KYC non-compliance: banks to impose phased partial freezing after notice periods, allow credits but block debits.
Banks must enforce compulsory Know Your Customer compliance using a phased mechanism: after an initial notice and reminder, impose partial freezing that allows credits but disallows debits, permit account revival on submission of KYC, and if non-compliance continues render accounts inoperative by disallowing all credits and debits and retain the option to close such accounts.

Search and seizure monitoring ordered, with referral to a money laundering probe and continued supervisory oversight.
The SIT directed the CBDT Chairperson to personally monitor search and seizure operations and subsequent proceedings in the tax investigation of a former official, with the DG conducting searches to convey information to the Enforcement Directorate for a coordinated money laundering inquiry; the SIT will continue to supervise further investigative steps.

Companies (Amendment) Bill, 2014 removes minimum capital, makes common seal optional, tightens deposit penalties, and revises fraud reporting.
The Companies (Amendment) Bill, 2014 amends the Companies Act, 2013 by removing minimum paid-up capital requirements, making the common seal optional with alternative authorisation for documents, creating a new penal section for contraventions relating to deposits, restricting public inspection of Board resolutions, requiring write-off of past losses/depreciation before declaring dividends, clarifying IEPF transfer rules, enabling tiered fraud reporting by auditors, empowering Audit Committees to give omnibus related-party approvals, relaxing shareholder approval for certain related-party transactions, and confining bail restrictions and Special Court jurisdiction to more serious offences.