https://www.taxtmi.com/caselaws?id=219381 The RBI Master Circular on wilful defaulters is not confined to traditional loan or advance transactions; read with the banking and credit-information statutes, it extends to deliberate defaults on obligations arising from foreign exchange derivative transactions with a bank. The Court held that the circular's object is to prevent further bank finance to entities that consciously default on banking obligations, including non-funded facilities, and that RBI may collect and disseminate credit information about such defaults. Accordingly, dues under derivative transactions fall within the wilful default regime and a party may be treated as a wilful defaulter for deliberate non-payment. en-us Tue, 11 Dec 2012 00:00:00 +0530 Mon, 11 Dec 2017 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219381 The RBI Master Circular on wilful defaulters is not confined to traditional loan or advance transactions; read with the banking and credit-information statutes, it extends to deliberate defaults on obligations arising from foreign exchange derivative transactions with a bank. The Court held that the circular's object is to prevent further bank finance to entities that consciously default on banking obligations, including non-funded facilities, and that RBI may collect and disseminate credit information about such defaults. Accordingly, dues under derivative transactions fall within the wilful default regime and a party may be treated as a wilful defaulter for deliberate non-payment. Case-Laws FEMA Tue, 11 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219381