Extension of due date for e-filing GST TRAN-1

---

Reference: Central Board of Indirect Taxes & Customs

Update:

Extension of due date for e-filing GST TRAN-1;

The Commissioner has extended the period for submitting the declaration in form GST TRAN-1 till 31st March, 2020 for such class of registered person who could not submit the declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the council.

READ MORE

Implication:

Stakeholders shall have more time to submit the declaration in form GST TRAN-1.

---

Update:

Electronic sealing — Deposit in and removal of goods from Customs bonded Warehouses-reg.

CBIC had prescribed RFID self-sealing for export of containerized cargo also prescribed the use of “RFID tamper proof one-time-bolt seal” and providing of readers / procedure for its use by Customs. It has now been decided by the Board that RFID sealing shall be extended to transport of goods for deposit in a warehouse as well as removal therefrom.

READ MORE

Implication

Wherever the Warehousing Regulations prescribe affixing of a “One Time Lock”, the importer or owner of the goods shall use RFID anti-tamper one-time-locks.

---

Reference : Reserve Bank of India

Update:

Revised guidelines for deferment of DCCO for CRE projects:

RBI has revised guidelines for deferment of DCCO for CRE projects as under:

1. Revisions of the date of DCCO and consequential shift in repayment schedule for equal or shorter duration (including the start date and end date of revised repayment schedule) will not be treated as restructuring provided that:
   • The revised DCCO falls within the period of one year from the original DCCO stipulated at the time of financial closure for CRE projects; and
   • All other terms and conditions of the loan remain unchanged.
2. In case of CRE projects delayed for reasons beyond the control of promoter(s), banks may restructure them by way of revision of DCCO up to another one year (beyond the one-year period quoted at paragraph i (a) above) and retain the ‘standard’ asset classification if the account continues to be serviced as per the revised terms and conditions under the restructuring.
3. Banks while restructuring such CRE project loans under instructions at (ii) above will have to ensure that the revised repayment schedule is extended only by a period equal to or shorter than the extension in DCCO.

READ MORE

Implication:

This will harmonize the deferment of date of commencement of commercial operations (DCCO) for projects in non-infrastructure and commercial real estate (CRE) sectors.

---

Reference: Securities and Exchange board of India

Update:

Monetary penalty on M/s Sunness Capital India Private Limited:

M/s Sunness Capital India Private Limited (Noticee) has failed to carry out following duties:

1. The settlement of funds and securities of the clients at least once in a calendar quarter or month, depending on the preference of the client.
2. Send to the client a ‘statement of accounts’ containing an extract from the client ledger for funds and securities displaying all receipts/deliveries of funds/securities, explaining the retention of funds/securities and the details of the pledge, if any.
3. Display all the documents executed by a client, client’s position, margin and other related information, statement of accounts, etc. in its web-site and allow secured access by way of client-specific user id and password during/ prior to the period of inspection period.
4. To settle the credit balance of its two inactive clients, who had more than Rs.10,000/-balance.

Thus notice has violated the provisions of SEBI Circular ref. no. SEBI/MIRSD/SE/Cir-19/2009 dated December 3, 2009, and Clauses A(2) and A(5) of the Code of Conduct for stock brokers contained in Schedule II read with Regulation 9(f) of Broker Regulation. Hence SEBI has imposed a penalty of Rs 3,00,000 on the Noticee.

READ MORE

Implication:

The Company shall pay the amount mentioned in order within a period of 45 days from the date of service of this order.

---

Update:

Monetary penalty on Shree A J Patel Charitable Trust and others (Noticee) :

Shree A J Patel Charitable Trust and others (Noticee) has failed to disclose the number and percentage of shares or voting rights held by him and by persons acting in concert with him, in that company to the company, thus violating the provisions of Regulation 8(2) of Takeover Regulations, 1997. Hence, SEBI has imposed a penalty of Rs. 13,50,000/-.

READ MORE

Implication:

The Company shall pay jointly and severally the amount mentioned in order within a period of 45 days from the date of service of this order.

---

Reference: Insurance Regulatory and Development Authority of India

Update:

Obligatory Cession for the financial year 2020- 21

IRBAI has prescribed that the percentage cession of the sum insured on each General Insurance Policy to be reinsured with the Indian Re-insurer(s) shall be 5% (five percent) in respect of insurance attaching during the financial year beginning from 1st April, 2020 to 31st March, 2021, except the terrorism premium and premium ceded to Nuclear pool, wherein it would be made „NIL‟. The entire Obligatory Cession is to be placed with General Insurance Corporation of India (GIC Re) only. There would be no limit on sum insured applicable for the cessions made during the period from 1 st April, 2020 to 31st March, 2021.

READ MORE

Implication:

The Indian Re-insurer may require the ceding insurer to give immediate notice of underwriting information of any cession exceeding an amount as specified by the former. The ceding insurer shall inform the Indian Re-insurer at all times whenever the cession exceeds such specified limits.

---

Update:

Amendments on guidelines on Standardization of Exclusions in Health Insurance Contracts and Modification Guidelines on Standardization in Health Insurance

IRDAI has made the following amendment in the said guidelines:

1. Amended the definition of pre-existing diseases
2. Expenses incurred towards treatment in any hospital or by any Medical Practitioner or any other provider specifically excluded by the lnsurer and disclosed in its website / notified to the policy holders are not admissible. However, in case of life threatening situations or following an accident, expenses up to the stage of stabilization are payable but not the complete claim.
3. Expenses related to sterility and infertility. This includes:
   (i) Any type of contraception, sterilization
   (ii) Assisted Reproduction services including artificial insemination and advanced reproductive technologies such as IVF, ZIFT, GIFT, ICSI
   (iii) Gestational Surrogacy
   (iv) Reversal of sterilization.

READ MORE

Implication:

lnsurers and Third Party Administrators, wherever applicable, are advised to make a
note of the above changes and ensure compliance.

---