"17 November 2020" Archive

Telangana opts Option-1 to meet GST implementation shortfall

Release ID: 1673501 17/11/2020

The Government of Telangana has communicated its acceptance for Option-1 out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation.  The State has now joined 22 other States and 3 Union Territories (Delhi, Jammu & Kashmir and Puducherry) who have opted for Option-1. ...

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Representation on deficiency in functioning of GST Portal

It has been more than 3 years that GST has been implemented and it has been a system driven legislature. The GST portal is the back bone of functioning of GST and to make GST law a success a robust GST portal and infrastructure should be in place. However, the GST portal has been disappointing in last 3 years with respect to its performan...

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Lakshmi Vilas Bank: RBI announces Draft Scheme of Amalgamation

Press Release: 2020-2021/647 17/11/2020

Reserve Bank of India has today placed in public domain a draft scheme of amalgamation of The Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office at New Delhi....

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RBI superseded Board of Directors of Lakshmi Vilas Bank

Press Release: 2020-2021/646, Order No. DOR.PSBD.No. 1407/16.01.067/2020-2021, Order No. DOR.PSBD No.1408/16.01.067/2020-2021 17/11/2020

RBI superseded the Board of Directors of The Lakshmi Vilas Bank Ltd. for a period of 30 days owing to serious deterioration in the financial position of the bank. This has been done to protect the depositors’ interest....

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RBI places Lakshmi Vilas Bank under Moratorium

Press Release: 2020-2021/645, Notification No. S.O. 4127(E), Order No. DOR/PSBD.No.1406/16.01.067/2020-21 17/11/2020

Reserve Bank of India Date : Nov 17, 2020 The Lakshmi Vilas Bank Ltd. placed under Moratorium The financial position of The Lakshmi Vilas Bank Ltd. (the bank) has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. In absence of any viable strategic plan, declining [&helli...

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RBI allows one additional escrow account in a different scheduled commercial bank

RBI/2020-21/68 DPSS.CO.PD.No.660/02.14.008/2020-21 17/11/2020

An authorised PPI Issuer or a PA is required to maintain an escrow account with a scheduled commercial bank on an ongoing basis. With a view to diversify risk and address business continuity concerns, it has been decided to allow one additional escrow account in a different scheduled commercial bank....

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Banks to Publish summary of FEMA Compounding Orders on their website instead of Orders

RBI/2020-21/67 A.P. (DIR Series) Circular No. 06 17/11/2020

On a review and in partial modification of earlier instructions it has been decided that in respect of the Compounding Orders passed on or after March 01, 2020 a summary information, instead of the Compounding Orders, shall be published on the Bank’s website in the following format:...

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Passing ITC without Actual Payment of GST- Bail Application of accused Rejected

Directorate General of Goods & Services Tax Intelligence & Ors. Vs Rakesh Kumar Goyal (Patiala House Court)

Directorate General of Goods & Services Tax Intelligence & Ors. Vs Rakesh Kumar Goyal (Patiala House Court) The petition is filed to seek bail to the accused for passing ITC without any actual payment of GST. Patiala House Court states that, this bail application is strongly opposed by respondents on the ground that the offense [&...

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Exposure Draft on Standard Vector Borne Disease Health Policy

In order to make available a standard Vector Borne Disease specific health insurance product addressing the needs of insuring public for getting health insurance coverage to specified Vector Borne Diseases, an exposure draft on 'Standard Vector Borne Disease Health Policy' along with standard terms and conditions (Annexure -1), Customer I...

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EPFO facilitates multiple options for submission of Digital Life Certificate by EPS pensioners

All pensioners of Employees’ Pension Scheme 1995 (EPS’95) are required to submit Jeevan Pramaan Patra (JPP) / Digital Life certificate (DLC) each year to continue drawing pension. In the current scenario of COVID-19 pandemic, the Employees’ Provident Fund Organization (EPFO) has facilitated multiple options for EPS pensioners to sub...

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