SEBI,vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020,had relaxed the requirement of the maximum stipulated time gap of 120 days between two meetings of the board and Audit Committeesof listed entities, as is required under Regulation 17(2) and 18(2)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’). This relaxation was provided for the meetings held/proposed to be held between the period December 1, 2019 and June...

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Category : SEBI | Comments : 0 | Hits : 1312

S.O. 2033(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) (hereinafter referred to as the Ordinance), the Central Government hereby specifies , for the purposes of the said sub-section (1),-...

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Category : CBDT | Comments : 0 | Hits : 1557

RBI/2019-20/255 DoR.BP.BC.No.76/21.06.201/2019-20 June 21, 2020 All Member Lending Institutions (All Scheduled Commercial Banks including Scheduled RRBs) (NBFCs including HFCs eligible under the captioned scheme) (All India Financial Institutions - Small Industries Development Bank of India, National Housing Bank, National Bank for Agriculture and Rural Development and Export-Import Bank of India) Dear Sir/ Madam, Assignment of Risk Weights on Credit Facilities (Guaranteed E...

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Category : RBI | Comments : 0 | Hits : 1250

The companies are required to file forms related to creation or modification of charges within the timelines provided in section 77 of th-e Companies Act, 2013 (Act), i.e. a total o[ 120 days of the creation or modification of charge. In case, the company fails to register the charge within the period of thirty days referred to in sub-section (1) of secti'on 77 , the charge holder may file the form related to creation or modification of charses under section 78 of the ,- Act, within the over...

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Category : Companies Act | Comments : 0 | Hits : 1339

Clarification on passing of ordinary and special resolutions by Companies under Companies Act, 2013 read with rules made thereunder on account of COVID-19...

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Category : Companies Act | Comments : 0 | Hits : 1475

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 32/2020-Income Tax Dated: 12th June, 2020 S.O. 1879(E).—Inexercise of the powers conferred by clause (v) of theExplanationto section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, pu...

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The Reserve Bank of India today released on its website aDiscussion Paperon‘Governance in Commercial Banks in India’for public comments. 2. The objective of the discussion paper is to align the current regulatory framework with global best practices while being mindful of the context of domestic financial system. Accordingly, some of the major highlights of the paper are as follows: i. Empower the Board of Directors to set the culture an...

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Various references have been received from trade and industry seeking clarification whether the GST is leviable on Director‟s remuneration paid by companies to their directors. Doubts have been raised as to whether the remuneration paid by companies to their directors falls under the ambit of entry in Schedule III of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the CGST Act) i.e. “services by an employee to the employer in the course of or in relation to his e...

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Various representations have been received seeking clarification on the issue relating to refund of accumulated ITC in respect of invoices whose details are not reflected in the FORM GSTR-2A of the applicant. In order to clarify these issues and to ensure uniformity in the implementation of the provisions of law in this regard across the field formations, the Board, in exercise of its powers conferred by section 168 (1) of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as ...

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G.S.R. 362(E).—In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of 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...

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G.S.R. 361(E).—In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of Union Territory Goods and Services Tax Act, 2017 (14 of 2017), in view of the spread of pandemic COVID-19 across many countries of the world including India, the Government, on the recommendations of ...

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Special procedure for Merged UTs of Daman & Diu & Dadra & Nagar Haveli to continue till 31.07.2020...

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Category : GST | Comments : 0 | Hits : 915

The Reserve Bank has today placed on its website two draft documents for public comments - the ‘Draft Framework for Securitisation of Standard Assets’ and ‘theDraft Comprehensive Framework for Sale of Loan Exposures’. These guidelines are applicable to all Scheduled Commercial Banks (excluding Regional Rural Banks); All India Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI); and, all Non-Banking Financial Companies including Housing Finance Companies. Aimed a...

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Category : RBI | Comments : 0 | Hits : 1070

In order to facilitate convenient return filing for taxpayers, Government is rolling out the facility of filing of NIL GST monthly return in Form GST-3B through SMS. Over 22 lakh registered taxpayers are estimated to benefit from this move....

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Category : GST | Comments : 0 | Hits : 1067

RBI/2019-20/250 FIDD.CO.FSD.BC.No.25/05.02.001/2019-20 June 4, 2020 The Chairman / Managing Director & CEOs All Public & Private Sector Scheduled Commercial Banks Madam/Dear Sir, Interest Subvention (IS) and Prompt Repayment Incentive (PRI) for Short Term Loans for Agriculture including Animal Husbandry, Dairy and Fisheries for extended period on account of Covid-19 Please refer to ou...

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RBI/2019-20/251 DPSS.CO.PD.No.1897/02.14.003/2019-20 June 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 PPI issuers / Authorised Payment System Participants / Operators Madam / Dear Sir, Extension of timeline for compliance with various...

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G.S.R. 338(E).—In exercise of the powers conferred by section 139 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/2019-20/248 DGBA.GBD.No.1909/42.01.011/2019-20 May 29, 2020 The Chairman and Managing Directors/ Managing Director/ CEO All Agency Banks Dear Sir / Madam Recovery of Penal Interest on delayed remittance of Government Receipts into Government Account Please refer to ourcircular RBI/2019-20/70 DGBA.GBD.No.653/42.01.011/2019-20 dated September 26, 2019through which agency banks were advised ...

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In Schedule VII, item (viii), after the words “Prime Minister’s National Relief Fund”, the words “or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)” shall be inserted...

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Category : Companies Act | Comments : 0 | Hits : 1354

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 30/2020 New Delhi, the 28th May, 2020 INCOME-TAX G.S.R. 329(E).—In exercise of the powers conferred by section 285BB 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:— 1. Short title and commencement.-(1) These rules may be called the Income-tax ...

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RBI/2019-20/247 IDMD.CDD.No.2964/13.01.299/2019-20 May 27, 2020 The Chairman / Managing Director State Bank of India & Nationalised Banks Axis Bank Ltd., ICICI Bank Ltd., HDFC Bank Ltd, Stock Holding Corporation of India Ltd. (SHCIL) Madam/Sir, Cessation of 7.75% Savings (Taxable) Bonds, 2018 Government of India has videNotification F.No.4(28)-(W&M)/2017 dated May 27, 2020announced that the 7.75 percent Savings (Taxable) Bonds, 2018 shall cease for subscription with ef...

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RBI/2019-20/242 A.P. (DIR Series) Circular No.33 May 22, 2020 To All Category - I Authorised Dealer Banks Madam / Sir, Import of goods and services- Extension of time limits for Settlement of import payment Please refer to para 5 ofStatement on Developmental and Regulatory Policiesissued today. In this connection the attention of Authorised Dealer Category -I banks is invited to para B.5.1 ...

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Category : FEMA | Comments : 0 | Hits : 1510

RBI/2019-20/240 DOR.No.Ret.BC.74/12.01.001/2019-20 May 22, 2020 All Scheduled and Non Scheduled Banks Dear Sir / Madam Change in Bank Rate Please refer to ourcircular DBR.No.Ret.BC.53/12.01.001/2019-20 dated March 27, 2020on the captioned subject. 2. As announced in theMonetary Policy Statement 2020-21 dated May 22, 2020, the Bank Rate is revised downwards by 40 basis points from 4.65 per c...

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Category : RBI | Comments : 0 | Hits : 1319

RBI/2019-20/239 A.P.(DIR Series) Circular No.32 May 22, 2020 To All Authorised persons Madam / Sir, ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt - relaxations Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified videNotification No. FEMA.396/2019-RB dated October 17, 2019, as amended from time to time, and relevant di...

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Category : FEMA | Comments : 0 | Hits : 1197

RBI/2019-20/238 REF.No.MPD.BC.391/07.01.279/2019-20 May 22, 2020 All Primary Dealers, Standing Liquidity Facility for Primary Dealers In theMonetary Policy Statement 2020-21 dated May 22, 2020, the policy repo rate under the Liquidity Adjustment Facility (LAF) has been reduced by 40 basis points to 4.00 per cent from 4.40 per cent with immediate effect. 2. Accordingly, the Standing Liquidity Facility provided to Primary Dealers (PDs) (collateralised liquidity support) from the R...

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Category : RBI | Comments : 0 | Hits : 1043

RBI/2019-20/237 FMOD.MAOG.No.142/01.01.001/2019-20 May 22, 2020 All Liquidity Adjustment Facility (LAF) participants Madam/Sir, Liquidity Adjustment Facility – Repo and Reverse Repo Rates As announced in theMonetary Policy Statement, 2020-21, today, it has been decided by the Monetary Policy Committee (MPC) to reduce the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 40 basis points from 4.40 per cent to4.00 per centwith immediate effect. 2. Consequent...

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RBI/2019-20/236 FMOD.MAOG.No.143/01.18.001/2019-20 May 22, 2020 All Marginal Standing Facility (MSF) participants Madam/Sir, Marginal Standing Facility As announced in theMonetary Policy Statement, 2020-21today, it has been decided by the Monetary Policy Committee (MPC) to reduce the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 40 basis points from 4.40 per cent to4.00 per centwith immediate effect. 2. Consequently, the Marginal Standing Facility (MSF) rat...

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Category : RBI | Comments : 0 | Hits : 1094

G.S.R. 304(E).— In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB 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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Category : CBDT | Comments : 0 | Hits : 1103

Circular No. 12/2020 F.No.370142/3512019-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes **** Dated: 20th May, 2020 Subject: Clarifications in respect of prescribed electronic modes under section 269SU of the income-tax Act, 1961 — reg. In furtherance to the declared policy objective of the Government to encourage digital transactions and move towards a less-cash economy, a new provision namely Section 269SU was inserted in t...

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Category : CBDT | Comments : 0 | Hits : 1424

RBI/2019-20/235 DOR.NBFC (HFC).CC.No.111/03.10.136/2019-20 May 19, 2020 To Housing Finance Companies Madam/ Sir, Extending Master Direction – Know Your Customer (KYC) Direction, 2016 to Housing Finance Companies TheMaster Direction – Know Your Customer (KYC) Direction, 2016issued by the Bank has consolidated directions on Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) and is applicable to all Regulated Entities ...

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Category : RBI | Comments : 0 | Hits : 1070