Compliance functions in banks and Role of Chief Compliance Officer (CCO) - RBI
Posted Date : 12-Sep-2020 , 10:11:46 am | Posted By: CASANSAAR
RBI/2020-21/35
Ref. No. DoS.CO.PPG./SEC.02/11.01.005/2020-21
September 11, 2020
The Chairman / Managing Director & Chief Executive Officer
All Scheduled Commercial Banks (Excluding RRBs)
All Local Area Banks and
All Small Finance Banks and Payment Banks
Madam / Dear Sir,
Compliance functions in banks and Role of Chief Compliance Officer (CCO)
Please refer to the guidelines on compliance functions vide ourcirculars DBS.CO.PP.BC.6/11.01.005/2006-07 dated April 20, 2007andDBS...
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RBI |
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Extension of Last Date of Filing Cost Audit Report for FY 2019-20 - MCA
Posted Date : 11-Sep-2020 , 10:18:18 am | Posted By: CASANSAAR
Relaxation of additional fees and extension of last date of filing of CRA-4 (form for filing of cost audit report) for FY 2019-20 under the Companies Act, 2013 -reg....
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Companies Act |
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Extension of time for holding of Annual General Meeting (AGM) for the financial year ended on 31.03.2020
Posted Date : 09-Sep-2020 , 10:23:51 am | Posted By: CASANSAAR
A big Relief given by Ministry of Corporate Affairs (MCA) to around 12 lakhs companies today by extending the timeline for holding Annual General Meeting till December 31st from September 30th.
MCA issued directions to RoCs to issue orders without filing of formal application and payment of fee. Even applications already filed but not approved or rejected are also covered for this relief.
MCA is extending this timeline due to #COVID19 and Meeting the demand from various associations for ex...
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Companies Act |
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Resolution Framework for COVID-19-related Stress – Financial Parameters
Posted Date : 08-Sep-2020 , 10:10:41 am | Posted By: CASANSAAR
RBI/2020-21/34
DOR.No.BP.BC/13/21.04.048/2020-21
September 7, 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,
Resolution Framework for COVID-19-related Stress – Financial Parameters
Please refe...
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RBI revises Long Form Audit Report (LFAR) after 18 Years
Posted Date : 07-Sep-2020 , 09:31:43 am | Posted By: CASANSAAR
RBI/2020-21/33
Ref.No.DOS.CO.PPG./SEC.01/11.01.005/2020-21
September 05, 2020
The Chairman / Managing Director / Chief Executive Officer
All Scheduled Commercial Banks (Excluding RRBs)
All Local Area Banks
All Small Finance Banks and
All Payment Banks
Madam /Dear Sir,
Long Form Audit Report (LFAR) - Review
Please refer to RBI circular No. DBS.CO.PP.BC.11/11.01.005/2001-2002 dated April 17, 2002 on revision of Long Form Audit Report (LFAR).
2. Keeping in view the large scal...
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RBI |
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RBI Releases Revised Priority Sector Lending Guidelines
Posted Date : 05-Sep-2020 , 09:22:09 am | Posted By: CASANSAAR
Reserve Bank of India has comprehensively reviewed thePriority Sector Lending (PSL) Guidelinesto align it with emerging national priorities and bring sharper focus on inclusive development, after having wide ranging discussions with all stakeholders.
Revised PSL guidelines will enable better credit penetration to credit deficient areas; increase the lending to small and marginal farmers and weaker sections; boost credit to renewable energy, and health infrastructure.
Bank finance to start-...
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RBI |
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Master Directions – Priority Sector Lending (PSL) – Targets and Classification
Posted Date : 05-Sep-2020 , 09:20:31 am | Posted By: CASANSAAR
The Priority Sector Lending (PSL) guidelines issued by Reserve Bank of India were last reviewed for Commercial Banks in April 2015 and for UCBs in May 2018 respectively. With an objective to harmonise various instructions issued to Commercial Banks, SFBs, RRBs, UCBs and LABs; align these guidelines with emerging national priorities and bring sharper focus on inclusive development, it was decided to comprehensively review the PSL guidelines. The revised guidelines also aim to encourage and suppor...
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RBI |
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GST - Extension of Due Date of Compliance under Section 171 till 30th Nov.2020
Posted Date : 02-Sep-2020 , 09:34:07 am | Posted By: CASANSAAR
G.S.R.....(E).– In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 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 of Reve...
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GST |
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SLR holdings in HTM category - RBI
Posted Date : 02-Sep-2020 , 09:05:43 am | Posted By: CASANSAAR
RBI/2020-21/29
DoR.No.BP.BC.9/21.04.141/2020-21
September 1, 2020
All Commercial Banks
Dear Sir,
SLR holdings in HTM category
Please refer to ourcirculars DBR.No.BP.BC.6/21.04.141/2015-16 dated July 1, 2015read withDBR.No.BP.BC.65/21.04.141/2015-16 dated December 10, 2015andDBR.No.Ret.BC.90/12.02.001/2017-18 dated October 4, 2017on the subject.
2. Currently, banks are permitted to exceed the limit of 25 per cent of the total investments under Held to Maturity (HTM) category, p...
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RBI |
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Last date to file GSTR 4 for FY 2019-20 extended to 31st Oct 2020
Posted Date : 01-Sep-2020 , 11:24:51 am | Posted By: CASANSAAR
G.S.R. 539(E).—In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 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 of Revenue), No. 21/2019- Central Tax, dated the 23rd April, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 322(E), ...
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GST |
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Extension of time for Submission of returns under Section 31 of the Banking Regulation Act, 1949 (AACS)
Posted Date : 27-Aug-2020 , 10:21:16 am | Posted By: CASANSAAR
RBI/2020-21/28
DoR (PCB).BPD.Cir.No.2/12.05.001/2020-21
August 26, 2020
The Chief Executive Officer
All Primary (Urban) Co-operative Banks
Madam / Dear Sir,
Submission of returns under Section 31 of the Banking Regulation Act, 1949 (AACS) – Extension of time
In terms of section 31 of the Banking Regulation Act, 1949 (“the Act”) read with Section 56 the Act [as amended by the Banking Regulation (Amendment) Ordinance, 2020], accounts and balance-sheet referre...
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RBI |
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Amendment of the Companies (CSR Policy) Rules, 2014 of the Companies Act, 2013
Posted Date : 27-Aug-2020 , 10:17:37 am | Posted By: CASANSAAR
G.S.R. 526(E).—In exercise of the powers conferred by section 135 and 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 (Corporate Social Responsibility Policy) Rules, 2014, namely:-...
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Companies Act |
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Amendment of item no. (ix) in the Schedule VII of the Companies Act, 2013 - MCA
Posted Date : 27-Aug-2020 , 10:16:19 am | Posted By: CASANSAAR
G.S.R. 525(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments in Schedule VII to the said Act, namely:-
...
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Companies Act |
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Interest in GST to be levied on Net Tax liability w.e.f 01-09-2020
Posted Date : 26-Aug-2020 , 10:15:59 am | Posted By: CASANSAAR
G.S.R. 527(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of September, 2020, as the date on which the provisions of section 100 of the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force....
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GST |
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Ad-hoc/Short Review/Renewal of Credit Facilities - RBI
Posted Date : 22-Aug-2020 , 10:05:49 am | Posted By: CASANSAAR
RBI/2020-21/27
DoS.CO.PPG.BC.1/11.01.005/2020-21
August 21, 2020
All Scheduled Commercial Banks (excluding RRBs)
All Small Finance Banks
All Urban Cooperative Banks
Madam/Dear Sir,
Ad-hoc/Short Review/Renewal of Credit Facilities
In terms ofcircular DBOD.No.BP.(SC).BC.98/21.04.103/99 dated October 7, 1999on Risk Management System in Banks, Scheduled Commercial Banks (SCBs) are required to put in place a board approved credit policy, which, inter alia, should prescribe the perio...
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RBI |
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New Definition of Micro, Small and Medium Enterprises – Clarifications by RBI
Posted Date : 22-Aug-2020 , 10:04:01 am | Posted By: CASANSAAR
The Chairman/ Managing Director/Chief Executive Officer
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-India Financial Institutions
All Non-Banking Financial Companies
Dear Sir / Madam,
New Definition of Micro, Small and Medium Enterprises...
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RBI |
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RBI releases framework for authorisation of pan-India Umbrella Entity for Retail Payments
Posted Date : 20-Aug-2020 , 10:14:01 am | Posted By: CASANSAAR
Reserve Bank has today placed on its website, the‘framework for authorisation of pan-India Umbrella Entity for Retail Payments’. The framework has been released after due deliberations on the comments / feedback received on the ‘draft framework for authorisation of a pan-India New Umbrella Entity for Retail Payment Systems’ which was placed on Reserve Bank’s website on February 10, 2020 inviting public comments.
The Reserve Bank invites applic...
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RBI |
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Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020
Posted Date : 19-Aug-2020 , 10:20:12 am | Posted By: CASANSAAR
General Circular No. 28/2020
F. No. 2/4/2020-CL-V
Government of India
Ministry of Corporate Affairs
5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. R. P. Road, New Delhi
Dated: 17th August, 2020
To
All Regional Directors,
All Registrar of Companies, All Stakeholders.
Subject: Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020- Companies Act, 2013-reg.
Sir/Madam,
Several representations have been received...
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Companies Act |
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Amendment of Income-tax Rules for providing conditions and guidelines for Pension Funds u/s 10(23FE) of the Income-tax Act
Posted Date : 19-Aug-2020 , 10:10:57 am | Posted By: CASANSAAR
G.S.R. 508(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) of Explanation to the clause (23FE) of section 10 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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Income Tax |
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Review of Guidelines for Core Investment Companies - RBI
Posted Date : 14-Aug-2020 , 10:48:55 am | Posted By: CASANSAAR
RBI/2020-21/24
DoR (NBFC) (PD) CC. No.117/03.10.001/2020-21
August 13, 2020
All Core Investment Companies (CICs)
Madam/Dear Sir,
Review of Guidelines for Core Investment Companies
Please refer to the report of the Working Group (WG) to Review the Regulatory and Supervisory Framework for Core Investment Companies (CICs), constituted under the Chairmanship of Shri Tapan Ray, former Secretary, Ministry of Corporate Affairs, Government of India. The report of the WG was placed in pub...
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RBI |
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CBDT notifies Faceless Assessment procedure
Posted Date : 14-Aug-2020 , 10:45:37 am | Posted By: CASANSAAR
S.O. 2746(E). —In exercise of the powers conferred by sub-section (3B) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O 3265 (E) dated the 12th September, 2019, namely: —...
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CBDT |
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CBDT notifies Procedure for assessment under Faceless Assessment
Posted Date : 14-Aug-2020 , 10:44:27 am | Posted By: CASANSAAR
S.O. 2745 (E). —In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the E-assessment Scheme, 2019 published vide notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, in the Gazette of India, Extraordinary, vide number S.O 3264 (E) dated the 12th September, 2019, namely: —...
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CBDT |
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System-based asset classification - UCBs
Posted Date : 13-Aug-2020 , 10:33:51 am | Posted By: CASANSAAR
The Chief Executive Officer
All Primary (Urban) Co-operative Banks
Madam / Dear Sir,
System-based asset classification - UCBs
Please refer to theMaster Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 1, 2015containing consolidated instructions on income recognition, asset classification, provisioning and other related matters.
2. In order to improve the efficiency, transparency and integrity of the asset classification process, it has been decided to implement system-...
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RBI |
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CBDT Releases Guidance on Mutual Agreement Procedure (MAP)
Posted Date : 08-Aug-2020 , 09:41:42 am | Posted By: CASANSAAR
India has a large network of Double Taxation Avoidance Agreements (‘DTAAs’ or ‘Tax Treaties’, hereinafter) with various countries. The DTAAs, interalia, provide rules and mechanisms for allocation of taxing rights amongst the treaty partners; avoidance of economic and juridical double taxation; and resolution of taxation not in accordance with the treaty through the Mutual Agreement Procedure (‘MAP’, hereinafter)....
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Income Tax |
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Offline Retail Payments using Cards / Wallets / Mobile Devices – Pilot
Posted Date : 07-Aug-2020 , 10:17:14 am | Posted By: CASANSAAR
RBI/2020-21/22
DPSS.CO.PD.No.115/02.14.003/2020-21
August 06, 2020
The Chairman / Managing Director / Chief Executive Officer
Authorised Payment System Operators (Banks and Non-banks)
Madam / Dear Sir,
Offline Retail Payments using Cards / Wallets / Mobile Devices – Pilot
Please refer to theStatement on Developmental and Regulatory policiesissued as part ofMonetary Policy statement da...
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RBI |
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Online Dispute Resolution (ODR) System for Digital Payments
Posted Date : 07-Aug-2020 , 10:15:56 am | Posted By: CASANSAAR
RBI/2020-21/21
DPSS.CO.PD No.116/02.12.004/2020-21
August 6, 2020
The Chairman / Managing Director / Chief Executive Officer
Authorised Payment System Operators and Participants (Banks and Non-banks)
Madam / Dear Sir,
Online Dispute Resolution (ODR) System for Digital Payments
Please refer to theStatement on Developmental and Regulatory Policies dated August 6, 2020wherein the Reserve Bank ...
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RBI |
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Opening of Current Accounts by Banks - Need for Discipline
Posted Date : 07-Aug-2020 , 10:15:12 am | Posted By: CASANSAAR
RBI/2020-21/20
DOR.No.BP.BC/7/21.04.048/2020-21
August 6, 2020
All Scheduled Commercial Banks
All Payments Banks
Madam/Dear Sir,
Opening of Current Accounts by Banks - Need for Discipline
Please refer to thecircular DBR.Leg.BC.25./09.07.005/2015-16 dated July 2, 2015on the subject. The instructions on opening of current accounts by banks have been reviewed and the revised instructions are as under:
i. No bank shall open current accounts for customers who have availed credit f...
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RBI |
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Loans against Gold Ornaments and Jewellery for Non-Agricultural End-uses
Posted Date : 07-Aug-2020 , 10:14:28 am | Posted By: CASANSAAR
RBI/2020-21/19
DoR.No.BP.BC/6/21.04.048/2020-21
August 6, 2020
All Scheduled Commercial Banks
(Including Regional Rural Banks)
Madam/Dear Sir,
Loans against Gold Ornaments and Jewellery for Non-Agricultural End-uses
Please refer to thecirculars DBOD.No.BP.BC.27/21.04.048/2014-15 July 22, 2014andDBR.RRB.BC.No.53/31.01.001/2016-17 dated February 16, 2017. Under the extant guidelines, loans sanctioned by banks against pledge of gold ornaments and jewellery should not exceed 75 per ...
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RBI |
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Basel III Capital Regulations – Treatment of debt mutual funds/ETFs
Posted Date : 07-Aug-2020 , 10:13:46 am | Posted By: CASANSAAR
RBI/2020-21/18
DOR.No.BP.BC/5/21.04.201/2020-21
August 6, 2020
All Scheduled Commercial Banks
(Excluding Local Area Banks
and Regional Rural Banks)
Dear Sir/Madam
Basel III Capital Regulations – Treatment of debt mutual funds/ETFs
Please refer to ourcircular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015, on Basel III capital regulations.
2. In terms of para 8.4.1...
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RBI |
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Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances
Posted Date : 07-Aug-2020 , 10:12:59 am | Posted By: CASANSAAR
RBI/2020-21/17
DOR.No.BP.BC/4/21.04.048/2020-21
August 6, 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
Dear Sir/ Madam,
Micro, Small and Medium Enterprises (M...
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RBI |
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