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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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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Category : Companies Act | Comments : 0 | Hits : 1055

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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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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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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Category : CBDT | Comments : 0 | Hits : 1012

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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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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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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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/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/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/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/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/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/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 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 (including Housing Finance Companies) Madam / Dear Sir, ...

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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 amendments in 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 G.S.R. 196(E), dat...

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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: -...

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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 56/2020-Income Tax Dated: 29th July, 2020 TAXATION AND OTHER LAWS S.O. 2512(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020), the Central Government hereby makes the following amendment in the notification of the Government of India, Ministry of Finance, Dep...

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Category : CBDT | Comments : 0 | Hits : 1344

RBI/2020-21/15 DOR (NBFC).CC.PD.No.116/22.10.106/2020-21 July 24, 2020 To Non-Banking Financial Companies and Asset Reconstruction Companies implementing Indian Accounting Standards Madam / Sir, Implementation of Indian Accounting Standards Please refer to paragraph 3 of the Annex to ourcircular DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 dated March 13, 2020, on the captioned subject, in terms of which any net unrealised gains arising on fair valuation of financial instrument...

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Today, the Reserve Bank released the 21st Issue of theFinancial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the financial sector. Highlights: In response to COVID-19, a combination of fiscal, monetary and regulatory interventions...

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A formal Memorandum of Understanding (MOU) was signed today between the Central Board of Direct Taxes (CBDT) and the Ministry of Micro, Small and Medium Enterprises, Government of India (MoMSME) for sharing of data by CBDT to MoMSME. The MoU was signed by Smt. Anu J. Singh, Principal Director General of Income Tax (Systems), CBDT and Shri. Devendra Kumar Singh, Additional Secretary & Development Commissioner, MoMSME. The MoU will facilitate seamless sharing of certain Income-tax Return (I...

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Category : Income Tax | Comments : 0 | Hits : 1044

Section 194N of the Act as inserted by Finance (No.2) Act 2019 provided for deduction of tax at source on payment made by a banking company, a cooperative society engaged in the business of banking or post office, in cash to a recipient exceeding Rs. I crore in aggregate during a financial year from one or more account maintained by such recipient. Clause (v) of proviso to the said section had empowered the Central Government, in consultation with the Reserve Bank of India (RBI), to exempt by wa...

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RBI/2020-21/13 DOR.NBFC(ARC) CC. No. 9/26.03.001/2020-21 July 16, 2020 All Asset Reconstruction Companies Madam/Dear Sir, Fair Practices Code for Asset Reconstruction Companies In exercise of the powers conferred by Section 9 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002, Asset Reconstruction Companies registered with the Bank are adv...

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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), 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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Circular No. 13/2020 F. No. 225/59/2020/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated the 13th of July, 2020 Subject: – One-time relaxation for Verification of tax-returns for the Assessment years2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which are pending due to non-filing of ITR-V form and processing of such returns–reg. In respect of an Income-tax Return (ITR) which is filed electronically wi...

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Category : CBDT | Comments : 0 | Hits : 1002

RBI/2020-21/12 DOR (NBFC).CC.PD.No.115/03.10.001/2020-21 July 10, 2020 All Non-Banking Financial Companies (NBFCs) Madam/ Dear Sir, Exemption from Registration as NBFC – Alternative Investment Fund (AIF) A reference is invited to para 5 ofMaster Directions on Exemptions from the provisions of RBI Act, 1934 dated August 25, 2016. Venture capital fund companies, holding a certificate of registra...

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Category : RBI | Comments : 0 | Hits : 918

CBIC extends benefits underTurantCustomsby issuing Circular No. 32/2020-Customs providing setting up of Turant Suvidha Kendra in all Customs Formations and introducing other initiatives for Contactless Customs by 15 July 2020. The relevant points of the circular are tabulated hereinbelow for ease of reference: With the aim to provide a ‘Faceless, Contactless and Paperless’ Customs administration, CBIC instructs all Principal Chief Commissioners of Customs/Chief Commissioners of...

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Category : Custom | Comments : 0 | Hits : 1363

ln continuation of the Ministry's General circular No. 19t2020 dated 30th April, 2020 and after due examination, it has been decided that the time limit for filing of Form NFRA2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....

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Category : Corporate Laws | Comments : 0 | Hits : 1242

RBI/2020-21/11 DoR (NBFC) (PD) CC. No. 114/03.10.001/2020-21 July 06, 2020 All Non-Banking Finance Companies (NBFCs) Madam/ Dear Sir, Extension of timeline for finalization of audited accounts Please refer to para 18(2) of theMaster Direction on Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016andNon-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, as per which every applicable NBFC shall...

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RBI/2020-2021/10 FIDD.MSME & NFS.BC.No.3/06.02.31/2020-21 July 2, 2020 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, Credit flow to Micro, Small and Medium Enterprises Sector Plea...

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Category : RBI | Comments : 0 | Hits : 1134