​Corrigendum to Circular No. 9/2020 regarding Further clarification on provisions of the Direct Tax Vivad se Vishwas Act, 2020...

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Category : CBDT | Comments : 0 | Hits : 1530

Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST & GAAR Reporting in amended Income Tax Audit Report amidst Covid-19....

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Category : GST | Comments : 0 | Hits : 1505

Heightened volatility in capital markets in reaction to COVID-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom. The stress is, however, confined to the high-risk debt MF segment at this stage; the larger industry remains liquid. 2. The RBI has stated that it remains vigilant and will take whatever steps are necessary to mitigate the economic impact o...

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Category : RBI | Comments : 0 | Hits : 1670

RBI/2019-20/226 DOR (PCB).BPD.Cir.No.12/09.09.002/2020-21 April 24, 2020 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Non-achievement of Priority Sector Lending Targets by Primary (Urban) Co-operative Banks (UCBs) - Contribution to the Rural Infrastructure Development Fund (RIDF) and other funds Please refer to thecircular DCBR.BPD (PCB).Cir.No.07/09.09.002/2017-18 dated May 10, 2018on Revised Guidelines on Lending to Priority Sector for P...

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Category : RBI | Comments : 0 | Hits : 1338

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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Category : Companies Act | Comments : 0 | Hits : 1109

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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Category : Companies Act | Comments : 0 | Hits : 1102

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Category : Companies Act | Comments : 0 | Hits : 1145

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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Category : RBI | Comments : 0 | Hits : 988

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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Category : Income Tax | Comments : 0 | Hits : 1306

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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Category : RBI | Comments : 0 | Hits : 1109

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 | Comments : 0 | Hits : 1587

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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Category : RBI | Comments : 0 | Hits : 987

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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Category : RBI | Comments : 0 | Hits : 996

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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Category : RBI | Comments : 0 | Hits : 1091

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 | Comments : 0 | Hits : 1017

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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Category : RBI | Comments : 0 | Hits : 1072

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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Category : RBI | Comments : 0 | Hits : 891

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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Category : RBI | Comments : 0 | Hits : 907

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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Category : RBI | Comments : 0 | Hits : 787

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 : 991

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 : 1106

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 : 1096

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 | Comments : 0 | Hits : 1116

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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Category : Income Tax | Comments : 0 | Hits : 1200

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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Category : RBI | Comments : 0 | Hits : 1289

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 : 1244

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 | Comments : 0 | Hits : 1185

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 | Comments : 0 | Hits : 1157

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 : 1162

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 | Comments : 0 | Hits : 1080