Delhi HC on Dishonour of Cheques for Sale Deeds
The Delhi High Court in its judgement in Bhawish Chand Sharma v. Bawa Singh, delivered on July 09, 2018 has held that under Section 138 of the Negotiable Instruments Act, 1881, the offence of dishonour of cheque is attracted even if the cheque was issued in respect of sale consideration which was not disclosed in the sale deed.
RBI Likely to Extend Deadline for Filing of Single Master Form (“SMF”)
The Reserve Bank of India (“RBI”) is likely to extend the deadline for filing SMF. The SMF is the new compliance required under Foreign Exchange Management Act, 1999. The SMF seeks to consolidate all compliance forms for foreign investment received by Indian entities. The RBI, via a June 07, 2018 circular had mandated all Indian entities to input their data on total foreign investment received by them in the format specified on the website designed for reporting the same. The deadline for inputting this data was specified as July 12, 2018. Due to technical snags on the website, the deadline is expected to be extended.