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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Please refer to para II (7) of the Statement on Developmental and Regulatory Policies of the Bi-monthly Monetary Policy Statement for 2020-21 dated December 4, 2020 (extract given below). The Master Direction provides necessary guidelines for the regulated entities to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services...

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RBI/2020-21/99 A.P. (DIR Series) Circular No. 11 February 16, 2021 To All Category-I Authorised Dealer Banks Madam / Sir Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS) Please refer to theStatement on Development and Regulatory Policesannounced as part of theBi-monthly Monetary Policy Statement dated February 05, 2021on the above subject. 2. With a view to deepen the financial markets in International F...

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RBI/2020-21/98 A. P. (DIR Series) Circular No. 10 February 15, 2021 All Authorised Dealer Category-I Banks Madam/Sir, Margin for Derivative Contracts Attention of Authorised Dealer Category-I (AD Cat-I) banks is invited to the Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020 notified in the Gazette of India vide notification no. FEMA.399/RB-2020 dated October 23, 2020 (Annex I). Accordingly, directions are being issued to allow posting and collectio...

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RBI/2020-2021/97 DOR.CO.LIC.CC No.119/03.10.001/2020-21 February 12, 2021 To Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies) and Asset Reconstruction Companies Madam / Dear Sir, Investment in NBFCs from FATF non-compliant jurisdictions The Financial Action Task Force (FATF) periodically identifies jurisdictions with weak measures to combat money laundering and terrorist financing (AML/CFT) in its following publications: i) High-Risk Jurisdiction...

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RBI/2020-21/95 DOR.No.LRG.BC.40/21.04.098/2020-21 February 05, 2021 All Commercial Banks (excluding Regional Rural Banks, Local Area Banks and Payments Banks) Dear Sir/Madam, Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR) Please refer to ourcircular DBR.BP.BC.No.106/21.04.098/2017-18 dated May 17, 2018on Basel III Framework on Liquidity Standards - Net Stable Funding Ratio (NSFR)-Final Guidelines (‘NSFR Guidelines’) andcircular D...

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RBI/2020-21/94 DOR.No.MRG.BC.39/21.04.141/2020-21 February 5, 2021 All Commercial Banks Madam/ Sir, SLR holdings in HTM category Please refer to paragraph 4 ofStatement on Developmental and Regulatory Policies dated February 5, 2021and ourcircular DoR.No.BP.BC.22/21.04.141/2020-21 dated October 12, 2020on the above subject. 2. Banks are permitted to exceed the limit of 25 per cent of the total investments under Held to Maturity (HTM) category provided: the excess comp...

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RBI/2020-21/93 DOR.CAP.BC.No.34/21.06.201/2020-21 February 5, 2021 All Commercial Banks (Excluding Small Finance Banks, Payments Banks, RRBs and LABs) Dear Sir/Madam, Basel III Capital Regulations- Review of transitional arrangements Please refer tocircular DOR.BP.BC.No.15/21.06.201/2020-21 dated September 29, 2020on ‘Basel III Capital Regulations- Review of transitional arrangements’. 2. In view of the continuing stress on account of COVID-19 and in order to aid ...

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RBI/2020-21/92 DOR.No.Ret.BC.37/12.01.001/2020-21 February 05, 2021 All Scheduled Commercial Banks Dear Sir / Madam Credit to MSME Entrepreneurs In terms of paragraph 5 of theStatement on Developmental and Regulatory Policies of February 5, 2021, Scheduled Commercial Banks will be allowed to deduct the amount equivalent to credit disbursed to ‘New MSME borrowers’ from their Net Demand and Time Liabilities (NDTL) for calculation of the Cash Reserve Ratio (CRR). For the...

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RBI/2020-21/91 DOR.No.Ret.BC.36/12.01.001/2020-21 February 05, 2021 All Scheduled Banks Dear Sir / Madam Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) - Extension of Relaxation Please refer to ourcirculars DOR.No.Ret.BC.52/12.01.001/2019-20 dated March 27, 2020,DOR.RRB.No.28/31.01.001/2020-21 dated December 4, 2020andPress Release No.2020-2021/401 dated September 28, 2020on Marginal ...

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RBI/2020-21/90 DOR.No.Ret.BC.35/12.01.001/2020-21 February 5, 2021 All Banks Dear Sir / Madam Maintenance of Cash Reserve Ratio (CRR) Please refer to ourCircular DOR.No.Ret.BC.49/12.01.001/2019-20 dated March 27, 2020, on the captioned subject. The cash reserve ratio (CRR) of all banks was reduced by 100 basis points to 3.00 per cent of their Net Demand and Time liabilities (NDTL) effective from the reporting fortnight beginning March 28, 2020. The dispensation was available for ...

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RBI/2020-21/89 DOR.CRG.CRS.Cir.No.5/13.05.000/2020-21 February 5, 2021 The Managing Director / Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Loans and advances to directors, their relatives, and firms / concerns in which they are interested Please refer to ourcircular BPD.Cir.50/13.05.00/2002-03 dated April 29, 2003on the captioned subject and subsequent i...

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RBI/2020-21/88 Ref.No.DoS.CO.PPG./SEC.05/11.01.005/2020-21 February 03, 2021 The Chairman / Managing Director / Chief Executive Officer All deposit taking Non-Banking Finance Companies (NBFCs) All non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above All Primary (Urban) Co-operative Banks (UCBs) with asset size of ₹500 crore and above Madam / Dear Sir, Risk-Based Internal Audit (RBIA) An independent and effective internal ...

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General Circular No.04/2021 F.No. 01/34/2013 CL-V -Part-III Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-1 Dated: 28th January, 2021 To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject: Relaxation on levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL and AOC-4 Non-XBRL for the financial year ended on 31.03.2020 under the Companies Act,...

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RBI/2020-21/87 CEPD.CO.PRD.Cir.No.01/13.01.013/2020-21 January 27, 2021 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam/Dear Sir, Strengthening of Grievance Redress Mechanism in Banks Please refer to the ‘Statement on Developmental and Regulatory Policies’ issued as part of theMonetary Policy statement dated December 4, 2020, wherein it was stated that with a view to strengthen and improve the efficacy of the grievance redress mechanism of banks ...

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RBI/2020-21/86 DOR.No.CRE.BC.33/21.06.007/2020-21 January 27, 2021 All Scheduled Commercial Banks (Excluding Payment Banks, Local Area Banks and Regional Rural Banks) Dear Sir/Madam, Prudential Guidelines on Capital Adequacy and Market Discipline - New Capital Adequacy Framework (NCAF) - Eligible Credit Rating Agencies – CRISIL Ratings Limited Please refer to theMaster Circular DBR.No.BP.BC.4./21.06.001/2015-16 dated July 1, 2015on 'Prudential Guidelines on Capital Ade...

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RBI/2020-21/84 DGBA.GBD.No.SUO 546/45.01.001/2020-21 January 21, 2021 The Chairman / Chief Executive Officer All Agency Banks Dear Sir, Withdrawal of circulars - on Recovery of excess pension made to pensioners It has been brought to the notice of RBI that the recovery of excess /wrong pension payments from the pensioners are being made in a manner that is not in keeping with the extant gui...

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Government of India Ministry of Home Affairs Foreigners Division (FCRA) First Floor, Major Dhyan Chand National Stadium India Gate Circle, New Delhi-110001 Dated: 12th January, 2021 PUBLIC NOTICE Subject: Extension of the validity of the registration certificates issued under the Foreign Contribution (Regulation) Act, 2010 expiring during the period between 29th September, 2020 and 31st May, 2021 upto 31st May, 2021. The Ministry of Home Affairs is mandated to administer the Fore...

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Clarification on spending of CSR funds for Awareness and public outreach on COVID-19 Vaccination programme...

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G.S.R.(E). -In exercise of the powers conferred under section 3 read with section 5 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and section 3 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Government, hereby makes the following notification further to amend the notification of the Government of India, Ministry of Finance, Department of Revenue No. 2/2017-Central Tax, dated the 19 th June, 2017, published in the Gazette of India, Extraordinary, Part II, Sect...

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The Hon'ble Gujarat High Court vide judgement dated 8 th January, 2021 in the case of The All India Gujarat Federation of Tax Consultants Vs. Union of India, SCA 13653 of 2020, has directed the Ministry of Finance to look into the issue of extension of due dates for filing of Audit Report under section 44AB of the Income tax Act more particularly the representation dated 12.10.2020 and take an appropriate decision in accordance with law....

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RBI/2020-21/83 Ref.No.DoS.CO.PPG./SEC.04/11.01.005/2020-21 January 07, 2021 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) All Local Area Banks All Small Finance Banks and All Payments Banks Madam / Dear Sir, Risk Based Internal Audit (RBIA) Framework – Strengthening Governance arrangements In terms of the Guidance Note on Risk-Based Internal Audit issued by RBI videcircular DBS.CO.PP.BC.10/11.01.005/2002-03 da...

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RBI/2020-21/81 DPSS.CO.AD No.900/02.29.005/2020-21 January 05, 2021 The Chairman / Managing Director / Chief Executive Officer Card Issuing and Acquiring Banks and Non-banks / Authorised Card Networks Madam / Dear Sir, Operationalisation of Payments Infrastructure Development Fund (PIDF) Scheme Please refer to theStatement on Developmental and Regulatory Policies dated October 4, 2019and th...

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RBI/2020-21/82 DPSS.CO.OD No.901/06.24.001/2020-21 January 05, 2021 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS / NEFT Madam / Dear Sir, Introduction of Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial t...

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G.S.R……(E). - In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely: - 1. Short title and commencement. - (1) These rules may be called the Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020...

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G.S.R.....(E).— In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 148 of the said Act, the Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 73/2017– Central Tax, dated the 29th December, 2017, pu...

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