RBI/2019-20/65 DBR.AML.BC.No.16/14.06.001/2019-20 September 19, 2019 The Chairpersons/CEOs of all the Regulated Entities Dear Sir/Madam, Implementation of Section 51-A of Unlawful Activities Prevention Act (UAPA), 1967- Updates to ISIL (Da’esh) & Al-Qaida Sanctions List Please refer to Section 51 of ourMaster Direction on Know Your Customer dated February 25, 2016 as amended on August 09, ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 933

G.S.R. 661(E).—In exercise of the powers conferred by clause (47) of section 10 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: —...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1118

The undersigned is directed to refer to Circular No. 23 of 2019 dated 6th September, 2019 and to say that by virtue of powers of the Central Board of Direct Taxes u/s 268A of Income-tax Act,1961, the monetary limits fixed for filing appeals before ITAT/HC and SLPs /appeals before Supreme Court shall not apply in case of assesses claiming bogus LTCG/STCL through penny stocks and appeals/SLPs in such cases shall be filed on merits....

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 926

RBI/2019-20/61 DPSS.CO.PD.No.605/02.27.020/2019-20 September 16, 2019 The Chairman and Managing Director / Chief Executive Officer Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payment Banks / Small Finance Banks Bharat Bill Payment System Providers / System Participants and prospective Bharat Bill Payment Operating Units Madam / Dear Sir, Bharat Bill Payment System - Expansion of biller c...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 960

RBI/2019-20/60 DBR.No.BP.BC.18/21.01.003/2019-20 September 12, 2019 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir/Madam, Large Exposures Framework Please refer to paragraph 7 (a) of theStatement on Developmental and Regulatory Policies dated August 7, 2019on ‘Harmonisation of single counterparty exposure limit for banks’ exposures to a single NBFC with general single counterparty exposure limit’ (extract enclosed). 2. In terms of c...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1119

RBI/2019-20/59 DBR.No.BP.BC.17/21.06.001/2019-20 September 12, 2019 All Scheduled Commercial Banks All Local Area Banks All Small Finance Banks All Regional Rural Banks Dear Sir/Madam, Risk Weight for Consumer Credit except credit card receivables Please refer to paragraph 6 of theStatement on Developmental and Regulatory Policies dated August 7, 2019on ‘Reduction in risk weight for consumer credit except credit card receivables’ (extract enclosed). 2. As per ex...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1217

I am directed to draw your kind attention to the practice of disposal of seized/confiscated liquor lying with Customs formations. Under the extant instructions/guidelines such seized/confiscated liquor was being disposed of by various means including sales to Canteen Stores Department (CSD), other Defence Establishments or sale to hotels/restaurants and clubs having the necessary liquor licenses or to Indian Tourism Development Corporation (ITDC)....

Continue Reading...

Category : Custom | Comments : 0 | Hits : 1607

The Central Board of Direct Taxes (CBDT) has been issuing guidelines from time to time for compounding of offences under the Direct Tax Laws, prescribing the eligibility conditions. One of the cond itions fo r filing of Compounding application is that, it should be filed with in 12 months from filing of complaint in the court....

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1184

RBI/2019-20/57 DGBA.GBD.No.521/31.02.007/2019-20 September 9, 2019 All Agency Banks Dear Sir/Madam Master Circular - Disbursement of Government Pension by Agency Banks Please refer to ourMaster Circular RBI/2018-19/1 dated July 2, 2018on 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, 2019. 2. A copy of the revisedMaster Circularis enclosed for your...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1209

S.O. 3215(E).—In exercise of the powers conferred by the first proviso to clause (23C) of sub-section (1) of section 10 and clause (vi) of sub-section (5) of section 80G 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: —...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1816

Reference is invited to the Circulars issued from time to time by Central Board of Direct Taxes (the Board) under section 268A of the Income-tax Act,1961 (the Act), for laying down monetary limits and other conditions for filing of departmental appeals before Income Tax Appellate Tribunal (ITA T), High Courts and SLPs/appeals before Supreme Court. 2. Several references have been received by the Board that in large number of cases where organised tax-evasion scam is noticed through bogus Long-...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1143

GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 05 September, 2019 G.S.R. __ (E). —In exercise of the powers conferred by sub-sections (2) and (4) of section 132, sub-section (1) of section 139 and sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, to amend the National Financial Reporting Authority Rules, 2018, namely :- 1. Short title and commencement.—(1) These ru...

Continue Reading...

Category : Corporate Laws | Comments : 0 | Hits : 1314

RBI/2019-20/53 DBR.DIR.BC.No.14/13.03.00/2019-20 September 04, 2019 All Scheduled Commercial Banks (excluding RRBs) All Small Finance Banks All Local Area Banks Madam / Dear Sir, External Benchmark Based Lending As you are aware, Reserve Bank had constituted an Internal Study Group (ISG) to examine various aspects of the marginal cost of funds-based lending rate (MCLR) system. The final report of the ISG was published inOctober 2017for public feedback. The ISG observed that int...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1182

G.S.R. (E).- In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby waives the amount of late fee payable under section 47 of the said Act, by the following class of taxpayers: –...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1135

G.S.R. .....(E).— In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Commissioner hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 26/2019-Central Tax, dated the 28 th June, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-se...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1051

G.S.R. ….(E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of September, 2019, as the date on which the provisions of section 103 the said Act, shall come into force...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1134

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) (hereinafter referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons required to furnish the details of challans in FORM ITC-04 under sub-rule (3) of rule 45 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), read with section 143 of the said Ac...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1130

RBI/2019-20/51 DPSS.CO.PD.No.499/02.14.006/2019-20 August 30, 2019 All Prepaid Payment Instrument Issuers Madam / Dear Sir, Amendment to Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs) Please refer to paragraph 9.1 (i) (i) of the Master Direction on Issuance and Operation of PPIs issued videDPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (PPI-MD). ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1070

One of the measures pertaining to taxation announced by the Hon’ble Finance Minister as part of the several measures to boost the economy, was the withdrawal of ‘Angel Tax’ provisions for Start-ups and their investors. As part of the measures for mitigating the genuine difficulties of Start-ups, it was decided that a dedicated cell would be set up under a Member of CBDT for addressing the specific problems of Start-ups...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 972

In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new section 194N in the Income-tax Act, 1961 (the ‘Act’), to provide for levy of tax deduction at source (TDS) @2% on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company or cooperative bank or post office, to any person from one or more accounts maintained with it by the recipient. The above section shall come into e...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1100

The Income-tax Return (ITR) forms for the Assessment Year (A.Y.) 2019-20 were notified vide notification bearing G.S.R. 279(E) dated the 01st day of April, 2019. Subsequently, instructions for filing ITR forms were issued and the software utility for efiling of all the ITR forms were also released. After notification of the ITR forms, various queries were raised by the stakeholders in respect of filling-up of the ITR forms. The queries were examined in the Board and a clarification was issued vi...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1388

RBI/2019-20/50 DPSS.CO.PD.No.501/02.14.003/2019-20 August 29, 2019 All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / All Authorised Card Networks Madam / Dear Sir, Cash Withdrawal at Points-of-Sale (PoS) Devices A reference is invited to thecirculars DPSS.CO.PD.No.147/02.14.003/2009-10 dated July ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 983

RBI/2019-20/48 FIDD.CO.FSD.BC.No.10/05.02.001/2019-20 August 26, 2019 The Chairman / Managing Director & CEOs All Public & Private Sector Scheduled Commercial Banks Madam/Dear Sir, Interest Subvention Scheme for Kisan Credit Card (KCC) to Fisheries and Animal Husbandry farmers during the years 2018-19 and 2019-20 Please refer to ourcircular FIDD.CO.FSD.BC.12/05.05.010/2018-19 dated February 4, 2019extending KCC facility to animal husbandry farmers and fisheries for their...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1013

The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 (Amendment Regulations) on 25th July, 2019. They came into force on the date of their publication in the Official Gazette, that is, on 25th July, 2019...

Continue Reading...

Category : Corporate Laws | Comments : 0 | Hits : 889

Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Order No. 7/2019-Central Tax New Delhi, the26thAugust. 2019 S.0.(E).—WHEREAS, sub-section (1) of section 44 of theCentral Goods and Services Tax Act, 2017(12 of 2017) (hereafter in this Order referred to as the said Act) provides that every registered person, other than anInput Service Distributor, a person paying tax under section 51 or section 52, acasual taxable pers...

Continue Reading...

Category : GST | Comments : 0 | Hits : 998

Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs Notification No. 05/2019 Central Excise-NT New Delhi, the 21stAugust, 2019 GSR…….. (E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 132 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.- (1) These rules may be called the Sabka Vishwas...

Continue Reading...

Category : Custom | Comments : 0 | Hits : 1490

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 21st August, 2019 S.O. 3009(E).—In exercise of the powers conferred by the sub section 6 of section 109 of the Central Goods and Services Tax Act, 2017, the Central Government, on the recommendation of the Goods and Services Tax Council, hereby notifies the creation of the State Benches of the Goods and Services Tax Appellate Tribunal (GSTAT) as per the details contained in the table 1 below and Area Benches as p...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1014

This order disposes of the show cause notice dated 8th September, 2018 (SCN) issued to Mr. Rishi Prakash Vats, VGC Law Firm, 19 Park Area, Karol Bagh, New Delhi – 110005. Mr. Vats is a professional member of the ICSI Institute of Insolvency Professionals and an insolvency professional (IP) registered with the Insolvency and Bankruptcy Board of India (IBBI/Board) with registration No. IBBI/IPA-002/IP-N00248/2017-2018/10733....

Continue Reading...

Category : Corporate Laws | Comments : 0 | Hits : 924

RBI/2019-20/47 DPSS.CO.PD.No.447/02.14.003/2019-20 August 21, 2019 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 / Card Payment Networks / Prepaid Payment Instrument Issuers Madam / Dear Sir, Processing of e-mandate on cards for recurring transactions The Reserve Bank of I...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1032

RBI/2019-20/46 DPSS (CO) RTGS No.364/04.04.016/2019-20 August 21, 2019 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS Madam / Dear Sir, Real Time Gross Settlement (RTGS) System – Increase in operating hours A reference is invited to the circularDPSS (CO) RTGS No. 2488/04.04.016/2018-19 dated May 28, 2019on ‘Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer Transactions’. 2. At...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1023