Reference: Securities and Exchange board of India
Update:
SEBI mulls new whistle-blower mechanism for auditors, other \’gatekeepers\’:
The proposed move assumes significance in the wake of several auditors in the recent past decided to exit from their audit mandate after certain listed companies failed to take remedial actions despite financial wrongdoings having been flagged in their auditors\’ observations.
Implication:
The proposal is in early stages as of now and a final decision would be taken only after a detailed consultation process with all the concerned stakeholders, the official added.
Reference: Central Board of Indirect Taxes and Customs
Update:
Reduction in Basic Custom Duty on Open Cell:
Central Government, made further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017 to reduce basic customs duty on Open cell (15.6” and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels and certain goods for use in the manufacture of Open cell of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels.
Update:
Levy of countervailing duty on \’Welded Stainless Steel Pipes and Tubes\’:
“Welded Stainless Steel Pipes and Tubes” (Subject goods) originating in or exported from, China PR and Vietnam (hereinafter referred to as the subject countries), and imported into India, the Designated Authority in its final findings has concluded that
(i) the subject goods have been exported to India from subject countries at subsidized value, thus resulting in subsidization of the product;
(ii) the domestic industry has suffered material injury due to subsidization of the subject goods;
(iii) the material injury has been caused by the subsidized imports of the subject goods originating in or exported from the subject countries;
and has recommended the imposition of definitive countervailing duty on imports of the subject goods originating in, or exported, from the subject countries.
Implication:
Countervailing duty on \’Welded Stainless Steel Pipes and Tubes\’ originating in or exported from China PR and Vietnam is levied at the rate specified in the notification.
Update:
Levy of countervailing duty on \’Atrazine Technical\’: “Atrazine Technical” (hereinafter referred to as the subject goods) originating in or exported from, People’s Republic of China, and imported into India, the Designated Authority in its final findings, has concluded that – (i) the product under consideration has been exported to India from China PR at subsidized value, thus resulting in subsidization of the product; (ii) the domestic industry has suffered material injury due to subsidization of the product under consideration; (iii) the material injury has been caused by the subsidized imports of the subject goods originating in or exported from the subject country, and has recommended imposition of definitive countervailing duty so as to remove injury to the domestic industry.
Implication:
Countervailing duty on \’Atrazine Technical\’ originating in or exported from Republic of China is levied at the rate specified in the notification.
Reference: Reserve Bank of India
Update:
RBI panel suggests setting up web portal for quick agriculture loans
A panel set up by the Reserve Bank of India to Review Agricultural Credit in its Statement on Development and Regulatory Policies dated February 07, 2019 during the Sixth Bi-monthly Monetary Policy Review, 2018-19 has suggested that the Indian Banks’ Association (IBA) introduce a web portal on the lines of PSB Loans in 59 Minutes to allow quicker credit access for the agriculture sector.
Implication:
The portal will allow quick agricultural loan in 59 minutes
Update:
Discussion Paper on Guidelines for Payment Gateways and Payment Aggregators: The Reserve Bank has today placed on its website a discussion paper on ‘Guidelines for Payment Gateways and Payment Aggregators’ for public comments. The Reserve Bank invites comments on the policy paper from all stakeholders and members of public by October 17, 2019. The comments may be sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, or by email.
Update:
Extension of Directions imposed on Vasantdada Nagari Sahakari Bank Limited, Osmanabad, Maharashtra:
Reserve Bank of India in exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) had issued directions to Vasantdada Nagari Sahakari Bank Ltd, Osmanabad, Maharashtra from the close of business on November 13, 2017 which were subsequently extended up to September 13, 2019.
Reserve Bank of India has now further extended the directions for one month from September 14, 2019 to October 13, 2019.
Implication:
The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits. The bank will continue to undertake banking business with restrictions till its financial position improves.
Update:
Padmashri Dr. Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra – Extension of Period:
Reserve Bank of India in exercise of powers vested in it under sub-section (1) of Section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS) had issued directions to Padmashri Dr. Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra from the close of business on May 19, 2018.
Reserve Bank of India has now further extended the directions for a period of six months from September 18, 2019 to March 17, 2020, subject to review.
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Implication:
The bank will continue to undertake banking business with restrictions till its financial position improves..
