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Money laundering is one of the recent white-collared and socio-economic offences that relates to laundering of money. Money laundering comprises of all those processes which encompasses disguising the proceeds raised out of crime and integrating them into the legitimate financial system. Recently, in India, there has been a noticeable increase in litigations related to money
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Extraordinary General Meeting (EGM) is an emergency meeting or any meeting of shareholders other than the annual general meeting. It is not pre-scheduled. Matters necessitating instant consideration by members, which cannot be delayed till next Annual General Meeting in that case the entities can make available for holding of emergency meetings of the members which
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In reference to the FEMA, persons resident in India are free to buy or sell foreign exchanges for any current account transactions except for those transactions for which foreign exchanges withdrawal has been prohibited by Central Government. As liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions
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With an aim to curb tax evasion and promotion of transparency, the Honorable Finance Minister of India, Nirmala Sitharaman, in budget 2020, proposed to introduce a new Annual Information Statement replacing the existing Form 26AS. CBDT has notified vide Notification No. 30/2020 dated 28.05.2020, that the age-old Form 26AS, notified under Rule 31AB, by inserting
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Charity denotes a selfless act. Charity means giving something to those in needs without expecting anything back in return. It is doing something good to others without any expectations in return. People form Non-Government Organizations (NGOs) for doing the charities and social welfare. NGO’s are formed with the aim to help the society in many
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Petty cash fund or simply petty cash may be defined as a small amount of money available for making payments related to small expenses without writing a check. It is also known as imprest cash sometimes. A separate general ledger account is generally prepared to record the petty expenses being incurred and report the available
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Authorized push payment fraud (or usually abbreviated as an APP Fraud) can be defined as a fraud in which victims are exploited in such a manner that they enter into making real-time payments to persons acting as shams. This kind of fraud is usually carried out in various ways which may include: social engineering attacks
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Fringe benefits may be defined as the additional benefits that are meant for supplementing the money wage or salary of an employee. There are certain fringe benefits that are offered to the entire workforce working in the company while there are specific fringe benefits that are only meant for offering to only those who are
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A collaboration agreement is an agreement between 2 or more parties looking to work together on a commercial project on a collaborative or cooperative basis. It involves participation by at least two parties who agree to share resources, such as finances, knowledge, and people. The essence of collaboration is for all parties to mutually benefit
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A related party is a party related to a body corporate /company in any other way other than by the companies own transactions. It means that a special relationship persists between the parties even before the transaction takes place. Section 2(76) of the Companies Act, 2013 (“the Act”), defines a related party with reference to
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