Stamp Duty on Antecedent Documents Chargeable or Not? – Is Judgment of Bombay High Court a stare-decisis ?
Recently in the matter of Lajwanti vs Shyam R. Godhwani And Vinay Jindal, a flat was auctioned through Court Receiver and Mr.Jindal was successful auction purchaser. In this certain issues came up for consideration for Hon’ble Court on subject of Stamp Duty on antecedent titles of the document. This Judgment hit headlines of all the national news papers that past unstamped documents. Whether this contention or news-line is true or false. Let us see the Judgment and analyze with existing provisions of law viz. The Maharashtra Stamp Act,1958. Following issue was framed: contention by the government authorities/stamp authorities that antecedent title documents were insufficiently stamped Facts: There were three antecedent documents of 31st August,1979, 27th June,1980 and 12th March,1994 relating to auctioned flat were insufficiently stamped or at least one of it were insufficiently stamped. Notice was issued to Sub Registrar who did not remain present. In between Jindal’s document was registered on 30th November,2018. Contention of Society: “Tahnee Heights CHSL is one of four structures on a very large piece of land on the western side of Nepean Sea Road. The entire land vested or vests even now in one of the old Petit Family Trusts. The four societies, Silver Arch, Urvashi, Rambha and Tahnee Heights do not appear to have been sub-divided, but that is not the question since it seems to be common ground that there is no conveyance of ownership from this Petit Family Trust to the Federation or partnership of these four societies that has been formed. Ms Mistry for the Tahnee Heights CHSL says that the society now anticipates, as it has long done, that when that conveyance is executed there will be a significant stamp duty liability. This will of course have to be shared by the four societies pro rata, but each society will necessarily have to recover the stamp duty liability that falls to its share from its own members. It is for this reason that Tahnee Heights seems to have insisted on a provision being made either in the form of a deposit or some order of the Court in the present matter for this anticipated liability. The figure proposed by the society is based on an opinion rendered by a consultant that it engaged for this purpose.” On this Bombay High Court observed, “Prima facie, I am unable to see how stamp can be levied on an underlying transaction or even how a flat transfer can be said to be an ‘underlying transaction’. Stamp is always attracted by an instrument and not by transaction that underlies it. Therefore if there is conveyance between the Petit Family Trust and the federation or partnership of societies or the individual societies it is that document that will attract stamp and not any other document to which it may refer or which may be attached, annexed or appended to it.” Matter thereafter was adjourned. On next date court recorded that , As regards the question of stamp duty on antecedent documents there is no clear or well considered response from that office.” Court finally observed that, “I think not; and the authority should […]
Read moreWHEN A SELLER CAN FORFEIT EARNEST MONEY?
Let us first see the provisions of Contract Act,1872 CHAPTER VI OF THE CONSEQUENCES OF BREACH OF CONTRACT Compensation for loss or damage caused by breach of contract.—When a contract has been broken, the party who suffers by such breach is entitled to receive, from the party who has broken the contract, compensation for any loss or damage caused to him thereby, which naturally arose in the usual course of things from such breach, or which the parties knew, when they made the contract, to be likely to result from the breach of it.Such compensation is not to be given for any remote and indirect loss or damage sustained by reason of the breach. Compensation for failure to discharge obligation resembling those created by contract.—When an obligation resembling those created by contract has been incurred and has not been discharged, any person injured by the failure to discharge it is entitled to receive the same compensation from the party in default, as if such person had contracted to discharge it and had broken his contract. Explanation.—In estimating the loss or damage arising from a breach of contract, the means which existed of remedying the inconvenience caused by the non-performance of the contract must be taken into account. Compensation for breach of contract where penalty stipulated for.—[When a contract has been broken, if a sum is named in the contract as the amount to be paid in case of such breach, or if the contract contains any other stipulation by way of penalty, the party complaining of the breach is entitled, whether or not actual damage or loss is proved to have been caused thereby, to receive from the party who has broken the contract reasonable compensation not exceeding the amount so named or, as the case may be, the penalty stipulated for. Explanation.—A stipulation for increased interest from the date of default may be a stipulation by way of penalty.] Exception.—When any person enters into any bail-bond, recognizance or other instrument of the same nature, or, under the provisions of any law, or under the orders of the [Central Government] or of any [State Government], gives any bond for the performance of any public duty or act in which the public are interested, he shall be liable, upon breach of the condition of any such instrument, to pay the whole sum mentioned therein. Explanation.—A person who enters into a contract with Government does not necessarily thereby undertake any public duty, or promise to do an act in which the public are interested. Party rightfully rescinding contract, entitled to compensation.—A person who rightfully rescinds a contract is entitled to compensation for any damage which he has sustained through the non-fulfilment of the contract Judgments and Interpretation and instances before the Court. In Satish Batra vs Sudhir Rawal Supreme Court dealt with this question. “Whether the seller is entitled to forfeit the earnest money deposit where the sale of an immovable property falls through by reason of the fault or failure of the purchaser.?” An Agreement for Sale of property for a total consideration of Rs. 70,00,000/- to be paid on or […]
Read moreCustom and Usage is source of Hindu Law, whether Overrides Written Law? Shabrimala Judgment hits &misses
Recently Apex Court in case of Shabrimala in a PIL filed by an Association opened entry doors for females for Darshan. A review is filed and there is lot of opposition within the section of Society who follow the Religion or Deity. It a very good Judgment by majority of Judges, have analyzed Fundamental Rights in details. As society moves forward there has to be advancement in approach and this approach is well accepted by Hindu Religion so far, whether it is Sati Pratha, adoption by Widow, right of inheritance so on. But there is a dissenting Judgment on Justice Indu Malhotra which raises potential legal questions and therefore its necessary to analyze and discuss. Senior Counsel Mr.Parasaran submitted “ It was further submitted that the status of this temple as a religious denomination, was settled by the judgment of the Division Bench of the Kerala High Court in S. Mahendran v. The Secretary, Travancore Devaswom Board & Ors. AIR 1993 Ker 42 The High Court decided the case after recording both documentary and oral evidence. The then Thanthri – Sri Neelakandaru, who had installed the deity was examined by the High Court as C.W.6, who stated that women during the age group of 10 to 50 years were prohibited from entering the temple much before the 1950s.” This judgment being a declaration of the status of this temple as a religious denomination, is a judgment in rem. The said judgment has not been challenged by any party. Hence, it would be binding on all parties, including the Petitioners herein. The following observation from the judgment of this Court in Dr.Subramanian Swamy v. State of Tamil Nadu & Ors. (supra) was relied upon: “The declaration that Dikshitars are religious denomination or section thereof is in fact a declaration of their status and making such declaration is in fact a judgment in rem.” (Internal quotations omitted) The fundamental analysis is : The right to move the Supreme Court under Article 32 for violation of Fundamental Rights, must be based on a pleading that the Petitioners’ personal rights to worship in this Temple have been violated. The Petitioners do not claim to be devotees of the Sabarimala Temple where Lord Ayyappa is believed to have manifested himself as a ‘Naishtik Brahmachari’. To determine the validity of long-standing religious customs and usages of a sect, at the instance of an association/Intervenors who are “involved in social developmental activities especially activities related to upliftment of women and helping them become aware of their rights”, would require this Court to decide religious questions at the behest of persons who do not subscribe to this faith. The absence of this bare minimum requirement must not be viewed as a mere technicality, but an essential requirement to maintain a challenge for impugning practices of any religious sect, or denomination. Permitting PILs in religious matters would open the floodgates to interlopers to question religious beliefs and practices, even if the petitioner is not a believer of a particular religion, or a worshipper of a particular shrine. The perils are even graver for religious minorities if such petitions are […]
Read moreWhether , in relation to matters encompassed by RERA ,2016 the Jurisdiction of Civil Court is Bar or Ousted?
To understand this first let us see the concerned Section of RERA. 79. BAR OF JURISDICTION No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Authority or the adjudicating officer or the Appellate Tribunal is empowered by or under this Act. to determine and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act. Are there any other such statutes which oust Jurisdiction of Civil Court? Answer is Yes. Section 9 of Code of Civil Procedure,1908 says that Courts to try all civil suits unless barred. The Courts shall (subject to the provisions herein contained) have jurisdiction to try all suits of a civil nature excepting suits of which their cognizance is either expressly or impliedly barred. [Explanation I].- A suit in which the right to property or to an office is contested is a suit of a civil nature, notwithstanding that such right may depend entirely on the decision of questions as to religious rites or ceremonies. [Explanation ll].- For the purposes of this section, it is immaterial whether or not any fees are attached to the office referred to in Explanation I or whether or not such office is attached to a particular place.]. Similar provision is there in MAHDA, 1976 Act SECTION 71: BAR OF JURISDICTION OF CIVIL COURT No civil court shall have jurisdiction to entertain any suit or proceeding in respect of the eviction of any person from any Authority premises under the Chapter, or the recovery of the arrears of rent, compensation, amount or damages for use and occupation of such premises, or in respect of any order made or to be made or any action taken or to be taken by the Competent Authority or the appellate officer in the exercise of any power conferred by or under this Chapter, or to grant any injunction in respect of such order or action. Similarly Maharashtra Slum Areas (Improvement, Clearance And Redevelopment) Act, 1971 creates a bar of jurisdiction. Bar of Jurisdiction Save as otherwise expressly provided in this Act, no civil court shall have jurisdiction is respect of any matter which the Administrator, Competent Authority or Tribunal is empowered by or under this Act, to determine; and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act. This issue was dealt with by Supreme Court in Dulabhai vs State 1969 AIR (SC)78 The result of this inquiry into the diverse views expressed in this court may be stated as follows : (1) Where the statute gives a finality to the orders of the special tribunals the Civil courts jurisdiction must be held to be excluded if there is adequate remedy to do what the Civil courts would normally do in a suit. Such provision, however, does not exclude those cases where the provisions of the particular Act have not been […]
Read moreMEDIATION , WRITTEN STATEMENT And LIMITATION ACT
The Commercial Courts, Commercial Division And Commercial Appellate Division of High Courts Act , 2015 No. 4 Of 2016 and Ordinance of 2018 dated 3 of 2018 dated 3rd May,2018 The above Act was amended by an Ordinance No.3 of 2018, by which a provision is inserted in Code of Civil Procedure ,1908. In the First Schedule to the Code,–– (A) in the Order V, in Rule 1, in sub-rule (1), for the second proviso, the following proviso shall be substituted, namely:–– “Provided further that where the defendant fails to file the written statement within the said period of thirty days, he shall be allowed to file the written statement on such other day, as may be specified by the Court, for reasons to be recorded in writing and on payment of such costs as the Court deems fit, but which shall not be later than one hundred twenty days from the date of service of summons and on expiry of one hundred twenty days from the date of service of summons, the defendant shall forfeit the right to file the written statement and the Court shall not allow the written statement to be taken on record.”; (B) in Order VI,–– (i) after Rule 3, the following Rule shall be inserted, namely:–– “3A. Forms of pleading in Commercial Courts––In a commercial dispute, where forms of pleadings have been prescribed under the High Court Rules or Practice Directions made for the purposes of such commercial disputes, pleadings shall be in such forms.”; (ii) after Rule 15, the following Rule shall be inserted, namely:–– ‘‘15A. Verification of pleadings in a commercial dispute.— (1) Notwithstanding anything contained in Rule 15, every pleading in a commercial dispute shall be verified by an affidavit in the manner and form prescribed in the Appendix to this Schedule. (2) An affidavit under sub-rule (1) above shall be signed by the party or by one of the parties to the proceedings, or by any other person on behalf of such party or parties who is proved to the satisfaction of the Court to be acquainted with the facts of the case and who is duly authorised by such party or parties. (3) Where a pleading is amended, the amendments must be verified in the form and manner referred to in sub-rule (1) unless the Court orders otherwise. (4) Where a pleading is not verified in the manner provided under sub-rule (1), the party shall not be permitted to rely on such pleading as evidence or any of the matters set out therein. (5) The Court may strike out a pleading which is not verified by a Statement of Truth, namely, the affidavit set out in the Appendix to this Schedule.”; (C) in Order VII, after Rule 2, the following Rule shall be inserted, namely:— “2A. Where interest is sought in the suit,— (1) Where the plaintiff seeks interest, the plaint shall contain a statement to that effect along with the details set out under subrules (2) and (3). (2) Where the plaintiff seeks interest, the plaint shall state whether the plaintiff is seeking interest in relation to […]
Read moreTHE SCHEDULED CASTES AND THE SCHEDULED TRIBES (PREVENTION OF ATROCITIES) ACT, 1989 An Analysis Amendment Act 2018
Recently we saw lot of opposition against amendment carried out over turning Supreme Court Judgment diluting SC-St Atrocity Act. In the matter of Dr.Subhash Kashinath Mahajan vs State of Maharashtra http://( https://indiankanoon.org/doc/108728085/ ) There was a challenge and during course of argument following transpired: The question which has arisen in the course of consideration of this matter is whether any unilateral allegation of mala fide can be ground to prosecute officers who dealt with the matter in official capacity and if such allegation is falsely made what is protection available against such abuse. Needless to say that if the allegation is to be acted upon, the proceedings can result in arrest or prosecution of the person and have serious consequences on his right to liberty even on a false complaint which may not be intended by law meant for protection of a bona fide victim. There is no absolute bar against grant of anticipatory bail in cases under the Atrocities Act if no prima facie case is made out or where on judicial scrutiny the complaint is found to be prima facie mala fide. We approve the view taken and approach of the Gujarat High Court in Pankaj D Suthar (supra) and Dr. N.T. Desai (supra) and clarify the judgments of this Court in Balothia (supra) and Manju Devi (supra); Iii) In view of acknowledged abuse of law of arrest in cases under the Atrocities Act, arrest of a public servant can only be after approval of the appointing authority and of a non-public servant after approval by the S.S.P. which may be granted in appropriate cases if considered necessary for reasons recorded. Such reasons must be scrutinized by the Magistrate for permitting further detention. v) Any violation of direction (iii) and (iv) will be actionable by way of disciplinary action as well as contempt. The above directions are prospective Facts of said case: Dr. Satish Bhise and Dr. Kishor Burade, who were his seniors but non-scheduled caste, made adverse entry in his Annual Confidential Report to the effect that store-keeper who was scheduled caste integrity and character was not good. The said employee lodged FIR with Karad Police Station against the said two officers under the Atrocities Act on 4th January, 2006 on that Ground. To avoid false implication of an innocent, a preliminary enquiry may be conducted by the DSP concerned to find out whether the allegations make out a case under the Atrocities Act and that the allegations are not frivolous or motivated. Now Let us study relevant provisions of said Act: Definitions.—(1) In this Act, unless the context otherwise requires,— (bc) economic boycott means– (i) a refusal to deal with, work for hire or do business with other person; or (ii) to deny opportunities including access to services or contractual opportunities for rendering service for consideration; or (iii) to refuse to do anything on the terms on which things would be commonly done in the ordinary course of business; or (iv) to abstain from the professional or business relations that one would maintain with other person; (eb) social boycott means a refusal to permit a person […]
Read moreArbitration Act Amendment Bill,2018
Indian Parliament has recently passed Bill No.100 of 2018 for carrying out amendment in The Arbitration and Conciliation Act,1996. Basically the intention of the Government is to make India an international Arbitration hub. But it should also take care at National level. It seems that ad-hoc Arbitration will be matter of past. Though Section 11(1) and (2) are part of the Act. If the Arbitration Agreement doesn’t contain name of the Arbitrator and name couldn’t be agreed upon by the parties the Section 11 Application for appointment of Tribunal shall be made through institutional Arbitration Body. The Bill says “(3A) The Supreme Court and the High Court shall have the power to designate arbitral institutions from time to time, which have been graded by the Council under section 43F, for the purposes of this Act: Provided that in respect of those High Court jurisdictions, where no graded arbitral institutions are available, then, the Chief Justice of the concerned High Court may maintain the panel of arbitrators, for discharging the functions and duties of arbitral institution and any reference to the arbitrator shall be deemed to be an arbitral institution for the purposes of this section and the arbitrator appointed by a party shall be entitled to such fee as prescribed under the Fourth Schedule: Provided further that the Chief Justice of the concerned High Court may, from time to time review the panel of arbitrators.”. So in a state where there is no Institution of Arbitrator available, Chief Justice shall maintain list of Arbitrators. If party is unable to agree on names on filing Section 11 Petition for appointment of an Arbitrator than designated court shall, “”the appointment shall be made, on an application of the party, by the arbitral institution designated by the Supreme Court, in case of international commercial arbitration, or by the High Court, in case of arbitrations other than international commercial arbitration, as the case may be”; It means the designated court shall refer the matter to an Arbitration Institution, who will appoint their own Arbitrators. However the Amendment Bill is silent on maintaining panel of Arbitrators by Institution. But a Chapter is inserted ‘PART IA ARBITRATION COUNCIL OF INDIA 43A. In this Part, unless the context otherwise requires,— (a) “Chairperson” means the Chairperson of the Arbitration Council of India appointed under clause (a) of sub-section (1) of section 43C; (b) “Council” means the Arbitration Council of India established under section 43B; (c) “Member” means a Member of the Council and includes the Chairperson. 43B. (1) The Central Government shall, by notification in the Official Gazette, establish, for the purposes of this Act, a Council to be known as the Arbitration Council of India to perform the duties and discharge the functions under this Act. (2) The Council shall be a body corporate by the name aforesaid, having perpetual succession and a common seal, with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to enter into contract, and shall, by the said name, sue or be sued. (3) The head office of the Council […]
Read moreInstitutional Arbitration and Mediation in India- Failure in making Law and its implementation An Analysis
By Shruti Desai Arbitration and Mediation are para-legal alternative to resolve dispute. Though purpose of Arbitration was to provide speedy and less expensive legal platform it failed due to equal amount of time consumed and heavy cost. The Arbitrations were governed by Arbitration Act,1940 ( “Said 1940 Act”) Thereafter in the year 1996 (“the said 1996 Act”) the said 1940 was repealed and the new Act came into effect from 16th August,1996 . The object and reasons says its and Act to consolidate and amend the law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards as also to define the law relating to conciliation and for matters connected therewith or incidental thereto. In the year 2015 again the said 1996 Act was amended. The Bill No 252 of 2015 in its objects and reasons say : ( Extract Only) “2. The Act was enacted to provide for speedy disposal of cases relating to arbitration with least court intervention. With the passage of time, some difficulties in the applicability of the Act have been noticed. Interpretation of the provisions of the Act by courts in some cases have resulted in delay of disposal of arbitration proceedings and increase in interference of courts in arbitration matters, which tend to defeat the object of the Act. With a view to overcome the difficulties, the matter was referred to the Law Commission of India, which examined the issue in detail and submitted its 176th Report. On the basis of the said report, the Arbitration and Conciliation (Amendment) Bill, 2003 was introduced in the Rajya Sabha on 22nd December, 2003. The said Bill was referred to the Department-related Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice for examination and Report. The said Committee, submitted its Report to the Parliament on 4th August, 2005, wherein the Committee recommended that since many provisions of the said Bill were contentious, the Bill may be withdrawn and a fresh legislation may be brought after considering its recommendations. Accordingly, the said Bill was withdrawn from the Rajya Sabha. 3. On a reference made again in pursuance of the above, the Law Commission examined and submitted its 246th Report on “Amendments to the Arbitration and Conciliation Act, 1996” in August, 2014 and recommended various amendments in the Act. The proposed amendments to the Act would facilitate and encourage Alternative Dispute Mechanism, especially arbitration, for settlement of disputes in a more user-friendly, cost effective and expeditious disposal of cases since India is committed to improve its legal framework to obviate in disposal of cases. 4. As India has been ranked at 178 out of 189 nations in the world in contract enforcement, it is high time that urgent steps are taken to facilitate quick enforcement of contracts, easy recovery of monetary claims and award of just compensation for damages suffered and reduce the pendency of cases in courts and hasten the process of dispute resolution through arbitration, so as to encourage investment and economic activity. 5. As Parliament was not in session and immediate steps were required to be taken to make necessary amendments to […]
Read moreNegotiable Instrument Amendment Bill, 2017
Government has sanctioned the above Bill and may come up in present on-going monsoon session for consideration. Highlights of Bill Section 143 A is inserted after section 143, the following section shall be inserted, namely:— ‘‘143A (1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973, the Court trying an offence under section 138 may order the drawer of the cheque to pay interim compensation to the complainant— (a) in a summary trial or a summons case, where he pleads not guilty to the accusation made in the complaint; and (b) in any other case, upon framing of charge. (2) The interim compensation under sub-section (1) shall not exceed twenty per cent of the amount of the cheque. (3) The interim compensation shall be paid within sixty days from the date of the order under sub-section (1), or within such further period not exceeding thirty days as may be directed by the Court on sufficient cause being shown by the drawer of the cheque. (4) If the drawer of the cheque is acquitted, the Court shall direct the complainant to repay to the drawer the amount of interim compensation, with interest at the bank rate as published by the Reserve Bank of India, prevalent at the beginning of the relevant financial year, within sixty days from the date of the order, or within such further period not exceeding thirty days as may be directed by the Court on sufficient cause being shown by the complainant. (5) The interim compensation payable under this section may be recovered as if it were a fine under section 421 of the Code of Criminal Procedure, 1973. (6) The amount of fine imposed under section 138 or the amount of compensation awarded under section 357 of the Code of Criminal Procedure, 1973, shall be reduced by the amount paid or recovered as interim compensation under this section.’’. In the principal Act, after section 147, the following section shall be inserted,namely:— ‘‘148. (1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973, in an appeal by the drawer against conviction under section 138, the Appellate Court may order the appellant to deposit such sum which shall be a minimum of twenty per cent. of the fine or compensation awarded by the trial Court: Provided that the amount payable under this sub-section shall be in addition to any interim compensation paid by the appellant under section 143A. (2) The amount referred to in sub-section (1) shall be deposited within sixty days from the date of the order, or within such further period not exceeding thirty days as may be directed by the Court on sufficient cause being shown by the appellant. (3) The Appellate Court may direct the release of the amount deposited by the appellant to the complainant at any time during the pendency of the appeal: Provided that if the appellant is acquitted, the Court shall direct the complainant to repay to the appellant the amount so released, with interest at the bank rate as published by the Reserve Bank of India, prevalent at the beginning of the relevant financial year, within sixty […]
Read moreALL ABOUT INDIA’s NPA,OIL DEFICIT INHERITED BY PRESENT GOVERNMENT THE DATA SUMMARY
We hear from President of opposition party about Note Ban,GST,NPA, Nirav Modi etc in public rallys. I decided to gather information under one roof. After reading it I realized why it was compulsion for present NDA government to go for NoteBan? Why it faced sever cash crunch? December,2014 As per data available on RBI website following was the economic situation as on December,2014. It means when Dr.Manmohan Singh left as Prime Minister this was economic scenario. At end-December 2014, India’s total external debt stock was US$ 461.9 billion, recording an increase of US$ 15.5 billion (3.5 per cent) over the level at end-March 2014 (Table 1). Long-term external debt increased by 6.1 per cent to US$ 376.4 billion. As a proportion of total debt, long-term debt was 81.5 per cent. Short-term debt on the other hand recorded a decline of 6.7 per cent during the period and stood at US$ 85.6 billion at end December 2014. Short-term debt constituted 18.5 per cent of the total external debt at end-December 2014. Annex I and II present the quarter-wise Dis-aggregated data on value of external debt outstanding in terms of the Indian rupee and the US dollar, respectively. External Debt by Original Maturity Long-term debt at US$ 376.4 billion accounted for 81.5 per cent of the total external debt at end-December 2014. Long-term debt recorded an increase of 6.1 per cent at end-December 2014 over the period at end-March 2014 due to rise in commercial borrowings and NRI deposits. Commercial borrowings and NRI deposits taken together accounted for 60.8 per cent of total external debt (long-term and short-term) at end-December 2014 as against 56.8 per cent at end-March 2014. Other components of long-term external debt, however witnessed decline at end-December 2014 over end-March 2014 level. Short-term debt at end-December 2014 witnessed decline over end-March 2014 level due to debt component of FII flows and trade related credit. Short-term debt declined by 6.7 per cent to US$ 85.6 billion at end-December 2014 over the end-March 2014 level. The share of short-term in total external debt was 18.5 per cent at the end of December 2014, vis-a-vis 20.5 per cent at end-March 2014. It means UPA government reduced short term loan but As on 2016 India’s World Bank Loan was $36,348,018/- Oil Pool Account – It is the account into which all revenues earned by the public sector oil companies are deposited and expenditures like subsidies are charged. As part of the dismantling of the APM, the oil pool account has been terminated in 2002. The Government issued bonds in 2002 aggregating Rs 9,000 crore to the state-owned oil companies to liquidate a substantial part of their dues in the oil pool account. Advances Total Gross Advances as on 2013 by Banks were Rs 5371151/- ( In Crores) out of which 183,854/-( In Crores) was NPA. During third phase of growth of UPA government of Dr.Manmohan Singh 2009 to 2012: During this period, growth in credit as well as NPAs slowed down in 2010. However, by end-March 2012, there was a sharp contrast in the movement of both, with credit growth witnessing a sharp […]
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