"03 June 2019" Archive

RBI ban S. R. Batliboi from carrying out statutory audit of Banks for one Year

Press Release: 2018-2019/2848 (03/06/2019)

On account of the lapses identified in a statutory audit assignment carried out by M/s S.R. Batliboi & Co. LLP, Chartered Accountants , it has been decided that RBI will not approve the said firm for carrying out statutory audit assignments in commercial banks for one year starting from April 1, 2019. Reserve Bank of […]...

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ICAI Changes name of 17 Regional Council Branches as per change in City Name

No.1-CA.(7)/191/2019 (04/05/2019)

ICAI at its meeting held on 25.03.2019 has approved to change the names of  17 Branches of Regional Councils of ICAI set up by the Council  as per the change in the name of Cities where these Branches are functioning. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 4th May, 2019 (CHARTERED […]...

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Simple auto registration on ICEGATE for IEC holders for eSANCHIT

Circular No. 14/2019-Customs (03/06/2019)

ICEGATE has now introduced simplified auto registration for IEC holders based on the email ids already provided by them for registration under GST. Detailed advisory on the same has been placed on the ICEGATE web portal. The simplified procedure does away with the requirement of the digital signature. Circular No. 14/2019-Customs F.No. 45...

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Implementation of PGA eSANCHIT -Paperless Processing under SWIFT

Circular No. 13/2019-Customs (03/06/2019)

Importers/exporters/customs brokers would not be allowed to upload the previously issued LPCOs on eSANCHIT e.f. 01/07/2019. Further PGAs are required to upload the LPCOs issued by them during the last 15 days from the above cut-off date. Any LPCOs issued on a prior date may also be uploaded by the PGAs on eSANCHIT, in order […]...

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RBI revises Large Exposures Framework

RBI/2018-19/196  DBR.No.BP.BC.43/21.01.003/2018-19 (03/06/2019)

A bank’s exposures to its counterparties may result in concentration of its assets to a single counterparty or a group of connected counterparties. As a first step to address the concentration risk, the Reserve Bank, in March 1989, fixed limits on bank exposures to an individual business concern and to business concerns of a group....

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Prohibitions & Restrictions on Political Contributions| Section 182 | Companies Act, 2013

Section 182 of Companies Act, 2013- Prohibitions and restrictions regarding political contributions 182. (1) Notwithstanding anything contained in any other provision of this Act, a company, other than a Government company and a company which has been in existence for less than three financial years, may contribute any amount directly or ...

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Posted Under: Fema / RBI |

Why Company or LLP over Sole Proprietors Firm

Many entrepreneurs start their businesses as a sole proprietorship due to low compliance requirements. However, as a business grows, it needs change, and the owner may need enhanced protection for his personal assets from business obligations and liabilities as well as a better vehicle to attract investors. As a result, you may need to co...

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Posted Under: Fema / RBI |

Decoding of form DPT 3 ( One Time Return)

MCA through its circular dated April 12, 2019, further amended Rule 16A of Companies (Acceptance of Deposits) Rules, 2014 relating to one-time return for outstanding receipts not considered as deposits....

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Posted Under: Fema / RBI |

Gearing Up For New GST Returns

All big and small firms have already started gearing up for the GST Audit and filing of GST return by 30th June 2019. Hence the last date to file GST Annual return for July 2017- March 2018 is 30th June 2019.  ...

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Posted Under: Fema / RBI | ,

Kerala Flood Cess- All you want to know

While the taxpayers have been rejoicing with the introduction of GST that levy of Cess has been done away with, there are constitutional powers granted to GST Council for levy of cess during a national calamity/disaster. The said power has been exercised by the GST council and the state Government of Kerala, levying ‘Kerala Flood [&hell...

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Posted Under: Fema / RBI |