Reference: Central Board of Indirect Taxes and Customs
Update:
Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019:
CBIC has issued a clarification in respect of eligibility conditions, withdrawal, payment, arrears of duty, etcs. Only the persons who are eligible in terms of Section 125 can file a declaration under the Scheme as the eligibility conditions are captured in Form SVLDRS-1. The system automatically disallows persons who are not eligible from filing a declaration. Kindly refer to the Clarification to READ MORE
Implication:
This will help in clarifying the issues related to eligibility, payment or withdrawal in respect of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019
Update:
Clearance of import of metal scrap – Procedure Regarding:
Levy of anti-dumping duty on imports of ‘High -Speed Steel of Non-Cobalt Grade’ originating in, or exported from Brazil, China and Germany: CBIC has imposed anti-dumping duty on imports of ‘High -Speed Steel of Non-Cobalt Grade’ originating in, or exported from Brazil, China and Germany at the rate specified in the notification.
Implication:
Anti-dumping duty on imports of ‘High -Speed Steel of Non-Cobalt Grade’ originating in, or exported from Brazil, China and Germanyl\’ originating in or exported from Republic of China is levied at the rate specified in the notification.
Reference: Reserve Bank Of India
Update:
RBI rebuts social media rumours on closure of 9 banks:
Rebutting social media rumours swiftly, the Reserve Bank of India on Wednesday said no commercial banks are going to be shut.
Finance secretary Rajiv Kumar discribed such social media messages as \”mischievous\” saying the government was in process of strengthening public sector banks by infusing capital in them.
Implication:
Reports appearing in some sections of social media about the RBI closing down certain commercial banks are false
Update:
Recovery of Interest on delayed remittance of Government Receipts into Government Account:
In order to bring uniformity in the procedure of reporting both central and State government transactions to Reserve Bank, it was advised that the petty claims of delayed period of penal interest involving amount of Rs 500/- or below will be ignored and excluded from the purview of penal interest by RBI. In order to bring further uniformity RBI has made above provisions applicable to State government transactions also.
Update:
Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra – Relaxation in withdrawal limit of Deposit Accounts:
RBI has, in the interest of the depositors has reviewed the direction and decided to. to allow the depositors to withdraw a sum not exceeding Rs. 10,000/- (Rupees Ten Thousand Only) (including `1,000/- wherever already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directive dated September 23, 2019.
Implication:
This will give some relax to the account holders as the withdrawal limit is increased
Update:
Extension of directions issued to the U.P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow: RBI has extended the time period for a period of six months from September 26, 2019 to March 25, 2020 The modification of the directive by the Reserve Bank should per se not be construed as improvement or deterioration in the financial position of the bank.READ MORE
Implication:
U.P. Civil Secretariat Primary Co-operative Bank Ltd shall follow direction of RBI till 25th March, 2020 to avoid penalties
Reference: Securities and Exchange board of India
Update:
Sebi eases norms for registration of FPIs, scraps \’broad-basing\’ criteria:
The Securities and Exchange Board of India has issued a notification for easing the process for on-boarding overseas investors. As per the said notification foreign portfolio investors (FPIs) are no longer required to meet the ‘broad-basing’ criteria, under which at least 20 investors were required to establish a fund.
However, in order to ensure the money coming in is clean, the FPI or underlying investors — contributing a minimum of 25 per cent or identified on the basis of control — should not be part of the Sanctions List notified by the UN Security Council, and also should reside in the country identified in the public statement of the Financial Action Task Force as delinquent countries.
Implication
This will help ease pain FPIs faced in the past and bring in new entities to India.
Update:
Position Limits in Interest Rate Derivatives (IRD):
SEBI on consultation with stock exchanges has to reviewed the extant position limits in Interest Rate Derivatives. Position limits have been revised for Interest Rate Derivatives falling in 8-11 years residual maturity bucket. Position limits for 8-11 year bucket is 10% of Open Interest or INR 1,200 crore whichever is higher for the category Trading members, institutions in Category I and II FPIs (i.e. other than individuals, family offices and companies), banks and Primary Dealers, Mutual Funds (at AMC level), Insurance Companies, Pension Funds and Housing Finance companies. READ MORE
Implication:
Banks and Primary Dealers dealing as clients shall have same position limits as are applicable to Trading Members.
