Reference: Central Board of Direct Taxes
Update:
Extension of time limit for filing of Income Tax Returns/Tax Audit Reports in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh
CBDT has extended the due date for filing of Income Tax Returns/Tax Audit Reports to 30th November, 2019 in respect of all categories of income tax assesses in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh who/were required to file the income tax Returns/Tax Audit Reports.
Implication:
Taxpayer will have more time to file ITRs.The ITRs filed by individual taxpayers, post the set deadline of August 31, will also be considered valid.
Reference: Central Board of Indirect Taxes and Customs
Update:
Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2019:
CBIC has extended date of Sea Cargo Manifest and Trashipment Regulations to 16th February 2020, As result, the authorised sea carrier shall continue to deliver the cargo declaration in Form III of the Import Manifest (Vessels) Regulations, 1971 and Form I of the Export Manifest (Vessels) Regulations, 1976, in the manner as was applicable before the commencement of these regulations, till 16th February 2020.
Reference: Reserve Bank of India
Update:
Monetary penalty on Bandhan Bank:
Reserve Bank of India has imposed a monetary penalty of Rs. 1 crore on Bandhan Bank Limited for non-compliance with the guidelines on promoter holding contained in ‘Guidelines for Licensing of New Banks in Private Sector’ read with the conditions imposed by RBI in exercise of powers under section 22 of the Banking Regulation Act, 1949 (the Act) at the time of issuing banking licence to the bank.
Implication:
The Bank will comply with guidelines and other conditions issued by RBI to avoid further penalty
Update:
Monetary penalty on Janata Sahakari Bank Ltd, Pune:
The Reserve Bank of India has imposed monetary penalty of Rs. 1 crore on Janata Sahakari Bank Ltd., Pune for non compliance with directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms, Management of Advances and Exposure Norms and Statutory/ Other Restrictions.
Implication:
The Bank will comply with directions and other restrictions issued by RBI to avoid further penalty
Update:
Monetary penalty on Jalgaon Peoples Co-operative Bank Ltd., Jalgaon:
The Reserve Bank of India has imposed monetary penalty of Rs. 25 lakh on the Jalgaon Peoples Co-operative Bank Ltd., Jalgaon, Maharashtra for non-compliance with directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms and Management of Advances.
Implication:
The Bank will comply with directions issued by RBI to avoid further penalty
Update:
Extension of validity period of direction issued to The CKP Co-operative Bank Ltd, Mumbai, Maharashtra
The CKP Co-operative Bank Ltd was placed under direction from close of business from 2nd May 2014 and the validity of direction was extended from time to time. RBI has decided that the validity of direction shall continue to apply to the bank for a further period of 3 months from November 01, 2019 to January 31, 2020.
Implication:
The CKP Co-operation Bank Ltd. Shall follow directions issued by RBI for further period of 3 months till 31st January 2020
Update:
Extension of Period of Directions and relaxation in withdrawal limit- Madgaum Urban Cooperative Bank Ltd., Margao, Goa:
RBI has extended validity period of direction issued on 26 April 2019 to Madgaum Urban Cooperative Bank Ltd for further period of 6 months till 2nd May 2020. RBI has also increased the withdrawal limit from Rs. 5000 to Rs. 30000 of total balance in every savings bank account or current account or term deposit account or any other deposit account.
Implication:
Accountholder of the bank will now be able to withdraw Rs. 30000 of total balance. However, the bank will have to continue to follow directions for further period of 6 months i.e., till 2nd May, 2020
Update:
Issue of additional instruments for augmenting regulatory capital for RRBs:
With a view to providing RRBs additional options for augmenting regulatory capital funds, so as to maintain the minimum prescribed CRAR, besides meeting the increasing business requirements, it has been decided to allow RRBs to issue Perpetual Debt Instruments (PDIs) eligible for inclusion as Tier 1 capital. RBI has also prescribed terms and conditions applicable to Perpetual Debt Instruments (PDI) to qualify for inclusion as Tier 1 Capital.
Update
Cancellation of Certificate of Authorisation:
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation of the My Mobile Payments Limited (Payment System Operator).
Implication:
Following the cancellation of the CoA, the company cannot transact the business of issuance and operation of Prepaid Payment Instruments.
Reference: Securities and Exchange board of India
Update:
Disclosure of divergence in the asset classification and provisioning by banks:
The listed banks shall make disclosures of divergences and provisioning beyond specified threshold, as soon as reasonably possible and not later than 24 hours upon receipt of the Reserve Bank’s Final Risk Assessment Report (‘RAR’), rather than waiting topublishthemas part of annual financial statements. The disclosures are to be made in following cases:
-the additional provisioning for NPAs assessed by RBI exceeds 10 % of the reported profit before provisions and contingencies for the reference period, and
-he additional gross NPAs identified by RBI exceed 15 % of the published incremental Gross NPAs for the reference period
RBI has also prescribed the format in which such disclosures are to be made.
Reference: Insurance Regulatory and Development Authority of India
Update:
Exposure Draft of IRDAI (Insurance Surveyors and Loss assessors) (Amendment) Regulations 2019
IRDAI has released exposure draft of IRDAI (Insuarance Surveyors and Loss Assessors) (Amendment) Regulation 2019. IRDAI has urged all stakeholders to offer their valuable comments on or before 21st November, 2019 in the format attached as Annexure (in MS Word) to the following mail ids:
- Ms. Gitika Kathuria; gitika.kathuria [at] irdai [dot] gov [dot] in.
- Ms. Nimisha Srivastava;nimisha@ [at] irdai [dot] gov [dot] in.
Reference: Employment / Labour Laws
Update
Ministry of Labour & Employment has launched 3 Apps: Uan Registration, E-Inspection and DIGI Locker to Benefit EPF Subscribers And Stakeholders
If your EPF account is linked with Aadhar then withdrawal of funds is very easy. A time limit of 10 days has been fixed for claim settlement.
The details of three important digital initiatives of EPFO are as under:
Online Facility for UAN generation by worker: Any workers can obtain Universal Account Number (UAN) directly on EPFO website which enrolls them for PF, Pension and Life Insurance benefits and a worker need not depend on his employer alone for UAN.
EPS Pensioner’s PPO in DigiLocker website/Application (APP): EPFO integrates with DigiLocker of NeGD to create depository of electronic PPOs which is accessible to individual pensioners.
e-Inspections: Digital interface of EPFO with employers: The E-Inspection Form would be available in user login of employers not filing ECR which enables employer to inform either closure of business or unpaid dues with proposal for payment.
Reference: General
Update
Ministry of Finance launches two new IT Initiatives -ICEDASH & ATITHI for improved monitoring and pace of Customs clearance of imported goods and facilitating arriving international passengers by electronic filing of Customs baggage and currency declarations.
ICEDASH is an Ease of Doing Business (EoDB) monitoring dashboard of the Indian Customs helping public see the daily Customs clearance times of import cargo at various ports and airports.
With ATITHI, CBIC has introduced an easy to use mobile app for international travelers to file the Customs declaration in advance. Passengers can use this app to file declaration of dutiable items and currency with the Indian Customs even before boarding the flight to India. ATITHI is available on both, iOS and Android.
