"18 August 2021" Archive

Pilot Launch of International Bullion Exchange – Gateway for Bullion Imports

Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA), launched the pilot run/soft launch here today. The International Bullion Exchange is scheduled to go live on October 1, 2021 the Foundation Day of IFSCA....

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Posted Under: Finance |

Safe Deposit Locker/Safe Custody Article Facility provided by banks – Revised Instructions

Circular No. RBI/2021-2022/86 DOR. LEG.REC/40/09.07.005/2021-22 18/08/2021

The existing customers of a bank who have made an application for locker facility and who are fully compliant with the CDD criteria under the Master Direction – Know Your Customer (KYC) Directions, 2016 (as updated from time to time) may be given the facilities of safe deposit lockers/ safe custody article subject to on-going compliance...

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FAQs on PLI Scheme for White Goods (ACs and LED Lights)

Frequently Asked Questions (FAQs) on Production Linked Incentive (PLI) Scheme for White Goods (ACs and LED Lights) - The Production Linked Incentive (PLI) Scheme for White Goods (PLIWG) as notified on April 16, 2021 shall provide financial incentive to boost domestic manufacturing and attract large investments in the White Goods manufactu...

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Posted Under: Finance |

NCLT directs ArcelorMitta to pay Rs. 1300 crores to SREI Infrastructure

NCLT, Ahmedabad Bench, order Arcelormittal to pay Rs.1300 crores to SREI Infrastructure

Synopsis of: NCLT, Ahmedabad Bench, order ArcelorMittal to pay Rs 1300 crores to SREI Infrastructure Applicant: SREI Infrastructure Finance Limited (SREI) Respondent: 1. Arcelormittal India Private Limited (AIPL) Successful Resolution Applicant of Essar Steel India Ltd. 2. Sh. Satish Kumar Gupta, RP of Essar Steel India Ltd 3. Arcelormitt...

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Posted Under: Finance |

Understanding the concept of Transmission of Securities

Introduction ‘Transmission of Securities’ means transferring the ownership of securities to legal heirs or successor or nominee or surviving joint holder, by operation of law, in case of death of a security holder, insolvency, inheritance or lunacy of the member. Securities As per Section 2(81) of the Companies Act, 2013 and S...

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Posted Under: Finance |

Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019

Cryptocurrency bill proposed by the finance ministry aimed to ban all private crypto currencies except issued by the state. So, no person shall mine, generate, hold, deal, issue, transfer or use of crypto currencies in the territory of India. However, it doesn’t mean that the central bank is proposing to ban the underlying Blockchai...

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Posted Under: Finance |

How to reply notices of mismatch of GSTR 3B & 2A

The Department has already started sending the notices for the mismatch of the filed GSTR 3B or GSTR 9 annual return and Input reflected in GSTR 2A which was filed by the Suppliers. We have just completed four years of the GST on July 1st, 2021 still we are facing a lot of issues in […]...

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Posted Under: Finance |

Defining The Unbridled Power of Code over The oppression Remedy

Introduction  When an application is filed against directors of a company under section 241 of the Companies Act, 2013(CA, 2013), the rights of the investors cannot be suppressed by barring the initiation of the Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016 (IBC, 2016). Even in cases of multipl...

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Posted Under: Finance |

CBDT notifies new Income Tax Rule 12AA and Rule 51B

Notification No. 93/2021-Income Tax [G.S.R. 578(E)] 18/08/2021

CBDT notifies Two new Income Tax Rules vide Notification No. 93/2021- Income Tax dated 18th August, 2021 i.e. Rule 12AA. Prescribed person for the purposes of clause (c) and clause (cd) of section 140 and Rule 51B. Appearance by Authorised Representative in certain cases. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIREC...

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Everything Exporters should know about RoDTEP – 50 important FAQs

Background: Indian Exporters have been waiting for last 8 months for the announcement of the benefits under RoDTEP (Remission of Duties and Taxes on Exported Products) Scheme. Ministry of Commerce & Industry under Department of Commerce has finally come out with the Scheme Guidelines by issuing the Notification No. 19/2015-2020 dated ...

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