Government of India Ministry of Finance (Department of Revenue) Central Board of Excise and Customs Notification No. 16 /2018 – Central Tax New Delhi, the 23rd March, 2018 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 Act) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Commissioner, on the recom...

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Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 15/2018 – Central Tax New Delhi, the 23rd March 2018 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 appoints the 1st day of April, 2018, as the date from which the provisions of sub-rules (ii) [other than clause (7)], (iii), (iv), (v), (vi) and ...

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Government of India Ministry of Finance (Department of Revenue) Central Board of Excise and Customs Notification No. 14/2018 – Central Tax New Delhi, the 23rd March, 2018 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: - 1. (1) These rules may be called the Cen...

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Category : GST | Comments : 0 | Hits : 1103

RBI/2017-18/143 DBR.AML.No.8528/14.06.056/2017-18 March 23, 2018 All Regulated Entities Dear Sir/Madam, Implementation of UNSCR 2397 (2017), pertaining to Democratic People's Republic of Korea (DPRK) Please find enclosed a copy of the ‘Order’ issued by Ministry of External Affairs dated March 5, 2018, published in the Gazette of India on implementation of United Nations Security Council Resolutions 2397 (2017) on Democratic People’s Republic of Korea. 2. Regu...

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Category : RBI | Comments : 0 | Hits : 920

Central Govt vide notification dated 21/03/2018 notified, The National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018. CLICK HERE FOR RULES...

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Category : Companies Act | Comments : 0 | Hits : 1693

RBI/2017-18/142 DGBA.GBD.No.2324/42.01.029/2017-18 March 19, 2018 All Agency Banks Dear Sir / Madam, Reporting and Accounting of Central Government Transactions of March 2018 Please refer to Circular DGBA.GAD.No. 2376/42.01.029/2016-17 dated March 16, 2017 advising the procedure to be followed for reporting and accounting of Central Government transactions (including CBDT, CBEC, departmentalised ministries and non-Civil Ministries) at the Receiving/Nodal/Focal Point branches of y...

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RBI/2017-18/141 DNBS.PD.CC.No.1925/66.08.001/2017-18 March 15, 2018 To All Government-Owned Non-Banking Financial Companies (NBFCs) Madam/ Sir, Submission of returns by the Government-owned Non-Banking Financial Companies In exercise of the powers conferred by sections 45JA, 45K and 45L of the Reserve Bank of India Act, 1934 (hereinafter referred to as the RBI Act), it has been decided to apply theMaster Direction – Non-Banking Financial Company Returns (Reserve Bank) D...

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RBI/2017-18/140 DGBA.GBD.2294/15.01.001/2017-18 March 15, 2018 All Agency Banks handling Special Deposit Scheme Dear Sir, Agency commission payable to banks for operating Special Deposit Scheme (SDS) Please refer to para 2 of ourMaster Circular RBI/2017-18/2 dated July 1, 2017on Conduct of Government Business by Agency Banks- Payment of Agency Commission where in it is mentioned that SDS transactions undertaken by agency banks are eligible for agency commission. 2. In this...

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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 14/2018 New Delhi, the 13th March, 2018 G.S.R. 221(E).—In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby amends the notification of the Ministry of Finance (Department of Revenue), number S.O.1660 (E) dated the 22nd June, 2015, published in the Gazette of India, Extraordinary, Part-II, Secti...

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The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has decided that the entities having Unique Identity Number (UIN) may be given centralized registration at the option of such entities. Further, it was also decided that the Central Government will be responsible for all administrative compliances in respect of such entities....

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RBI/2017-18/139 A.P. (DIR Series) Circular No. 20 March 13, 2018 All Authorised Dealer Category – I Banks Madam/ Sir Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to paragraph 2 ofA.P. (DIR Series) Circular No. 24 dated November 1, 2004andparagraph No. 5.5of Master Direction No.5 dated January 1, 2016 on ‘External Commercial Borrowings, ...

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RBI/2017-18/138 A.P. (DIR Series) Circular No. 19 March 12, 2018 To All Category - I Authorised Dealer Banks Madam / Sir, Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to regulation 6 and 6A of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No.FEMA. 25/RB-2000 dated May 3, 2000)...

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[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise and Customs Notification No.12/2018 – Central Tax New Delhi, the 7th March, 2018 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 rule...

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[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise and Customs Notification No. 13/2018 – Central Tax New Delhi, the 7th March, 2018 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), the Central Government, on the recommendations of the Council,...

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Category : Income Tax | Comments : 0 | Hits : 1096

RBI/2017-18/137 FMRD.DIRD.6/14.03.001/2017-18 March 1, 2018 All market participants Madam/Sir, Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs) Please refer to Paragraph 8 of the statement on Developmental and Regulatory Policies, issued as part of the third Bi-monthly Monetary Policy Statement for 2017- 18 dated August 02, 2017, wherein a separate limit of Interest Rate Futures for Foreign Portfolio Investors was proposed. 2. Currently, th...

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RBI/2017-18/135 FIDD.CO.Plan.BC.18/04.09.01/2017-18 March 01, 2018 The Chairman/ Managing Director & CEOs All Scheduled Commercial Banks Dear Sir/ Madam, Priority Sector Lending – Targets and Classification Please refer to the revised priority sector guidelines issued to banks vide FIDD.CO.Plan.BC.54/04.09.01/2014-15 circular dated April 23, 2015. It was stipulated therein under Para (II) (i) that the sub-targets for lending to small and marginal farmers and micro ente...

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Category : RBI | Comments : 0 | Hits : 1028

RBI/2017-18/136 DCM (CC) No. 3071/03.41.01/2017-18 March 01, 2018 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Review of Currency Distribution & Exchange Scheme (CDES) Please refer to the announcement made in Part B of the Bi-Monthly Review of Monetary Policy dated February 7, 2018. The RBI has been providing several incentives to banks, from time to time for installation of various machines by them to encourage technology abso...

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RBI/2017-18/134 A. P. (DIR Series) Circular No. 18 February 26, 2018 All Category - I Authorised Dealer banks Madam/Sir, Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market Attention of Authorized Dealers Category - I (AD Category - I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contract...

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RBI/2017-18/133 DNBR.PD.CC.No 091/03.10.001/2017-18 February 23, 2018 All NBFCs Madam/ Dear Sir, Ombudsman Scheme for Non-Banking Financial Companies, 2018 - Appointment of the Nodal Officer/Principal Nodal Officer The Reserve Bank of India (RBI) has brought into operation today theOmbudsman Scheme for Non-Banking Financial Companies, 2018(The Scheme). The Scheme is available on the RBI websitehttp://www.rbi.org.in. The Non-Banking Financial Companies (NBFCs) that are covered und...

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ORIENTAL BANK OF COMMERCE (A GOVERNMENT OF INDIA UNDERTAKING) CORPORATE OFFICE, GURGAON HO/I&C/Circular letter No./41/2017-18 Date: 19.02.2018 To All Concurrent Auditors / Branches / Offices Re: Verification of all Outward SWIFT messages Attention of all concurrent auditors is invited towards the scope & coverage of activities while undertaking audit work of Branches/Clusters/Offices. In this connection, detailed guidelines on scope & coverage of activities have ...

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Reserve Bank of India (RBI), as part of its ongoing efforts for strengthening of the supervisory framework in the country, has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern, including the management of operational risks inherent in the functioning of banks. The risks arising from the potential malicious use of the SWIFT infrastructure, created by banks for their genuine business needs, has always been a component of their ...

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Category : RBI | Comments : 1 | Hits : 13758

RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 February 15, 2018 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Dear Sir Acceptance of coins We invite a reference to Paragraph 1 (d) of our Master Circular DCM (NE) No. G - 1/08.07.18/2017-18 dated July 03, 2017 on Facility for Exchange of Notes and Coins where it was advised that none of the bank branches should refuse to accept small denomination notes and / or coins tend...

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Circular No. 32/06/2018-GST F. No. 354/17/2018-TRU Government of India Ministry of Finance Department of Revenue Tax research Unit **** Room No. 146G, North Block, New Delhi, 12th February 2018 To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Clarifications regarding GST in respect of certain services I am dire...

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Category : GST | Comments : 0 | Hits : 1269

RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 February 12, 2018 All Scheduled Commercial Banks (Excluding Regional Rural Banks (RRB)), All-India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir/Madam, Resolution of Stressed Assets – Revised Framework 1. The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time. In vi...

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RBI/2017-18/130 DCM (CC) No. 2885/03.35.01/2017-18 February 9, 2018 1. The Chairman & Managing Director / Chief Executive Officer (All Banks having currency chests) 2. The Director Treasuries (State Governments) Madam / Dear Sir, Levy of Penal Interest – Delayed Reporting Please refer to ourMaster Direction DCM (CC) No.G-2/03.35.01/2017-18 dated October 12, 2017on captioned subject. 2. Presently, penal interest is levied for all cases where the bank has enjoyed ...

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DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Center, Ground Floor, E-2, Jhandewalan Extension F.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/2 Date: 07.02.2018 Sir/Madam, Subject: Pendency of processing u/s 143(1) for ITR paper and E-filed Returns-regarding As you may be aware, the time barring date for processing of paper ITRs for AY 2016-17 and few belated ITRs of AY 2015-16 is 31.03.2018. Same applies to all e-filed Returns for the AY 2016-17 and belated ITRs of AY 2015-16 ...

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Category : Income Tax | Comments : 0 | Hits : 2286

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 6th February, 2018 G.S.R. 145(E).—In exercise of the powers conferred by section 53 read with section 17 of the Central Goods and Services Tax Act, 2017 (12 of 2017), sections 17 and 18 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) and section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Central Government hereby makes the following amendments in the Goods and...

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Category : GST | Comments : 1 | Hits : 12719

RBI/2017-18/129 DBR.No.BP.BC.100/21.04.048/2017-18 February 07, 2018 All banks and NBFCs regulated by the Reserve Bank of India Madam / Dear Sir, Relief for MSME Borrowers registered under Goods and Services Tax (GST) Presently, banks and NBFCs in India generally classify a loan account as Non-Performing Asset (NPA) based on 90 day and 120 day delinquency norms, respectively. It has been represented to us that formalisation of business through registration under GST had adver...

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F.No. 370149/20/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 4th February, 2018 Subject: Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018-reg. Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt f...

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Category : Income Tax | Comments : 0 | Hits : 1620

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 11/2018 – Central Tax New Delhi, the 2 nd February, 2018 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 rescinds, except as respects things done or omi...

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Category : GST | Comments : 0 | Hits : 978