The interbank exposures arising from deposits placed by UCBs with a UCB under AID and their non-performing exposures arising from discounted bills drawn under LCs issued by a UCB under AID shall be fully provided within five years at the rate of 20% annually. Further, the interest receivable on the deposits shall not be recognised as income by the UCBs.
A new section (5A) has been added to chapter II of the MD on KYC requiring REs to carry out ‘Money Laundering (ML) and Terrorist Financing (TF) Risk Assessment’ exercise periodically to identify, assess and take effective measures to mitigate its money laundering and terrorist financing risk for clients, countries or geographic areas, products, services, transactions or delivery channels, etc.
It has been decided by SEBI that the relief measures implemented since March 23, 2020 will continue to be in force till May 28, 2020. The stock exchanges and clearing corporations will be issuing necessary instructions to the market participants in this regard.
GST defines Export as Zero-rated Supply. Under Section 16 of the IGST Act, 2017, ‘Zero rated supply’ means any of the following supplies of goods or services or both, namely: a) export of goods or services or both; or b) supply of goods or services or both to a Special Economic Zone developer or a […]
Micro and Small Enterprises Facilitation Councils (MSEFCs) have been set up in all States/ UTs to resolve the delayed payments cases by way of conciliation and / or arbitration as per the provisions of the Micro, Small & Medium Enterprises Development Act, 2006.
OECD develops database to provide insights on Global profiles of Multinational Enterprises (MNEs) 1. Background Multinational Enterprises (MNEs) have been at the forefront of changes in the global economy over the last few decades, as trade and investment barriers have been removed and transportation and communication costs have declined. In a world of global value […]
CBIC has issued clarification through press release dated 23.04.2018 for requirement of e-way Bill for Bill To Ship To model for supplies of goods. Prior to this clarification trade & industry was facing a lot of practical challenges and implementation issues which requires a lot of real-time coordination was sought prior to the movement of goods.
Government of India changes FDI Rules to curb opportunistic takeovers of Indian Companies. Change in Foreign Direct Investment (FDI) policy for curbing opportunistic takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic During the ongoing global pandemic of COVID—19, stock markets across the world had crashed. Indian markets were not an exception to this. […]
All the due dates, prescibed or notified under the Income Tax Act which fall during the period from March 20, 2020 to June 29, 2020 have been extended to June 30, 2020.
These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020. They shall be deemed to have come into force from the 29th March, 2020.
