Reference: Central Board of Direct Taxes
Update:
Income Tax Department makes high cash seizure in Pune
Income Tax Department conducted a search in the case of a businessman in Pune on 04/11/2019 and made a high cash seizure. The search was conducted at the residence of the businessman.
Intelligence information was received on 04/11/2019 that the businessman was in possession of large amount of cash at his residence and that this cash was likely to be moved within short span of time. In a swift action, some preliminary
discreet enquiries were made to ascertain the availability of cash and a single warrant was executed to search the residence of the individual, along with survey u/s 133A at his business premises. The assessee is in the business of construction subcontracting and real estate activities. During the search, unaccounted cash amounting to Rs. 9.55 crore was found and seized. This is the highest cash seizure in Pune by the Income Tax Department till date. Investigations in the case are still under progress.
Reference: Central Board of Indirect Taxes and Customs
Update:
Rate of Exchange of Foreign Currencies:
CBIC has determines the rate of exchange of conversion of Swiss Franc into Indian currency or vice versa for the purpose of the said section, relating to imported and export goods.
Implication:
The new rates shall be effective from 8th November 2019
Reference: Reserve Bank of India
Update:
Monetary Penalty on Oxygen Services (India) Private Limited:
RBI has imposed monitory penalty of Rs. 1 lakh on the Oxigen Services (India) Private Limited- Prepaid Payment Instrument (PPI) issuer for non-compliance of regulatory guidelines
Implication:
The said PPI issuer will comply the regulatory guidelines to avoid further penalty
Update:
The Reserve Bank of India has cancelled the Certificate of Registration of the following companies:
MSR Securities Private Limited
Laxman Investments Limited
Lucky Capital Private Limited
LYCA Finance Limited
Naraini Gems and Investments Limited
Brij Krin Investment Pvt. Ltd.
Automatic Financial Services (P) Ltd.
Ganesh Narayan Brijlal Private Limited
Vijay Fininvest Limited
Gulmohar Investments & Holdings Ltd.
Kamni Investment Limited
Karuna Securities Limited
Kwality Financial Services (P) Ltd.
Richie Rich Overseas Private Limited
Pan Pacific Finance Private Limited
Blue Horse Finance Private Limited
Bahumulya Finance Limited
Adam Finman Ltd.
Chhikara Investments Limited
Pal Finleasevest (India) Ltd.
Najafgarh Leasing and Finance Private Limited
Mansukh Overseas Private Ltd.
Bansal Business Pvt. Ltd.
Fairdeal Distributors Private Limited
Rishi Fincap Private Limited
Abha Financial Services Private Limited
Elegant Investment Private Limited
Fairdeal Distributors Private Limited
Implication:
As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934
Reference: Securities and Exchange board of India
Update:
Creation of segregated portfolio in mutual fund schemes:
SEBI has permitted creation of segregated portfolio of unrated debt or money market instruments by mutual fund schemes of an issuer that does not have any outstanding rated debt or money market instruments subject to certain criteria such as,
a. Segregated portfolio osuch unrated debt or money market instruments may be created only in case of actual default of either the interest or principal amount
b. AMCs shall inform AMFI immediately about the actual default by the issuer. Upon being informed about the default, AMFI shall immediately inform the same to all AMCs. Pursuant to dissemination of information by AMFI about actual default by the issuer, AMCs may segregate the portfolio of debt or money market instruments of the said issuer.
Creation of segregated portfolio shall be optional and at the discretion of the AMC. It should be created only if the Scheme Information Document (SID) of the scheme has provisions for segregated portfolio with adequate disclosures.
All new schemes to be launched after 7th November 2019 shall have the enabling provisions included in the SID for creation of segregated portfolio.
