Reference: Central Board of Indirect Taxes and Customs
Update:
Gokul Agro Resources Ltd. to file refund application for IGST levied on \’ocean freight\’ component
Gokul Agro Resources Ltd. (Assessee) filed a writ petition before the High Court to declare tax levied on ocean freight as ultra-vires of the Act as well as the Constitution of India. The assessee submitted that it already deposited the amount of IGST on ocean freight and as the said notification was ultra-vires, it was entitled to refund of IGST paid by it. The Honourable High Court relied on the above judgement and permitted the assessee to file refund application before the competent authority.
Implication:
Assessee can file refund application before the High Court.
Update:
Amendments in Notification No. 11/2017-Customs (N.T./CAA/DRI) and Notification No. 18/2018-Customs (N.T./CAA/DRI)
In the Notification No. 11/2017-Customs (N.T./CAA/DRI), against serial number 3, in column 3 for the words, “C. No. VIII/ICD/6/TKD/SIIB-Exp/DRI-SCN/13/16 and C. No. VIII/6/ICD/PPG/SIIB/GDM/27/2016 read with corrigendum, “C. No. VIII/ICD/6/TKD/SIIB-Exp/DRI-SCN/13/16 dated 30.03.2016 read with Addendum dated 22.10.2019” and “C. No. VIII/6/ICD/PPG/SIIB/GDM/27/2016 dated 31.03.2016 read with corrigendum dated 06.04.2016 and read with Addendum dated 30.07.2019” respectively shall be substituted.
Update:
Extension for exemption from IGST and compensation cess to EOUs on imports
CBIC has amended Notification No. 52/2003-Customs and hereby extends the date of exemption from IGST and compensation cess to EOUs on imports till 31.03.2021.
Update:
Tariff concessions under India-Japan CEPA
CBIC has amended Notification No.69/2011-Customs wherein it exempts goods of the description as specified in column (3) of the Table as given in the notification. The goods in respect of which the benefit of this exemption is claimed are of the origin of Japan and so the duty of customs leviable thereon as is in excess of the amount calculated at the rate specified in the corresponding entry in column (4) of the table in the given notification.
Implication:
This notification shall come into force with effect from the 1st April, 2020.
Update:
Tariff Notification in respect of Fixation of Tariff Value
CBIC has notified the Government of India in the Ministry of Finance (Department of Revenue) about fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy seeds, Areca Nut, Gold and Silver as prescribed in notification.
Update:
Reduction in CGST rate on Maintenance, Repair and Overhaul (MRO) Services
CBIC seeks to reduce CGST rates on Maintenance, Repair or overhaul services in respect of aircrafts, aircraft engines and other aircraft components or parts and thus makes its entry in the notification no.11/2017-Central Tax (Rate).
Implication:
This notification shall come into force with effect from the 1st April, 2020.
Update:
Change in CGST rate of goods
CBIC changed CGST rate of goods specified in notification no. on the recommendations of the Council, namely;
- In Schedule 1, serial no. 187 relating to handmade safety matchboxes shall be omitted.
- In Schedule 2, after serial number 75, 75A relating to “all goods” shall be added and serial no. 202 and 203 relating to telephones and parts for manufacture of telephones or other wireless networks shall be omitted.
- In Schedule 3, serial no. 73 relating to matches other than handmade safety matches shall be omitted and in serial no. 379 which previously related to telephone sets shall now be substituted with the entry “all goods”.
Implication:
This notification shall come into force with effect from the 1st April, 2020.
Update:
Change in the place of supply for B2B MRO services
CBIC changed the place of supply of maintenance, repair or overhaul service in respect of aircrafts, aircraft engines and other aircraft components or parts supplied to a person for use in the course or furtherance of business, place of supply being the location of the recipient of service and hereby makes such changes in the notification no.4/2019- Integrated Tax.
Implication:
This notification shall come into force with effect from the 1st April, 2020.
Update:
Reduction in IGST rate on Maintenance, Repair and Overhaul (MRO) Services
CBIC reduced IGST rates of serial no. 25 in notification No. 8/2017- Integrated Tax (Rate) which relates to Maintenance, repair or overhaul services in respect of aircrafts, aircraft engines and other aircraft components or parts to 5% which was previously 18%.
Implication:
This notification shall come into force with effect from the 1st April, 2020.
Update:
Change in UTGST rate of goods
CBIC changed UTGST rate of goods specified in notification no. on the recommendations of the Council, namely;
- In Schedule 1, serial no. 187 relating to handmade safety matchboxes shall be omitted.
- In Schedule 2, after serial number 75, 75A relating to “all goods” shall be added and serial no. 202 and 203 relating to telephones and parts for manufacture of telephones or other wireless networks shall be omitted.
- In Schedule 3, serial no. 73 relating to matches other than handmade safety matches shall be omitted and in serial no. 379 which previously related to telephone sets shall now be substituted with the entry “all goods”.
Implication:
This notification shall come into force with effect from the 1st April, 2020.
Reference: Central Board of Direct taxes
Update:
Exemption to Mysore Palace Board
The Central Government makes amends in the third paragraph of the notification no. S.O.1537(E) and hereby states that the said notification shall be applied for the period from 01-06-2011 to 31-03-2012 in the assessment year of 2012-2013 and also from the assessment years 2013-2014, 2014-2015, 2015-2016, 2016-2017, 2017-2018, 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-2024.
Implication:
It is certified that no persons interest is adversely affected by giving retrospective effect to this notification from 9th April, 2019.
Update:
After Rajasthan HC, Bombay HC allows deduction for ‘education cess’ and sec. 40(a)(ii) is inapplicable
Bombay HC holds that Education Cess and Higher and Secondary Education Cess is allowable as a deduction. It clarifies that no reference to any ‘cess’ was made by the legislature in Sec.40(a)(ii) of the IT Bill 1961 as it was omitted while enacting the Act pursuant to recommendation made by Select Committee and hence there does not arise question of reintroducing the same in Sec.40(a)(ii) of IT Act. It agrees with Rajasthan HC decision in case of Chambhal Fertilizers & Chemicals Ltd and states that even though cess may be collected as part of income tax, it does not render ‘cess’, either rate or tax and thus cannot be deducted.
Update:
HC directs Samir Narain Bhojwani to file ITR in paper form as he was unable to claim set off of losses through e-filing
Samir Narain Bhojwani (Assessee) was required to file his return of income electronically with his digital signature but the filed return were self-populated and the assessee could not change the figures to make a claim for set off. The assessee then pleaded that he should be allowed to file his ITR in paper form but HC cannot bar an assessee from making a claim for which he is entitled since in Rule 12 of the Income Tax Rules, the returns are to be filed by the petitioner only electronically and hence, is bound by the Act and Rules.
Implication:
The issue was brought to the notice of CBDT, meanwhile assessee was required to file return in electronic form and also in paper form.
Reference: Reserve Bank of India
Update:
Statement on Developmental and Regulatory Policies
RBI sets out various developmental and regulatory policies that directly address stress in financial conditions caused by COVID-19. This statement consists of topics, namely;
- Liquidity Management
This is intended to ensure if adequate liquidity is available to all constituents so that COVID-19 related liquidity constraints are eased. - Cash Reserve Ratio
It has been decided to reduce cash reserve ratio (CRR) of all banks by 100 basis points to 3.0% of net demand and time liabilities (NDTL) with effect from the reporting fortnight beginning March 28, 2020. This dispensation is available for a period of one year ending on March 26, 2021. - Marginal Standing Facility
Banks can borrow overnight at their discretion by dipping up to 2% into the Statutory Liquidity Ratio (SLR). It has been decided to increase the limit of 2% to 3% with immediate effect. This measure will be applicable up to June 30, 2020. - Widening of the Monetary Policy Rate Corridor
It has been decided to widen the existing policy rate corridor from 50 bps to 65 bps. - Moratorium on Term Loans
All commercial banks, co-operative banks, all-India Financial Institutions, and NBFCs are being permitted to allow a moratorium of 3 months on payment of installments in respect of all term loans outstanding as on March 1, 2020. - Deferment of Implementation of Net Stable Funding Ratio (NSFR)
Banks in India were required to maintain NSFR of 100 per cent from April 1, 2020. It has now been decided to defer the implementation of NSFR by six months from April 1, 2020 to October 1, 2020. - Deferment of Last Tranche of Capital Conservation Buffer
It has been decided to defer the implementation of the last tranche of 0.625% of the CCB from March 31, 2020 to September 30, 2020. - Permitting Banks to Deal in Offshore Non-Deliverable Rupee Derivative Markets (Offshore NDF Rupee Market)
It has been decided, to permit banks in India which operate International Financial Services Centre (IFSC) Banking Units (IBUs) to participate in the NDF market with effect from June 1, 2020.
Update:
Extension of Directions- U. P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow
RBI had issued to the U. P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow, the validity of directions for close of business which was last extended upto March 25, 2020. RBI has further been extended the validity of directions for a period of six months from March 26, 2020 to September 25, 2020.
Implication:
The said bank will have to follow the directions issued by the RBI for further period of six months i.e, till 25.09.2020.
Update:
Formation of new district in the State of Chhattisgarh
Government of Chhattisgarh notified the formation of one new district namely Gaurela-Pendra-Marwahi in the state of Chhattisgarh. It has been decided to assign the State bank of India the responsibility of the new district and district working code being 00M.
Implication:
The formation of the new district came into force with effect from February 10, 2020.
Update:
Seventh Bi-monthly Monetary Policy Statement
Monetary Policy Committee (MPC) has decided to:
- Reduce the policy repo rate under LAF by 75 basis points to 4.40% from 5.15%
- MSF rate and the Bank Rate stand reduced to 4.65% from 5.40%
- Reverse repo rate under LAF stands reduced by 90 basis points to 4%
- MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of the pandemic COVID-19.
Implication:
This notification shall come into force with immediate effect.
Update:
Reserve Bank appoints additional directors on the board of Yes Bank Ltd
RBI appointed Shri R Gandhi and Shri Ananth Narayan Gopalkrishnan as additional directors of the board of Yes Bank Ltd.
Implication:
These directors are appointed w.e.f March 26, 2020 for a period of 2 years.
Update:
RBI Announces OMO Purchase of Government of India Dated Securities
On a reiew of the current liquidity and financial conditions, the RBI has decided to conduct purchase of Government securities under Open Market Operations for an aggregate amount of Rs 30,000/- Crores in 2 tranches of Rs. 15,000/- Crores each in the month of March 2020.
Implication:
Eligible participants should submit their offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system between 10.30 a.m. and 12.00 noon on March 24, 2020.
Update:
Extension of Directions- Punjab and Maharashtra Co-operative Bank Limited, Mumbai, Maharashtra
RBI had issued to the Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra, the validity of directions for close of business which was last extended upto November 5, 2019. RBI has further extended the validity of directions for a period of three months from March 23, 2020 to June 22, 2020.
Implication:
The said bank will have to follow the directions issued by the RBI for further period of three months i.e., till 22.06.2020.
Update:
Large Exposures Framework
RBI has made amends in the guidelines in para 7.3 of said circular. Any Credit Risk Mitigation (CRM) instrument (e.g. SBLC/BG from Head Office/other overseas branch) from which CRM benefits like shifting of exposure/ risk weights etc. are not derived, may not be counted as an exposure on the CRM provider.
Implication:
It has been decided that non-centrally cleared derivatives exposures will be outside the purview of exposure limits till April 01, 2021.
Update:
Priority Sector Lending – Lending by banks to NBFCs for On-Lending
RBI has extended the priority sector classification for bank loans to NBFCs for on-lending for FY 2020-21 up to an overall limit of 5% of individual bank’s total priority sector lending.
Implication:
Existing loans disbursed under the on-lending model will continue to be classified under Priority Sector till the date of repayment/maturity.
Update:
Extension of Directions- Shri Anand Co-operative Bank Ltd. Chinchawad, Pune, Maharashtra
RBI had issued to the Shri Anand Co-operative Bank Ltd. Chinchawad, Pune, Maharashtra, the validity of directions for close of business which was last extended upto March 24, 2020. RBI has further extended the validity of directions for a period period of six months from March 25, 2020 to September 24, 2020.
Implication:
The said bank will have to follow the directions issued by the RBI for further period of six months i.e, till 24.09.2020.
Reference: Securities Exchange Board of India
Update:
Regulatory measures taken by SEBI in view of ongoing market volatility
Stock markets have been quite volatile owinng to concerns relating to COVID-19 pandemic and hence taking note of the continued abnormally high volatility in the market, SEBI discussed with the Stock Exchanges, Clearing Corporations and Depositories appropriate measures that may be taken in these circumstances. Keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity, measures as per Annexure A have been taken.
Implication:
These measures will kick-in w.e.f. the beginning of trading on March 23, 2020 and will be in effect for a period of one month.
Update:
Monetary penalty on M/s Dev Commodity Brokers Private Limited
M/s Dev Commodity Brokers Private Limited (Noticee) has carried out alleged reversal of trades in illiquid stock options at BSE limited with same entities on the same day. It was alleged that these reversal of trades of the Noticee were non-genuine in nature and have created false and misleading appearance of trading in terms of artificial volumes in the stock options segment of BSE hereby violating the provisions of Regulation 3(a),(b),(c),(d) and 4(1), 4(2) (a) of SEBI PFUTP Regulations.
Hence, SEBI imposed a monetary penalty of Rs. 7,60,000/- on the Noticee for violating the said provisions.
Implication:
The Noticee shall remit / pay the said total amount of penalty within 45 days of receipt of this order.
Update:
Monetary penalty on Shri Sumesh Parasrampuria
Shri Sumesh Parasrampuria (“Noticee”) had sold shares of MCX and had failed to make necessary disclosures under the SEBI (Prevention of Insider Trading) Regulations, 1992 (“PIT Regulations”). Thus, the Noticee by failing to take pre-clearance for trading of his father violated Code of Conduct of MCX read with Regulation 12(1) of PIT Regulations.
Hence, SEBI imposed a monetary penalty of Rs. 5,00,000/- on the Noticee for violating the said provisions.
Implication:
The Noticee shall remit / pay the said total amount of penalty within 45 days of receipt of this order.
Update:
SEBI’s decisions to reduce compliance burden on Market Participants
Since the outbreak of COVID-19 has affected countries/jurisdictions across the world, SEBI is actively engaged with IOSCO and FSB at the global level. With a view to reducing the compliance burden on various market participants in view of the prevailing situation, following have been decided:
- Penal provision for non-collection/short collection of margins by brokers have been extended from April 01, 2020 to April 30, 2020.
- NISM certifications have been extended till June 30, 2020.
- Trading members working from designated alternate locations are exempted from the penal provisions for not maintaining call recordings of orders/instructions received from clients till March 31, 2020.
- Delay in submission of various reports by trading members shall not attract penal provisions till April 30, 2020.
- Trading members will be placed in risk reduction mode upon utilization of 90% instead of existing level of 85%.
- Implementation of SEBI circular for risk management framework, for existing open ended debt oriented mutual fund schemes, for valuation of money market and debt securities, has been extended upto May 1, 2020.
- Further, the timeline to hold not in excess of 15% in unlisted NCDs has been extended till April 30, 2020.
Many such dates as prescribed in the press release have been extended by SEBI.
Update:
Monetary penalty on M/s Vishwaraj Sugar Industries Limited
M/s Vishwaraj Sugar Industries Limited (Noticee) has a business of manufacture of sugar and allied products. The aggregate allotments and transferred shares have not been in compliance with the provisions governing public offering of securities under the Companies Act, 1956, including those mandating the issuance and registration of a Prospectus. Therefore, it was alleged that the method adopted for allotment in this case was to give a picture that each allotment is separate and that it was a private placement and that the frequency and time span between such allotments coupled with the series of allotments made every five days pursuant to a single resolution passed in the AGM authorizing such issuances, clearly indicates that it was a single offer and thus, a public issue.
Hence, SEBI imposed a monetary penalty of Rs. 7,00,000/- on the Noticee for violating the provisions of SEBI DIP Guidelines (Clause 2.1.4, 2.1.5, 5.3.1, 2.1.1, 5.6.2, 2.2, 4.1, 4.11, 4.14, 8.8.1, 5.6A, 8.6.1, 6.0 to 6.33 and 5.12) since he did not comply with any of the public issue requirements specified in the said guidelines.
Implication:
The Noticee shall remit / pay the said amount of penalty within 45 days of receipt of this order.
Update:
Monetary penalty on Toptech Enterprises Private Limited
It was alleged that Toptech Enterprises Private Limited (Noticee) was one of the entities who had indulged in creating artificial volume of 11,04,000 units through 46 non-genuine trades in 21 stock option contracts. The said reversal trades are alleged to be non-genuinetrades as they are not executed in normal course of trading, lack basic trading rationale and allegedly lead to false or misleading appearance of trading in terms of generation of artificial volume, hence were deceptive and manipulative and hereby violated the regulations 3(a), (b), (c) and (d), 4(1), 4(2)(a) of SEBI PFUTP Regulations.
Hence, SEBI has imposed a monetary penalty of Rs. 5,00,000/- on the Noticee for violating the said regulations.
Implication:
The Noticee shall remit / pay the said amount of penalty within 45 days of receipt of this order.
Update:
Relaxation in compliance with requirements pertaining to Mutual Funds
Due to global crisiS of COVID-19, a need has been felt for temporary relaxations with respect to compliance requirements for Mutual Funds. Thus, SEBI has decided to grant relaxations specified in SEBI (Mutual Funds) Regulations, 1996. The timelines for certain disclosures are extended as prescribed in the circular.
Update:
Revision of criteria for entering the risk-reduction Mode
SEBI issued broad guidelines for operationalizing the interoperable framework among Clearing Corporations.
In order to mitigate risks arising out of latency, Stock Exchanges shall ensure that stock brokers are mandatorily subjected to risk reduction mode on utilization of 85% of the stock brokers collateral available for adjustment against margins.
Implication:
Aforementioned para 5.5(2) shall stand withdrawn from the date of issuance of this circular.
Update:
Relaxation from compliance to REITs and InvITs due to the CoVID -19 virus pandemic
Due to the developments arising due to the spread of the COVID 19 virus, a need for temporary relaxations in compliance requirements for REITs and InvIT is warranted. Accordingly, it has been decided to extend the due date for regulatory filings and compliances for REIT and InvIT for the period ending March 31, 2020 by one month over and above the timelines, prescribed under SEBI InvIT Regulations and SEBI REIT Regulations.
Implication:
This Circular shall come into force with immediate effect.
Update:
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
SEBI has provided certain relaxations to listed entities which have listed their specified securities with regard to extension of timelines. SEBI provides that companies proposing to make public issue of debt securities are required to give the audited financials which are not older than 6 months from the date of prospectus. Relaxations in the cutoff date for isuance and extension of timeline for filings under SEBI (LODR) Regulations 2015 have also been done by SEBI, as prescribed in the given circular.
Implication:
This circular shall come into force with immediate effect.
Update:
Guidelines laying down measures for containment of COVID-19 Epidemic
SEBI provides that commercial and private establishment shall be closed down but the capital and debt market service shall be exempted from such closures. The head offices / regional offices / local offices shall also function with minimum number of employees.
Implication:
The above Notification with directions for strict implementation shall remain in force in all parts of the country for a period of 21 days with effect from March 25, 2020.
Reference: Employment/Labour Laws
Update:
Update:
Labour Ministry Issues Advisory to all States/UTs to use Cess fund for Welfare of Construction Workers
In the backdrop of outbreak of COVID-19, Government has taken numerous measures to give relief to workers. All State Governments/UTs have been advised to transfer funds in the account of construction workers through DBT mode from the Cess fund collected by the Labour Welfare Boards under BOCW cess Act.
Reference: Ministry of Corporate Affairs
Update:
Declaration of dividend in the matter of M/s Mysore Acetate and Chemicals Co Limited
MCA has notified that dividend at the rate of 100 paise in a rupee against the admitted amount along with interest at 4% per annum amounting to Rs. 21,54,41,000/- from the date of winding up i.e., 07.11.2013 up to 02.12.2019 has been declared.
Implication:
The amount shall be payable through RTGS/NEFT upon furnishing duly filled up and signed prescribed Bio-Data on or after the 23rd day of March, 2020 upto 22nd September, 2020.
Update:
Preventive measures to contain the spread of COVID19
In order to contain the spread of COVID-19 (Coronavirus), it has been decided in public interest that only fifty percent of Group B and C employees of the Ministry of Corporate Affairs shall attend office every day. The officials who are working from home on a particular day as per the roster drawn up should be available on telephone and electronic means of communication at all times. Further, the working hours for all employees who attend office on a particular day should be staggered. It is suggested that three grows of employees may be formed and asked to attend office as per the following timings:-
(a) 9 AM to 5:30 PM
(b) 9:30AM to 6 PM
(c) 10 AM to 6:30 PM
Implication:
The system will be effective from 20 March, 2020 and shall remain so till 4 April, 2020.
Update:
Clarification on spending of CSR funds for COVID-19
MCA has clarified that spending of CSR funds for COVID-19 is an eligible CSR activity and such funds may be spent for activities related to COVID-19 under item nos. (i) and (xii) of Schedule VII relating to promotion of health care including preventing health care and sanitation and disaster management.
Implication:
Items in Schedule VII are broad based and may be interpreted liberally for this purpose.
Update:
Special Measures under Companies Act, 2013 (CA-2013) and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak
MCA has come up with necessary measures for companies and Limited Liability Partnerships (LLPs) in India due to economic disruptions caused by COVID-19, namely;
- No additional fees shall be charged for late filing during a moratorium period from 1st April to 30th September 2020, in respect of any document, return, statement etc.
- The mandatory requirement of holding meetings of the Board of the companies stands extended by a period of 60 days till next two quarters i.e., till 30th September. As a one-time relaxation the gap between two
consecutive meetings of the Board may extend to 180 days till the next two
quarters. - The Companies (Auditor’s Report) Order, 2020 shall be made applicable from the financial year 2O2O-2O21 instead of being applicable from the financial year 2019-2020.
- lndependent Directors (lDs) are required to hold at least one meeting without the attendance of Non-independent directors and members of management.
- Compliance has been allowed to create the deposit repayment reserve of 20% of deposits maturing during the FY 2020-21 till 30th June 2020.
- Compliance till 30th June 2020 given to invest or deposit at least 15% of amount of debentures maturing in specified methods of investments or deposits.
- Additional period of 180 days allowed to file declaration of newly incorporated companies for Commencement of Business.
- Non-compliance of minimum residency in India for a period of at least 182 days, shall not be treated as a non-compliance for the financial year 2019-20.
Reference: Insurance Regulatory and Development Authority in India
Update:
COVID-19 Global Pandemic Related Instructions to Life Insurers
Directions in regard to accessing various services including timely payment of premium and settlement of claims have been issued by the IRDAI, namely;
- Functioning of Offices: Wherever the offices are not functioning fully/partially, the poicyholders shall be notified by SMS, E-mail or Press Release in addition to suitable display in the branch office. They shall also be informed about other alternate channels for payment of premiums, submission of claim and other service requests.
- Grace period for payment of premiums: The grace period for premiums due in the month of March shall stand extended by one more month in areas where lockdown is declared.
- Claim payments with regard to COVID-19: Life insurers shall consider developing quicker claim settlement process to suit the emerging situation in the affected areas.
- Periodic Reports: A report every fortnight may be submitted to the Authority giving the details of offices fully/partially closed with duration and steps taken in this regard.
Implication:
The instructions of the Central and State Governments and local authorities in this regard may be followed scrupulously.
Update:
Relaxation for smooth operations of affairs of insurance industry
- Grace period for payment of renewal premiums extended by additional 30 days if desired by policyholders.
- Insurers may condone delay in renewal up to 30 days without deeming such condonation as a break in policy.
- Meetings due till 30th June, 2020 may be held through video-conferencing or other audio-visual means.
- Additional time of 15 days will be allowed in case of submission of monthly returns for month of March, 2020 and similarly, in case of quarterly returns, additional period upto one month is permitted.
Implication:
Policy holders and customers have to comply with these directions until further notice.
Reference: Institute of Chartered Accountants in India
Update:
Postponement Of Chartered Accountant Examinations, May 2020
In view of the ongoing spurt of the COVID-19 pandemic and in the interest of the wellbeing of students, the Chartered Accountant Examinations initially scheduled from 2nd May 2020 to 18th May 2020 stand rescheduled and the said examinations shall now be held from 19th June 2020 to 4th July, 2020 as per details given in the notification.
Implication:
There would be no change in the examination schedule in the event of any day of the examination schedule being declared a Public Holiday by the Central Government or any State Government / Local Holiday.
Update:
Preventive measures to be taken to contain the spread of Novel Coronavirus (COVID-19)
ICAI decided to maintain social distancing by restricting all possible movements on the employees including those engaged in branches and regional councils on Pan India basis by allowing them to work from home till 31st March, 2020.
Implication:
Employees shall remain available over phone and electronic means of communication during this period in view of these special circumstances and any non-compliance of same would be viewed seriously.
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