RBI/2018-19/228 DBR.No.BAPD.BC.50/22.01.001/2018-19 June 28, 2019 The Chairman and Managing Director/Chief Executive Officer All Commercial Banks (including Regional Rural Banks, Small Finance Banks, Payments Banks and, Local Area Banks) and All India Financial Institutions (AIFIs) Madam/Dear Sir, Revision in Proforma and Reporting of Bank/Banking Outlet (BO) details under the Central Information System for Banking Infrastructure (CISBI) Please refer to our circulars (i) Master...

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Category : RBI | Comments : 0 | Hits : 1033

RBI/DNBR/2018-19/227 DNBR.PD (ARC) CC.No.07/26.03.001/2018-19 June 28, 2019 The Chairman/Managing Director/Chief Executive Officer All registered Asset Reconstruction Companies Dear Sir/Madam, Permission to acquire financial asset from other Asset Reconstruction Companies (ARCs) Please refer toCircular DNBS (PD) CC.No.35/SCRC/26.03.001/2013-2014 dated January 23, 2014on the captioned subject. 2. In view of amendment to the Securitisation and Reconstruction of Financial Assets...

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RBI/2018-19/226 A.P. (DIR Series) Circular No. 37 June 28, 2019 To All Category - I Authorised Dealer Banks Madam/Sir, Annual Return onForeign Liabilities and Assets Reporting by Indian Companies Attention of Authorised Dealer Category – I banks is invited toA.P. (DIR Series) Circular No.133 dated June 20, 2012which stipulated that all Indian companies which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current...

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Category : FEMA | Comments : 0 | Hits : 1101

RBI/2018-19/225 DBR.BP.BC.No.49/21.06.201/2018-19 June 28, 2019 All Scheduled Commercial Banks (excluding RRBs, LABs, Payments Banks and Small Finance Banks) Dear Sir/Madam, Basel III Capital Regulations- Implementation of Leverage Ratio Please refer to ‘Part E: Leverage Ratio Framework’ of the Master Circular- Basel III Capital Regulations,DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015. 2. As announced in theStatement on Developmental and Regulatory Policies...

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S.O.(E).––WHEREAS, sub-section (1) of section 44 of the Central 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 an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the ...

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Category : GST | Comments : 0 | Hits : 1167

Circular No. 92/11/2019-GST dated 7th March, 2019 was issued providing clarification on various doubts related to treatment of sales promotion schemes under GST. Post issuance of the said Circular various representations have been received from the trade and industry seeking clarifications in respect of tax treatment in cases of secondary discounts or post sales discount. The matter has been examined in order to ensure uniformity in the implementation of the law across the field formations, the ...

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Category : GST | Comments : 0 | Hits : 1334

Doubts have been raised in respect of processing of a refund application by a jurisdictional tax authority (either Centre or State) to whom the application has been electronically transferred by the common portal in cases where the said tax authority is not the one to which the taxpayer has been administratively assigned. The matter has been examined. In order to ensure uniformity in the implementation of the provisions of the law across field formations, the Board, in exercise of its powers con...

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Various representations have been received from trade and industry seeking clarification in respect of determination of place of supply in following cases: - (I) Services provided by Ports - place of supply in respect of various cargo handling services provided by ports to clients; (II) Services rendered on goods temporarily imported in India - place of supply in case of services rendered on unpolished diamonds received from abroad, which are exported after cutting, polishing etc....

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Category : GST | Comments : 0 | Hits : 992

Various representations have been received from the trade and industry regarding applicability of GST on delayed payment charges in case of late payment of Equated Monthly Instalments (EMI). An EMI is a fixed amount paid by a borrower to a lender at a specified date every calendar month. EMIs are used to pay off both interest and principal every month, so that over a specified period, the loan is fully paid off along with interest. In cases where the EMI is not paid at the scheduled time, there ...

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G.S.R… (E). - In pursuance of section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and sub-rule (3) of rule 45 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), and in supercession of the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 15/2019- Central Tax, dated the 28th March 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number...

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Category : GST | Comments : 0 | Hits : 986

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 hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-...

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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 persons registered under section 24 of the said Act read with rule 14 of the Central Goods and Services Tax Rules, 2017, (hereinafter referred to as “the said rules”), supplying online information and data base ac...

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G.S.R...(E).- In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B of the said rules for each of the months from July, 2019 to...

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Category : GST | Comments : 0 | Hits : 1967

G.S.R......(E). - In exercise of the powers conferred by the second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Commissioner, on the recommendations of the Council, hereby extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017, by such class of registered persons having agg...

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Category : GST | Comments : 0 | Hits : 1616

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) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year, as the class of registered persons who shall follow the special procedure as mentioned...

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Category : GST | Comments : 0 | Hits : 1900

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), and in supercession of the notifications of the Government of India in the Ministry of Finance, Department of Revenue –...

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Category : GST | Comments : 0 | Hits : 1116

The Ministry of Corporate Affairs has received representations from stakeholders expressing certain difficulties in filing e-form DIR-3 KYC in accordance with Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014. Requests have also been made for extension of period for filing such form....

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Category : Companies Act | Comments : 0 | Hits : 1665

RBI/2018-19/224 DBR.Dir.BC.No.48/04.02.002/2018-19 June 27, 2019 To All Scheduled Commercial Banks (Excluding RRBs) All Small Finance Banks All Local Area Banks Dear Sir / Madam, Gold Card Scheme for Exporters Please refer to para 8.1.3 of theMaster Circular DBR No.DIR.BC.14/04.02.002/2015-16 dated July 01, 2015wherein detailed instructions on ‘Gold Card Scheme for Exporters’ have been given. 2. We have been receiving representations from exporters and their As...

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RBI/2018-19/223 DCM (NE) No.3057/08.07.18/2018-19 June 26, 2019 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Madam / Dear Sir, Acceptance of coins We invite a reference to ourcircular DCM (RMMT) No.2945/11.37.01/2017-18 dated February 15, 2018on the captioned subject and Paragraph 1 (d) of ourMaster Circular DCM (NE) No.G-2/08.07.18/2018-19 dated July 02, 2018 (updated as on January 14, 2019)on Facility for Exchange of Notes...

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Category : RBI | Comments : 0 | Hits : 858

RBI/2018-19/222 FMRD.DIRD.19/14.03.046/2018-19 June 26, 2019 To All participants in Rupee interest rate derivatives markets Dear Sir/Madam Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019 Please refer to Paragraph 8 of theStatement on Developmental and Regulatory Policies, Reserve Bank of India, issued as part of the sixth Bi-monthly Monetary Policy Statement for 2018-19 dated February 07, 2019regarding rationalization of interest rate derivative directions. ...

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RBI/2018-19/221 FMRD.FMSD.17/03.07.035/2018-19 June 26, 2019 To All eligible market participants Dear Sir/Madam Financial Benchmark Administrators (Reserve Bank) Directions, 2019 Please refer to Paragraph 2 of theStatement on Developmental and Regulatory Policies of the Fourth Bi-monthly Monetary Policy Statement for 2018-19 dated October 05, 2018, wherein it was announced that the Reserve Bank will introduce a regulatory framework for financial benchmarks, to improve the govern...

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F. No.225/148/2019/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block New Delhi, dated,25thJune, 2019 To, All Principal Chief-Commissioners of Income Tax Sir/Madam, Subject:- Sharing of information with Public Sector Banks in case of loan defaulters -reg. Many a time, Public Sector Banks (PSBs) request the Income-tax Department (ITD) to furnish information in respect of immovable assets of a loan defaulter to enabl...

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Category : Income Tax | Comments : 0 | Hits : 925

DIRECTORATE GENERAL OF AUDIT INDIRECT TAXES C.R. BUILDING, I.P. ESTATE NEW DELHI -110109 Ph. 011-23370075 Email: dg.audit-cbec@nic.in F. No. 381/49/2019 Dated: 25/06/2019 To The Principal Chief Commissioners/Chief Commissioners of GST and Central Excise (All). Madam/Sir, Subject: Audit Plan for the year 2019 – 20 – reg *********** Kind attention is invited to this Directorate General’s letter dated 29.05.2019. 2. In continuation to the Audit Plan...

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Category : GST | Comments : 0 | Hits : 1186

RBI/2018-19/219 DGBA.GBD.No.3144/31.02.007/2018-19 June 20, 2019 All agency banks Sir/Madam Rationalisation and Revision of Agency Commission Payable to Banks on Government Transactions A reference is invited to ourcircular DGBA.GAD.No.7575/31.12.011/2011-12 dated May 22, 2012advising revision in the rates of agency commission payable to agency banks with effect from July 01, 2012. 2. Since then, there has not only been an expansion in volume and value of government receipts ...

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Category : RBI | Comments : 0 | Hits : 816

RBI/2018-19/218 FIDD.CO.LBS.BC.No.19/02.08.001/2018-19 June 20, 2019 The Chairmen / Managing Directors & Chief Executive Officers All Lead Banks Madam/ Dear Sir, Formation of new district in the States of Telangana and Madhya Pradesh – Assignment of Lead Bank Responsibility The Government of Telangana vide Gazette Notification G.O.MS.No.18 and 19 dated February 16, 2019 had notified the formation of two new districts in the State of Telangana and the Government of Mad...

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Category : RBI | Comments : 0 | Hits : 807

RBI/2018-19/217 FMRD.FMD.16/02.03.225/2018-19 June 20, 2019 All Eligible Market Participants Dear Sir/Madam, Rollout of the foreign exchange trading platform for retail participants – FX-Retail Please refer to theStatement on Developmental and Regulatory Policies dated June 06, 2019, announcing the introduction of an electronic trading platform for buying/selling foreign exchange by retail customers of banks. The platform, FX-Retail, is ready for rollout by the Clearing Cor...

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Category : RBI | Comments : 0 | Hits : 887

RBI/2018-19/216 DGBA.GBD.No.3136/42.01.035/2018-2019 June 20, 2019 The Chairman and Managing Director/ The Chief Executive Officer All Agency Banks Madam / Dear Sir, Discontinuation of the requirement of Paper to Follow (P2F) for State Government Cheques With a view to enhancing efficiency in cheque clearing, Reserve Bank has introduced Cheque Truncation System (CTS) for clearance of cheques, facilitating the presentation and payment of cheques without their physical movement. ...

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Category : RBI | Comments : 0 | Hits : 840

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 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 India, Extr...

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Category : GST | Comments : 0 | Hits : 793

The procedure for claiming IGST refunds is fully automated as provided under Instruction 15/2017-Cus dated 09.10.2017. It has come to the notice of the Board that instances of availment of IGST refund using fraudulent ITC claims by some exporters have been observed by various authorities. Exporters have availed ITC on the basis of ineligible documents or fraudulently and utilized that credit for payment of IGST on goods exported out of India. It has also been observed in several cases that there...

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Category : Custom | Comments : 0 | Hits : 1249

RBI/2018-19/210 DGBA.GBD.No.3089/43.33.001/2018-19 June 13, 2019 To All Acquiring Banks of Debit Card/ BHIM UPI/ BHIM Aadhaar Pay transactions Dear Sir Scheme for Reimbursement of MDR- withdrawal of RBI circulars Please refer to our following instructions on the MDR reimbursement schemes: Circular no. RBI/2016-17/228 DGBA.GAD.No.2128/44.02.001/2016-17 dated February 16, 2017 Circular no. RBI/2017-18/55 DGBA.GBD.No.505/31.02.007/2017-18 dated September 7, 2...

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Category : RBI | Comments : 0 | Hits : 941