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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Resolution Framework for COVID-19-related Stress
Posted Date : 07-Aug-2020 , 10:12:14 am | Posted By: CASANSAAR
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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RBI |
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E-Invoice under GST for turnover above 500 crore, SEZ excluded
Posted Date : 31-Jul-2020 , 10:00:33 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 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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GST |
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CBIC notifies revised Format/Schema for e-Invoice under GST
Posted Date : 31-Jul-2020 , 09:57:39 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 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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GST |
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Extension of due date for Income Tax Returns for FY 2018-19 - CBDT
Posted Date : 30-Jul-2020 , 09:04:29 am | Posted By: CASANSAAR
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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CBDT |
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Implementation of Indian Accounting Standards - RBI
Posted Date : 25-Jul-2020 , 10:19:03 am | Posted By: CASANSAAR
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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RBI |
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RBI releases the Financial Stability Report, July 2020
Posted Date : 25-Jul-2020 , 10:18:20 am | Posted By: CASANSAAR
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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RBI |
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CBDT Signs MOU with Ministry of MSME for sharing of data
Posted Date : 21-Jul-2020 , 08:35:48 am | Posted By: CASANSAAR
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 |
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Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act
Posted Date : 21-Jul-2020 , 08:32:31 am | Posted By: CASANSAAR
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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Income Tax |
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Fair Practices Code for Asset Reconstruction Companies - RBI
Posted Date : 17-Jul-2020 , 09:41:31 am | Posted By: CASANSAAR
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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RBI |
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GSTR-4 due date extended to 31st August 2020 for FY 2019-20
Posted Date : 15-Jul-2020 , 10:06:44 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), 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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One-time relaxation for Verification of Income tax-returns - CBDT
Posted Date : 14-Jul-2020 , 09:00:54 am | Posted By: CASANSAAR
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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CBDT |
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Exemption from Registration as NBFC – Alternative Investment Fund (AIF)
Posted Date : 11-Jul-2020 , 09:54:12 am | Posted By: CASANSAAR
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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RBI |
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0 | Hits : 955
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CBIC directs all customs formations to set-up Turant Suvidha Kendras
Posted Date : 08-Jul-2020 , 10:27:49 am | Posted By: CASANSAAR
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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Custom |
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Further Extension of the last date of filing of Form NFRA-2.
Posted Date : 08-Jul-2020 , 10:03:59 am | Posted By: CASANSAAR
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 |
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Extension of timeline for finalization of audited accounts - RBI
Posted Date : 07-Jul-2020 , 08:24:18 am | Posted By: CASANSAAR
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 |
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Credit flow to Micro, Small and Medium Enterprises Sector - RBI
Posted Date : 03-Jul-2020 , 10:21:29 am | Posted By: CASANSAAR
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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RBI |
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Distressed Assets Fund - Subordinate Debt for Stressed MSMEs
Posted Date : 02-Jul-2020 , 10:11:26 am | Posted By: CASANSAAR
RBI/2020-21/09
DoR.BP.BC.No.01/21.04.048/2020-21
July 1, 2020
All Scheduled Commercial Banks (including Scheduled RRBs)
Dear Sir/Madam,
Distressed Assets Fund - Subordinate Debt for Stressed MSMEs
Please refer to the circular No.170/2020-21 dated June 24, 2020 issued by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) regarding the captioned scheme. As the credit facilities extended under the above scheme are backed by a guarantee from CGTMSE, as a special...
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RBI |
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Master Circular – Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public
Posted Date : 02-Jul-2020 , 10:10:39 am | Posted By: CASANSAAR
RBI/2020-21/08
DCM (CC) No.G-1/03.44.01/2020-21
July 01, 2020
The Chairman & Managing Director
Chief Executive Officers
All Banks
Master Circular – Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public
Please refer to theCircular DCM (CC) No.G-5/03.44.01/2019-20 dated July 01, 2019on the scheme of penalties.
2. A revised and updated version on the subject isannexedfor information and necessary action.
3. T...
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Category :
RBI |
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0 | Hits : 1185
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Master Circular – Facility for Exchange of Notes and Coins
Posted Date : 02-Jul-2020 , 10:09:44 am | Posted By: CASANSAAR
RBI/2020-21/07
DCM (NE) No.G-3/08.07.18/2020-21
July 01, 2020
The Chairman and Managing Director /
The Managing Director /
The Chief Executive Officer
All Banks
Madam / Dear Sir
Master Circular – Facility for Exchange of Notes and Coins
Please refer to theMaster Circular DCM (NE) No.G-2/08.07.18/2019-20 dated July 01, 2019containing instructions on the facility for exchange of notes and coins. A revised version ofMaster Circularon the subject is annexed for your informat...
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RBI |
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0 | Hits : 1177
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Master Circular - Disbursement of Government Pension by Agency Banks
Posted Date : 02-Jul-2020 , 10:08:52 am | Posted By: CASANSAAR
RBI/2020-21/06
DGBA.GBD.No.01/31.02.007/2020-21
July 01, 2020
All Agency Banks
Dear Sir/Madam
Master Circular - Disbursement of Government Pension by Agency Banks
Please refer to ourMaster Circular RBI/2019-20/57 dated September 9, 2019on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till June 30, 2020.
2. A copy of the revisedMaster Circularis enclosed for your ...
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Category :
RBI |
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0 | Hits : 897
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Master Circular – Lead Bank Scheme
Posted Date : 02-Jul-2020 , 10:07:34 am | Posted By: CASANSAAR
RBI/2020-21/05
FIDD.CO.LBS.BC.No.1/02.01.001/2020-21
July 01, 2020
The Chairmen/ Managing Directors/ Chief Executive Officers
SLBC/ UTLBC Convenor Banks / Lead Banks
Madam/ Dear Sir,
Master Circular – Lead Bank Scheme
The Reserve Bank of India has issued a number of guidelines/instructions on Lead Bank Scheme from time to time. ThisMaster Circularconsolidates the relevant guidelines/ in...
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RBI |
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0 | Hits : 894
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Master Circular – Detection and Impounding of Counterfeit Notes
Posted Date : 02-Jul-2020 , 10:06:31 am | Posted By: CASANSAAR
RBI/2020-21/04
DCM (FNVD) G–2/16.01.05/2020-21
July 1, 2020
The Chairman/Managing Director/Chief Executive Officer
All Banks and
Director of Treasuries of all States
Dear Sir/Madam,
Master Circular – Detection and Impounding of Counterfeit Notes
Please refer to theMaster Circular DCM (FNVD) G-1/16.01.05/2019-20 dated July 1, 2019consolidating the instructions issued till Ju...
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Category :
RBI |
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0 | Hits : 884
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Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
Posted Date : 02-Jul-2020 , 10:05:37 am | Posted By: CASANSAAR
RBI/2020-21/03
DGBA.GBD.No.2/31.12.010/2020-21
July 1, 2020
All Agency Banks
Dear Sir / Madam
Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
Please refer to ourMaster Circular RBI/2019-20/28 DGBA.GBD.No.250/31.12.010/2019-20 dated August 1, 2019on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till June 30, 2020.
...
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Category :
RBI |
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0 | Hits : 958
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Master Circular on SHG-Bank Linkage Programme
Posted Date : 02-Jul-2020 , 10:04:34 am | Posted By: CASANSAAR
RBI/2020-21/02
FIDD.FID.BC.No.02/12.01.033/2020-21
July 01, 2020
The Chairman/Managing Director/
Chief Executive Officer
All Scheduled Commercial Banks
Madam/Dear Sir
Master Circular on SHG-Bank Linkage Programme
The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on SHG-Bank Linkage Programme. In order to enable banks to have instructions at one place, the Master Circular incorporating the existing guidelines/instructions on th...
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RBI |
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