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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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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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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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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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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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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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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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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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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RBI/2018-2019/208 DPSS (CO) RPPD No.2557/04.03.01/2018-19 June 11, 2019 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS and / or NEFT Madam / Sir National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems – Waiver of charges Please refer to paragraph No. 8 of the Second Bi-monthly Monetary PolicyStatement on Developmental and Regulatory Policies for 2019-20 dated June 06, 2019on the above subject...

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RBI/2018-19/206 DBR.LEG.BC.No.47/09.07.005/2018-19 June 10, 2019 All Scheduled Commercial Banks (including RRBs) All Payments Banks All Small Finance Banks All Local Area Banks Dear Sir/ Madam Financial Inclusion- Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA) Please refer to ourcircular DBOD.No.Leg.BC.35/09.07.005/2012-13 dated August 10, 2012on the captioned subject. 2. The Basic Savings Bank Deposit (BSBD) Account was designed as a savings ...

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RBI/2018-19/205 DCBR.BPD.(PCB) Cir.No.10/16.20.000/2018-19 June 10, 2019 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Madam / Dear Sir, Sale of Securities held in Held to Maturity (HTM) Category - Accounting treatment Please refer to Para 16.2 ofMaster Circular DCBR.BPD.(PCB).MC.No.4/16.20.000/2015-16 dated July 01, 2015on Investments by Primary (Urban) Co-operative Banks (UCBs) indicating that securities acquired by banks with the intention to hold the...

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RBI/2018-19/204 DBR.No.BP.BC.46/21.04.141/2018-19 June 10, 2019 All Commercial Banks (excluding RRBs) Dear Sir/Madam Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks - Sale of investments held under Held to Maturity (HTM) category Please refer to ourcircular DBR No BP.BC.6/21.04.141/2015-16 dated July 1, 2015, advising banks that if the value of sales and transfer of securities to / from HTM category exceeds 5 per cent of the book val...

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RBI/2018-19/200 REF.No.MPD.BC.387/07.01.279/2018-19 June 06, 2019 All Primary Dealers, Standing Liquidity Facility for Primary Dealers In theSecond Bi-monthly Monetary Policy Statement 2019-20 of the Monetary Policy Committee (MPC) of June 06, 2019, the policy repo rate under the Liquidity Adjustment Facility (LAF) has been reduced by 25 basis points to 5.75 per cent from 6.00 per cent with immediate ...

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RBI/2018-19/199 DBR.No.Ret.BC.44/12.01.001/2018-19 June 06, 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.33/12.01.001/2018-19 dated April 04, 2019on the captioned subject. 2. As announced in theSecond Bi-Monthly Monetary Policy Statement 2019-20 of June 06, 2019, the Bank Rate is revised downwards by 25 basis points from 6.25 per cent to 6.00 per cent with immediate effect. ...

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RBI/2018-2019/198 FMOD.MAOG. No.133/01.18.001/2018-19 June 6, 2019 All Marginal Standing Facility (MSF) participants Madam/Sir, Marginal Standing Facility As announced in theSecond 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 25 basis points from 6.00 per cent to5.75 per centwith immediate effect. 2. Consequently, the Marginal Stan...

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RBI/2018-2019/197 FMOD.MAOG.No.132/01.01.001/2018-19 June 6, 2019 All Liquidity Adjustment Facility (LAF) participants Madam/Sir, Liquidity Adjustment Facility – Repo and Reverse Repo Rates As announced in theSecond 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 25 basis points from 6.00 per cent to5.75 per centwith immediate effe...

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Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 10/2019 New Delhi, 04, June, 2019 Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively 1. The provisions relating t...

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RBI vide itsPress Release dated June 29, 2018had put in place an enforcement action framework in respect of statutory auditors for the lapses in the statutory audit of commercial banks. In terms of the aforesaid enforcement action framework, on account of the lapses identified in a statutory audit assignment carried out by the firm, M/s S.R.Batliboi & Co. LLP, Chartered Accountants (ICAI Firm Registration Number: 301003E), it has been decided that RBI will not approve the said firm for c...

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THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 4th May, 2019 (CHARTERED ACCOUNTANTS) No.1-CA.(7)/191/2019.—TheCouncil of the Institute of the Chartered Accountants of India at its meeting held on 25.03.2019 has approved to change the names of following Branches of Regional Councils of ICAI set up by the Council from time to time:— S.No. Old Name New Name 1 Allahabad Branch of CIRC of ICAI Pr...

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F .No.275/38/2017 -IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 3rd June 2019 ORDER UNDER SECTION 119 OF THE INCOME-TAX ACT. 1961 With a view to redress genuine hardship of deductors in timely filing of TDS statement in Form 24Q on account of revision of its formal and consequent updating of the File Validation Utility for its online filing, the Central Board of Direct Taxes, in exercise of its powers...

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RBI/2018-19/194 DBR.RRB.BL.BC.No.40/31.01.002/2018-19 May 31, 2019 The Chairman All Regional Rural Banks Madam/Dear Sir, Rationalisation of Branch Authorisation Policy- Revision of Guidelines Please refer to theMaster Circular DBR.CO.RRB.BL.BC.No.17/31.01.002/2015-16 dated July 01, 2015consolidating instructions/guidelines issued to Regional Rural Banks (RRBs) on Branch Licensing till June 30...

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MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th May, 2019 G.S.R.390(E).-In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments to Schedule VII of the said Act, namely:- In the said Schedule VII, after item (xi) and the entries relating thereto, the following item and entries shall be inserted, namely:- “(xii) disaster management, inclu...

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RBI/2018-19/193 IDMD.CDD.No.3391/14.04.050/2018-19 May 30, 2019 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme 2019-20 - Series I/II/III/IV - Operational...

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RBI/2018-19/192 IDMD.CDD.No.3392/14.04.050/2018-19 May 30, 2019 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd. (SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme (SGB) 2019-20- Series I/II/III/IV ...

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RBI/2018-19/190 DBR.AML.BC.No.39/14.01.001/2018-19 May 29, 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. 108(E) dated February 13, 2019, has notified amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Further, an Ordinance, “Aadhaar and other Laws (amendment) Ordinance, 2019”, has been notified by the Governmen...

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RBI/2018-19/191 DNBR (PD) CC. No. 100/03.10.001/2018-19 May 29, 2019 All NBFCs Madam/Sir, Extension of relaxation on the guidelines to NBFCs on securitisation transactions Please refer to thecircular DNBR (PD) CC.No.95/03.10.001/2018-19 dated November 29, 2018on “Relaxation on the guidelines to NBFCs on securitisation transactions”. 2. On a review, it has been decided to extend the dispensation provided therein till December 31, 2019. Yours faithfully, (Manor...

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RBI/2018-19/189 DPSS (CO) RTGS No. 2488/04.04.016/2018-19 May 28, 2019 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS Madam / Dear Sir, Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer Transactions A reference is invited tocircular DPSS (CO) RTGS No.492/04.04.002/2015-16 dated September 1, 2015on ‘Changes in RTGS time window’ andcircular DPSS (CO) RTGS No.1926/04.04.002/2015-16 dated ...

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RBI/2018-19/187 A.P. (DIR Series) Circular No.34 May 24, 2019 To All Authorized Persons Madam / Sir ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the following regulations, as amended from time to time, and the relevant directions issued under these regulations. Foreign Exchange Management (Permissible Capital Accounts Transactions) R...

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