Regional Rural Banks - Access to Call/Notice/Term Money Market
Posted Date : 05-Dec-2020 , 10:08:50 am | Posted By: CASANSAAR
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 |
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External Trade– Facilitation- Export of Goods and Services
Posted Date : 05-Dec-2020 , 10:07:51 am | Posted By: CASANSAAR
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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FEMA |
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Introduction of Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) for Regional Rural Banks (RRBs)
Posted Date : 05-Dec-2020 , 10:07:09 am | Posted By: CASANSAAR
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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RBI |
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Declaration of dividends by banks - RBI
Posted Date : 05-Dec-2020 , 10:06:28 am | Posted By: CASANSAAR
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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RBI |
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Processing of e-mandates for recurring transactions
Posted Date : 05-Dec-2020 , 10:05:40 am | Posted By: CASANSAAR
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 |
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Authorisation of entities for operating a Payment System under the Payment and Settlement Systems Act, 2007 (PSS Act) – Introduction of Cooling Period
Posted Date : 05-Dec-2020 , 10:04:58 am | Posted By: CASANSAAR
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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RBI |
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Perpetual Validity for Certificate of Authorisation (CoA) issued to Payment System Operators (PSOs) under Payment and Settlement Systems Act, 2007 (PSS Act)
Posted Date : 05-Dec-2020 , 10:04:08 am | Posted By: CASANSAAR
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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RBI |
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Card transactions in Contactless mode - Relaxation in requirement of Additional Factor of Authentication
Posted Date : 05-Dec-2020 , 10:03:04 am | Posted By: CASANSAAR
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 |
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24x7 Availability of Real Time Gross Settlement (RTGS) System - RBI
Posted Date : 05-Dec-2020 , 10:02:18 am | Posted By: CASANSAAR
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 |
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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020
Posted Date : 05-Dec-2020 , 09:51:34 am | Posted By: CASANSAAR
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 |
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Income-tax Deduction from Salaries During the FY 2020-21 under section 192 of the Income-tax Act
Posted Date : 05-Dec-2020 , 09:49:20 am | Posted By: CASANSAAR
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 |
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CBIC waives Penalty for non compliance to GST Invoice QR code provisions
Posted Date : 30-Nov-2020 , 10:18:44 am | Posted By: CASANSAAR
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 |
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The Lakshmi Vilas Bank Ltd. branches to operate as DBS Bank India Ltd. branches from Nov 27, 2020
Posted Date : 26-Nov-2020 , 09:16:31 am | Posted By: CASANSAAR
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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RBI |
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DGGI Rohtak arrests one more in Hisar for issuing fake invoices of ITC
Posted Date : 25-Nov-2020 , 09:50:49 am | Posted By: CASANSAAR
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 |
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Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign law firms
Posted Date : 24-Nov-2020 , 09:14:11 am | Posted By: CASANSAAR
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 |
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Maintenance of Escrow Account with a Scheduled Commercial Bank
Posted Date : 18-Nov-2020 , 10:35:44 am | Posted By: CASANSAAR
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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RBI |
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Foreign Exchange Management Act, 1999 (FEMA)- Compounding of Contraventions under FEMA, 1999
Posted Date : 18-Nov-2020 , 10:34:53 am | Posted By: CASANSAAR
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 |
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Discontinuation of Returns/Reports under Foreign Exchange Management Act, 1999
Posted Date : 14-Nov-2020 , 10:47:35 am | Posted By: CASANSAAR
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 |
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Provisions relating to Quarterly Return Monthly Payment Scheme
Posted Date : 12-Nov-2020 , 10:49:03 am | Posted By: CASANSAAR
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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GST |
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GST E-invoicing mandatory from 01.01.2021 if TO exceeds Rs.100 Cr
Posted Date : 12-Nov-2020 , 10:47:13 am | Posted By: CASANSAAR
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 |
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Due date for filing ITC-04 for July 2020 to September 2020 extended
Posted Date : 12-Nov-2020 , 10:44:25 am | Posted By: CASANSAAR
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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GST |
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CBIC rescinds notification related to due dates of filing GSTR-3B
Posted Date : 12-Nov-2020 , 10:43:19 am | Posted By: CASANSAAR
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 |
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CBIC notifies procedure for those opting to file GSTR 3B Quarterly
Posted Date : 12-Nov-2020 , 10:42:09 am | Posted By: CASANSAAR
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 |
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CBIC notifies new rules for Monthly/Quarterly filing of GSTR 1
Posted Date : 12-Nov-2020 , 10:40:53 am | Posted By: CASANSAAR
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 |
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CBIC notifies time limit for furnishing GSTR-1
Posted Date : 12-Nov-2020 , 10:39:41 am | Posted By: CASANSAAR
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 |
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CBIC notifies New rules for Inward/Outward Supplies, GST Returns & New GSTR 2B
Posted Date : 12-Nov-2020 , 10:38:05 am | Posted By: CASANSAAR
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 recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely: -...
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Category :
GST |
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CBIC notifies date of applicability of amendment in Section 39- CGST Act 2017
Posted Date : 12-Nov-2020 , 10:36:27 am | Posted By: CASANSAAR
S.O. ...... (E).— In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 10th day of November, 2020, as the date on which the provisions of section 97 of the said Act shall come into force....
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Category :
GST |
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Co-Lending by Banks and NBFCs to Priority Sector - RBI
Posted Date : 06-Nov-2020 , 10:14:35 am | Posted By: CASANSAAR
RBI/2020-21/63
FIDD.CO.Plan.BC.No.8/04.09.01/2020-21
November 05, 2020
The Chairman / Managing Director/
Chief Executive Officer
All Scheduled Commercial Banks
(Excluding SFBs, RRBs, UCBs and LABs)
All Registered Non-Banking Financial Companies (including Housing Finance Companies)
Madam/Dear Sir,
Co-Lending by Banks and NBFCs to Priority Sector
Please refer to thecircular FIDD.CO.Plan.BC.08/04.09.01/2018-19 dated September 21, 2018on co-origination of loans by banks and NBFC...
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RBI |
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Opening of Current Accounts by Banks - Need for Discipline
Posted Date : 03-Nov-2020 , 08:45:39 am | Posted By: CASANSAAR
RBI/2020-21/62
DOR.No.BP.BC.27/21.04.048/2020-21
November 02, 2020
All Scheduled Commercial Banks
All Payments Banks
Madam / Dear Sir,
Opening of Current Accounts by Banks - Need for Discipline
Please refer to ourcircular DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020on the captioned subject.
2. In this connection, a reference is invited to Para 4 of the circular referred to above, wherein the banks were advised that in respect of existing current and CC/OD accounts, b...
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RBI |
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CBIC notifies extended due date of GSTR-9, GSTR-9A, GSTR-9C
Posted Date : 30-Oct-2020 , 09:43:58 am | Posted By: CASANSAAR
G.S.R. 679(E).—In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with rule 80 of the Central Goods and Services Tax Rules, 2017, the Commissioner, 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 of Revenue), No. 41/2020 – Central Tax, dated the 5th May, 2020 published in the Gaze...
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Category :
GST |
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