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 : 981

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 : 1464

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 : 993

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 : 917

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 : 1009

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 : 1000

Several queries have been received in the Ministry with respect to interpretation of the provision of section 232(6) of the Companies Act, 2013 (Act). Clarification has been sought on whether it is mandatory to indicate a specific calendar date as 'appointed date' in the schemes referred to in the section. Further, requests have also been received to confirm whether the ,acquisition date' for the purpose of Ind-AS 103 (Business combinations) would be the 'appointed date' refe...

Continue Reading...

Category : Companies Act | Comments : 0 | Hits : 1082

Due date for GSTR-3B return for July 2019 has been extended to 22/08/2019. Notification will follow. Source – gst.gov.inWebsite...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1005

G.S.R. ….(E)— In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, and on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue No.22/2019- Central Tax, dated the 23rd April, 2019, published in the Gazette of Ind...

Continue Reading...

Category : GST | Comments : 0 | Hits : 994

RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 August 16, 2019 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam Gold Monetisation Scheme, 2015 In exercise of the powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949, the RBI makes the following amendments in the Reserve Bank of India (Gold Monetization Scheme, 2015)Master...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 966

RBI/2019-20/44 A.P. (DIR Series) Circular No. 06 August 16, 2019 To All Category - I Authorised Dealers and Authorised Banks Dear Sir / Madam Foreign Exchange Management (Deposit) (Amendment) Regulations, 2019 – Acceptance of Deposits by issue of Commercial Papers Attention of Authorised Dealers (ADs) is invited to the Foreign Exchange Management (Deposit) Regulations, 2016 notified videNotification No. FEMA 5(R)/2016-RB dated April 1, 2016, as amended from time to time ...

Continue Reading...

Category : FEMA | Comments : 0 | Hits : 1020

RBI/2019-20/41 DPSS.CO.PD No. 377/02.10.002/2019-20 August 14, 2019 All Scheduled Commercial Banks including Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Small Finance Banks / Payment Banks / White Label ATM Operators Madam / Sir, Usage of ATMs – Free ATM transactions – Clarifications Please refer to ourcirculars DPSS.CO.PD.No. 316/02.10.002/2014-2015 dated August 14, 2014andDPSS.CO.PD.No. 659/02...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1012

Para 6 of the Circular No. IBBI/RV/019/2018 dated 17th October, 2018 stipulates as under: “6. …….. every valuation required under the Code or any of the regulations made thereunder is required to be conducted by a ‘registered valuer’, that is, a valuer registered with the IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017. It is hereby directed that with effect from 1st February, 2019, no insolvency professional shall appoint a person other th...

Continue Reading...

Category : Corporate Laws | Comments : 0 | Hits : 1048

RBI/2019-20/40 FIDD.CO.LBS.BC.No.09/02.01.001/2019-20 August 13, 2019 The Chairmen / Managing Directors & CEOs Scheduled Commercial Banks (including Regional Rural Banks), Small Finance Banks and Payments Banks Madam / Dear Sir, Direct Benefit Transfer (DBT) Scheme – Implementation Please refer toCircular RPCD.CO.LBS.BC.No.75/02.01.001/2012-13 dated May 10, 2013andRPCD.CO.LBS.BC.No.11/02.01.001/2013-14 dated July 9, 2013regarding the use of Aadhaar to facilitate deliv...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 954

RBI/2019-20/39 FIDD.CO.Plan.BC.7/04.09.01/2019-20 August 13, 2019 The Chairman/ Managing Director & CEOs All Scheduled Commercial Banks (Excluding Regional Rural Banks and Small Finance Banks) Dear Sir/ Madam, Priority Sector Lending – Lending by banks to NBFCs for On-Lending In order to boost credit to the needy segment of borrowers, it has been decided that bank credit to r...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1076

RBI/2019-20/37 DBR.AML.BC.No.11/14.01.001/2019-20 August 9, 2019 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. 381(E) dated May 28, 2019, has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. 2. The change carried out in the Master Direction in accordance with the aforementioned amendment to the PML Rules is as unde...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1110

Reference is invited to the Circular No.3 of2018 dated 11.07.2018 (the Circular) of Central Board of Direct Taxes (the Board) and its amendment dated 20th August. 2018 vide which monetary limits for fi ling of income tax appeals by the Department before Income Tax Appellate Tribunal. High Courts and SLPs/appeals hefore Supreme Court have been specified. Representation has also been received that an anomaly in the said circular at para 5 may be removed....

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1029

The Income-tax return (ITR) forms for the Assessment Year (AY) 2019-20 were notified vide notification bearing G.S.R. 279(E). dated the 1st day April, 2019. Subsequently, the instructions for filing ITR forms were issued and the software utility for e-filing of all the ITR forms were also released. After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issue...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1177

RBI/2019-20/36 DBR.No.Ret.BC.10/12.01.001/2019-20 August 07, 2019 The Chairperson / CEOs of all Scheduled and Non Scheduled Banks Dear Sir / Madam Change in Bank Rate Please refer to ourcircular DBR.No.Ret.BC.44/12.01.001/2018-19 dated June 06, 2019, on the captioned subject. 2. As announced in theThird Bi-Monthly Monetary Policy Statement 2019-20 of August 07, 2019, the Bank Rate is revise...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 903

RBI/2019-20/35 REF.No.MPD.BC.388/07.01.279/2019-20 August 07, 2019 All Primary Dealers, Standing Liquidity Facility for Primary Dealers In theThird Bi-monthly Monetary Policy Statement 2019-20 of the Monetary Policy Committee (MPC) of August 07, 2019, the policy repo rate under the Liquidity Adjustment Facility (LAF) has been reduced by 35 basis points to 5.40 per cent from 5.75 per cent with immediate effect. 2. Accordingly, the Standing Liquidity Facility provided to Primary D...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 890

RBI/2019-2020/34 FMOD.MAOG. No.135/01.18.001/2019-20 August 7, 2019 All Marginal Standing Facility (MSF) participants Madam/Sir, Marginal Standing Facility As announced in theThird Bi-monthly Monetary Policy Statement, 2019-20, today, it has been decided by the Monetary Policy Committee (MPC) to reduce the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 35 basis points from 5.75 per cent to5.40 per centwith immediate effect. 2. Consequently, the Marginal Stan...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 966

RBI/2019-2020/33 FMOD.MAOG. No.134/01.01.001/2019-20 August 7, 2019 All Liquidity Adjustment Facility (LAF) participants Madam/Sir, Liquidity Adjustment Facility – Repo and Reverse Repo Rates As announced in theThird Bi-monthly Monetary Policy Statement, 2019-20, today, it has been decided by the Monetary Policy Committee (MPC) to reduce the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 35 basis points from 5.75 per cent to5.40 per centwith immediate eff...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 867

RBI/2019-20/31 DCBR.BPD (PCB/RCB).Cir.No.02/13.01.000/2019-20 August 2, 2019 The Chief Executive Officer All Primary (Urban) Co-operative Banks, All State/ Central Co-operative Banks Madam / Dear Sir, Financial Inclusion - Access to Banking Services - Basic Savings Bank Deposit Account (BSBDA) Please refer to ourcirculars UBD.BPD.Cir.No.5/13.01.000/2012-13 dated August 17, 2012andRPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012on the captioned subject. 2. The ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1087

RBI/2019-20/30 DNBR (PD) CC.No.101/03.10.001/2019-20 August 02, 2019 All NBFCs Madam / Dear Sir, Levy of foreclosure charges/pre-payment penalty on Floating Rate Loans by NBFCs Please refer to paragraph 30(4) of Chapter VI of Master Direction - Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 and paragr...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1087

RBI/2019-20/29 DBR.Dir.BC.No.08/13.03.00/2019-20 August 02, 2019 All Scheduled Commercial Banks (Excluding RRBs) All Small Finance Banks All Local Area Banks Dear Sir / Madam Levy of Foreclosure Charges /Pre-payment Penalty on Floating Rate Term Loans Please refer to ourcircularsDBOD.No.Dir.BC.107/13.03.00/2011-12dated June 5, 2012andDBOD.Dir.BC.No.110/13.03.00/2013-14 dated May...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1219

RBI/2019-20/28 DGBA.GBD.No.250/31.12.010/2019-20 August 1, 2019 All Agency Banks Dear Sir / Madam Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission Please refer to ourMaster Circular RBI/2018-19/2 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 July 31, 2019. 2. A copy of the revisedMaster C...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1057

MCA Update dt. 31.07.2019 Forms Revised w.e.f. 01.08.2019 Form CHG-1, Form CHG-8 and Form CHG-9 Form AOC-4 XBRL Link: http://www.mca.gov.in/...

Continue Reading...

Category : Companies Act | Comments : 0 | Hits : 1222

RBI/2019-20/20 A.P. (DIR Series) Circular No. 04 July 30, 2019 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy – Rationalisation of End-use Provisions Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraphs 2.1.(v) and 2.1.(viii) ofMaster Direction No.5 dated March 26, 2019on the above subject in terms of which, inter alia, ECB proceeds cannot be utilised for working capital purposes, gener...

Continue Reading...

Category : FEMA | Comments : 0 | Hits : 1209

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), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2019- Central Tax, dated the 23rd April, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1032

i)eForm DIR-3 KYCis to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the DIN holder who has already filed his KYC once in eform DIR-3 KYC but wants to update his details. ii)Web service DIR-3-KYC-WEBis to be used by the DIN holder who has submitted DIR-3 KYC eform in the previous financial year and no update is required in his details. NOTIFICATION G.S,R. -(E). - In exercise of the powers conferred by the second proviso to sub-section...

Continue Reading...

Category : Companies Act | Comments : 0 | Hits : 1333