Corporate Updates 24 March 2014


The Reserve Bank on January 30, 2014 has issued Framework for Revitalising Distressed Assets in the Economy which would be fully effective from April 1, 2014, has outlined a corrective action plan that will incentivize early identification of problem account, timely restructuring of accounts which are considered to be viable, and taking prompt steps by lenders for recovery or sale of unviable accounts. In the background of the above, to the extent it is now made applicable to NBFCs also and separate guidelines are issued to NBFCs for dealing with the NPA’s.


In order to achieve the Budgetary Targets set in the Finance Act, CBDT through its Office Memorandum has directed all its officers across the country to show commitment towards work for remaining days of the Financial Year. Accordingly all Assessing Officers / Addl. CIT / CIT / CCIT involved in assessment work and collection of taxes have instructed that they shall not leave Headquarter upto 31.03.2014 and all Income Tax Offices will be kept open on 29th, 30th and 31st March, 2014.

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