CARO, 2020 (Companies Audit Report Order)
Posted Date : 24-Apr-2020 , 03:13:37 pm | Posted By: Vedant Parikh
Introduction:
The Ministry of Corporate Affairs (MCA), after consultation with the National Financial Reporting Authority (NFRA) constituted under section 132 of the Companies Act, 2013, has published in the Gazette of India an Order in supersession of the Companies (Auditor's Report) Order, 2016, which may be called the Companies (Auditor's Report) Order, 2020 (hereinafter referred as “CARO, 2020”).
In this Article, we have tried to analyze the Reporting Requirements under CARO,...
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Companies Act |
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LLP Settlement Scheme, 2020
Posted Date : 24-Apr-2020 , 03:09:36 pm | Posted By: Vedant Parikh
Sr No
Particulars
Clarifications
1
Background of the Scheme
Any Defaulting LLP is permitted to file belated documents, which were due for filling till 31st August, 2020 in accordance with the provision of the scheme.
2
Tenure of the Scheme
1st April, 2020 to 30th September, 2020
3
Benefits extended under Scheme
1) One‐time waiver of additional filing fees for delayed f...
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Companies Act |
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Companies Fresh Start Scheme, 2020
Posted Date : 24-Apr-2020 , 03:08:13 pm | Posted By: Vedant Parikh
...
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Companies Act |
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Electronic Cards for Overdraft Accounts - RBI
Posted Date : 24-Apr-2020 , 10:27:04 am | Posted By: CASANSAAR
RBI/2019-20/225
DOR.FSD.BC.No.67/24.01.041/2019-20
April 23, 2020
All Scheduled Commercial Banks
Madam / Dear Sir,
Electronic Cards for Overdraft Accounts
Please refer to Para II.2 of‘Master Circular on Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card Operations of Banks and Credit Card issuing NBFCs’ dated July 1, 2015wherein banks have been permitted to issue debi...
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RBI |
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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020
Posted Date : 23-Apr-2020 , 10:06:18 am | Posted By: CASANSAAR
During the Union Budget, 2020 presentation, the 'Vivad se Vishwas' Scheme was announced to provide for dispute resolution in respect of pending income tax litigation. Pursuant to Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (the Bill) was introduced in the Lok Sabha on 5th Feb, 2020. Subsequently, based on the representations received from the stakeholders regarding its various provisions, official amendments to the Bill were proposed. These amendments sought to widen ...
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Income Tax |
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Interest Subvention (IS) and Prompt Repayment Incentive (PRI) for Short Term Crop Loans
Posted Date : 22-Apr-2020 , 10:01:25 am | Posted By: CASANSAAR
RBI/2019-20/224
FIDD.CO.FSD.BC.No.24/05.02.001/2019-20
April 21, 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 Crop Loans during the years 2018-19 and 2019-20: Extended Period on account of Covid-19
Please refer to ourcircular FIDD.CO.FSD.BC.No.15/05.02.001/2018-19 dated March 7, 2019regarding Interest Subvention Scheme for Shor...
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RBI |
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Extension of Quarterly TDS/TCS statement filing dates
Posted Date : 22-Apr-2020 , 09:58:14 am | Posted By: CASANSAAR
NSDL e- Governance Infrastructure Limited
TIN Operations
Circular
Circular No. NSDL/TIN/2020/006
April 20, 2020
Subject: Extension of Quarterly TDS/TCS statement filing dates
Attention of all TIN Faciliation Centre (TIN -FCs) is hereby invited to the notification issued by Government of India (The Gaztte of India) in view of COVID-19 outbreak copy of the notification is attached as Annexure.
Vide aforementioned notification, all the due dates, prescibed or notified under the...
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Category :
Income Tax |
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Provisioning on interbank exposure of Primary (Urban) Co-operative Banks (UCBs) under All Inclusive Directions
Posted Date : 21-Apr-2020 , 10:12:21 am | Posted By: CASANSAAR
RBI/2019-20/222
DOR.(PCB).BPD.Cir.No.11/16.20.000/2019-20
April 20, 2020
The Chief Executive Officer
All Primary (Urban) Co-operative Banks
Madam / Dear Sir,
Provisioning on interbank exposure of Primary (Urban) Co-operative Banks (UCBs) under All Inclusive Directions
As you are aware, the imposition of All-inclusive Directions (AID) on an Urban Co-operative Bank (UCB),inter alia, restricts t...
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RBI |
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Internal ML/TF risk assessment by REs - Amendment to Master Direction (MD) on KYC
Posted Date : 21-Apr-2020 , 10:11:39 am | Posted By: CASANSAAR
RBI/2019-20/221
DOR.AML.BC.No.66/14.01.001/2019-20
April 20, 2020
The Chairpersons/ CEOs of all the Regulated Entities
Dear Sir/Madam,
Internal ML/TF risk assessment by REs - Amendment to Master Direction (MD) on KYC
TheMaster Direction on KYC dated February 25, 2016, is hereby updated to reflect the following changes in line with Rule 9(13) of the PML Rules 2005:
A new section (5A...
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RBI |
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COVID19 Regulatory Package - Asset Classification and Provisioning
Posted Date : 18-Apr-2020 , 09:58:15 am | Posted By: CASANSAAR
RBI/2019-20/220
DOR.No.BP.BC.63/21.04.048/2019-20
April 17, 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 Finance Companies (including Housing Finance Companies)
Madam/Dear Sir,
COVID19 Regulatory Package - Asset Classification and Provisioning
Please refer to theGovernor...
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RBI |
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Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets
Posted Date : 18-Apr-2020 , 09:57:33 am | Posted By: CASANSAAR
RBI/2019-20/219
DOR.No.BP.BC.62/21.04.048/2019-20
April 17, 2020
All Scheduled Commercial Banks (excluding Regional Rural Banks);
All India Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI);
All Systemically Important Non-Deposit taking Non-Banking Financial Companies (NBFC-ND-SI) and Deposit taking Non-Banking Financial Companies (NBFC-D).
Madam/Dear Sir,
COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Str...
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Category :
RBI |
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Declaration of dividends by banks - RBI
Posted Date : 18-Apr-2020 , 09:56:34 am | Posted By: CASANSAAR
RBI/2019-20/218
DOR.BP.BC.No.64/21.02.067/2019-20
April 17, 2020
All Commercial Banks and All Cooperative Banks,
Madam / Dear Sir,
Declaration of dividends by banks
Banks in India have been granted general permission to declare dividends, subject to compliance with the guidelines laid out in terms ofcircular DBOD.NO.BP.BC.88/ 21.02.067/2004-05 dated May 4, 2005and other associated circulars.
2. In an environment of heightened uncertainty caused by COVID-19, it is important tha...
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RBI |
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Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR)
Posted Date : 18-Apr-2020 , 09:55:47 am | Posted By: CASANSAAR
RBI/2019-20/217
DOR.BP.BC.No.65/21.04.098/2019-20
April 17, 2020
All Commercial Banks
(excluding Regional Rural Banks, Local Area Banks and Payments Banks)
Madam/Dear Sir,
Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR)
Please refer to ourcircular DBOD.BP.BC.No.120/21.04.098/2013-14 dated June 9, 2014and associated circulars thereon.
2. As part of post Global Financial Crisis (GFC) reforms, Basel Committee on Banking Supervision (BCBS) had in...
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RBI |
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Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Projects under Implementation
Posted Date : 18-Apr-2020 , 09:54:57 am | Posted By: CASANSAAR
RBI/2019-20/216
DoR.NBFC (PD).CC.No.110/03.10.001/2019-20
April 17, 2020
All Non-Banking Financial Companies
Madam/Dear Sir,
Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Projects under Implementation
Please refer to paragraph 25 ofMaster Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company ...
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RBI |
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Liquidity Adjustment Facility – Reverse Repo Rate
Posted Date : 18-Apr-2020 , 09:54:04 am | Posted By: CASANSAAR
RBI/2019-2020/215
FMOD.MAOG.No.141/01.01.001/2019-20
April 17, 2020
All Liquidity Adjustment Facility (LAF) participants
Madam/Sir,
Liquidity Adjustment Facility – Reverse Repo Rate
As announced inGovernor’s Statementtoday, it has been decided to reduce the interest rate on fixed rate reverse repo under the Liquidity Adjustment Facility (LAF) by 25 basis points from 4.00 per cent to3.75 per centwith immediate effect.
2. The policy repo rate under the LAF remains un...
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RBI |
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Extension of due date of EPFO upto 15-05-2020
Posted Date : 16-Apr-2020 , 09:30:43 am | Posted By: CASANSAAR
EMPLOYEES’ PROVIDENT FUND ORGANISATION
(Ministry of Labour & Employment, Govt. of India)
Head Office
Bhavishya Nidhi Bhawan, 1.4, Bhikaji Cama Place, New Delhi — 110 466.
Date: 15.04.2020
No.C-I/Misc./2019-20/Vol.II/Part./9
To,
All Addl. CPFCs in charge of Zones
All RPFCs in charge of Regional Offices
All OICs in charge of District Offices.
Subject: Extension of due date for payment of contributions and administrative charges/Inspection charges due f...
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Category :
Corporate Laws |
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Filings under section 124 and section 125 of the Companies Act 2013 r/w IEPFA (Accounting, Audit, Transfer and Refund) Rules 2016
Posted Date : 14-Apr-2020 , 08:43:47 am | Posted By: CASANSAAR
Filings under section 124 and section 125 of the Companies Act 2013 r/w IEPFA (Accounting, Audit, Transfer and Refund) Rules 2016 in view of emerging situation due to outbreak of COVID– 19....
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Category :
Companies Act |
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Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013
Posted Date : 14-Apr-2020 , 08:42:11 am | Posted By: CASANSAAR
Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 and rules made thereunder on account of the threat posed by Covid-19....
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Companies Act |
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Clarification regarding short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No. 2) Act, 2019
Posted Date : 14-Apr-2020 , 08:36:26 am | Posted By: CASANSAAR
The Finance (No.2) Bill,20 19 was tablcd in Lok Sabha on 51h July, 2019 which was passed by both the houses of Parliament and became Finance (No.2) Act, 2019 (the Act) which received assent of the President on l SI August, 2019. The Act provided for increase in the rate of surcharge as under:...
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Category :
Income Tax |
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Clarification in respect of option under section 115BAC of the Income-tax Act, 1961
Posted Date : 14-Apr-2020 , 08:34:20 am | Posted By: CASANSAAR
Section IISBAC of the Income-tax Act, 1961 (the Act), inserted by the Finance Act, 2020 wef the assessment year 202 1-22, infer alia, providcs that a person, being an individual or a Hindu undivided family having income other than income from business or profession", may exercise option in respect of a previous year to be taxed under the said section IISBAC alongwith his return of income to be furnished under sub-section (I) of section 139 of the Act for each year. The concessional rate pro...
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Income Tax |
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Scheduled Banks’ Statement of Position in India as on Friday, March 27, 2020
Posted Date : 12-Apr-2020 , 09:10:27 am | Posted By: CASANSAAR
Scheduled Banks’ Statement of Position in India as on Friday, March 27, 2020
(Amount in Crore of ₹)
SCHEDULED COMMERCIAL BANKS
(Including RRBs and SFBs)
ALL SCHEDULED BANKS
29-Mar-19
13-MAR-2020 *
27-MAR-2020 *
29-Mar-19
13-MAR-2020 *
27-MAR-2020 *
...
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RBI |
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MCA issued COVID-19 related FAQs on CSR
Posted Date : 11-Apr-2020 , 10:33:42 am | Posted By: CASANSAAR
The Ministry has been receiving several references/ representations from various stakeholders seeking clarifications on eligibility of CSR expenditure related to COVID-19 activities. In this regard, a set of FAQs along with clarifications are provided below for better understanding of the stakeholders:...
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Category :
Corporate Laws |
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Companies can hold EGMs through VC or OAVM - MCA
Posted Date : 09-Apr-2020 , 08:46:10 am | Posted By: CASANSAAR
The Ministry of Corporate Affairs (MCA) is fully cognizant of the difficulties faced by companies on account of the ongoing nation-wide lockdown and social distancing due to COVID 19. The Ministry has also taken note of various representations received from industry associations and corporates on the need to facilitate companies in taking certain emergent/ urgent measures in the face of extreme disruptions and dislocation caused by the pandemic.
...
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Category :
Companies Act |
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Risk Management and Inter-bank Dealings – Hedging of foreign exchange risk
Posted Date : 08-Apr-2020 , 08:12:53 am | Posted By: CASANSAAR
RBI/2019-20/210
A.P.(DIR Series) Circular No. 29
April 7, 2020
To,
Authorised Dealers Category – I
Madam / Sir,
Risk Management and Inter-bank Dealings – Hedging of foreign exchange risk
Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No.FEMA.25/RB-2000 dated May 3, 2000), as amended from time to ti...
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Category :
FEMA |
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Rupee Drawing Arrangement – Remittance to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund
Posted Date : 04-Apr-2020 , 10:15:56 am | Posted By: CASANSAAR
RBI/2019-20/208
A. P. (DIR Series) Circular No. 28
April 03, 2020
To,
All Authorised Dealer Category - I Banks
Madam / Sir,
Rupee Drawing Arrangement – Remittance to the Prime Minister’s Citizen Assistance
and Relief in Emergency Situations (PM-CARES) Fund
Attention of Authorised Dealer Category – I (AD Cat – I) banks is invited to Paragraph 4 of theMaster Direction – Opening and Maintenance of Rupee/Foreign currency Vostro Accounts of Non-Reside...
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Category :
FEMA |
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Amendment to Master Direction (MD) on KYC
Posted Date : 02-Apr-2020 , 10:44:47 am | Posted By: CASANSAAR
RBI/2019-20/207
DOR.AML.BC.No.61/14.01.001/2019-20
April 01, 2020
The Chairpersons/ CEOs of all the Regulated Entities
Dear Sir/Madam,
Amendment to Master Direction (MD) on KYC
Government of India, vide Gazette Notification G.S.R. 228(E) dated March 31, 2020 has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
2. Consequent to the aforementioned...
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Category :
RBI |
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0 | Hits : 1051
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Export of Goods and Services- Realisation and Repatriation of Export Proceeds-Relaxation
Posted Date : 02-Apr-2020 , 10:43:56 am | Posted By: CASANSAAR
RBI/2019-20/206
A. P. (DIR Series) Circular No. 27
April 01, 2020
To,
All Authorised Dealer Category – I Banks
Madam / Sir,
Export of Goods and Services-
Realisation and Repatriation of Export Proceeds-Relaxation
The Government of India as well as the Reserve Bank has been receiving representations from Exporters Trade bodies to extend the period of realisation of export procee...
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Category :
RBI |
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0 | Hits : 1047
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Appointment of Managing Director and Chief Executive Officer (MD & CEO) / CEO / part-time Chairperson (PTC) in Banks
Posted Date : 01-Apr-2020 , 11:19:29 am | Posted By: CASANSAAR
RBI/2019-20/204
DoR.Appt.No.58/29.67.001/2019-20
March 31, 2020
All Private Sector Banks (including Local Area Banks, Small Finance Banks, Payments Banks) and Foreign Banks operating in India
Madam / Dear Sir,
Appointment of Managing Director and Chief Executive Officer (MD & CEO) / CEO / part-time Chairperson (PTC) in Banks – ‘Declaration and Undertaking’ and allied matters
To complete the appointment of Managing Director and Chief Executive Officer (MD &am...
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Category :
RBI |
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Doorstep Banking Services for Senior Citizens and Differently Abled Persons
Posted Date : 01-Apr-2020 , 11:18:42 am | Posted By: CASANSAAR
RBI/2019-20/203
DOR.CO.Leg.BC.No.59/09.07.005/2019-20
March 31, 2020
All Scheduled Commercial Banks (including RRBs)
All Payments Banks
All Small Finance Banks
All Local Area Banks
Dear Sir/Madam
Doorstep Banking Services for Senior Citizens and Differently Abled Persons
Please refer to para 2(g) of ourcircular DBR.No.Leg.BC.96/09.07.005/2017-18 dated November 9, 2017on the capt...
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RBI |
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Short Term Crop Loans eligible for Interest Subvention Scheme (ISS) and Prompt Repayment Incentive (PRI) through KCC
Posted Date : 01-Apr-2020 , 11:17:53 am | Posted By: CASANSAAR
RBI/2019-20/202
FIDD.CO.FSD.BC.No.23/05.02.001/2019-20
March 31, 2020
The Chairman/Managing Director/Executive Officer
All Public & Private Sector Scheduled Commercial Banks
(Excluding Regional Rural Banks and Small Finance Banks)
Madam/Sir,
Short Term Crop Loans eligible for Interest Subvention Scheme (ISS) and Prompt Repayment Incentive (PRI) through KCC
Please refer to thecircular FIDD.CO.FSD.BC.No.1785/05.02.001/2019-20, dated February 26, 2020advising banks to ensure t...
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Category :
RBI |
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