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Standard Operating Procedure (SOP) to be followed by exporters–CBIC
Posted Date : 24-Jan-2020 , 03:16:57 pm | Posted By: CASANSAAR

As you are aware, several cases of monetisation of credit fraudulently obtained or ineligible credit through refund of Integrated Goods & Service Tax (IGST) on exports of goods have been detected in past few months. On verification, several such exporters were found to be non-existent in a number of cases. In all these cases it has been found that the Input Tax Credit (ITC) was taken by the exporters on the basis of fake invoices and IGST on exports was paid using such ITC...

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Category : GST | Comments : 0 | Hits : 9

Merchanting Trade Transactions (MTT) – Revised Guidelines
Posted Date : 24-Jan-2020 , 09:52:43 am | Posted By: CASANSAAR

RBI/2019-20/152 A.P. (DIR Series) Circular No.20 January 23, 2020 To All Category – I Authorised Dealer Banks Madam / Sir Merchanting Trade Transactions (MTT) – Revised Guidelines Attention of Authorised Dealer Category-I banks (AD banks) is invited toA.P. (DIR Series) Circular No.115 dated March 28, 2014containing directions relating to merchanting trade transactions. 2. With a view to further facilitate merchanting trade transactions, the existing guidelines have been rev...

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Category : RBI | Comments : 0 | Hits : 33

‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt – relaxations
Posted Date : 24-Jan-2020 , 09:51:34 am | Posted By: CASANSAAR

RBI/2019-20/151 A.P. (DIR Series) Circular No.19 January 23, 2020 To All Authorised persons Madam / Sir, ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt – relaxations Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified videNotification No. FEMA. 396/2019-RB dated October 17, 2019, as amended from time to time,...

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Category : RBI | Comments : 0 | Hits : 21

Investment by Foreign Portfolio Investors (FPI) in Debt
Posted Date : 24-Jan-2020 , 09:50:36 am | Posted By: CASANSAAR

RBI/2019-20/150 A.P. (DIR Series) Circular No.18 January 23, 2020 To All Authorised persons Madam / Sir, Investment by Foreign Portfolio Investors (FPI) in Debt Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified videNotification No. FEMA. 396/2019-RB dated October 17, 2019, as amended from time to time, and the relevant directions issued thereunder. A reference is also invi...

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Category : RBI | Comments : 0 | Hits : 14

Implementation of Section 51A of Unlawful Activities Prevention Act (UAPA), 1967- Updates to ISIL (Da'esh) & Al-Qaida Sanctions List
Posted Date : 23-Jan-2020 , 09:40:44 am | Posted By: CASANSAAR

RBI/2019-20/149 DOR.AML.BC. No. 29/14.06.001/2019-20 January 22, 2020 The Chairpersons/ CEOs of all the Regulated Entities Madam/Dear Sir, Implementation of Section 51A 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 January 09, 2020, in terms of which “Regulated Entities (REs) shall ensure that in t...

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Category : RBI | Comments : 0 | Hits : 44

Lending against security of single product – Gold jewellery
Posted Date : 22-Jan-2020 , 09:43:02 am | Posted By: CASANSAAR

RBI/2019-20/148 DOR.NBFC (PD).CC.No.108/03.10.001/2019-20 January 21, 2020 All Non-Banking Financial Companies (excluding Primary Dealers) Madam/Sir, Lending against security of single product – Gold jewellery Please refer to paragraph 27 ofMaster Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016; and paragraph 27 ofMaster Direction – Non-Banking Fina...

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Category : RBI | Comments : 0 | Hits : 72

Setting up of IFSC Banking Units (IBUs) – Permissible activities
Posted Date : 22-Jan-2020 , 09:41:41 am | Posted By: CASANSAAR

RBI/2019-20/147 DOR.IBD.BC.No.28/23.13.004/2019-20 January 21, 2020 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam Setting up of IFSC Banking Units (IBUs) – Permissible activities Please refer to RBIcircular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015, as modified from time to time, setting out RBI directions relating to IFSC Banking Units (IBUs). 2. The Task Force (TF) on Offshore Rupee Markets chaired by Smt. Usha Thorat...

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Category : RBI | Comments : 0 | Hits : 74

Introduction of Rupee derivatives at International Financial Services Centres (IFSC)
Posted Date : 21-Jan-2020 , 07:58:15 am | Posted By: CASANSAAR

RBI/2019-20/145 A.P. (DIR Series) Circular No.17 January 20, 2020 All Authorised Dealers Madam / Sir, Introduction of Rupee derivatives at International Financial Services Centres (IFSC) Attention of Authorised Dealers is invited to the Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 (Notification No. FEMA. 339/2015-RB dated 2nd March, 2015). 2. As announced in thestatement on Developmental and Regulatory Policies dated October 4, 2019, ...

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Category : FEMA | Comments : 0 | Hits : 156

Reporting of Large Exposures to Central Repository of Information on Large Credits (CRILC) – UCBs
Posted Date : 16-Jan-2020 , 08:53:25 pm | Posted By: CASANSAAR

RBI/2019-20/144 DoS.OSMOS.No.4633/33.05.018/2019-20 January 16, 2020 Primary (Urban) Co-operative Banks Dear Sir / Madam Reporting of Large Exposures to Central Repository of Information on Large Credits (CRILC) – UCBs We draw your attention to RBICircular DOR (PCB). BPD.Cir.No.7/13.05.000/2019-20 dated December 27, 2019on "Reporting of Large Exposures to Central Repository of Information on Large Credits (CRILC) - UCBs". In terms of the instructions, Primary (Urb...

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Category : RBI | Comments : 0 | Hits : 157

Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions, 2018 - Amendment
Posted Date : 15-Jan-2020 , 10:11:30 pm | Posted By: CASANSAAR

RBI/2019-20/143 A.P. (DIR Series) Circular No. 16 January 15, 2020 All Authorised Dealer Category – I Banks Madam / Sir, Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions, 2018 - Amendment Please refer to Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 (Notification No. FEMA 25/RB-2000 dated May 3, 2000), as amended from time to time, and Hedging of Commodity Price Risk and Freight Risk in Ov...

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Category : FEMA | Comments : 0 | Hits : 375

Enhancing Security of Card Transactions
Posted Date : 15-Jan-2020 , 05:58:41 pm | Posted By: CASANSAAR

RBI/2019-20/142 DPSS.CO.PD No.1343/02.14.003/2019-20 January 15, 2020 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks (SCBs) including Regional Rural Banks (RRBs) / Urban Co-operative Banks (UCBs) / State Co-operative Banks (StCBs) / District Central Co-operative Banks (DCCBs) / Payments Banks (PBs) / Small Finance Banks (SFBs) / Local Area Banks (LABs) / Authorised Card Payment Networks / Non-Bank PPI issuers Madam / Dear Sir, Enhancin...

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Category : RBI | Comments : 0 | Hits : 404

Appointment of Revisional Authority | CGST Act, 2017 | Section 108
Posted Date : 14-Jan-2020 , 01:17:51 pm | Posted By: CASANSAAR

G.S.R.....(E).– In pursuance of the provisions of section 5 read with clause (99) of section 2 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Central Board of Indirect Taxes and Customs hereby authorises -...

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Category : GST | Comments : 0 | Hits : 409

Extention of due date to file GSTR1 returns without late fees
Posted Date : 11-Jan-2020 , 11:40:27 am | Posted By: CASANSAAR

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, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 4/2018– Central Tax, dated the 23rd January, 2018, 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 : 471

Framework for imposing monetary penalty on authorised payment system operators / banks under the Payment and Settlement Systems Act, 2007
Posted Date : 11-Jan-2020 , 09:48:30 am | Posted By: CASANSAAR

RBI/2019-20/140 DPSS.CO.OD.No.1328/06.08.005/2019-20 January 10, 2020 The Chairman / Managing Director / Chief Executive Officer Authorised Payment System Operators / Banks Madam / Dear Sir Framework for imposing monetary penalty on authorised payment system operators / banks under the Payment and Settlement Systems Act, 2007 Please refer to the Reserve Bank of India (RBI)circular DPSS.CO.OD.No.1082/06.08.005/2016-17 dated October 20, 2016advising the framework for impositi...

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Category : RBI | Comments : 0 | Hits : 374

Processing of e-mandate in Unified Payments Interface (UPI) for recurring transactions
Posted Date : 10-Jan-2020 , 03:14:35 pm | Posted By: CASANSAAR

RBI/2019-20/139 DPSS.CO.PD No.1324/02.23.001/2019-20 January 10, 2020 The Managing Director & CEO National Payments Corporation of India The Capital, Unit No 1001A, B Wing 10th Floor, Plot No C- 70 G Block, Bandra Kurla Complex Bandra (E) Mumbai – 400051 Dear Sir Processing of e-mandate in Unified Payments Interface (UPI) for recurring transactions Please refer to ourcircular DPSS.CO.PD.No.447/02.14.003/2019-20 dated August 21, 2019on “Processing of e-ma...

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Category : RBI | Comments : 0 | Hits : 289

Amendment to Master Direction (MD) on KYC
Posted Date : 09-Jan-2020 , 05:59:38 pm | Posted By: CASANSAAR

RBI/2019-20/138 DOR.AML.BC.No.27/14.01.001/2019-20 January 9, 2020 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. 582(E) dated August 19, 2019 and Gazette Notification G.S.R. 840(E) dated November 13, 2019, has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Further, with a view to leveraging the digital channels fo...

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Category : RBI | Comments : 0 | Hits : 362

CBDT Amends rule 10DA and rule 10DB of Income Tax Rules
Posted Date : 09-Jan-2020 , 10:01:00 am | Posted By: CASANSAAR

G.S.R. 14(E).—In exercise of the powers conferred by sub-section (1) and sub-section (4) of section 92D and sub-section (8) of section 286 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: - ...

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Category : CBDT | Comments : 0 | Hits : 207

Risk Management and Inter-bank Dealings- Permitting AD Cat-I banks to voluntarily undertake user and Inter-Bank transactions beyond onshore market hours
Posted Date : 07-Jan-2020 , 08:53:50 am | Posted By: CASANSAAR

RBI/2019-20/136 A.P. (DIR Series) Circular No. 15 January 6, 2020 All Authorised Dealers Category-I Madam/Sir, Risk Management and Inter-bank Dealings- Permitting AD Cat-I banks to voluntarily undertake user and Inter-Bank transactions beyond onshore market hours Attention of Authorised Dealers (ADs) is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 notified videNotification No. FEMA.25/RB-2000 dated May 3, 2000) issued under ...

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Category : FEMA | Comments : 0 | Hits : 265

Supervisory Action Framework for Primary (Urban) Co-operative Banks (UCBs)
Posted Date : 06-Jan-2020 , 05:17:54 pm | Posted By: CASANSAAR

RBI/2019-20/135 DOR (PCB).BPD. Cir No. 9/12.05.001/2019-20 January 6, 2020 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Supervisory Action Framework for Primary (Urban) Co-operative Banks (UCBs) Please refer to ourcircular UBD.BPD.(PCB). Cir No. 3/12.05.001/2014-15 dated November 27, 2014on the captioned subject containing the Supervisory Action Framework (SAF) for UCBs. Keeping in view the experience gained, it has been decided to fur...

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Category : RBI | Comments : 0 | Hits : 255

CBDT notifies ITR-1 and ITR-4 for Assessment year 2020-21
Posted Date : 06-Jan-2020 , 09:19:08 am | Posted By: CASANSAAR

G.S.R. 9(E).—In exercise of the powers conferred by section 139 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:— 1. Short title...

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Category : CBDT | Comments : 0 | Hits : 776

Exim Bank's Government of India supported Line of Credit (LOC) of USD 75 million to Banco Exterior De Cuba
Posted Date : 02-Jan-2020 , 06:45:32 pm | Posted By: CASANSAAR

RBI/2019-20/134 A.P. (DIR Series) Circular No. 14 January 01, 2020 All Category – I Authorised Dealer Banks Madam/Sir Exim Bank's Government of India supported Line of Credit (LOC) of USD 75 million to Banco Exterior De Cuba Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 16, 2019 with Banco Exterior De Cuba (nominated agency of the Government of C...

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Category : RBI | Comments : 0 | Hits : 281

CBIC amends transition plan for UTs of J&K and Ladakh
Posted Date : 02-Jan-2020 , 11:50:07 am | Posted By: CASANSAAR

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 Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 62/2019–Central Tax, dated the 26th November, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i) vide number G.S.R. 879(E), dated ...

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Category : GST | Comments : 0 | Hits : 276

CBIC prescribes schema for e-invoices under GST
Posted Date : 02-Jan-2020 , 11:48:41 am | Posted By: CASANSAAR

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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Category : GST | Comments : 0 | Hits : 275

CBIC notifies Sections of CGST Act 2017 Applicable from 01.01.2020
Posted Date : 02-Jan-2020 , 11:47:27 am | Posted By: CASANSAAR

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...

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Category : GST | Comments : 0 | Hits : 308

Section 17A of IGST Act 2017 Applicable from 01st January, 2020
Posted Date : 02-Jan-2020 , 11:35:37 am | Posted By: CASANSAAR

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...

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Category : GST | Comments : 0 | Hits : 155

Financial Benchmark Administrators (Reserve Bank) Directions, 2019
Posted Date : 02-Jan-2020 , 09:21:17 am | Posted By: CASANSAAR

RBI/2019-20/133 FMRD.FMSD.22/03.07.035/2019-20 January 01, 2020 To All the Financial Benchmark Administrators Dear Sir/Madam Financial Benchmark Administrators (Reserve Bank) Directions, 2019 Please refer to theFinancial Benchmark Administrators (Reserve Bank) Directions, 2019, dated June 26, 2019. 2. As provided in paragraph 3(i) of the above directions, the Reserve Bank hereby notifies the following benchmarks administered by Financial Benchmarks India Pvt. Ltd. (FBIL) as...

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Category : RBI | Comments : 0 | Hits : 107

Reporting of OTC Currency Derivative transactions to trade repository
Posted Date : 02-Jan-2020 , 09:20:28 am | Posted By: CASANSAAR

RBI/2019-20/132 FMRD.FMID No.23/02.05.002/2019-20 January 01, 2020 All Category-I Authorised Dealer Banks Madam/Sir, Reporting of OTC Currency Derivative transactions to trade repository Please refer to ourcircular FMD.MSRG.No.94/02.05.002/2013-14 dated December 04, 2013on the captioned subject, wherein a threshold of USD 1 million, and equivalent thereof in other currencies, was stipulated for reporting client transactions in currency derivatives (currency swaps and FCY FRA/IRS)...

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Category : RBI | Comments : 0 | Hits : 111

Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act
Posted Date : 02-Jan-2020 , 09:13:18 am | Posted By: CASANSAAR

Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961 - reg....

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Category : Income Tax | Comments : 0 | Hits : 192

Reverse Charge Mechanism (RCM) on renting of motor vehides – req.
Posted Date : 01-Jan-2020 , 12:13:37 pm | Posted By: CASANSAAR

Suppliers of service by way of renting of any motor vehicle designed to carry passengers where the cost of fuel is included in the consideration charged from the service recipient have an option to pay GST either at 5% with limited ITC (of input services in the same line of business) or 12% with full ITC....

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Category : GST | Comments : 0 | Hits : 221

IGST: New service under reverse charge mechanism
Posted Date : 01-Jan-2020 , 12:11:05 pm | Posted By: CASANSAAR

GSR......(E).- In exercise of the powers conferred by sub-section (3) of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 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.10/2017- Integrated Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section...

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Category : GST | Comments : 0 | Hits : 453

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