RBI/2021-22/42 DOR.RUR.REC.No.17/19.51.007/2021-22 May 24, 2021 All State and Central Cooperative Banks Dear Sir/ Madam, Amalgamation of District Central Co-operative Banks (DCCBs) with the State Co-operative Bank (StCB) - Guidelines The Banking Regulation (Amendment) Act, 2020 (39 of 2020) has been notified for the State Co-operative Banks (StCBs) and District Central Co-operative Banks (DCCBs) with effect from, April 1, 2021 vide Notification dated December 23, 2020 issued by G...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1157

RBI/2021-22/41 CO.DPSS.POLC.No.S-106/02-14-003/2021-2022 May 21, 2021 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks, including Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payments Banks / Small Finance Banks / Local Area Banks / Non-Bank PPI Issuers / Authorised Payment System Operators / Participants Madam / Dear Sir, Relaxation in time...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1142

Keeping in view the spread of COVID-19 in India, an appeal dated 30.03.2020 was made to MDs/CEOs of top 1000 companies in terms of market capitalization, to contribute generously to “Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund” (PM CARES Fund). In the appeal, it was mentioned that such contribution may, inter-alia, include the unspent CSR amount, if any, and an amount over and above the minimum prescribed CSR amount for FY 2019-20, which can later ...

Continue Reading...

Category : Corporate Laws | Comments : 0 | Hits : 1244

Extension of time limits of certain compliances to provide relief to taxpayers in view of server pandemic....

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1481

The Income Tax Department is going to launch its new E-filing portalwww.incometax.gov.inon June 7th, 2021. In preparation for this launch and for migration activities, the existing portal of the Department atwww.incometaxindiaefiling.gov.inwould not be available for a brief period of 6 days from1stJune to 6thJune 2021....

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1137

RBI/2021-22/39 IDMD.CDD.No.45187/14.04.050/2021-22 May 14, 2021 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd. (SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme (SGB) 2021-22- Series I/II/III/IV/V/VI Government of India has vide itsNotification No F.No4.(4)-B (W&M)/2021 dated May 12, 2021has announc...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1383

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 32/2021- Income Tax Dated: 15th April, 2021 G.S.R. 274(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) ofExplanation 1to the clause (23FE) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. Short title ...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 2169

RBI/2021-22/21 DOR.CRE.REC.06/04.02.001/2021-22 April 12, 2021 All Scheduled Commercial Banks (excluding RRBs) Small Finance Banks, Primary (Urban) Cooperative Banks and EXIM Bank Dear Sir / Madam, Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit-Extension Please refer to the instructions issued videDBR.Dir.BC.No.69/04.02.001/2019-20 dated May 13, 2020. 2. In this connection, Government of India has approved the extension of Interest Equalization Sch...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 2161

RBI/2021-22/20 DoR.LIC.REC.5/16.13.218/2021-22 April 8, 2021 Chief Executive Officers of Payments Banks Dear Sir/Madam, Enhancement of limit of maximum balance per customer at end of the day from ₹1 lakh to ₹2 lakh – Payments Banks (PBs) Please refer to paragraph 3 ofStatement on Developmental and Regulatory Policies dated April 7, 2021on the above subject. 2. In terms of paragraph 4(i) of the ‘Guidelines for Licensing of Payments Banks’ (Licensing Guidel...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 2167

RBI/2021-22/18 DGBA.GBD.No.S26/42.01.029/2021-22 April 07, 2021 All Agency Banks Madam/Dear Sir, Reporting and Accounting of Central Government transactions of March 2021 – Change of date of closure Please referCircular DGBA.GBD.No.S-140/42.01.029/2020-21 dated March 18, 2021where in the date of closure for reporting residual transactions of March 2021 was fixed as April 10, 2021. 2. On account of holidays on April 10 and 11, 2021 (second Saturday and Sunday respectively...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 2128

RBI/2021-22/17 DOR.STR.REC.4/21.04.048/2021-22 April 7, 2021 All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks All All-India Financial Institutions All Non-Banking Financial Companies (including Housing Finance Companies) Madam / Dear Sir, Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 2345

RBI/2021-22/16 A.P. (DIR Series) Circular No. 01 April 07, 2021 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy – Relaxation in the period of parking of unutilised ECB proceeds in term deposits Please refer to paragraph 12 of theGovernor’s Statement on Developmental and Regulatory Policies dated April 07, 2021. In this connection, attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragra...

Continue Reading...

Category : FEMA | Comments : 0 | Hits : 2227

RBI/2021-22/15 FIDD.CO.Plan.BC.No.8/04.09.01/2021-22 April 7, 2021 The Chairman/ Managing Director Chief Executive Officer All Scheduled Commercial Banks (Excluding Regional Rural Banks, Small Finance Banks, Urban Co-operative Banks and Local Area Banks) Dear Sir/Madam Priority Sector Lending (PSL) - Lending by banks to NBFCs for On-Lending Please refer to our Circular No.RBI/2019-20/179 FIDD.CO.Plan.BC.No.19/04.09.01/2019-20 dated March 23, 2020advising, inter alia, that the ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1994

RBI/2021-22/14 FIDD.CO.Plan.BC.No.7/04.09.01/2021-22 April 7, 2021 The Chairman / Managing Director/ Chief Executive Officer [All Commercial Banks including Regional Rural Banks, Small Finance Banks, Local Area Banks and Primary (Urban) Co-operative Banks other than Salary Earners’ Banks] Dear Sir/Madam Priority Sector Lending (PSL) – Increase in limits for bank lending against Negotiable Warehouse Receipts (NWRs) / electronic Negotiable Warehouse Receipts (eNWRs) ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1394

RBI/2021-22/13 DoR.AUT.REC.2/23.67.001/2021-22 April 5, 2021 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam Gold Monetization Scheme (GMS), 2015 In exercise of the powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949, the RBI makes the following amendments in the Reserve Bank of India (Gold Monetization Scheme, 2015)Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 dated October 22, 2015,with immedi...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1290

RBI/2021-22/12 FIDD.GSSD.CO.BC.No.03/09.16.03/2021-22 April 05, 2021 The Chairman & Managing Director/CEO All Scheduled Commercial Banks & Small Finance Banks Madam/Dear Sir, Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM) Please refer to the Master Circular on DAY-NULMFIDD.GSSD.CO.BC.No.01/09.16.03/2019-20 dated July 01, 2019containing the instructions / guidelines / directives issued to banks. 2. TheMaster Circularhas been suitably ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1203

RBI/2021-22/11 FIDD.CO.GSSD.BC.No.05/09.09.001/2021-22 April 05, 2021 The Chairman & Managing Director CEO All Scheduled Commercial Banks & Small Finance Banks Dear Sir/Madam, Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs) Please refer to theMaster Circular FIDD.CO.GSSD.BC.No.03/09.09.001/2019-20 dated July 01, 2019consolidating guidelines / Instructions / directions issued to banks with regard to providing credit facilities...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1153

S.O. 1439(E). —In exercise of the powers conferred by sub-section (6C) of section 250 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby amends the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 3297 (E) dated the 25th September, 2020, namely:...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1048

S.O. 1438(E).—In exercise of the powers conferred by sub-section (6B) of section 250 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the Faceless Appeal Scheme, 2020, namely: —...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1081

S.O. 1437(E).—In exercise of powers conferred under sub-section (2) of section 143 of Income-tax Act, 1961 (43 of 1961) (the Act) read with Rule 12E of the Income-tax Rules, 1962, the Central Board of Direct Taxes hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headquarters at Delhi, to act as the ‘Prescribed Income-tax Authority’ for the purpose of sub-section (2) of section 143 of the Act, in respect of ret...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1096

S.O. 1436(E).—In exercise of the powers conferred by sub-sections (1), (2) and (5) of section 120 and section 133C of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), read with rule 12D of the Income-tax Rules, 1962, the Central Board of Direct Taxes hereby-...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1033

S.O. 1435(E).—In exercise of the powers conferred by sub-sections (1), (2) and (5) of section 120 of the Income-tax Act, 1961 (43 of 1961)(hereinafter referred to as the said Act), the Central Board of Direct Taxes hereby directs that the Income-tax Authorities of Regional Faceless Assessment Centres (hereinafter referred to as the ReFACs) specified in Column (2) of the Schedule below, having their headquarters at the places mentioned in column (3) of the said Schedule, shall exercise the ...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1025

S.O. 1434(E).—In exercise of the powers conferred by sub-sections (1), (2) and (5) of section 120 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), the Central Board of Direct Taxes hereby directs that the Income-tax Authorities of the National Faceless Assessment Centre (hereinafter referred to as the NaFAC) specified in Column (2) of the Schedule below, having its headquarters at the place mentioned in Column (3) of the said Schedule, shall exercise the ...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1004

G.S.R. 242(E).-In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Incometax Rules, 1962, namely:-...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1050

S.O. 1432(E).—In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (38 of 2020) (hereinafter referred to as the said Act), and in partial modification of the notification of the Government of India in the Ministry of Finance, (Department of Revenue) No.93/2020 dated the 31st December, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide numb...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1022

RBI/2021-22/04 FIDD.CO.LBS.BC.No.02/02.01.001/2021-22 April 01, 2021 The Chairmen/ Managing Directors/ Chief Executive Officers SLBC/ UTLBC Convenor Banks / Lead Banks Madam/ Dear Sir, MASTER CIRCULAR – Lead Bank Scheme The Reserve Bank of India has issued a number of guidelines/instructions on Lead Bank Scheme from time to time. ThisMaster Circularconsolidates the relevant guidelines/ instructions issued by Reserve Bank of India on Lead Bank Scheme up to March 31, 2021 as...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1036

RBI/2021-22/09 FIDD.CO.FID.BC.No.06/12.01.033/2021-22 April 01, 2021 The Chairman/ Managing Director/ Chief Executive Officer All Scheduled Commercial Banks Madam/ Dear Sir Master Circular on SHG-Bank Linkage Programme The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on SHG-Bank Linkage Programme. In order to enable banks to have instructions at one place, the Master Circular incorporating the existing guidelines/ instruction...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1051

RBI/2021-22/05 FIDD.GSSD.CO.BC.No.04/09.01.01/2021-22 April 01, 2021 The Chairman/ Managing Director & CEO Public Sector Banks, Private Sector Banks (including Small Finance Banks). Madam/Dear Sir Master Circular – Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) Please refer to theMaster Circular FIDD.GSSD.CO.BC.No.06/09.01.01/2020-21 dated September 18, 2020on Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM). Th...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1000

RBI/2021-22/78 FMRD.DIRD.01/14.01.001/2021-22 April 01, 2021 To, All Eligible Market Participants Madam/Sir, Master Direction - Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 Please refer to Paragraph 6 of theStatement on Developmental and Regulatory Policies, Reserve Bank of India, issued as part of thesecond Bi-monthly Monetary Policy Statement for 2019-20 dated June 06, 2019regarding Comprehensive Review of Money Market Directions. 2. The dr...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1000

RBI/2021-22/10 DOR.AML.BC.No.1/14.01.001/2021-22 April 1, 2021 The Chairpersons/ CEOs of all the banks Madam/Sir, Amendment to Master Direction (MD) on KYC – KYC norms for Self Help Groups (SHGs) Please refer to Section 43 of theMaster Direction on KYC dated February 25, 2016as amended from time to time, wherein simplified norms for Self Help Groups (SHGs) have been stipulated. 2. In this regard, on a review, it has been decided to amend clause (c) of Section 43 to read ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 981