RBI/2021-22/08 DGBA.GBD.No.S-1/31.02.007/2021-22 April 1, 2021 All Agency Banks Dear Sir/Madam Master Circular - Disbursement of Government Pension by Agency Banks Please refer to ourMaster Circular RBI/2020-21/06 dated July 1, 2020on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till March 31, 2021 2. A copy of the revisedMaster Circularis enclosed for your in...

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RBI/2021-22/07 DGBA.GBD.No. S-2/31.12.010/2021-22 April 1, 2021 All Agency Banks Dear Sir / Madam Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission Please refer to ourMaster Circular RBI/2020-21/03; DGBA.GBD.No.2/31.12.010/2020-21 dated July 01, 2020on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till March 31, 2021....

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RBI/2021-22/06 FIDD.GSSD.BC.No.01/09.10.01/2021-22 April 01, 2021 The Chairman/ Managing Director/ Chief Executive Officer All Scheduled Commercial Banks including Small Finance Banks (Excluding RRBs and Foreign banks with less than 20 branches) Dear Sir / Madam, Master Circular - Credit Facilities to Minority Communities Please refer to ourMaster Circular FIDD.GSSD.BC.No.04/09.10.01/2019-20 dated July 01, 2019containing the instructions / guidelines / directives issued to bank...

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RBI/2021-22/77 Master Direction DCM (CC) No.G-4/03.35.01/2021-22 April 01, 2021 The Chairman/ Managing Director/Chief Executive Officer (All Banks having Currency Chests) Madam / Dear Sir Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances In terms of the Preamble, under Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act...

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RBI/2021-22/76 Master Direction DCM (CC) No.G-2/03.41.01/2021-22 April 01, 2021 The Chairman/Managing Director/Chief Executive Officer All Banks Madam / Dear Sir, Master Direction on “Currency Distribution & Exchange Scheme (CDES)” for bank branches including currency chests based on performance in rendering customer service to members of public In terms of the Preamble, under Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act, 1949, the Bank ...

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RBI/2021-22/03 DCM (CC) No.G-3/03.44.01/2021-22 April 01, 2021 The Chairman/Managing Director/Chief Executive Officer All Banks Master Circular – Scheme of Penalties for bank branches including Currency Chests based on performance in rendering customer service to the members of public Please refer to theCircular DCM (CC) No.G-1/03.44.01/2020-21 dated July 1, 2020on the scheme of penalties. 2. A revised and updated version on the subject isannexedfor information and necessa...

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RBI/2021-22/02 DCM (FNVD) G–1/16.01.05/2021-22 April 1, 2021 The Chairman/ Managing Director /Chief Executive Officer All Banks and Director of Treasuries of all States Dear Sir / Madam, Master Circular – Detection and Impounding of Counterfeit Notes Please refer to theMaster Circular DCM (FNVD) G-2/16.01.05/2020-21 dated July 1, 2020consolidating the instructions issued till July 1, 2020, relating to Detection and Impounding of Counterfeit Notes. TheMaster Circular...

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RBI/2021-22/01 DCM (NE) No.G-4/08.07.18/2021-22 April 01, 2021 The Chairman/ The Managing Director/ The Chief Executive Officer All Banks Madam / Dear Sir Master Circular – Facility for Exchange of Notes and Coins Please refer to theMaster Circular DCM (NE) No.G-3/08.07.18/2020-21 dated July 01, 2020containing instructions on the facility for exchange of notes and coins. A revised version ofMaster Circularon the subject is annexed for your information and necessary action...

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G.S.R….. (E).- In exercise of the powers conferred by sections 139, 143, 147 and 148 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Audit and Auditors) Rules, 2014, namely:— 1. (1) These rules may be called the Companies (Audit and Auditors) Second Amendment Rules, 2021. (2) They shall come into force with effect from the 1st day of April, 2021. ...

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G.S. R…..(E).— In exercise of the powers conferred by section 134 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014, namely:- (1) These rules may be called the Companies (Accounts) Second Amendment Rules, 2021. (2) They shall come into force with effect from the 1st day of April, 2021. 2. In the Companies (Accounts) Rules, 2014, in proviso to sub-rule (...

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RBI/2020-21/118 CO.DPSS.POLC.No.S34/02-14-003/2020-2021 March 31, 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 / Card Payment Networks / Non-bank Prepaid Payment ...

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RBI/2020-21/117 CO.DPSS.POLC.No.S33/02-14-008/2020-2021 March 31, 2021 All Payment System Providers and Payment System Participants Madam / Dear Sir, Guidelines on Regulation of Payment Aggregators and Payment Gateways We invite a reference to ourcircular DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020(as updated from time to time) and the clarification dated September 17, 2020 issued on the subject (Annex). Accordingly, neither the authorised Payment Aggregators (PAs) ...

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RBI/2020-21/116 A.P. (DIR Series) Circular No. 14 March 31, 2021 To, All Authorized Persons Madam / Sir Investment by Foreign Portfolio Investors (FPI): Investment limits Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 1 to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified videNotification No. FEMA.396/2019-RB dated October ...

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G.S.R. 223(E).—In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following amendments in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 89/2020 – Central Tax, dated the 29th November, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 745(E), d...

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RBI/2020-21/115 DOR.CAP.51/21.06.201/2020-21March 30, 2021 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir, Bilateral Netting of Qualified Financial Contracts- Amendments to Prudential Guidelines The Bilateral Netting of Qualified Financial Contracts Act, 2020 (hereafter referred to as “the Act”), has been notified by the Government of India vide Gazette Notification No. S.O. 3463(E) dated October 1, 2020. The Act provides a legal framework for ...

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Section 44AB of the Income-tax Act, 1961 (`the Act’) read with rule 60 of the Income-tax Rules, 1962 (`the Rules’) requires specified persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD. The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018. However, the reporting under clause 30C and clause 44 of the Tax Audit Report was kept in abeyance till 31st March, 2019 vide Circ...

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In exercise of powers conferred by Section 35A and Section 44A read with Section 56 of the Banking Regulation Act,1949, as amended vide Banking Regulation (Amendment) Act, 2020 (39 of 2020), the Reserve Bank of India being satisfied that it is necessary and expedient in public interest so to do, hereby issues the Directions hereinafter specified...

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RBI/2020-21/110 DOR.AML.REC.48/14.01.001/2020-21 March 23, 2021 The Chairpersons/ CEOs of all the Regulated Entities Dear Sir/Madam, Amendment to Master Direction (MD) on KYC – Procedure for Implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967 Please refer to Chapter IX (‘Requirements/obligations under International Agreements Communications from Inter...

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RBI/2020-21/109 DOR.No.CRE.BC.47/21.01.003/2020-21 March 23, 2021 All Scheduled Commercial Banks (Excluding Small Finance Banks, Payments Banks Local Area Banks and Regional Rural Banks) Dear Sir/Madam, Large Exposures Framework – Deferment of applicability of limits on non-centrally cleared derivatives exposures Please refer tocircular No.DOR.No.BP.BC.43/21.01.003/2019-20 dated March 23, 2020on Large Exposures Framework (LEF). 2. On a review it has been decided that n...

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RBI/2020-21/108 DGBA.GBD.No.S-140/42.01.029/2020-21 March 18, 2021 All Agency Banks Madam/Dear Sir, Reporting and Accounting of Central Government transactions of March 2021 Please refer toCircular DGBA.GBD.No.1744/42.01.029/2019-20 dated March 17, 2020advising the procedure to be followed for reporting and accounting of Central Government transactions (including CBDT, CBIC, Departmentalized Ministries and Non-Civil Ministries) at the Receiving/Nodal/Focal Point branches of your ...

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G.S.R. 194(E).—In exercise of the powers conferred by section 195 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:-...

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S.O. 1225(E).—In exercise of the powers conferred by sub-section (I) and sub-section (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, Ministry of Finance, Central Board of Direct Taxes, No.66/2014 dated 13th November, 2014 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide No. S.O. 2907(E), dated 13th November, 2014, nam...

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RBI/2020-21/107 DPSS.CO.RPPD.No.SUO 21102/04.07.005/2020-21 March 15, 2021 The Chairman and 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 / Local Area Banks / Payment Banks / Small Finance Banks / National Payments Corporation of India Madam / Dear Sir, Extension of Cheque Truncation System (CTS) across all bank branches in the c...

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RBI/2020-21/106 DoR.FIN.REC.46/20.16.056/2020-21 March 12, 2021 All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) excluding Payment Banks All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks All-India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) All Non-Banking Financial Companies (including Housing Finance Companies) All Credit Information Companies Madam / Sir, Data Forma...

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Various representations have been received seeking clarification on some of the issues relating to GST refunds. The issues have been examined and to ensure uniformity in the implementation of the provisions of law across the field formations, the Board, in exercise of its powers conferred by section 168 (1) of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”), hereby clarifies the issues detailed hereunder:...

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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 05/2021–Central Tax New Delhi, the 8th March, 2021 G.S.R. 160(E).—Inexercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department o...

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Section 6 ofthe Income-tax Act, 1961 (the Act) contains provisions relating to determination of residency of a person. The status of an individual, as to whether he is resident in India or a nonresident or not ordinarily resident, is dependent, inter-alia, on the period for which the person is in India during a previous year or years preceding the previous year....

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RBI/2020-21/105 A.P. (DIR Series) Circular No. 12 February 26, 2021 To All Authorised persons Madam / Sir, Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds - Relaxations Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified videNotification No. FEMA. 396/2019-RB dated October 17, 2019, as amended from time to time, and the relevant directions issued thereunder. A...

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RBI/2020-21/104 DOR.No.CRE.BC.45/21.01.003/2020-21 February 24, 2021 All Scheduled Commercial Banks (Excluding Small Finance Banks, Payments Banks Local Area Banks and Regional Rural Banks) Dear Sir/Madam, Large Exposures Framework – Exemptions Please refer tocircular No.DBR.No.BP.BC.43/21.01.003/2018-19 dated June 03, 2019on Large Exposures Framework (LEF) 2. Paragraph 3 of the Annex to the above circular specifies the exposures that are exempt from the LEF. On a revi...

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Notification No. 14/2020-Central Tax, dated 21st March 2020 had been issued which requires Dynamic QR Code on B2C invoice issued by taxpayers having aggregate turnover more than 500 crore rupees, w.e.f. 01.12.2020. Further, vide Notification No. 89/2020- Central Tax, dated 29th November 2020, penalty has been waived for non-compliance of the provisions of Notification No.14/2020 – Central Tax for the period from 01st December, 2020 to 31st March, 2021, subject to the condition that the sai...

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