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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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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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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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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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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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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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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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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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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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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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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GST |
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Scheme for grant of ex-gratia payment of difference between compound interest and simple interest in specified loan accounts
Posted Date : 27-Oct-2020 , 10:25:11 am | Posted By: CASANSAAR
RBI/2020-21/61
DOR.No.BP.BC.26/21.04.048/2020-21
October 26, 2020
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,
Scheme for grant of ex-gratia payment of difference between compound interest and simple inter...
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Category :
RBI |
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Instructions to the Income-tax Return Forms (ITR 1 to ITR 7) for A.Y. 2020-21
Posted Date : 24-Oct-2020 , 09:25:32 am | Posted By: CASANSAAR
Instructions to the Income-tax Return Forms (ITR 1 to ITR 7) for A.Y. 2020-21
* Instructions to ITR-1 SAHAJ for AY 2020-21
* Instructions to ITR-2 for AY 2020-21
* Instructions to ITR-3 for AY 2020-21
* Instructions to ITR-4 Sugam for AY 2020-21
* Instructions to ITR-5 for AY 2020-21
* Instructions to ITR-6 for AY 2020-21
* Instructions to ITR-7 for AY 2020-21...
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Income Tax |
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Review of regulatory framework for Housing Finance Companies (HFCs)
Posted Date : 23-Oct-2020 , 10:11:15 am | Posted By: CASANSAAR
RBI/2020-21/60
DOR.NBFC (HFC).CC.No.118/03.10.136/2020-21
October 22, 2020
To,
Housing Finance Companies
Madam/ Dear Sir,
Review of regulatory framework for Housing Finance Companies (HFCs)
Please refer to the Bank’sPress Release No.2019-20/419 dated August 13, 2019and draft regulatory framework placed in public domain onJune 17, 2020seeking comments from stakeholders. Based on the ...
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RBI |
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Digital Payment Transactions – Streamlining QR Code infrastructure - RBI
Posted Date : 23-Oct-2020 , 10:10:30 am | Posted By: CASANSAAR
RBI/2020-21/59
DPSS.CO.PD.No.497/02.14.003/2020-21
October 22, 2020
The Chairman / Managing Director / Chief Executive Officer
Authorised Payment System Operators (Banks and Non-banks)
Madam / Dear Sir,
Digital Payment Transactions – Streamlining QR Code infrastructure
As you are aware, Reserve Bank had constituted a Committee (Chairperson : Prof Deepak Phatak) to review the current system of Quick Response (QR) Codes in India and suggest measures for moving towards intero...
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RBI |
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Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators - RBI
Posted Date : 23-Oct-2020 , 10:09:33 am | Posted By: CASANSAAR
RBI/2020-21/58
DPSS.CO.PD.No.503/02.12.004/2020-21
October 22, 2020
The Chairman / Managing Director / Chief Executive Officer
Authorised Payment System Operators (Banks and Non-banks)
Madam / Dear Sir,
Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators
Industry self-governance helps in industry-wide smooth operations and ecosystem development. Reserve Bank of India’s Payment and Settlement Systems Vision 2019-21, therefore, envisaged ...
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RBI |
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Individual Housing Loans – Rationalisation of Risk Weights
Posted Date : 17-Oct-2020 , 09:33:33 am | Posted By: CASANSAAR
RBI/2020-21/56
DOR.No.BP.BC.24/08.12.015/2020-21
October 16, 2020
All Scheduled Commercial Banks
(Including Small Finance Banks,
Excluding Local Area Banks and Regional Rural Banks)
Dear Sir/Madam,
Individual Housing Loans – Rationalisation of Risk Weights
Please refer to paragraph 6 of the Statement on Developmental and Regulatory Policies dated October 9, 2020 on rationalization of risk weights on Individual Housing Loans.
2. In terms of...
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SEBI |
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GST Audit relaxation to SMEs to continue in FY 2019-20
Posted Date : 17-Oct-2020 , 09:29:28 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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GST |
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HSN Code Mandatory irrespective of Turnover from 01.04.2021
Posted Date : 17-Oct-2020 , 09:28:08 am | Posted By: CASANSAAR
G.S.R.....(E).—In exercise of the powers conferred by the first proviso to rule 46 of the Central Goods and Services Tax Rules, 2017, the Central Board of Indirect Taxes and Customs, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.12/2017 – Central Tax, dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-sec...
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GST |
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Optional annual GST return filing benefit extended to FY 2019-20
Posted Date : 17-Oct-2020 , 09:26:58 am | Posted By: CASANSAAR
G.S.R......(E).— In exercise of the powers conferred by section 148 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 makes the following amendment in the notification of Government of India in the Ministry of Finance, (Department of Revenue), No. 47/2019 – Central Tax dated the 9th October, 2019, published in the Gazette of India, Extraordinary, Part II, Sectio...
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Category :
GST |
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CBIC notifies GSTR-3B due date for October 2020 to March 2021
Posted Date : 16-Oct-2020 , 09:17:58 am | Posted By: CASANSAAR
Ministry of Finance
(Department of Revenue)
(Central Board of Indirect Taxes And Customs)
New Delhi,
Notification No. 76/2020 – Central Tax
Dated: 15th October, 2020
G.S.R. 636(E).— In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notificat...
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Category :
GST |
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CBIC notifies GSTR-1 due date for dealers with Turnover exceeding Rs.1.5 Cr
Posted Date : 16-Oct-2020 , 09:17:46 am | Posted By: CASANSAAR
Ministry of Finance
(Department of Revenue)
(Central Board of Indirect Taxes And Customs)
New Delhi,
Notification No. 75/2020 – Central Tax
Dated: 15th October, 2020
G.S.R. 635(E).—In exercise of the powers conferred by the second proviso to sub-section (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), the Commissioner, on the recommendations...
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Category :
GST |
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CBIC notifies GSTR-1 due date for dealers with Turnover < Rs. 1.5 Cr
Posted Date : 16-Oct-2020 , 09:15:52 am | Posted By: CASANSAAR
Ministry of Finance
(Department of Revenue)
(Central Board of Indirect Taxes And Customs)
New Delhi,
Notification No. 74/2020 – Central Tax
Dated: 15th October, 2020
G.S.R. 634(E).—In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons having aggr...
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Category :
GST |
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SLR holdings in HTM category - RBI
Posted Date : 13-Oct-2020 , 08:17:10 am | Posted By: CASANSAAR
RBI/2020-2021/54
DoR.No.BP.BC.22/21.04.141/2020-21
October 12, 2020
All Commercial Banks
Madam/ Sir,
SLR holdings in HTM category
Please refer to paragraph 2 ofStatement on Developmental and Regulatory Policies of the Monetary Policy Statement, 2020-21 dated October 9, 2020and ourcircular DoR.No.BP.BC.9/21.04.141/2020-21 dated September 1, 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) c...
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RBI |
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Regulatory Retail Portfolio – Revised Limit for Risk Weight
Posted Date : 13-Oct-2020 , 08:14:02 am | Posted By: CASANSAAR
RBI/2020-21/53
DOR.No.BP.BC.23/21.06.201/2020-21
October 12, 2020
All Scheduled Commercial Banks
(Including Small Finance Banks,
Excluding Local Area Banks and Regional Rural Banks)
Dear Sir/Madam,
Regulatory Retail Portfolio – Revised Limit for Risk Weight
Please refer to paragraph 5 of theStatement on Developmental and Regulatory Policies dated October 9, 2020on the limit for regulatory retail portfolio.
2. In terms of para 5.9 on “Claims included in the Regula...
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RBI |
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