Bar Council of India Removes 107 Fake Advocates from Delhi Roll to Uphold Legal Integrity

Image
Bar Council of India Removes 107 Fake Advocates from  Delhi Roll to Uphold Legal Integrity The Bar Council of India (BCI) has taken decisive action in a sweeping initiative aimed at maintaining the integrity of the legal profession by removing 107 fake advocates  from the Roll of Advocates in Delhi  between 2019 and October 2024. This step comes as part of the BCI's rigorous verification process to ensure that only qualified, genuinely practising advocates remain in the profession, ultimately upholding public trust in the legal system. Strengthened Verification Framework Under Rule 32 This effort falls under Rule 32 of the Bar Council of India Certificate and Place of Practice (Verification) Rules, 2015 . The BCI  amended Rule 32 on June 23, 2023 , which empowered the BCI to verify, identify, and systematically remove unqualified and fake advocates from the Roll. The rule amendment has made the process of weeding out non-compliant individuals significantly more efficient. Accordi
Post a Comment

NBFC Sector Seeks Funds and Reforms Ahead of Union Budget 2024

NBFC Sector Seeks Funds and Reforms Ahead of 

Union Budget 2024



As the Union Budget for 2024 approaches, the Non-Banking Financial Company (NBFC) sector is calling for enhanced financial inclusion and digitalization efforts to sustain its growth. The sector, represented by the Finance Industry Development Council (FIDC), is advocating for the establishment of a special refinancing body, akin to the National Housing Bank (NHB) for housing finance companies.


Importance of NBFCs in the Economy


NBFCs play a crucial role in the Indian economy by providing financial services to underserved segments that traditional banks may not fully reach. They offer a range of financial products, including loans, asset financing, and wealth management services. This sector is vital for promoting financial inclusion, supporting consumer demand, and improving trade balances.


Current State of NBFCs


Despite facing stringent regulatory actions from the Reserve Bank of India (RBI) this year, the NBFC sector remains well-capitalized. The RBI's 29th Financial Stability Report (FSR) noted that as of March 2024, NBFCs had a Capital to Risk (Weighted) Assets Ratio (CRAR) of 26.6%, a Gross Non-Performing Assets (GNPA) ratio of 4.0%, and a Return on Assets (RoA) of 3.3%.


Industry Leaders' Expectations


Rakesh Kaul, CEO of Clix Capital, emphasizes the need for policy reforms and digitalization to enhance credit access and reduce turnaround times. He believes the Union Budget should focus on these aspects to drive sector growth.


Jitendra Tanwar, Managing Director & CEO of Namdev Finvest Pvt Ltd, echoes this sentiment, calling for measures that promote global integration and sustainable growth.


Krishan Gopal, CFO of Aye Finance, expects the budget to support NBFCs transforming micro-enterprise lending by providing customized credit lines and classifying them as Priority Sector Lenders.


Mathew Muthoottu, MD of Muthoottu Mini Financiers Ltd, highlights the resilience of NBFCs despite strong competition from banks. He calls for policies that promote responsible credit utilization and enhance financial literacy.


Neha Juneja, Co-founder and CEO of IndiaP2P, hopes the budget will spur consumption through tax relief and initiatives that promote the growth of NBFCs serving priority sector clients.


Pavitra Walvekar, CEO of Kudos Finance, based in Pune, advocates for additional funds to improve liquidity and regulatory reforms to streamline operations and enhance transparency. These steps are crucial for bolstering credit availability, particularly for underserved segments like MSMEs, and promoting long-term financial stability.


Conclusion


The NBFC sector is poised to play a pivotal role in the upcoming Union Budget 2024. By addressing the sector's calls for enhanced financial inclusion, digitalization, and regulatory reforms, the government can ensure sustainable growth and financial stability. The resilience and adaptability of NBFCs make them integral to India's economic landscape, and their needs and expectations will be crucial considerations for the Union Budget.

Location: Pune, Maharashtra, India

Comments

Post a Comment

Popular posts from this blog

Evolution of Constitution under Article 14 to 18

Image
 Evolution of Constitution under Article 14 to 18 INTRODUCTION The idea of equality referenced under Article 14 to Article 18 upgrades a more extensive idea and a more extensive part of the examination as the subject of equity itself shapes a vital and powerful idea in itself. The idea of fairness overwhelms the exceptionally two significant ideas of equivalent security of law and equity under the steady gaze of the law. Likewise, the idea of uniformity wins in a wide range of establishments and accommodates equivalent freedoms for people with the abrogation of unapproachable and nullification of titles. The idea is a more extensive methodology as it is significant for society to look to each individual with a similar methodology regardless of his sexual orientation, rank, and religion. The law is visually impaired and is equivalent for each individual as it says that balance wins for each individual and each individual has the option to be secured by the law. Evolution  The fundamenta
Read more

Legal Proceedings Initiated Against Former Jharkhand CM Hemant Soren

Image
Legal Proceedings Initiated Against Former Jharkhand CM Hemant Soren Cognizance Taken by PMLA Court A Special Prevention of Money Laundering Act (PMLA) court in Ranchi has taken cognizance of a prosecution complaint filed by the Directorate of Enforcement (ED) against Hemant Soren, the former Chief Minister of Jharkhand and leader of the Jharkhand Mukti Morcha (JMM). The complaint, comprising 5,500 pages, pertains to a money laundering case related to a land 'scam'. The central probe agency has also attached 8.5 acres of land in connection with the case. Detention and Extended Custody Hemant Soren, who was arrested on January 31, is currently detained at the Birsa Munda Central Jail in Hotwar, Ranchi. His judicial custody was extended till April 4 by the PMLA court on March 21. Additionally, on February 29, the Jharkhand High Court dismissed a petition filed by Soren seeking permission to attend the budget session of the state assembly. Allegations by the Enforcement Directorat
Read more

Equality Before Law

Image
                            Equality Before Law                                                   Introduction The rule of law was firstly introduced by A.V. Dicey in  his book "The Constitution Of England" in which there is rule which only prevails is law in which all are equal. In simple word if any wrong is being done which is not justifiable  by law committed by anyone that may be president, prime minister, or any individual are punishable because there is supremacy of law. Supremacy of law means the government which is power or the people who elected the government all will be treated equally before law.  Article 14 The Indian Constitution 1949, Article 14 guarantees "Equality before law The State shall not deny to any person equality before the law or the equal protection of the laws within the territory of India Prohibition of discrimination on grounds of religion, race, caste, sex or place of birth." In article 14 there two  approaches which include negative
Read more