S.O. ...... (E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Finance Act, 2020 (12 of 2020) (hereinafter referred to as the said Act), the Central Government hereby appoints the 1st day of January, 2021, as the date on which the provisions of sections 119, 120, 121, 122, 123, 124, 126, 127 and 131 of the said Act shall come into force....

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Category : GST | Comments : 0 | Hits : 1332

MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 17th December, 2020 S.O. 4588(E).— In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following Order further to amend the Companies (Auditor’s Report) Order, 2020, namely:- 1. Short title, application and commencement. – (1) This Order may be called the Companies (Auditor’s Report) Second Amendment Order, 2020. ...

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Category : Corporate Laws | Comments : 0 | Hits : 1873

RBI/2020-21/80 DOR.AML.BC.No.31/14.01.001/2020-21 December 18, 2020 The Chairpersons/ CEOs of all the Regulated Entities Dear Sir/Madam, Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes Regulated Entities (REs) have been uploading the KYC data pertaining to all individual accounts opened on or after January 1, 2017 on to CKYCR in terms of the provisions of the Prevention of Money Laundering (M...

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Category : RBI | Comments : 0 | Hits : 1303

Vide Circular No.63/37/2018-GST dated 14th September, 2018 & corrigendum to the said circular dated 6th September 2019, waiver from recording of UIN on the invoices issued by retailers/other suppliers were given to UIN entities till March,2020. 2. It has been bought to the notice of the Board that the issue of non-recording of UINs has continued even after 31st March,2020. Therefore, it has been decided to give waiver from recording of UIN on the invoices issued by the retailers/suppliers...

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Category : GST | Comments : 0 | Hits : 1255

RBI/2020-21/79 DOR.No.BP.BC.30/21.04.048/2020-21 December 14, 2020 All Scheduled Commercial Banks All Payments Banks Madam / Dear Sir, Opening of Current Accounts by Banks - Need for Discipline Please refer to thecirculars DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020andDOR.No.BP.BC.27/21.04.048/2020-21 dated November 2, 2020on the captioned subject. On a review, it has been decided to permit banks to open specific accounts which are stipulated under various statutes and...

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Category : RBI | Comments : 0 | Hits : 1419

RBI/2020-21/78 FMRD.DIRD.01/14.01.001/2020-21 December 04, 2020 All Eligible Market Participants Madam/Sir, Regional Rural Banks- Access to Call/Notice/Term Money Market A reference is invited to theStatement of Developmental and Regulatory Policies dated December 4, 2020wherein it was announced that Regional Rural Banks (RRBs) shall be permitted to participate in the call/notice/term money market. 2. Accordingly, RRBs shall be permitted to participate in the call/notice and t...

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RBI/2020-21/77 A.P. (DIR Series) Circular No. 08 December 04, 2020 To, All Category - I Authorised Dealer Banks Madam / Sir, External Trade – Facilitation - Export of Goods and Services Please refer to theStatement on Development and Regulatory Polices announced as part of Bi-monthly Monetary Policy Statement dated December 4, 2020. With a view to further enhance the ease of doing bus...

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Category : FEMA | Comments : 0 | Hits : 1319

RBI/2020-21/76 DOR.RRB.No.28/31.01.001/2020-21 December 4, 2020 All Regional Rural Banks Madam/ Sir, Introduction of Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) for Regional Rural Banks (RRBs) In order to provide an additional avenue for liquidity management to Regional Rural Banks (RRBs), it has been decided that Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) will be extended to Scheduled RRBs meeting the following criteria:...

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Category : RBI | Comments : 0 | Hits : 1199

RBI/2020-21/75 DOR.BP.BC.No.29/21.02.067/2020-21 December 4, 2020 All Commercial Banks and All Cooperative Banks, Madam / Dear Sir, Declaration of dividends by banks Please refer to ourcircular DOR.BP.BC.No.64/21.02.067/2019-20 dated April 17, 2020, on the captioned subject. 2. In view of the ongoing stress and heightened uncertainty on account of COVID-19, it is imperative that banks continue to conserve capital to support the economy and absorb losses. In order to further st...

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Category : RBI | Comments : 0 | Hits : 1154

RBI/2020-21/74 DPSS.CO.PD No.754/02.14.003/2020-21 December 04, 2020 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 Prepaid Payment Instrument issuers / Authorised Card Payment Networks / National Payments Corporation of India Madam / Dear Sir, ...

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RBI/2020-21/73 DPSS.CO.OD.No.753/06.08.005/2020-21 December 4, 2020 The Chairman / Managing Director / Chief Executive Officer Non-bank Payment System Operators Madam / Dear Sir Authorisation of entities for operating a Payment System under the Payment and Settlement Systems Act, 2007 (PSS Act) – Introduction of Cooling Period Please refer to provisions contained in Section 4 of ...

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Category : RBI | Comments : 0 | Hits : 1007

RBI/2020-21/72 DPSS.CO.AD.No.724/02.27.005/2020-21 December 4, 2020 The Chairman / Managing Director / Chief Executive Officer Authorised Non-bank Payment System Operators Madam / Dear Sir. Perpetual Validity for Certificate of Authorisation (CoA) issued to Payment System Operators (PSOs) under Payment and Settlement Systems Act, 2007 (PSS Act) This has reference to theStatement on Developmental and Regulatory Policies dated October 9, 2020wherein Reserve Bank of India (RBI) had...

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Category : RBI | Comments : 0 | Hits : 949

RBI/2020-21/71 DPSS.CO.PD No.752/02.14.003/2020-21 December 04, 2020 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 Prepaid Payment Instrument issuers / Authorised Card Payment Networks Madam / Dear Sir, Card transactions in Contactless mode - Re...

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Category : RBI | Comments : 0 | Hits : 763

RBI/2020-21/70 DPSS (CO) RTGS No.750/04.04.016/2020-21 December 04, 2020 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS Madam / Dear Sir, 24x7 Availability of Real Time Gross Settlement (RTGS) System A reference is invited to theStatement on Developmental and Regulatory Policies dated October 09, 2020wherein Reserve Bank of India (RBI) had announced making available the Real Time Gross Settlement (RTGS) system round the clock on ...

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Category : PAN | Comments : 0 | Hits : 790

With the objective to reduce pending in‘orne tax litigation, generate timely revenue for the Government and benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process, the Direct Tax Vivad se Vishwas Act, 2020 (hereinafter referred to as Vivad se Vishwas’) was enacted on 17th March, 2020....

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Category : Income Tax | Comments : 0 | Hits : 847

Circular No. 20/2020 :Income-tax Deduction from Salaries During the Financial Year 2020-21 under section 192 of the Income-tax Act, 1961...

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Category : Income Tax | Comments : 0 | Hits : 896

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, Notification No. 89/2020–Central Tax Dated: 29th November, 2020 G.S.R. 745(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), the Government, on the recommendations of the Council, hereby waives the amount of penalty payable by any registered p...

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Category : GST | Comments : 0 | Hits : 963

The Government of India has today sanctioned theScheme for the amalgamationof the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd. The amalgamation will come into force on the Appointed date i.e. November 27, 2020. All the branches of the Lakshmi Vilas Bank Ltd. will function as branches of DBS Bank India Ltd. with effect from this date. Customers, including depositors of the Lakshmi Vilas Bank Ltd. will be able to operate their accounts as customers of DBS Bank India Ltd. with effect fro...

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Category : RBI | Comments : 0 | Hits : 1077

In pursuance of ongoing investigation of fraudulent passing of Input Tax Credit (ITC)wherein one person namely Sh. Satender Kumar Singla of Hisar was arrested on 12.11.2020,the Directorate General of GST Intelligence (DGGI), Regional Unit, Rohtak falling under Gurugram Zonal Unit has arrested one more person namely, Sh. Vikas Jain, of Jind on 23.11.2020. Sh. Vikas Jain was the proprietor of one of the firms and as a proprietor of a firm was found involved in issuing fake invoices having taxable ...

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Category : GST | Comments : 0 | Hits : 1036

RBI/2020-21/69 A.P. (DIR Series) Circular No. 07 November 23, 2020 To, All Category - I Authorized Dealer Banks Madam / Sir Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign law firms Attention of the Authorised Dealer (AD - Category I) banks is invited toAP (DIR Series) Circular No. 23 dated October 29, 2015, on the above issue advising that no fresh permissions/ renewal of permission shall be g...

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Category : RBI | Comments : 0 | Hits : 1125

RBI/2020-21/68 DPSS.CO.PD.No.660/02.14.008/2020-21 November 17, 2020 All Scheduled Commercial Banks / Authorised Prepaid Payment Instrument Issuers / Payment Aggregators / Payment System Providers / System Participants Madam / Dear Sir, Maintenance of Escrow Account with a Scheduled Commercial Bank A reference is invited to the instructions issued by Reserve Bank of India vide (a)DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017(updated as on February 28, 2020) on &lsq...

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Category : RBI | Comments : 0 | Hits : 1301

RBI/2020-21/67 A.P. (DIR Series) Circular No. 06 November 17, 2020 To All Category-I Authorised Dealer Banks Madam / Sir Foreign Exchange Management Act, 1999 (FEMA)- Compounding of Contraventions under FEMA, 1999 The attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph 3 of theMaster Direction on “Compounding of Contraventions under FEMA, 1999”, in terms of which the powers to compound certain contraventions ofNotifications FEMA...

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Category : FEMA | Comments : 0 | Hits : 1374

RBI/2020-21/66 A.P. (DIR Series) Circular No. 05 November 13, 2020 To All Authorised Persons Madam/Sir Discontinuation of Returns/Reports under Foreign Exchange Management Act, 1999 The attention of Authorised Persons is invited to theMaster Direction - Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016, as amended from time to time, and other reporting related instructions issued by the Reserve Bank of India. 2. With a view to improve the ease of ...

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Category : FEMA | Comments : 0 | Hits : 1584

As a trade facilitation measure and in order to further ease the process of doing business, the GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from 01.01.2021. Government has issued following notifications to implement the Scheme of quarterly return filing along with monthly payment of taxes (hereinaft...

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Category : GST | Comments : 0 | Hits : 1529

G.S.R……(E). - In exercise 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 amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number...

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Category : GST | Comments : 0 | Hits : 1201

G.S.R….. (E):- In pursuance of section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and sub-rule (3) of rule 45 of the Central Goods and Services Tax Rules, 2017, the Commissioner, with the approval of the Board, hereby extends the time limit for furnishing the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2020 to September, 2020 till the 30th day of November, 2020....

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Category : GST | Comments : 0 | Hits : 1143

G.S.R.....(E).– In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations on the Council, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 76/2020-Central Tax, dated th...

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Category : GST | Comments : 0 | Hits : 1167

G.S.R………(E). — In exercise of the powers conferred by section 148 read with sub-section (7) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017), (hereinafter referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons, notified under proviso to sub-section (1) of section 39 of the said Act, who have opted to furnish a return for every quarter or part thereof, as the class of ...

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Category : GST | Comments : 0 | Hits : 1021

G.S.R. .....(E).— In exercise of the powers conferred by proviso to sub-section (1) of section 39 read with proviso to sub-section (7) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Government, on the recommendations of the Council, hereby notifies the registered persons, other than a person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), having an aggreg...

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Category : GST | Comments : 0 | Hits : 1011

G.S.R.....(E).– In exercise of the powers conferred by the second proviso to subsection (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 74/2020-Central Tax, dated the 15th October, 2020, published in the Gazette of India, Extraordinary, vide number G.S.R. 6...

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Category : GST | Comments : 0 | Hits : 968