply with Authority Orders
Allottee 2.14 [Section 2(d) ] Section 68 - Failure to Comply with Appellate Tribunal
Apartment 2.15 [Section 2(e) ]
Appellate Tribunal 2.15 [Section 2(f) ] Real Estate Appellate Tribunal u/s 43
Appropriate Government 2.15 [Section 2(g) ]
Architect 2.15 [Section 2(h) ]
Authority 2.15 [Section 2(i) ] Real Estate Appellate Authority u/s 40
Building 2.15 [Section 2(j) ]
Includes - Area covered by Internal Partition walls
Excludes - Area covered by External walls/Under Service Shafts/Excluive balcony or
Carpet area 2.16 [Section 2(k) ] verandah area
Chairperson 2.16 [Section 2(l) ] @ of RERA
Commencement certificate 2.16 [Section 2(m) ]
Common areas 2.16 [Section 2(n) ]
Company 2.17 [Section 2(o) ]
Competent authority 2.17 [Section 2(p) ] Like Municipality etc
Completion certificate 2.17 [Section 2(q) ]
Day 2.17 [Section 2(r) ] Working Day
Development 2.18 [Section 2(s) ] Includes Redevelopment also
Development works 2.18 [Section 2(t) ]
Engineer 2.18 [Section 2(u) ]
Estimated cost of real estate project 2.18 [Section 2(v) ]
External development works 2.18 [Section 2(w) ]
Family 2.18 [Section 2(x) ] Husband,Wife,Minor Son, Unmarried wholly dependent daughter
Garage 2.18 [Section 2(y) ]
Immovable property 2.18 [Section 2(z) ]
Interest 2.19 [Section 2(za) ]
Internal Development works 2.19 [Section 2(zb) ]
Local Authority 2.20 [Section 2(zc) ]
Member 2.20 [Section 2(zd) ] @ of RERA + Chairperson
Notification 2.20 [Section 2(ze) ]
Occupancy Certificate 2.20 [Section 2(zf) ]
Person 2.21 [Section 2(zg) ]
Planning Area 2.21 [Section 2(zh) ]
Prescribed 2.21 [Section 2(zi) ]
Project 2.21 [Section 2(zj) ]
Specific Penalties u/s -
Section 59 - Non-Registration under Section 3
Section 60 - Contravention u/s 4
Section 61 - Contravention other than 3/4
Section 63 - Failure to Comply with Appellate Tribunal
Promoter 2.21 [Section 2(zk) ] Section 64 - Failure to Comply with Authority Orders
Prospectus 2.22 [Section 2(zl) ]
Real Estate Agent 2.23 [Section 2(zm) ] Specific Penalties u/s -
Section 62 - Non-Registration + Contravention under Section 9/10
Section 65 - Failure to Comply with Authority Orders
Section 66 - Failure to Comply with Appellate Tribunal
Real Estate Project 2.23 [Section 2(zn) ]
Regulations 2.23 [Section 2(zo) ]
Rule 2.23 [Section 2(zp) ]
Sanctioned Plan 2.24 [Section 2(zq) ]
General words and expressions 2.24 [Section 2(zr) ]
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3.Registration of Real Estate Project and Real Estate Agents and Recovation of Registration
Exemptions - Land doesn't exceed 500 sq mtr or Number of apartments less than
8 or Promoter received CC prior to this act or Renovation/Repair/Redevelopment
Prior Registration Of Real Estate Project With Real Estate Regulatory where advertising, marketing, selling etc is not allowed
Authority 2.24 [Section 3] Penalty u/s 59
Audit of Accounts - Within 6m from the end of the FY by CA
Separate registration for each phase + Atleast 70% amount realised to be
Application for registration of real estate projects
deposited in separate bank a/c
2.25-2.28 [Section 4] Penalty u/s 60
Granted in 30 days and Login Id and Password are provided ( If no reply in 30 days -
Grant of Registration 2.28 [Section 5] deemed registrationthen within 7 Days will receive Id and Pass)
Only upto One year is granted, reasonably only in case of Force Majeure, but also
Extension of Registration 2.29 [Section 6] allowed otherwise sometimes.
Revocation of Registration 2.30-2.31 [Section 7] Notice of 30 days + OOBH necessary
Obligation Of Authority Consequent Upon Lapse of or On Revocation Of
Registration 2.32 [Section 8] No direction of AA is enforced until expiry of appeal period
Granted a Registration Number which is to be quoted in Every sale + Agent can sell
flat @ any project which is in contravention with Section 3.
Registration Of Real Estate Agents 2.32-2.33 [Section 9] Penalty u/s 62
Functions Of Real Estate Agents 2.34 [Section 10] Penalty u/s 62
4.Functions, Duties and Obligation of Promoter
Functions and Duties of Promoter 2.34-2.36 [Section 11]
Obligations of Promoter regarding Veracity of the Advertisement or If any allottee aggreived due to some false info etc, he can withdraw and claim
Prospectus 2.37 [Section 12] compensation along with Interest
No Deposit or Advance To Be Taken By Promoter without First Not to Accept more than 10% of the Cost of the apartment and an Agreement of
Entering into Agreement for Sale 2.37 [Section 13] Sale before accepting advance
Other than Minor alteration/additions - Approval of 2/3rd of allottes other than
promoter
(For One Allottee From One family (Including his firm/company name etc) - Only
one Allotte counted)
Adherence to Sanctioned Plans and Project specifications by the Promoter's Responsibility to Rectify Structural Defects upto 5 years from date of
Promoter 2.39 [Section 14] handover and to be rectified in 30 days
Approval of 2/3rd of allottes other than promoter + Prior Approval of RERA +
Consent in writting
Obligations Of Promoter In Case of Transfer of A Real Estate Project (For One Allottee From One family (Including his firm/company name etc) - Only
To A Third Party 2.40 [Section 15] one Allotte counted)
[Section 16]
Obligations Of Promoter Regarding Insurance Of Real Estate Project 2.41
Transfer Of Title 2.42 [Section 17] In case of absence of any law, Conveyance deed is to be carried out by P in 3m
from Occupancy Certificate & P should handover the documents, plans etc in 3m
from CC
Return Of Amount And Compensation 2.43-2.44 [Section 18]
5.Rights and Duties of Allottees
Rights and Duties of Allottees 2.45-2.46 [Section 19]
6.Real Estate Regulatory Authority
Establishment and Incorporation of Real Estate Regulatory Authority 2.47 [Section 20] Authotrity = Body Corporate
Composition of The Authority 2.47 [Section 21] Chairperson + Not less than 2 Whole time members
Qualifications of Chairperson and Members of Authority 2.48 [Section 22]
Maximum 5 years term + 65 Years age + No reappointment
Term of office of Chairperson and Members 2.48 [Section 23] Vacancy - Notice Period ust @ 3m + To be filled in 3m
Salary and Allowances Payable to Chairperson and Members 2.48 [Section 24]
Administrative Powers of Chairperson 2.49 [Section 25]
Removal of Chairperson and Members From office In Certain
Circumstances 2.49 [Section 26] Section26(1)(d) & (e) requires must enquiry before removal by HC + OOBH
Restrictions on Chairperson or Members on Employment After
Cessation of office 2.50 [Section 27]
Officers and Other Employees of Authority 2.50 [Section 28]
Meetings of Authority 2.51 [Section 29]
Vacancies, Etc., Not to Invalidate Proceeding of Authority 2.51 [Section 30]
Filing of Complaints With The Authority or Adjudication officer 2.51 [Section 31] Application can also be filed by Voluntary Consumer association
Functions of Authority For Promotion of Real Estate Sector 2.52 [Section 32] If this question comes, do check whether it is aking this only or Section 34.
Advocacy and Awareness Measures 2.53 [Section 33]
Functions of the Authority 2.53 [Section 34]
Powers of Authority to Call For Information, Conduct Investigations 2.54 [Section 35]
Power to Issue Interim orders 2.54 [Section 36]
Powers of Authority to Issue Directions 2.54 [Section 37]
Powers of Authority 2.55 [Section 38] Powers of RERA + Here is a link to CCI also.
Rectification of orders 2.55 [Section 39] Within 2 years, apparent on record unless appeal filed or substantive part
Recovery of Interest or Penalty or Compensation and Enforcement of AO/RA/AT can recover as a arrears of land + Non Compete Agreement discussion
order, Etc. 2.55 [Section 40] also there
7.Central Advisory Council
Establishment of Central Advisory Council 2.56 [Section 41]
Functions of Central Advisory Council 2.56 [Section 42]
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8.The Real Estate Appellate Tribunal
Establishment of Real Estate Appellate Tribunal 2.57 [Section 43] Atleast one Judicial + One Technical/Administrative Member
Person aggrieved by RERA/AO , can file appeal to AT (If by promoter, then he need
to submit fees @ 30%/Higher amount as determined/Total amount inclusive by
Interest
Application for Settlement of Disputes and Appeals To Appellate Within 60 days from such order by received + Extension allowed
Tribunal 2.58 [Section 44] Try to Dispose expediously in 60 days - IF NOT RECORD REASONS
Composition of Appellate Tribunal 2.58 [Section 45]
Qualifications for Appointment of Chairperson and Members 2.59 [Section 46]
Chairperson + Members - Maximum 5 years + No Reappointment
Chairperson ( If Judge of HC) - Maximum 67 years age + Member - Maximum 65
Term of office of Chairperson and Members 2.60 [Section 47] years age
Salary and Allowances Payable To Chairperson and Members 2.60 [Section 48]
Removal of Chairperson and Member From office In Certain
Circumstances 2.61 [Section 49]
Restrictions On Chairperson or Judicial Member or Technical or

Administrative Member On Employment After Cessation of office 2.62 [Section 50]
Officers and Other Employees of Appellate Tribunal 2.62 [Section 51]
Vacancies 2.63 [Section 52]
Powers of Tribunal 2.63 [Section 53]
Administrative Powers of Chairperson of Appellate Tribunal 2.64 [Section 54]
Vacancies etc ,not to invalidate proceeding of Appellate Tribunal 2.64 [Section 55]
Right To Legal Representation 2.64 [Section 56] Applicant/Appellant may appear themselves or through AR - A CA/CS/Cost A/Legal
Practitioners or any of its officers before AT/RA/AO
Orders Passed By Appellate Tribunal To Be Executable As A Decree 2.65 [Section 57]

In 60 days, only if Question of Law (No appeal if order/decision by AT wa passed
Appeal To High Court 2.65 [Section 58] with consent of Parties.
9.Offences, Penalties and Adjudication
Punishment for Non-Registration Under Section 3 2.66 [Section 59] Upto 10% of Estimated Cost of Real Estate Project + If continued default Jail upto 3
years or Fine upto further 10% or Both
Penalty for Contravention of Section 4 / False Information 2.66 [Section 60] Upto 5% of Estimated Cost of Real Estate Project
Penalty for Contravention of Other Provisions of This Act 2.66 [Section 61] Upto 5% of Estimated Cost of Real Estate Project
Penalty for Non-Registration and Contravention Under Sections 9 and Penalty of Rs 10000 for everyday during default continues, cumulative upto 5% of
10 2.66 [Section 62] Cost of Plot/Building/Appartment etc
Cumulative Fine for everyday during default continues upto 5% of Estimated Cost of
Penalty for Failure to Comply With orders of Authority by Promoter 2.67 [Section 63] Plot/Building/Appartment etc
Penalty for Failure to Comply With orders of Appellate Tribunal by Imprisonment upto 3 year or Fine for everyday upto 10% of Estimated Cost of
Promoter 2.67 [Section 64] Plot/Building/Appartment etc or Both
Penalty for Failure to Comply With orders of Authority by Real Estate Cumulative Fine for everyday during default continues upto 5% of Estimated Cost of
Agent 2.67 [Section 65] Plot/Building/Appartment etc
Penalty for Failure to Comply With orders of Appellate Tribunal by Real Imprisonment upto 1 year or Fine for everyday upto 10% of Estimated Cost of
Estate Agent 2.67 [Section 66] Plot/Building/Appartment etc or Both
Cumulative Fine for everyday during default continues upto 5% of Cost of
Penalty for Failure to Comply With orders of Authority by Allottee 2.67 [Section 67] Plot/Building/Appartment etc
Penalty for Failure to Comply With orders of Appellate Tribunal by Imprisonment upto 1 year or Fine for everyday upto 10% of Cost of
Allottee 2.68 [Section 68] Plot/Building/Appartment etc or Both
Offences by Companies 2.68 [Section 69]
Compounding of offences 2.68 [Section 70]
Power to Adjudicate 2.69 [Section 71] For the purpose of Adjudging compensation u/s 12/14/18/19
Factors to Be Taken Into Account by The Adjudicating officer 2.69 [Section 72]
10.Finance,Accounts,Audits and Reports
Grants and Loans By Central Government 2.70 [Section 73] To RERA
Grants and Loans By State Government 2.70 [Section 74] To RERA
Constitution of Fund 2.70 [Section 75]
Crediting Sums Realised by Way of Penalties To Consolidated Fund of Union Terrotories - Consolidated fund of India
India or State Account 2.71 [Section 76] State Government - As specified by it.
Budget, Accounts And Audit 2.71 [Section 77]
Annual Report 2.72 [Section 78]
11.Miscelleneous
Bar of Jurisdiction 2.72 [Section 79]
Cognizance of offences 2.72 [Section 80]
Delegation 2.72 [Section 81] Powers Given to Authority + Remember Can't be done @ for Section 85
Power of Appropriate Government to Supersede Authority 2.73 [Section 82] Not Exceeding 6m
Power of Appropriate Government to Issue Directions to Authority And
Obtain Reports And Returns 2.74 [Section 83]
Powers of Appropriate Government to Make Rules 2.74-2.75 [Section 84]
Power to Make Regulations 2.76 [Section 85] To RERA
Laying of Rules 2.77 [Section 86]
Members, Etc., to Be Public Servants 2.77 [Section 87]
Application of Other Laws Not Barred 2.78 [Section 88]
Act to Have Overriding Effect 2.78 [Section 89]
Protection of Action Taken In Good Faith 2.78 [Section 90]
Power to Remove Difficulties 2.78 [Section 91]
Repeal 2.78 [Section 92]
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MASTER INDEX
INSOLVENCY AND BANKRUPTCY CODE,2016
Introduction (Concept of Insolvency and Bankruptcy) 3.2 - Insolvency, if untreated will lead to Bankruptcy (Non-Corporates) and Liquidation
(Corporates)
Relationship between Bankruptcy, Insolvency & Liquidation 3.3 -
Objectives of the Code 3.3 -
Structure & Foundation of the Code 3.4 - Foundation = Four Pillar Framework (NCLT/NCLAT-->IBBI-->IP-->IU)
Initiation of CIRP 3.6 - -->CG by Notification dated March 24, 2020 increased the threshold limit to 1
Crore
-->Shift of control to COC when an enterprise defaults.
--> CIRP commences from Date of Admission of Application
Flow of Insolvency Process 3.7 -
Provisions of this Code to override other laws 3.7 [Section 238]
Extent and Commencement of the Code 3.8 [Section 1] -->To whole of India including J&K
Applicability of the Code 3.9 [Section 2]
Non-applicability of the Code 3.9 [Section 3(7)] Linked with Page 3.13
IMPORTANT DEFINITIONS [Sections 3 AND 5]
Board 3.10 [Section 3(1)] IBBI u/s 188
Charge 3.10 [ Section 3(4)]
Claim 3.10 [Section 3(6)]
Corporate Person 3.10 [Section 3(7)]
Corporate Debtor 3.10 [Section 3(8)]
Core services 3.10 [Section 3(9)]
Creditor 3.11 [Section 3(10)]
Debt (Financial Debt) 3.11 [Section 5(8)] -ACPC Enterprises V Affinity Beauty Saloon(2018)(NCLT_Delhi Bench) -
Subscription money for purchase of shares is not a financial debt
-Amount raised from Allotee under RERA is also Financial Debt
Debt (Operational Debt) 3.12 [Section 5(21)]
Default 3.12 [Section 3(12)]
Financial information 3.12 [Section 3(13)]
Financial Product 3.12 [Section 3(15)]
Financial service 3.12 [Section 3(16)]
Financial Service Provider 3.13 [Section 3(17)]
Financial Sector Regulator 3.13 [Section 3(18)]
Insolvency professional under Section 207 -->Person only refers to Individual to be IP
--> LLP, Partnership Firm or a Company can only be recognized as "IPE".
3.13 [Section 3(19)] --> Registered with IBBI (Enrolled as a Member of IPA)
Insolvency professional agency under Section 201 3.14 [Section 3(20)] --> Registered with IBBI
Information utility under Section 210 3.14 [Section 3(21)] --> Registered with IBBI
Person 3.14 [Section 3(23)] Includes PRI+PROI both
Person resident in India 3.14 [ Section 3(24)] FEMA Page 5.5
Person resident outside India 3.14 [ Section 3(25)]
Property 3.14 [Section 3(27)]
Secured creditor 3.15 [Section 3(30)]
Security Interest 3.15 [Section 3(31)]
A transaction 3.15 [Section 3(33)]
Transfer 3.15 [Section 3(34)]
Transfer of property 3.15 [Section 3(35)]
Adjudicating Authority- [Section 5(1) read with Section 60(1) of Code, --> NCLT is AA for Insolvency and Liquidation of Corporates and Personal
2016] Guarantors
--> NCLAT is appellate authority over NCLT
3.15 [Section 408] --> Supreme Court over NCLAT in case of Question of Law in 45 days
Corporate applicant 3.15 [Section 5(5)] Page 4 of ICAI Amendment Sheet
Dispute 3.16 [ Section 5(6)]
Financial creditor 3.16 [ Section 5(7)]
Financial position 3.16 [Section 5(9)]
Initiation date 3.16 [ Section 5(11)] Date of Application - (Page 4 of ICAI Amendment Sheet )
Insolvency commencement date 3.16 [ Section 5(12)] Date of Admission by AA
Insolvency resolution process period 3.16 [ Section 5(14)]
Interim Finance 3.16 [ Section 5(15)] Page 4 of ICAI Amendment Sheet
Liquidation commencement date 3.16 [Section 5(17)] Date on which Liquidation proceedings commences
Liquidator 3.16 -
Operational creditor 3.16 [ Section 5(20)]
Related party in relation to Corporate Debtor 3.16-3.17 [ Section 5(24)]
Related party in relation to individual 3.18 [ Section 5(24A)]
Resolution applicant 3.19 [Section 5(25)]
Resolution plan 3.19 [Section 5(26)]
Base Resolution Plan [Section 5(2A)] Page 4 of ICAI Amendment Sheet
Resolution professional 3.19 [Section 5(27)] Page 4 of ICAI Amendment Sheet
Voting share 3.19 [Section 5(28)] Financial Debt owed to such FC / Total Financial debt owed by CD
Pre-packaged - IRP - Info memorandum [Section 5(23A)] Page 4 of ICAI Amendment Sheet
Pre-packaged - IRP - Insolvency commencement date [Section 5(23B)] Page 4 of ICAI Amendment Sheet
Pre-packaged - IRP - Process cost [Section 5(23C)] Page 4 of ICAI Amendment Sheet
Pre-packaged - IRP - Process Period [Section 5(23D)] Page 5 of ICAI Amendment Sheet
CA Prerit Jain
CORPORATE INSOLVENCY RESOLUTION PROCESS (Section 4 AND 6-32)
Process flow 3.20 -
Insolvency Process Overview 3.21 -
Application to National Company Law Tribunal 3.22 -
Minimum amount of default wrt to intiation of insolvency proceedings 3.22 [Section 4 ] -->CG by Notification dated March 24, 2020 increased the threshold limit to 1
Crore
Minimum amount of default wrt to intiation of insolvency proceedings Minimum Amount - Rs 10 Lakhs (Page 21 of ICAI Amendment Sheet)
(Pre-Packaged IRP)
Filing of application before NCLT 3.22 -

Who can initiate insolvency resolution process? 3.22 [Section 6 ] Default by FC/OC/Corporate Debtor
Initiation of corporate insolvency resolution process by financial creditor 3.22-3.24 [Section 7 ] --> AA - 14 days to identify existence of default
--> Before Rejection 7 days to Rectify
--> Communication of Order in 7 days by AA of either admission or rejection
--> Penalty u/s 75
Insolvency resolution by operational creditor 3.25-3.27 [Section 8 + 9] -->OC to send demand notice to CD along with Invoice
--> Reply of Notice in 10 days by CD along with proof of payment or existence of
dispute.
(If not, then below ;)
--> AA - 14 days Order
--> Penalty u/s 76
Initiation of corporate insolvency resolution process by corporate applicant 3.27 [Section 10] --> GM-SR or Approval of 3/4th Partners (in numbers) is must
--> AA - 14 days Order
--> Penalty u/s 77
Suspension of CIRP Process Page 21 of ICAI Amendment Sheet

The period of suspension of insolvency proceedings by further period of three
months from the 25th December, 2020, for the purposes of the said section. i.e.
(from 25th March 2020 to 24 March 2021)
Persons not entitled to initiate insolvency process 3.28 [Section 11] Page 5 of ICAI Amendment Sheet
Disposal of Applications [Section 11A] Page 5-6 of ICAI Amendment Sheet
Adjudication : Admission or Rejection of Application 3.29
Time-limit for completion of insolvency resolution process 3.29-3.30 [Section 12] A) If Extension : 180 days + 90 days (Extension Maximum with CoC >= 66%
approval) + Maximum 60 days @ for Stays Allowed = 330 days
B) If no Extension : 180 days + Maximum 150 days @ for Stays Allowed = 330
Note :- Extension can be allowed only once under this section
Appointment of IRP 3.30

Withdrawal of application admitted under Section 7, 9 or 10 3.31 [Section 12A] -->Detailed on Page No 3.24 (Same applicable for both FC+OC)
--> In case withdrawl post COC has been formed - atleast 90% voting share
approval is required.
Declaration of moratorium and public announcement 3.31 [Section 13]
Moratorium 3.31-3.33 [Section 14] --> Prohibited acts does not applies to "A Surety in a contract of Guarantee to a
Corporate Debtor" ie IRP or Bankruptcy can be initiated against him.
--> It shall have effect from the date of such order
--> Moratorium ceases when AA approves RP/Order of Liquidation.
--> Licencse,Permit etc not to be suspended merely on grounds of Insolvency
--> Expense borne by Applicant and Reimbursed by COC to the extent ratified
--> Penalty u/s 74
Public Announcement (including Particulars) 3.33 [Section 15] By IRP not more than 3 days post his appointment
APPOINTMENT ,TERM AND POWERS OF INTERIM RESOLUTION PROFESSIONAL (IRP)
Appointment and tenure of IRP 3.34 [Section 16] --> By AA itself (FC) or OC - By AA with Board confirmation (In case no IRP
proposed by OC), if no disciplinary proceedings against him
--> Board should confirm in 10 days if reference made (where no proposal is made
by OC)
Key roles or duties of IRP 3.34 [Section 18]
Powers of IRP (Management of affairs of corporate debtor by IRP) 3.35 [Section 17]
Management of operations of corporate debtor as going concern 3.35 [Section 20] Condition for Raising Interim Finance @ 3.36
Manner of Submission of Proof of Claims to IRP 3.36 FC OC Workmen and Employee
Form C B D
Regulation 8 7 9
Note :- IBBI (Insolvency Resolution Process for Corporate Persons) Regulations,
2016
RESOLUTION PROFESSIONAL (RP)
By CoC not less than 66% approval to appoint RP
Approval of Board by AA(NCLT) before appointment
Appointment 3.37 [Section 22] IRP to continue until confirmation rcd from Board (if not rcd in 10 days)
Role and Duties of RP (RP to conduct Corporate Insolvency Resolution
Process) 3.37 [Section 23]
Duties of RP 3.38 [Section 25]
Eligibility of an insolvency Professional to be appointed as a Resolution
Professional 3.38 Regulation 3 Condition to be fulfilled by IP and Partner/Director of IP Entity
Fees of Resolution Professional 3.39 [Section 5(13)] Fees + Cost Incurred - IR Process Cost - Paid in Priority
By CoC not less than 66% approval to appoint RP + Written consent of Proposed
Replacement of Resolution Professional 3.39 [Section 27] RP
Preparation of information memorandum 3.39-3.40 [Section 29] RP prepares @ basis of relevant info specified by IBBI
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COMMITTEE OF CREDITORS (CoC)
Constitution of CoC 3.40 IRP shall constitute
* When FC/authorized representative is not entitled to participate in the If it is a Related Party except solely due to conversion of Debt into E/Q, where it
CoC 3.40 [Section 21] is regulated by Finance Sector Regulator
* In case where debts owed to 2/more FC 3.40 Proportionate Basis
* In case of consortium arrangement of FC 3.41
Voting by Authorized Representative of class of FC 3.41
Who can act as an authorized representative? 3.41 [Section 21(6A)
Rights of Authorized representative 3.42
Meeting of committee of creditors 3.42 [Section 24]
Voting Share in case where there are only OC - Debt due to each OC/Total Debt
Composition,Procedure for conduct of meeting of CoC 3.43 (Including workmen and em'ee)
Approval of committee of creditors,First Meeting of Creditors,Notice for 3.43 First Meeting @ 7 days in constitution Quorum - Minimum 33% (If not-
meetings of the committee,Quorum for the Meeting [Section 24] adjourned on NEXT DAY)
Approval - Minimum 66% Notice - Atleast prior to 5 days/24 hrs/48 hrs
Approval of committee of creditors for certain actions 3.44 [Section 28]

One important key duty of RP is to submit all the RP to CoC
Persons not eligible to be resolution applicant 3.45-3.48 [Section 29A] Case Study Digest - 48
RESOLUTION PLAN
Duty of resolution professional on submission of Resolution plan 3.49 - (Linked with Page 3.45)
Seeking approval of CoC 3.50 - @66% COC Approval
Attending of meeting by resolution applicant 3.51 - Includes provision related to Voting on such plan
Submisson of Resolution Plan 3.51 [Section 30]
Approval of Resolution Plan 3.52 [Section 31] Penalty u/s 74
Rejection of the resolution plan 3.52 [Section 31]
Consequences of Approval 3.52 [Section 31]
Liabilities of Previous Offences 3.52-3.53 [Section 32A]
Appeal against Approval of Resolution Plan 3.54 [Section 32]
Consequences of non-submission of a Resolution Plan (Amendment in
timeline as per Section 12) 3.54 -
LIQUIDATION PROCESS (Section 33 to 54 of the Code )
Initiation of liquidation
(a) Not received a Resolution plan (Who? - AA)
(b) rejects the resolution plan
Intimation of the decision of the committee of creditors (@66%) to
liquidate to Adjudicating authority
3.55-3.56 [Section 33]
Contravention of resolution plan as approved by the Adjudicating Authority
Determination of contravention of the provisions of the resolution plan

Bar to filing to suits and legal proceedings
Exception
Order to be deemed to be notice of discharge
Appointment of Liquidator If AA permits, RP can be Liquidator only by giving his written consent
Resolution professional to act as liquidator
Powers of BoD/ KMP vested in liquidator
Personnel to extend cooperation to liquidator
[Section 34]
Order to replace the resolution professional 3.56-3.57
Adjudicating Authority to appoint insolvency professional as the liquidator

Charge of fees for conduct of liquidation proceedings
Payment of fees [Section 34] From proceeds of Liquidation Estate
Powers and duties of liquidator 3.58 [Section 35]
Powers of liquidator to access information 3.59 [Section 37]
Liquidation estate 3.60 [Section 36]
Comprising of liquidation estate 3.60 [Section 36]
Exceptions to the assets from inclusion in the liquidation estate assets 3.60 [Section 36]
Inclusions 3.61 [Section 36(3)]
Exclusions 3.61 [Section 36(4)]
Consolidation of claims 3.62 [Section 38]
Verification of claims 3.62 [Section 39]
Admission or rejection of claims 3.62 [Section 40]
Determination of valuation of claims 3.62 [Section 41]
Appeal against the decision of liquidator 3.62 [Section 42]
Preferential transactions & Extortionate Credit Transactions 3.63 [Section 43]
Deemed preferences 3.64 [Section 43]
Orders in case of preferential transactions 3.64 [Section 44]
Avoidance of undervalued transactions 3.65 [Section 45]
Relevant period for avoidable transactions 3.65 [Section 46]
In case where Liq or RP has not reported to the AA of the undervalued
trans. 3.66 [Section 47]
Order in cases of undervalued transactions 3.66 [Section 48]
Transactions defrauding creditors 3.67 [Section 49]
Extortionate credit transactions 3.67 [Section 50]
Order of Adjudicating authority in respect of extortionate transactions 3.68 [Section 51]

Secured creditor in liquidation proceedings 3.68 [Section 52]
Distribution of assets 3.69 [Section 53]
Dissolution of corporate debtor 3.70-3.71 [Section 54]
CA Prerit Jain
Corporate debtors eligible for Pre-packaged IRP [Section 54A] Page 6-8 of ICAI Amendment Sheet
Duties of resolution professional before initiation of Pre-packaged IRP [Section 54B] Page 8-9 of ICAI Amendment Sheet
Application to initiate Pre-packaged IRP [Section 54C] Page 9 of ICAI Amendment Sheet
Time-limit for completion of Pre-packaged IRP [Section 54D] Page 10 of ICAI Amendment Sheet (Timeline - 90+30 days = 120 days maximum)
Declaration of moratorium and public announcement during Pre-packaged
IRP [Section 54E] Page 10 of ICAI Amendment Sheet
Duties and powers of resolution professional during Pre-packaged IRP [Section 54F] Page 11-12 of ICAI Amendment Sheet
List of claims and preliminary information memorandum. [Section 54G] Page 12-13 of ICAI Amendment Sheet
Management of affairs of corporate debtor. [Section 54H] Page 13 of ICAI Amendment Sheet
Committee of creditors. [Section 54I] Page 14 of ICAI Amendment Sheet
Vesting management of corporate debtor with resolution professional [Section 54J] Page 14 of ICAI Amendment Sheet
Consideration and approval of resolution plan. [Section 54K] Page 15-17 of ICAI Amendment Sheet
Approval of resolution plan [Section 54L] Page 17-18 of ICAI Amendment Sheet
Appeal against order under section 54L. [Section 54M] Page 18 of ICAI Amendment Sheet
Termination of Pre-Packaged IRP [Section 54N] Page 18 of ICAI Amendment Sheet
Initiation of corporate insolvency resolution process [Section 54O] Page 19 of ICAI Amendment Sheet
Application of provisions of Chapters II, III, VI, and VII to this Chapter [Section 54P] Page 20 of ICAI Amendment Sheet
FAST TRACK INSOLVENCY RESOLUTION FOR CORPORATE PERSONS
Fast track corporate insolvency resolution process (who may apply?) 3.71 [Section 55]
Time period for completion of fast track corporate insolvency resolution
process 3.72 [Section 56]
Manner of initiating fast track corporate insolvency resolution process 3.72 [Section 57]
Applicability of Chapter II to his chapter 3.72 [Section 58]
VOLUNTARY LIQUIDATION OF CORPORATE PERSONS
Voluntary Liquidation of Corporate persons 3.73-3.74 [Section 59]
ADJUDICATING AUTHORITY FOR CORPORATE PERSONS (Section 60 to 67 of the code)
Adjudicating Authority for corporate persons 3.75 [Section 60]
Period of moratorium excluded for purpose of limitation 3.76 [Section 60]
An appeal against Adjudicating Authority can be made to NCLAT in 30 days +
Appeals and Appellate Authority 3.76 Extension only upto 15 days
[Section 61]
An appeal against an order approving a resolution plan under Section 31 3.76
An appeal against a liquidation order 3.77
An appeal against NCLAT can be made to SC @ For Question of Law in 45 days +
Appeal to Supreme Court on a question of law 3.77 [Section 62] Extension only upto 15 days
Civil Court is prohibited to entertain any suit or proceedings 3.77 [Section 63]
Expeditious disposal of applications 3.77 [Section 64] Extension beyond specified period can only be upto 10 days only
Fraudulent or malicious initiation of proceedings 3.77 [Section 65] AA may impose penalty @ 1 lakh - 1 crore
Fraudulent trading or wrongful trading 3.77 [Section 66]
Proceedings under Section 66 3.78 [Section 67]
OFFENCES AND PENALTIES
Concealment of property 3.79 [Section 68] Officer of the CD - JaiL upto 3-5 years or Fine 1 lakh - 1 crore or both
Transactions defrauding creditors 3.80 [Section 69] Officer of the CD - JaiL upto 1-5 years or Fine 1 lakh - 1 crore or both
Officer of the CD - Jail upto 3-5 years or Fine 1 lakh - 1 crore or both
Misconduct in courses of corporate insolvency resolution process 3.81 [Section 70] IP - Jail upto 6M or Fine 1 lakh - 5 lakh or both
Falsification of books of corporate debtor 3.82 [Section 71] Any Person - JaiL upto 3-5 years or Fine 1 lakh - 1 crore or both
Willful and material omissions from statements relating to affairs of Officer of the CD - JaiL upto 3-5 years or Fine 1 lakh - 1 crore or both
corporate debtor 3.82 [Section 72]
False representations to creditors 3.82 [Section 73] Officer of the CD - JaiL upto 3-5 years or Fine 1 lakh - 1 crore or both
Contravention of moratorium or the resolution plan 3.83 [Section 74] 1) Officer of the CD (Moratorium) - JaiL upto 3-5 years or Fine 1 lakh - 3 lakh or
both
2) Creditor (Moratorium) - JaiL upto 1-5 years or Fine 1 lakh - 1 crore or both
3) Officer,CD,Creditor (Resolution Plan) - JaiL upto 1-5 years or Fine 1 lakh - 1 crore
or both
False information furnished in application 3.83 [Section 75] Any Person - Fine 1 lakh - 1 crore
OC and Any person who concealed it - JaiL upto 1-5 years or Fine 1 lakh - 1 crore
Non-disclosure of dispute or repayment of debt by operational creditor 3.83 [Section 76] or both
CD or Any person who concealed it- JaiL upto 1-5 years or Fine 1 lakh - 1 crore or
Providing false information in application by corporate debtor 3.84 [Section 77] both
INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS
Application of the provisions of the Bankruptcy to personal guarantors of
[Section 2]
Corporate Debtors and others 3.85
REGULATION OF INSOLVENCY PROFESSIONALS.AGENCIES AND INFORMATION UTILITIES
The Insolvency and Bankruptcy Board of India (Section 188 to 198)
Establishment and incorporation of Board 3.85 [Section 188] Body Corporate
Constitution of Board (Appointment of Members,Eligibility,Appointment on [Section 189] (Chairman + 9 members) + Max 5 years/65 years/Eligible for Reappt.
recommendation of a selection committee,Term of offices and Payment
of salaries 3.85-3.86
Removal of member from office 3.87 [Section 190]
Meetings of Board 3.87 [Section 192] Majority Votes
Member not to participate in meetings in certain cases 3.87 [Section 193]
Vacancies, etc., not to invalidate proceedings of Board, Officers and
3.87 [Section 194]
employees of Board
Powers and Functions of the Board 3.88 [Section 196]
Constitution of advisory committee, executive committee or other
[Section 197]
committee 3.90 Eg :- Disciplinary Committee @ Page No. 3.101
Condonation of delay 3.91 [Section 198] Delay can be condoned
CA Prerit Jain
Insolvency Professional Agencies (Section 199 to 205)
No person to function as insolvency professional agency without valid
[Section 199]
certificate of registration 3.91 Definition @ Page 3.13
Principles governing registration of insolvency professional agency 3.91 [Section 200]
Registered with IBBI - IBBI acknowledges in 7 days application received

[Section 201]
Grant of Cerificate - Order - 15 days
Manner of registration of insolvency professional agency 3.92 Suspension/Cancellation - Only by whole time members of Board - OOBH must
Appeal to National Company Law Appellate Tribunal 3.93 [Section 202]
Governing Board of insolvency professional agency 3.93 [Section 203]
Functions of insolvency professional agencies 3.94 [Section 204]
Insolvency professional agencies to make bye-laws 3.94 [Section 205]
Insolvency Professionals (Section 206 to 208)
Who may act as insolvency professionals? 3.94 [Section 206] Definition @ Page 3.13
Registration of insolvency professionals 3.95 [Section 207]
** Eligibility Criteria 3.95
Functions and obligations of insolvency professionals (IP) 3.96 [Section 208]
Information Utilities (Section 209 to 216)
Who shall carry on the business as information utility? 3.96 [Section 209]
Registered with IBBI - IBBI acknowledges in 7 days application received

[Section 210] Grant of Certificate - Order - 15 days
Manner of registration of information utility -Eligibility for registration 3.96 Suspension/Cancellation - Only by whole time members of Board - OOBH must
** Eligibility Must be a Public Company + Minimum NW of 50 crores +
Promoter/KMP/Director/Person hold > 5% VP are fit/proper person
Appeal to National Company Law Appellate Tribunal 3.98 [Section 211] If aggreived by the Board
Governing Board of information utility-Composition of the Governing 3.98 [Section 212] MD+ ID+ SH's D and More than half should be Residents and citizen in India
Board. An Em'ee may be appt as Director in addition to MD, but he shall be treated as
Deemed SH's D
Number of ID should not be less than No of Shareholder Director (SH's D)
ID - Max 2 terms of 3 Years + 70 Years (WIE) + Cooling Period = 3 years
Obligations of information utility 3.100 [Section 214]
Procedure for submission, etc., of financial information 3.100 [Section 215]
Rights and obligations of persons submitting financial information 3.100 [Section 216]
Inspection and Investigation (Section 217 to 220)
Complaints against insolvency professional agency or its member or
[Section 217]
information utility 3.101
Investigation of insolvency professional agency or its member or
[Section 218]
information utility 3.101
Show cause notice to insolvency professional agency or its member or
[Section 219]
information utility 3.102 Disciplinary Committee should dispose SCN issued by Board within 180 days
Only whole time members of Board - May Impose Penalty
Appointment of disciplinary committee 3.103 [Section 220] Quantifiable - 3 times of Loss Caused or Unlawful gain made (WIH)
Non-Quantifiable - Not exceed Rs 1 cr
Finance, Accounts and Audit (Section 221 to 224 )
Grants by Central Government 3.104 [Section 221]
Board's Fund 3.104 [Section 222]
Accounts and audit (Audit of Accounts by the CAG,Right and 3.105 [Section 223]
privileges,Presentation of certified copy of the accounts and audit report
to CG)
Miscellaneous Sections
Power of Central Government to issue directions 3.105 [Section 225]
Power of Central Government to supersede Board 3.105 [Section 226]
[Section 227]
Power of Central Government to notify financial service providers, etc 3.106
Delegation 3.106 [Section 230]
Bar of jurisdiction 3.106 [Section 231]
Members, officers and employees of Board to the public servants 3.106 [Section 232]
Enabling provisions for cross border transactions
Agreements with Foreign Countries 3.107 [Section 234]
Letter of request to a country outside India in respect of assets 3.107 [Section 235]
Punishment where no specific penalty or punishment is provided 3.107 [Section 235A] Rs 1 lakh - Rs 2 crore
Trial of offences by Special Court- Cognizance of an offence committed
[Section 236]
under this code 3.108
Appeal and revision 3.108 [Section 237]
Provisions of this Code to override other laws 3.108 [Section 238]
Limitation 3.108 [Section 238A]
Power to make regulations 3.108 [Section 240]
Application of this Code to micro, small and medium enterprises 3.108-3.109 [Section 240A]
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MASTER INDEX
PREVENTION OF MONEY LAUNDERING ACT,2002
1.Introduction and stages of Money Laundering 4.1,4.2,4.3 - wef 1-7-2005 + (4.2 - At the end) Objectives of the Act
Understanding Money Laundering (How hawala works?) 4.3 -
2.Definition
Money-laundering 4.3 Section 2(1)(p)
Proceeds of crime 4.4 Section 2(1)(u)
Property 4.4 Section 2(1)(v)
Payment system 4.4 Section 2(1)(rb)
Scheduled offence 4.4 Section 2(1)(y)
Transfer 4.4 -
Authorised person 4.4 [Section 2(1)(da)] As per FEMA - Page No. 5.4 + 5.68
Banking company 4.4 [Section 2(1)(e)]
Beneficial owner 4.4 [Section 2(1)(fa)]
Client 4.5 [Section 2(1)(ha)]
Financial institution
4.5 [Section 2(1)(l)] Chit Fund/Authorised Person/HFI/Payment System Operator/NBFC/Post
Intermediary 4.5 [Section 2(1)(n)]
Investigation 4.5 [Section 2(1)(na)]
Non-banking financial company 4.5 [Section 2(1)(q)]
Payment system operator 4.5 [Section 2(1)(rc)] INCLUDED IN FINANCIAL INSTITUTION
Person 4.6 [Section 2(1)(s)]
Person carrying on designated business or profession 4.6 [Section 2(1)(sa)] ARE INCLUDED IN REPORTING ENTITY
Amendment :- CG Notified Limit for
1) Real Estate Agents - T/O of Rs 25L or above .
2) Dealers in Precious Stones - any cash transactions with a customer
equal to or above Rupees ten lakhs, carried out in a single operation or in
several operations that appear to be linked.
Records 4.6 [Section 2(1)(w)]

Reporting entity 4.6 [Section 2(1)(wa)] Banking C/FI/Intermediary/Person carrying on designated B/P
3.PUNISHMENT FOR THE OFFENCE OF MONEY LAUNDERING [SECTION 3 AND 4]
Offence of Money Laundering 4.7 [Section 3] Single Process - But can be broken into Cycle
(Placement/Layering/Integration)
Punishment of Money Laundering 4.8 [Section 4] Proceeds of Crime Relates to NDPS Offence - Jail upto 10 years & fine
Other Crime - Jail 3-7 years & fine
4.ATTACHMENT, ADJUDICATION AND CONFISCATION

Attachment 4.8 Chapter III
Adjudicating Authority 4.8 [Section 6(1)] Appointed u/s 6
Attachment of property involved in money-laundering 4.8-4.9 [Section 5] Provisional Attachment - Director or Officer not below DD authorised by
Director.
Provisional Attachment - Maximum 180 days (Court Stay period excluded
and further 30 days allowed from date of vacation of date of such order by
court).
Complaint against Attachment - In 30 days to AA with Facts.
Appointed by CG + Chairperson and Two Members + Term of Office ( 5
Adjudicating Authorities, composition, powers, etc.
4.10-4.11 [Section 6] years + Maximum 65 years)
Staff of Adjudicating Authorities 4.12 [Section 7]
Adjudication
(1) Serving of Notice by AA 4.12 Not less than 30 days on calling such person to submit …..
(2) Order of AA 4.12
(3) Order for attachment/retention of property etc 4.13 By AA + Maximum 365 days ( Court Stay Period Excluded)
[Section 8]
(4) Confirmation of Provisional order 4.13
(5)Final order on confirmation of commission of Act 4.13
(6) Where the trial under this Act cannot be conducted 4.14
(7) Where a property stands confiscated to the Central Government 4.14
Vesting of property in Central Government 4.14 [Section 9]
Management of properties confiscated under this Chapter 4.15 [Section 10]
Power regarding summons, production of documents and evidence, etc. 4.15 [Section 11]
Reporting entity to undertake Aadhaar authentication service :-
Verification of Identity by Reporting Entity
4.15 [Section 11A] "National Payments Corporation of India."
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5.OBLIGATION OF BANKING COMPANIES, FINANCIAL INSTITUTIONS AND INTERMEDIARIES
Maintain record of all transactions (5 years from Date of Transaction)
Maintain records evidencing identity of Client (5 years from Date of End of
[Section 12]
Relationship)
Reporting entity to maintain records 4.16 DEFINITION Page 4.6
Access to information 4.17 [Section 12A]
Enhanced due diligence 4.18 [Section 12AA] Maintain Information @ for 5 years + Specified Transactions
May direct audit and the audit expenses to be borne by CG
Power of director to impose fine
4.19 [Section 13] Non-Compliance under this Chapter - Rs 10000 - Rs 1 lakh per failure
No civil or criminal proceedings against reporting entity, its directors and employees
in certain cases 4.20 [Section 14]
Procedure and manner of furnishing information by reporting entities 4.20 [Section 15]
6.SUMMONS, SEARCHES AND SEIZURES, ETC
Power of survey 4.20
1) Power of authority to make survey 4.20
[Section 16]
2) Copy of recorded reasons of survey to be forwarded to AO 4.21
3) Course of action by concerned authority 4.21
Search and seizure 4.21
1) Power to Director or other Officer for Search and Seizure 4.21
* Exceptions 4.22
2) Order to freeze property by an authorized officer 4.22 [Section 17]
3) Forward of recorded reasons to AA 4.22
4) Authorisation for Search and Seizure of evidence 4.22
5) Filing of an application for retention of record etc 4.23 Within 30 days of Seizing/Freezing
Search of persons 4.23 [Section 18] Remember !! Journey Period is excluded + Witness 2 or more + For
retention file application Within 30 days of Seizing/Freezing
Director/Deputy Director/Assistant Director or any officer authorsed by CG
Power to arrest
4.24 [Section 19] CAN ARREST
Time Limit for Both
Retention of property
4.24 [Section 20] Maximum 180 days from seizing/freezing the property + May be extended
by AA + When an order of release is made the director may keep the
Retention of records 4.25 [Section 21] property with him for Max 90 days if he thinks to appeal.
Presumption as to records or property in certain cases 4.26 [Section 22]
Presumption in inter-connected transactions 4.27 [Section 23]
Burden of proof 4.27 [Section 24]
7.APPELLATE TRIBUNAL
Hierarchy under the Prevention of Money Laundering Act, 2002 4.27 [Section 48]
Establishment of Appellate Tribunal 4.28 [Section 25]
Appeals to Appellate Tribunal 4.28 [Section 26] Filling Within 45 days + Disposal in 6m from date of filling
Procedures & Powers of the Appellate Tribunal 4.29 [Section 35]
Distribution of business amongst Benches 4.30 [Section 36]
Power of Chairman to transfer cases 4.30 [Section 37]
Decision to be by majority 4.30 [Section 38]
Right of appellant to take assistance of authorised representative and of Government
[Section 39]
to appoint presenting officers 4.30
Members, etc., to be public servants 4.30 [Section 40]
Civil court not to have jurisdiction 4.30 [Section 41]
Filling Within 60 days + Only Qs of Law/Fact + Extension Max 60 days for
Appeal to High Court
4.31 [Section 42] filling
8.SPECIAL COURTS
Empowers the Central Government in consultation with CJI 4.31 [Section 43]
Jurisdiction of special courts: 4.31 [Section 44]
Offences to be cognizable and non-bailable (Nature of offence committed under the
Act) 4.32 [Section 45]
Application of Code of Criminal Procedure, 1973 to proceedings before Special Court
4.33 [Section 46]
Appeal and revision 4.33 [Section 47]
9.RECIPROCAL ARRANGEMENT FOR ASSISTANCE IN CERTAIN MATTERS
Corresponding law 4.33 -
Offence of cross border implications 4.33 - Remember! Part (i) of its definition doesn't include word "attempt to
remit". Example also there @ 4.34
Contracting State 4.34 [Section 55]
Agreements with foreign countries 4.35 [Section 56]
Letter of request to a contracting State in certain cases 4.35 [Section 57]
Assistance to a contracting State in certain cases 4.36-4.37 [Section 58]
Reciprocal arrangements for processes and assistance for transfer of accused
persons 4.38 [Section 59] Section 61 for Subsection (2)
Attachment, seizure and confiscation, etc., of property in a contracting State or India 4.39 [Section 60]
Procedure in respect of letter of request 4.40 [Section 61]
10.RECOVERY OF FINE OR PENALTY
Authority or officer - exercising power without reasons in writing search or
arrest
Punishment for vexatious search 4.40 [Section 62] Jail upto 2 year or Fine upto Rs 50000 or Both
1) Person willfully and maliciously giving false info - search or arrest - Jail
upto 2 year or Fine upto Rs 50000 or Both.
2) Being legally bound to state the truth u/s 3 | ( Refuses to Answer |
Punishment for false information or failure to give information, etc.
Refuses to sign any statement | Summon Issued and he ignored) | OOBH
Must - Rs 500 - Rs 10000 for each default or failure - If done intentionally
4.40 [Section 63] then also liable in S-174 of IPC.
Cognizance of offences 4.41 [Section 64]
Code of Criminal Procedure, 1973 to apply 4.41 [Section 65]
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MISCELLANEOUS
Disclosure of Information 4.41 [Section 66]
Bar of suits in civil courts 4.42 [Section 67]
Notice, etc., not to be invalid on certain grounds 4.42 [Section 68]
Recovery of fine or penalty 4.42 [Section 69]
Offences by companies 4.42 [Section 70]
Act to have overriding effect 4.43 [Section 71]
Continuation of proceedings in the event of death or insolvency 4.43 [Section 72] Legal Representatives/Official Assignee or Receiver
Rules to be laid before Parliament 4.45 [Section 74]
ANNEXURE
SCHEDULE [See section 2(y)] PART A
PARAGRAPH 1 OFFENCES UNDER THE INDIAN PENAL CODE 4.47 -
PARAGRAPH 2 OFFENCES UNDER THE NARCOTIC DRUGS AND PSYCHOTROPIC
SUBSTANCES ACT, 1985 4.48 -
PARAGRAPH 3 OFFENCES UNDER THE EXPLOSIVE SUBSTANCES ACT, 1908 4.49 -
PARAGRAPH 4 OFFENCES UNDER THE UNLAWFUL ACTIVITIES (PREVENTION) ACT,
1967 4.49 -
PARAGRAPH 5 OFFENCES UNDER THE ARMS ACT, 1959 4.50 -
PARAGRAPH 6 OFFENCES UNDER THE WILD LIFE (PROTECTION) ACT, 1972 4.51 -
PARAGRAPH 7 OFFENCES UNDER THE IMMORAL TRAFFIC (PREVENTION) ACT, 1956 4.51 -
PARAGRAPH 8 OFFENCES UNDER THE PREVENTION OF CORRUPTION ACT, 1988 4.51 -

PARAGRAPH 10 OFFENCES UNDER THE ANTIQUITIES AND ARTS TREASURES ACT,
1972 4.52 -
PARAGRAPH 11 OFFENCES UNDER THE SECURITIES AND EXCHANGE BOARD OF
INDIA ACT, 1992 4.52 -
PARAGRAPH 12 OFFENCES UNDER THE CUSTOMS ACT, 1962 4.52 -
PARAGRAPH 13 OFFENCES UNDER THE BONDED LABOUR SYSTEM (ABOLITION)
ACT, 1976 4.53 -
PARAGRAPH 14 OFFENCES UNDER CHILD LABOUR (PROHIBITION AND THE
REGULATION) ACT, 1986 4.53 -
PARAGRAPH 15 OFFENCES UNDER THE TRANSPLANTATION OF HUMAN ORGANS
ACT, 1994 4.53 -
PARAGRAPH 16 OFFENCES UNDER THE JUVENILE JUSTICE (CARE AND
PROTECTION OF CHILDREN) ACT, 2000 4.53 -
PARAGRAPH 17 OFFENCES UNDER THE EMIGRATION ACT, 1983 4.53 -
PARAGRAPH 18 OFFENCES UNDER THE PASSPORTS ACT, 1967 4.54 -
PARAGRAPH 19 OFFENCES UNDER THE FOREIGNERS ACT, 1946 4.54 -
PARAGRAPH 20 OFFENCES UNDER THE COPYRIGHT ACT, 1957 4.54 -
PARAGRAPH 21 OFFENCES UNDER THE TRADE MARKS ACT, 1999 4.54 -
PARAGRAPH 22 OFFENCES UNDER THE INFORMATION TECHNOLOGY ACT, 2000 4.54 -

PARAGRAPH 23 OFFENCES UNDER THE BIOLOGICAL DIVERSITY ACT, 2002 4.55 -
PARAGRAPH 24 OFFENCES UNDER THE PROTECTION OF PLANT VARIETIES AND
FARMERS' RIGHTS ACT, 2001 4.55 -
PARAGRAPH 25 OFFENCES UNDER THE ENVIRONMENT PROTECTION ACT, 1986 4.55 -

PARAGRAPH 26 OFFENCES UNDER THE WATER (PREVENTION AND CONTROL OF
POLLUTION) ACT, 1974 4.55 -
PARAGRAPH 27 OFFENCES UNDER THE AIR (PREVENTION AND CONTROL OF
POLLUTION) ACT, 1981 4.55 -
PARAGRAPH 28 OFFENCES UNDER THE SUPPRESSION OF UNLAWFUL ACTS
AGAINST SAFETY OF MARITIME NAVIGATION AND FIXED PLATFORMS ON 4.56 -
CONTINENTAL SHELF ACT, 2002
PARAGRAPH 29 OFFENCES UNDER THE COMPANIES ACT, 2013 4.56 -
SCHEDULE [See section 2(y)] PART B
OFFENCE UNDER THE CUSTOMS ACT, 1962 4.56 [Section 132]
SCHEDULE [See section 2(y)] PART C
PART C 4.56 -
CA Prerit Jain
MASTER INDEX
THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999
Detailed Topic Page No. Section Page No.
1. INTRODUCTION
Introduction (Need for the Act,Broad Structure of FEMA,Salient provisions of
FEMA) 5.2 -
2. PREAMBLE,EXTENT,APPLICATION AND COMMENCEMENT OF FEMA,1999

(A) Preamble 5.3 -
(B) Extent and Application [Sections 1] 5.3 - Whole of India + Branch Ofiice Agencies o/s India Owned or Conrolled by PRI + Any
contravention committed by any person to whom this act applies outside India
(C) Commencement 5.3 - wef 1-6-2000

3. DEFINITIONS [SECTION 2]
Adjudicating Authority 5.3 [Section 2 (a)]
Appellate Tribunal 5.4 [Section 2 (b)]
Authorised person 5.4 [Section 2 (c)]
Capital Account Transaction 5.4 [Section 2 (e)]
Currency 5.4 [Section 2 (h)]
Currency Notes 5.4 [Section 2 (i)]
Current Account Transaction 5.4 [Section 2 (j)]
Export 5.4 [Section 2 (l)]
Foreign Currency 5.5 [Section 2 (m)]
Foreign Exchange 5.5 [Section 2 (n)]
Foreign Security 5.5 [Section 2 (o)]
Import 5.5 [Section 2 (p)]
Person 5.5 [Section 2 (u)]
Person resident in India 5.5 [Section 2 (v)]
Person Resident Outside India 5.6 [Section 2 (w)]
Repatriate to India 5.6 [Section 2 (y)] Includes Realised amount for discharge of any debt or liability denominated in a
Foreign Currency
Security 5.6 [Section 2 (za)]
Service 5.6 [Section 2 (zb)]
Transfer 5.6 [Section 2 (ze)]
4.RESIDENTIAL STATUS UNDER FEMA, 1999

Person resident in India 5.7 -
Person resident outside India 5.7 -
Diagram PRI and PROI 5.8-5.9 -
Person or Body corporate 5.10 -
Office, branch or agency 5.10 -
Examples on PRI,PROI 5.11 - Imp- RBI in its AP circular no. 45 dated 8th Dec 2003 - Student - PROI if went
abroad for higher studies
5. REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

Dealing in foreign exchange, etc. 5.12 [Section 3]
Holding of foreign exchange 5.13 [Section 4]
5. CURRENT ACCOUNT TRANSACTIONS [SECTION 5]
Current Account Transactions 5.14 [Section 5]
Remember!! Payment of Commission on Export under RSCR is allowed upto 10% @
Schedule I (Transactions for which drawal of foreign exchange is prohibited) 5.15 [Section 5] Invoice Value in case of exports of Tea and Tobacco.
Remittance of Prize Money/Sports activity, approval of MHRD is needed only if
Schedule II (Transactions, which require prior approval of the Government of 5.16 [Section 5] amount exceeds $100000.
India for drawal of foreign exchange)
Schedule III (Transactions which require RBI’s prior approval for drawal of
5.17 [Section 5]
foreign exchange) Facilities for individuals
Schedule III (Transactions which require RBI’s prior approval for drawal of
[Section 5]
foreign exchange) Facilities for persons other than individual 5.18
If the transaction is not listed in any of the above three schedules, it can be
[Section 5]
freely undertaken. -
i) Exemption for remittance from RFC Account 5.19 [Section 5]
[Section 5]
ii) Exemption for remittance from EEFC Account 5.19 Q What facility does it provides and where it can be maintained and opened?
[Section 5]
iii) Exemption for payment by International Credit Card while on a visit abroad 5.19
Liberalised Remittance Scheme (LRS) 5.19 [Section 5] $ 250000 - (Case Study 32 V.Imp Qs )
Person who is resident but not permanently resident in India - Net Salary + Other
Conditions 5.18
IMPORT OF GOODS AND SERVICES Section 5
General Guidelines for Imports 5.19 [Section 5]
(1) General Guidelines 5.20 [Section 5]
(2) Remittances for Import Payments 5.20 [Section 5]
(3) Obligation of Purchaser of Foreign Exchange 5.20 [Section 5]
(i) Utilization of acquired Foreign Exchange for the said purpose 5.20 [Section 5]
(ii) Evidence of import 5.20 [Section 5]
(iii) Mode of payment 5.20 [Section 5]
(iv) Other mode of payment 5.21 [Section 5]
(4) Time Limit for Settlement of Import Payments 5.21 [Section 5]
Normal Exports - Not later than 6m from Date of Shipment except where amount withheld @
Guarantee.
- AD may permit Settlement of Overdues but Interest only upto 3 years from DoS.
Deffered Payment Arrangements Including Supplier and Buyer Credit upto 5 years - Follow @ ECB guidelines
(5) Extension of Time Upto 6m (Maximum 3 year)
*Where giving extension beyond 1 year from Date of Remittance (= Date of
[Section 5] Shipment) the Total Outstanding shall not exceed $1m or 10% of average import
remittances of previous two years.
5.22 **Invoices should not be covered under Investigation
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(6) Import of Foreign Exchange / Indian Rupees 5.22 [Section 5]
(7) Import of Foreign Exchange into India Aggregate Value of Notes/Travelers Cheque <= 10000 and Currency Notes only
[Section 5]
5.23 cash <= 5000.
Other than Nepal and Bhutan - Upto Rs 25000
[Section 5]
(8) Import of Indian Currency and Currency Notes 5.23 Nepal and Bhutan - Any amount but only in denomination of Rs 100/-
(9) Issue of Guarantees by an Authorised Dealer 5.23 [Section 5] Limit for Guarantee
Service Importer = PSC/Dept or Undertaking of GOI --> $100000 + Prior MoF
approval
Service Importer is not PSC/Dept or Undertaking of GOI --> $500000
7. CAPITAL ACCOUNT TRANSACTIONS [SECTION 6]
Capital Account Transaction 5.23-5.27 [Section 6]
I. Permissible Transactions
SCHEDULE I (The list of permissible classes of transactions made by persons
resident in India ) 5.28
SCHEDULE II (The list of permissible classes of transactions made by persons
[Section 6(2)]
resident outside India ) 5.29
II. Transactions with no restriction 5.30 Amortisation of Loan + Dep on DI in OCOB + Repayment of Loan Installment
III. Prohibited Transactions 5.30-5.31 Remember !! No part of LRS $250000 shall be remitted to Non-cooperative
countries and FATF territories (Eg :- Korea or Iran)
Remember !! Exceptions to CHIT FUND and REAL ESTATE BUSINESS
CAPITAL TRANSACTIONS RELATED TO IMMOVABLE PROPERTY 5.32 -
Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018
1. Relevant Definitions
Non-Resident Indian (NRI) 5.32 -
Overseas Citizen of India (OCI) 5.32 -
Repatriation outside India 5.32 -
2. Acquisition and Transfer of Property in India by a Non-Resident Indian or
an Overseas Citizen of India 5.32 -
3. Acquisition of Immovable Property for carrying on a permitted activity 5.33 - No person @Pak, Bangla, Srilanka,Afghan,China,Iran,Hongkong,Macau,Nepal, Bhutan,
Korea Democratic shall acquire IMM. P., other than on Lease not exceeding 5 years
except prior RBI approval.
4. Purchase/ sale of Immovable Property by Foreign Embassies/ Diplomats/
Consulate Generals 5.34 -
5. Joint acquisition by the spouse of an NRI or an OCI 5.34 - Minimum 2 years marriage + Funds BC O/s India / NR A/c
6. Repatriation of sale proceeds 5.34 -
7. Prohibition on acquisition or transfer of immovable property in India by
citizens of certain countries 5.35 -
8. Prohibition on transfer of immovable property in India 5.35 -
9. Miscellaneous 5.36 -
ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY OUTSIDE INDIA REGULATIONS 2015
Restriction on acquisition or transfer of immovable property outside India 5.36 -
Acquisition and Transfer of Immovable Property outside India 5.37 -
EXTERNAL COMMERCIAL BORROWINGS

All in cost 5.37 - Includes Interest,Other Fees,Charges,Guarantee fees or Charges whether in $ or
Rs but shall not include Commitment Fees, Withholding Tax, Pre-Payment
Fees/Charges
Approval route,Automatic route 5.38 -
ECB Framework 5.38 -
Currency of borrowing 5.38 -
Forms of ECB 5.38 -
Eligible Borrowers 5.38 -
Recognised lenders 5.39 -
Minimum Average Maturity Period (MAMP) 5.39 -
Benchmark Rate (A) + 450 bps Spread
(A) - FCY - 6m LIBOR or any other 6m Rate applicable
- INR - Yield of GOI securities of corresponding maturity.
All-in-cost ceiling per annum 5.40 - Linked with 5.37
Prepayment Charge/Penal Interest not more than 2% over and above Interestt
Other costs 5.40 - Cost.
End-uses (Negative list) 5.40 -
Exchange rate 5.41 -
Hedging provision 5.41-5.42 - Remember!! Infra Space companies have to hedge atleast 70% of ECB exposure in
case MAMP is less than 5 years from the date on which liability recorded in books.
Report the Position @ Form ECB 2
Change of currency of borrowing 5.43 -

Limit and leverage 5.43 - Automatic Route
- Upto $750 m per FY
- FCY ECB raised from Foreign E/Q holder, the ration @ 7:1 (ECB:E/Q) - except in
case where total o/s ECB is upto $5 m
Approval - No Limits (Case Study Digest 15)
Important Points for Ratio :
Equity = PUSC @ FV +FR+Share Premium in Forex (From that holder)
ECB = All O/S + Proposed (from that holder)
FEH = Who holds more than 25% directly in Borrower.
Issuance of Guarantee, etc. by Indian banks and Financial Institutions 5.43 -

Parking of ECB proceeds 5.43 -
Procedure of raising ECB 5.44 -
CA Prerit Jain
Reporting Requirements 5.44 -
1.Loan Registration Number (LRN) 5.44 -
2.Changes in terms and conditions of ECB 5.44 - Report to DSIM through Form ECB not later than 7 days.
Form ECB 2 Return in such a manner that is reaches DSIM within 7 days from
3.Monthly Reporting of actual transactions 5.44 - closure of month.
Form ECB 2 - RS 5000 (Upto 30 day)/50000 pa (Upto 3 years)/100000 pa (if
Beyond the days)
4.Late Submission Fee (LSF) for delay in reporting 5.44 - Form ECB - 50000 pa (Upto 3 years)/100000 pa(Beyond)
5.Standard Operating Procedure (SOP) for Untraceable Entities 5.45 -
6.Powers delegated to AD Category I banks to deal with ECB cases 5.45 -

(I) Change of the AD Category I bank 5.45 -
(II) Cancellation of LRN 5.46 -
(III) Refinancing of existing ECB 5.46 -
(IV) Conversion of ECB into equity 5.46 -
(V) Security for raising ECB 5.47 -
Creation of Charge on Immovable Assets 5.47 -
Creation of Charge on Movable Assets 5.47 -
Creation of Charge over Financial Securities 5.48 -
Issue of Corporate or Personal Guarantee 5.48 -
7.Additional Requirements: 5.49 -
8.Special Dispensations under the ECB framework 5.49 -
1.ECB facility for Oil Marketing Companies 5.49 - MAMP =3 Years / Limit - $750 m Not applicable but overall ceiling upto $10Bn.
2.ECB facility for Startups 5.49-5.50 - Maximum $ 3 m oer FY in aggregate / MAMP = 3 Years
9.Borrowing by Entities under Investigation 5.51 -
10.ECB by entities under restructuring/ ECB facility for refinancing stressed
assets 5.51 -
11.Dissemination of information 5.51 - On RBI's website montly basis with a lag of One month
12.Compliance with the guidelines 5.51 -
Overseas Direct Investments by Resident Individuals 5.51 -

Relevant statutory provision 5.52 -
“Direct investment outside India” 5.52 -
"Financial Commitment" 5.52 - DI in E/Q, Loan,100% Guarantees,50% of PG by Indian Party to Overseas JV/WOS
'Joint Venture' 5.52 -
"Wholly Owned Subsidiary (WOS)" 5.52 -
"Indian Party" 5.53 -
"Host country" 5.53 -
Mode of direct investment outside India 5.53 -
1.Automatic route for direct investment or financial commitment outside India 5.53 - Upto $1 Billion + upto 400% of Net Worth (PUSC+FR) - Automatic Route
Total FC :-
100% - E/Q Investment, CCPS, Loan, Guarantee by Indian Party, BG by R.Bank on
behalf of JV/WOS backed by counter guarantee of Indian Party
Limit permissible 5.53 - 50% - PG
Requirements for investments/ financial commitments 5.54 -
Process 5.54 - Form ODI
(2) Approval route for direct investment or financial commitment outside
India 5.54 -
Prohibitions on direct investment abroad by an Indian party 5.55 -
General Permission 5.55 - Out of RFC funds +Bonus Shares + Not PRI, out of their foreign resources.
8. EXPORT OF GOODS AND SERVICES [SECTION 7]

EXPORT OF GOODS AND SERVICES 5.55 [SECTION 7]
Regulations (Foreign Exchange Management (Export of Goods and Services)
Regulations, 2015)
1. Short title and commencement 5.56 -
2. Definitions:- Some definitions 5.56 -
(i) export 5.56 -
(ii) export value 5.56 -
(iii) form 5.56 -
(iv) software 5.56 -
(v) specified authority 5.56 -
3. Declaration of exports 5.56 -
1) No Form EDF declaration is value of Gift is upto Rs 5L (Only normal declaration
req)
4. Exemptions 5.57 - 2) Page 1 of ICAI Amendment Sheet
5. Indication of importer-exporter code number 5.58 -
CA Prerit Jain
6. Authority to whom declaration is to be furnished and the manner of dealing
5.59 -
with the declaration
7. Evidence in support of declaration 5.59 -
8. Manner of payment of export value of goods 5.60 -
5.60 -
9. Period within which export value of goods/software/ services to be realised
Ordinary Case -Normally Realise and Repatriate within 9m from the Date of Export
Realise and Repatriate and Paid to AD within 15 m from the Date of Shipment
Ordinary Case -Goods to Warehouse O/S india
Exporter is SEZ/STP/EHTP Realise and Repatriate within 9m from the Date of Export
**Note - In case of "Softex" => Date of Export = Date of Invoice
-
10. Submission of export documents 5.61 Within 21 days from Date of Export (Goods) or Date of certification of SOFTEX
11. Transfer of documents 5.61 -
12. Payment for the Export 5.62 -
13. Certain Exports requiring prior approval 5.62 -
14. Delay in Receipt of Payment 5.62 -
15. Advance payment against exports 5.63 - Shipment in 1 Year from receipt of advance payment + ROI should not exceed
LIBOR + 1%.
15. Issue of directions by Reserve Bank in certain cases 5.63 -
17. Project exports 5.64 -
9. REALISATION AND REPATRIATION OF FOREIGN EXCHANGE [SECTION 8] 5.64

Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015
1. Duty of persons to realise foreign exchange due 5.65 -
2. Manner of Repatriation 5.65 -
3. Period for surrender of realised foreign exchange 5.65 - Person Not being an Individual R. - Forex @ Remuneration for Services - 7 days
from Reciept and in all other cases- 90 days from receipt.
A) Unused Portion - Within 60 days from Date of Its Acquisition
- B) Unspent - 90 days (Currency Notes/Coins) or 180 days(Traveller Cheques) from
4. Period for surrender in certain cases 5.66 Date of return
5. Period for surrender of received/ realised/ unspent/ unused foreign exchange
-
by Resident individuals 5.66 180 days from Date of Recipt or Realization
5. Exemption (Nothing in these regulations shall apply to foreign exchange in the
-
form of currency of Nepal or Bhutan.) 5.66
-
* Exemption from realisation and repatriation in certain cases [Section 9] 5.66
Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015
Limits for possession and retention of foreign currency or foreign coins 5.67 -
Retention by a person resident in India 5.67 - Not Exceeding $ 2000
Possession of foreign exchange by a person resident In India but not
-
permanently resident therein 5.68
10. AUTHORISED PERSON [SECTION 10]

Authorised Person (Off Shore Banking Unit) 5.68 [Section 10]
Reserve Bank’s powers to issue directions to authorised person 5.69 [Section 11]
Power of Reserve Bank to inspect authorised person 5.70 [Section 12]
11. CONTRAVENTIONS AND PENALTIES IN BRIEF
Contravention by AR of any Direction by RBI or Failure to File Return as directed by
RBI
Section 11 penalties 5.70-5.71 - Upto 10000 Rs + 2000 per day if continued
Contravention @ any provision,rule,notification,order,direction issued
Quantifiable - 3 times of sum + 5000 per day if continued after first day
Not Quantifiable - Upto 2Lakhs + 5000 per day if continued after first day
Section 13 penalties Compoundable @ 5.74 Page
Acquisition of F.Exchange,Security,Imm. Propertyo/s India exceeding 37(A)
Upto 3 times the sum involved + Confiscation of Value Involved + Imprisonment
upto 5 years if amount exceeds a prescribed limit
Section 13(1A) and 13(1C) penalties Compoundable @ 5.74 Page
Failure to Pay Penalty as above and
Demand >1 Cr - Civil Imprisonment upto 3 years
Section 14 penalties Other Case - Upto 6 months
Penalties by AA 5.71 [Section 13]
Enforcement of the orders of Adjudicating Authority 5.72 [Section 14]
Power to recover arrears of penalty 5.73 [Section 14A]
12. COMPOUNDING OF OFFENCES
Compounding Authority,Compounding of offences 5.74 [Section 15]
13. ADJUDICATION AND APPEAL
ADJUDICATION AND APPEAL (Section 14 ,15,16,17,19,19(5),35) -
Appointment of Adjudicating Authority 5.75 [Section 16]
Appeal to Special Director (Appeals) 5.75 [Section 17] 45 days + Extension allowed - from order by AA
Appellate Tribunal 5.75 [Section 18]
Appeal to Appellate Tribunal 5.76 [Section 19] 45 days + Extension allowed - from order by AA + Special Director
Civil court not to have jurisdiction 5.76 [Section 34] 60 days + Extension allowed - from order by AT
Appeal to High Court 5.76 [Section 35]
14. DIRECTORATE OF ENFORCEMENT
Directorate of Enforcement 5.76 [Section 36]
Power of search and seizure 5.77 [Section 37]
Special provisions relating to assets held outside India in contravention of section
4 5.77 [Section 37A]
Empowering other officers 5.78 [Section 38]
15. MISCELLANEOUS
Presentation as to documents in certain cases 5.78 [Section 39]
Suspension of operation of this Act 5.79 [Section 40]
Power of Central Government to give directions 5.79 [Section 41]
Contravention by companies 5.79 [Section 42]
Death or insolvency in certain cases 5.80 [Section 43]
Bar Legal proceedings 5.80 [Section 44]
Powers of Reserve Bank not to apply to International Financial Services Centre 5.80 [Section 44A] CA Prerit Jain
MASTER INDEX
Prohibition of Benami Property Transactions Act,1988
1.INTRODUCTION
(Meaning of Benami) 6.2 -
The Benami Transactions (Prohibition) Act, 1988 6.2 -
The Benami Transactions (Prohibition) Amendment Act, 2016 Must Remember!! - CG has notified certain IT authorities to act as Intiating
6.2 - Officer, Approving Authority & Administrator.
Structure of the Act 6.3 -
Extent of the Act 6.3 - Whole of India
2. PRELIMINARY [Section 2] Definitions
Adjudicating Authority 6.3 [Section 2(1)] Appointed u/s 7 of this Act
Administrator 6.4 [Section 2(2)] Income Tax Officer as per Section 2(25) of Income Tax Act, 1961
Note :- Power to appoint ITO is conferred with CG, but CG may authorise
CBDT(Board), PDG/DG/PCC/PC/PD/D/PC/C to appoint ITO below the rank of
Assisstant or Deputy Commissioner as per Income Tax Act, 1961
Appellate Tribunal 6.4 [Section 2(3)] Appointed u/s 30 of this Act
Approving Authority 6.4 [Section 2(4)] Additional or Joint Commissioner as per Income Tax Act, 1961
Attachment 6.4 [Section 2(5)]
Authority 6.4 [Section 2(6)] Section 18(1) - Page No. 6.21
Banking Company 6.4 [Section 2(7)]
Benami Property 6.5 [Section 2(8)] CIT vs. Daulat Ram Rawatmull - Onus (something that is one's duty or
responsibility) of proving what was apparent is not real is on the party who
claims it to be so.
Q The provisions of this Act needn't necessarily be applicable to only persons,
who try to hide their properties but may also be sometimes apply to Genuine
properties acquired out of disclosed funds. (Case Study Digest 33- Q6 / 39 -
Benami Transaction 6.5-6.7 [Section 2(9)] Q1)
**Few Examples on Benami Transactions 6.7 [Section 2(9)] --> Focus on Source of Payment
--> A flat purchased in name of minor but denies the ownership of the same is a
Benami Transaction since the same has been bought without his knowledge
**Judicial Pronouncements on tests for determination of a Benami 6.8-6.9 [Section 2(9)] --> Case Laws for Burden to Proof lies on the party who asserts that it is such a
Transaction transaction
--> The true character of the Transaction is determined by "Intention" of the
Parties (Various case laws, circumstances, whether colourable or not?, fiduciary
capacity and Intention can not be easily identified?.
Benamidar 6.10
Bench 6.10 [Section 2(11)]
Beneficial Owner 6.11 [Section 2(12)]
Board 6.11 [Section 2(13)] CBDT
Director 6.11 [Section 2(14)] As per Companies Act
Executor 6.11 [Section 2(15)]
Value of Unquoted Equity Shares - "Higher of"- COA/FMV@DCF Technique/(A+B-
Fair Market Value (Rule 3 of PBPT Rules, 2016) 6.11-6.13 [Section 2(16)] L)*(PV/PE)"
Firm 6.14 [Section 2(17)]
High Court 6.14 [Section 2(18)]
Assisstant or Deputy Commissioner as per Income Tax Act, 1961

Initiating Officer 6.14 [Section 2(19)] Powers under this ACT - Impound + Investigation + Provisional Attachment
Member 6.14 [Section 2(20)] Member of Adjudicating Authority or AT
Notification 6.14 [Section 2(21)]
Partner 6.14 [Section 2(22)]
Partnership 6.15 [Section 2(23)]
Person 6.15 [Section 2(24)]
Prescribed 6.15 [Section 2(25)]
Property 6.15 [Section 2(26)]
Public Financial Institution 6.15 [Section 2(27)]
Special Court 6.16 [Section 2(28)]
Transfer 6.16 [Section 2(29)]
Trustee 6.16 [Section 2(30)]
Words and expressions used herein and not defined in this Act but
[Section 2(31)]
defined in the Indian 6.16
3. PROHIBITION OF BENAMI TRANSACTIONS
[No prosecution without the previous sanction of Competent Authority
Prohibition of benami transactions 6.16 [Section 3] (CIT/PCIT/DIT/PDIT) as per Section 55]
Penalty before 1-11-2016 6.16 Jail upto 3 years/Fine/Both
Penalty after 1-11-2016 6.16 Jail between 1 year - 7 years & Fine upto 25% value of FMV
Prohibition of the right to recover property held benami 6.17 [Section 4]
Property held Benami liable to confiscation 6.17 [Section 5]
Prohibition on retransfer of property by benamidar 6.17 [Section 6]
CA Prerit Jain
4. AUTHORITIES
Adjudicating Authority 6.18 [Section 7] Appointed by CG @ New Delhi
Composition of Authority 6.18 [Section 8] Chairperson + Atleast 2 Members
Qualifications for appointment of Chairperson and Members 6.18 [Section 9]
Constitution of Benches of the Adjudicating Authority 6.19 [Section 10] Ordinarily sits in New delhi
Power of the Adjudicating Authority to regulate its own procedure 6.19 [Section 11] Chairperson may transfer a person from one bench to another
Term of Office of Chairperson and Members of Adjudicating Authority 6.20 [Section 12] A term of Maximum 5 years + Until age of 62 years +No Reappointment
Terms and conditions of services of Chairperson and Members of
Adjudicating 6.20 [Section 13] Any vacancy shall be filled up in 3 mnths of Vacancy
Removal of Chairperson and Members of Adjudicating Authority 6.20 [Section 14]
Member to act as Chairperson in certain circumstances 6.21 [Section 15]
Vacancies, etc., not to invalidate proceedings of Adjudicating Authority 6.21 [Section 16]
Officers and employees of Adjudicating Authority 6.21 [Section 17]
Authority - Initiation Officer(IO) + Approving Authority (APA) + Administrator
Authorities and jurisdiction 6.21 [Section 18] (Admin) + Adjudicating Authority (AA)
Powers of authorities 6.22 [Section 19]
Certain officers to assist in inquiry, etc 6.23 [Section 20]
Power to call for information 6.23 [Section 21] Power to IO+APA+AA to call for information
**Rule 4 of PBPT Rules, 2016 Manner prescribed for submission of info by Every officer u/s 21
Power to impound documents 6.24 [Section 22] -->Impound + Retention by authority for 'not exceeding 3 months' from date of
order of attachment.
--> May be extended by authority with recording reasons in writing
--> In case Impounding or Retention done by IO, he shall obtain approval of AA in
15 days of Initial Imponding + Separate approval, if extending.
--> In no case the retention should be more than 30 days from the date of
conclusion of all the proceedings under this Act.
Power of authority to conduct inquiry, etc. 6.24 [Section 23] IO after prior approval of AA + Powers @ Inquiry and Investigation
5. ATTACHMENT, ADJUDICATION AND CONFISCATION

Notice and attachment of property involved in benami transaction 6.25-6.26 [Section 24] Step 1 : IO @ Reason to Believe of Benami Transaction, sent a show cause notice
to Benamidar and Beneficial Owner (BO - If known) as to why such property
should not be treated as Benami Property?
Step 2 : IO thinks that Property may be alienated, then he may with the prior
approval of AA attach the property for period not exceeding 90 days from the
last day of month in which SCN was issued.
Step 3 : Where AO passes an order of attachment provisionally, it shall refer the
case to AA within 15 days.
**Stay Order by Court period shall be excluded
6.25 Manner to attach the property as per Second Schedule of Income Tax Act, 1961
**Rule 5 of PBPT Rules, 2016
Manner of service of notice 6.26 [Section 25]
Adjudication of benami property 6.27
(1) Parties to be issued notice 6.27 BO+Benamidar+Interested Party, including BC+Person claiming such property
(2) Time period for issue of Notice 6.27 Within 30 days from date on which reference has been received
** Property held jointly May send to all and even if sent to only one it is not Invalid
[Section 26]
**Time limit of Order partly or wholly attachment Within '1 Year' from the last day of month in which reference was issued.
**Stay Order by Court period shall be excluded
(3) Further action by Adjudicating Authority after issue of notice 6.27
(4) Authorised Representative 6.28
Confiscation and vesting of benami property 6.29 [Section 27] AA after OOBH can confiscate the property.
--> Manner of Confiscation
--> AA shall send a copy to Authorised Officer (Income Tax Officer authorised
**Rule 6 of PBPT Rules, 2016 6.29 by AA)
Management of properties confiscated 6.30 [Section 28]
**Rule 7 of PBPT Rules, 2016 6.31 Administrator to properly identify such property
**Rule 8 of PBPT Rules, 2016 6.31 Manner of Management of such property
**Rule 9 of PBPT Rules, 2016 6.31 Order to dispose of by CG
Possession of the property 6.31 [Section 29] Notice of 7 days to surrender such property + If not then take police help
6. APPELLATE TRIBUNAL
Establishment of Appellate Tribunal 6.32 [Section 30] @ New Delhi
Composition, etc., of Appellate Tribunal 6.32 [Section 31] Chairperson + 2 Members (One Judicial +One Administrator)
Qualifications for appointment of Chairperson and Members of Appellate 6.33 [Section 32]
Tribunal
Terms and conditions of services of Chairperson and Members of 6.34 [Section 33]
Appellate Tribunal
Term of office of Chairperson and Members 6.34 [Section 34] Maximum 5 years term + Maximum 65 years age + No Reappointment
Removal of Chairperson and Member from office in certain 6.34 [Section 35] Chairperson +Judicial Member = CG + Chief Justice of HC + OOBH
circumstances Administrative Member =CG + OOBH
Vacancies, etc., not to invalidate proceedings of Appellate Tribunal 6.35 [Section 36]
Resignation and removal 6.35 [Section 37] WIE - Expiry of 3m Notice Receipt / Successor Appointed / Expiry of Term
Member to act as Chairperson in certain circumstances 6.36 [Section 38] Senior-Most Member
Staff of Appellate Tribunal 6.36 [Section 39]
Procedure and powers of Appellate Tribunal 6.36 [Section 40]
Distribution of business amongst Benches of Appellate Tribunal 6.37 [Section 41]
Power of Chairperson of Appellate Tribunal to transfer cases 6.37 [Section 42]
Decision to be by majority 6.37 [Section 43]
Members, etc., to be public servants 6.37 [Section 44]
Bar of jurisdiction of civil courts 6.37 [Section 45]
Appeals to Appellate Tribunal 6.38 [Section 46] Section 26 - 45 days + Form 3 + Rs 10000
Section 54A - 45 days + Form 3 + Rs 2000
Appellate Tribunal may hear and finally decide appeal within one year from the
date of the month in which the appeal in filed.
Rectification of mistakes 6.39 [Section 47] Apparent on the record or amend any order within 1 year from end of the month
in which such order was passed + OOBH to Parties if it affects prejudicially any
person
Right to representation 6.39 [Section 48]
Appeal to High Court 6.40-6.41 [Section 49] In case of question of law, within 60 days (unless extended by High Court).
CA Prerit Jain
7. SPECIAL COURTS
Special Courts 6.41 [Section 50] Expeditiously as possible in 6m from date of filling of Application
Application of Code of Criminal Procedure, 1973 to proceedings before PP- Advocate for not less than 5 years
Special Court 6.42 [Section 51] SPP -Advocate for not less than 7 years
Appeal and revision 6.42 [Section 52] High Court
8. OFFENCES AND PROSECUTION
Penalty for benami transaction (To defeat law, To avoid payment to 6.42 [Section 53] Jail between 1 year - 7 years & Fine upto 25% value of FMV [No prosecution
creditors, To avoid payment of Stat dues) without the previous sanction of Competent Authority (CIT/PCIT/DIT/PDIT) as
per Section 55]
Penalty for false information or Statement Jail between 6 months - 5 years & Fine upto 10% value of FMV [No prosecution
without the previous sanction of Competent Authority (CIT/PCIT/DIT/PDIT) as
6.43 [Section 54] per Section 55]
Rs 25000/Failure + OOBH + No penalty if sufficient reasons [No prosecution
Penalty for non-compliance of summons issued under section 19(1) or
6.43 [Section 54A] without the previous sanction of Competent Authority (CIT/PCIT/DIT/PDIT) as
failure to furnish information as required under section 21
per Section 55]
Proving the entries in the records or other documents to be admitted as
6.44 [Section 54B] True Copy
evidence.
No prosecution without the previous sanction of Competent Authority
Previous sanction 6.44 [Section 55] (CIT/PCIT/DIT/PDIT) u/s 3/53/54
9. MISCELLANEOUS
Repeal of provisions of certain Acts 6.44 [Section 56]
Certain transfers to be null and void 6.45 [Section 57]
Exemption 6.45 [Section 58]
Power of Central Government to issue directions, etc. 6.45 [Section 59]
Offences by companies 6.45 [Section 60]
Offences to be non-cognizable 6.45 [Section 61]
Offences by companies 6.46 [Section 62] Every person who was incharge shall be liable unless proved without knowledge.
-Company means BC and includes Firm + AoP/BoI.
-Director in relation to Firm = Partner, AoP/BoI = Controlling member
Notice, etc., not to be invalid on certain grounds 6.46 [Section 63]

Transfer of pending cases 6.47 [Section 65]
Allowed from the stage it stood on the date of death of deceased + He can
Proceedings, etc., against legal representative 6.47 [Section 66] appeal also @ AT
Act to have overriding effect 6.47 [Section 67] It overrides anything inconsistent in any other law
Laying of rules and notifications before Parliament 6.48 [Section 69] Laid before each house of Parliament while it is in session for thirty days
Transitional provision 6.49 [Section 71]
Repeal and saving 6.49 [Section 72]
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CA FINAL (NEW SYLLABUS)

Elective Paper 6D: Economic Laws

Exceptions to an anti-competitive agreement 1.22

Restrictions On Chairperson or Judicial Member or Technical or

Orders Passed By Appellate Tribunal To Be Executable As A Decree 2.65 [Section 57]

Filing of application before NCLT 3.22 -

Suspension of CIRP Process Page 21 of ICAI Amendment Sheet

Appointment of IRP 3.30

Approval of committee of creditors for certain actions 3.44 [Section 28]

Determination of contravention of the provisions of the resolution plan

Adjudicating Authority to appoint insolvency professional as the liquidator

Order of Adjudicating authority in respect of extortionate transactions 3.68 [Section 51]

Registered with IBBI - IBBI acknowledges in 7 days application received

Registered with IBBI - IBBI acknowledges in 7 days application received

Records 4.6 [Section 2(1)(w)]

4.ATTACHMENT, ADJUDICATION AND CONFISCATION

PARAGRAPH 8 OFFENCES UNDER THE PREVENTION OF CORRUPTION ACT, 1988 4.51 -

PARAGRAPH 22 OFFENCES UNDER THE INFORMATION TECHNOLOGY ACT, 2000 4.54 -

PARAGRAPH 25 OFFENCES UNDER THE ENVIRONMENT PROTECTION ACT, 1986 4.55 -

2. PREAMBLE,EXTENT,APPLICATION AND COMMENCEMENT OF FEMA,1999

(C) Commencement 5.3 - wef 1-6-2000

4.RESIDENTIAL STATUS UNDER FEMA, 1999

5. REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

EXTERNAL COMMERCIAL BORROWINGS

Change of currency of borrowing 5.43 -

Issuance of Guarantee, etc. by Indian banks and Financial Institutions 5.43 -

6.Powers delegated to AD Category I banks to deal with ECB cases 5.45 -

Overseas Direct Investments by Resident Individuals 5.51 -

8. EXPORT OF GOODS AND SERVICES [SECTION 7]

9. REALISATION AND REPATRIATION OF FOREIGN EXCHANGE [SECTION 8] 5.64

10. AUTHORISED PERSON [SECTION 10]

Assisstant or Deputy Commissioner as per Income Tax Act, 1961

5. ATTACHMENT, ADJUDICATION AND CONFISCATION

Notice, etc., not to be invalid on certain grounds 6.46 [Section 63]

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