Author : Taxmann
Publisher : Taxmann Publications Private Limited
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4./5 ( download)
Book Synopsis Taxmann's Analysis | A Deeper Dive into RBI’s Proposed Norms for Dealing with Wilful Defaulters by : Taxmann
Download or read book Taxmann's Analysis | A Deeper Dive into RBI’s Proposed Norms for Dealing with Wilful Defaulters written by Taxmann and published by Taxmann Publications Private Limited. This book was released on 2023-09-23 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article discusses the applicability of RBI's draft master directions regarding the treatment of 'Wilful Defaulters.' It covers the mechanism for identifying and classifying wilful defaulters, the criteria for classifying non-whole-time directors as wilful defaulters, and the requirement for lenders to examine cases of 'wilful default' in all accounts with outstanding amounts of Rs 25 lakhs or more. It highlights the introduction of stringent norms against wilful defaulters and emphasizes the need for lenders to establish a transparent mechanism for identifying them. Additionally, it discusses the reporting and disclosure of information about large defaulters to Credit Information Companies (CICs). Additionally, the article explores the responsibilities of internal audit and audit committees in strengthening oversight and preventing wilful defaults.