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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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 | Comments : 0 | Hits : 983

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 | Comments : 0 | Hits : 1085

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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Category : Companies Act | Comments : 0 | Hits : 1090

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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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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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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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 | Comments : 0 | Hits : 1240

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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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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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 | Comments : 0 | Hits : 1140

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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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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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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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/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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Due to outbreak of thc p3Ildel1lic Covid·19 virus, th~re is se'ere disruptiol1 III the nOllllal working of almost all sectors. including functioning of the Income _ ta.x Depanmenl In such a sccnario. the applications filed by thc payces uls 195 and 197 of the Act for lo,,'er or nil rate of d.:duetion of ms and applications b} buycrsfliccnSl.:es/lessces uls 206C (9) of tile Act for lowcr or l1i l rate of collection of lCS for F.Y. 2020-21 . ha'e not been attended in a timcly ...

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RBI/2019-20/201 FMRD.FMSD.No.25/14.01.006/2019-20 March 30, 2020 To All participants in Government Securities market Madam/Sir, ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities A reference is invited to the announcement made in the Union Budget 2020-21 that certain specified categories of Central Government securities would be opened fully for non-resident investors without any restrictions, apart from being available to domestic inve...

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Category : FEMA | Comments : 0 | Hits : 899

RBI/2019-20/200 A.P. (DIR Series) Circular No. 25 March 30, 2020 To All Authorized Persons Madam / Sir ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the following regulations / directions, as amended from time to time, and the relevant directions issued thereunder: ...

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RBI/2019-20/199 A.P. (DIR Series) Circular No. 24 March 30, 2020 To, All Authorized Persons Madam / Sir Investment by Foreign Portfolio Investors (FPI): Investment limits Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 1 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 the relevant directions issued thereunder. A r...

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Category : FEMA | Comments : 0 | Hits : 1156

RBI/2019-20/198 DPSS.CO.RPPD.No./1864/03.01.03/2019-20 March 30, 2020 The Chairman and 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 / Local Area Banks / Payment Banks / Small Finance Banks Madam / Dear Sir, Special Clearing Operations on March 31, 2020 A reference is invited to the circular issued by Department of Government ...

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RBI/2019-20/197 FIDD.CO.LBS.BC.No.22/02.01.001/2019-20 March 30, 2020 The Chairmen/ Managing Directors & CEOs SLBC/ UTLBC Convenor Banks and Lead Banks Madam / Dear Sir, Amalgamation of Public Sector Banks - Assignment of SLBC/ UTLBC Convenorship and Lead Bank responsibilities The amalgamations of Oriental Bank of Commerce and United Bank of India with Punjab National Bank; Andhra Bank ...

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MCA issueNotification for increasing threshold of default under section 4 of IBC,2016....

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Category : Corporate Laws | Comments : 0 | Hits : 1017

Clarification on contribution to PM CARES Fund as eligible CSR activity under item no. (viii) of the Schedule VII of Companies Act, 2013. Item no. (viii) of the Schedule VII of the Companies Act, 2013, which enumerates activities that may be undertaken by companies in discharge of their CSR obligations, inter alia provides that contribution to any fund set up by the Central Government for socio-economic development and relief qualifies as CSR expenditure. The PM-CARES Fund has been set up to ...

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Category : Corporate Laws | Comments : 0 | Hits : 880

The Amalgamation of Allahabad Bank into Indian Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Allahabad Bank into Indian Bank in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970). The scheme comes into force on the 1st day of April 2020. Consequently, all branches of Allahabad Bank will ...

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Category : RBI | Comments : 0 | Hits : 878

The Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and section 9 of the Banking Companies (Acquisition and Tran...

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Category : RBI | Comments : 0 | Hits : 852

The Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and section 9 of the B...

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The Amalgamation of Syndicate Bank into Canara Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Syndicate Bank into Canara Bank in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970). The scheme comes into force on the 1st day of April 2020. Consequently, all branches of Syndicate Bank will ...

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Category : RBI | Comments : 0 | Hits : 913

RBI/2019-20/196 DOR.NBD.No.44/16.13.218/2019-20 March 28, 2020 Managing Director and Chief Executive Officers of Small Finance Banks Madam / Dear Sir, ‘Guidelines for Licensing of Small Finance Banks in Private Sector’ dated November 27, 2014 – Modifications to existing norms Please refer to the ‘Guidelines for Licensing of Small Finance Banks in Private Sector’ ...

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Category : RBI | Comments : 0 | Hits : 855

RBI/2019-20/194 DGBA.GBD.No.1799/42.01.029/2019-20 March 27, 2020 All Agency Banks Dear Sir / Madam Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2019-20) All government transactions done by agency banks for Financial Year 2019-20 must be accounted for within the same financial year. Taking into acco...

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Category : RBI | Comments : 0 | Hits : 870