Reference: Central Board of Direct Taxes
Update:
CBDT exempts cash withdrawal:
CBDT exempts cash withdrawal by the authorised dealer and its franchise agent and sub-agent; and Full-Fledged Money Changer (FFMC) licensed by the Reserve Bank of India and its franchise agent from TDS under Section 194N subject to conditions specified in Notification No. 80/2019-Income Tax dated 15th October, 2019
Implication:
The notification shall be deemed to have come into force with effect from the 1st day of September, 2019
Update:
Reference: Reserve Bank of India
Reserve Bank of India imposes monetary penalty on SBM Bank (India) Ltd.:
The Reserve Bank of India has imposed a monetary penalty of Rs.3 crore on SBM Bank (India) Ltd. for non-compliance by SBM Bank (Mauritius) Ltd. (amalgamated with SBM Bank (India) Ltd. on November 30, 2018) with certain provisions of directions issued by RBI on “Timebound implementation and strengthening of SWIFT – related operational controls” and “Cyber Security Framework in Banks”.
Implication:
The Bank shall follow comply with the provisions of directions issued by RBI on “Timebound implementation and strengthening of SWIFT – related operational controls” and “Cyber Security Framework in Banks” to avoid further penalty
Update:
Extension of Direction period of Vasantdada Nagari Sahakari Bank Ltd, Osmanabad, Maharashtra:
Reserve Bank of India has extended the period of direction issued to Vasantdada Nagari Sahakari Bank Ltd, Osmanabad, Maharashtra for a further period of three and half months from October 14, 2019 to January 31, 2020. The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits.
Implications:
Vasantdada Nagari Sahakari Bank Ltd, Osmanabad shall follow directions issued by RBI for further period of 3 and half months till 31st January, 2020
Update:
Monitory Penalty on The Budge Budge Nangi Co-operative Bank Ltd.:
The Reserve Bank of India has imposed a monetary penalty of Rs. 1 lakh on Budge Budge Nangi Co-operative Bank Ltd. for violations/ non-adherence of Section 20 of B. R. Act, 1949 (AACS) and RBI directives/guidelines as mentioned in para 5.1.1 and para 5.1.3 of Master Circular DCBR.CO.BPD(PCB) No.13/13.05.000/2015-16 on Exposure Norms and Statutory/Other Restrictions – Urban Co-operative Banks dated July 01, 2015.
Implication:
The Bank shall follow comply with the B.R. Act and directives isssued by the RBI to avoid further penalities.
Update:
Extension of Direction period- The City Co-operative Bank Ltd., Maharashtra:
Reserve Bank of India has extended the period of direction issued to The City Co-operative Bank Ltd. for a further period of 6 months from from October 18, 2019 to April 17, 2020. The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits.
Implication:
The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank
Reference: Insurance Regulatory and Development Authority of India
Update:
Master Circular on Insurance Advertisements:
IRDAI has issued master circular on Insurance Advertisement.
The guidelines to be complied wih by All the Insurers (Life Insurers, Non-Life Insurers and Health Insurers) and The Agents, Point of sales persons, Motor Insurance service providers and Insurance Intermediaries.
These provisions apply to advertisements, issued through any mode.
The circular specified guidelines on Advertisements. The circular has also specified General requirement and specific Requirements, Branding with Third parties, Rating/Ranking/Awards, Use of taglines by registered insurers/licensed entities, Norms while promoting the Product Combinations and Spurious Phone Calls and Fictitious/Fraudulent Offers.
Reference: Securities and Exchange board of India
Update:
Monitory Penalty on Ashiana Ispat Limited:
SEBI has imposed monitory penalty of Rs. 5,40,000 on Ashiana Ispat Limited for violation of the provisions of Regulation 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the SEBI (Prohibition of Fraudulent and Unfair Trading Practices related to Securities Markets) Regulations, 2003 by involving in manipulative, fraudulent and unfair trade practices.
Implication:
The entity shall pay the amount mentioned in order within a period of 45 days from the date of service of this order.
