"01 December 2022" Archive

Whether DIR-12 needs to be filed for Appointment of First Directors ?

I am sure lot of professionals would have across this question that Whether Form DIR-12 needs to be filed in case of Appointment of First Directors through SPICE+ Background to this question: Clause (f) & (g) of sub-section (1) of Section 7 of the Companies Act, 2013, prescribes that detailed particular of the persons mentioned [&hell...

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Appellant cannot demand his own TDS record available with him under RTI

Shivi Mohan Rastogi Vs CPIO (CIC Delhi)

Shivi Mohan Rastogi Vs CPIO (CIC Delhi) Central Information Commission (CIC) upon a perusal of records and after hearing submissions of both the parties remarked at the outset that the core premise raised by the Appellant was non-receipt of certified copies of his TDS documents for the averred period. In response to it, the CPIO submitt...

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Debit-Credit note: Commercial Practice Vs GST

The Article explains the meaning of debit note credit note under normal commercial practice Vs under GST Law, definition, Act, Q & A under GST, relevant amendment under GST....

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Revised Regulatory Framework for Urban Co-op Banks – Net Worth & Capital Adequacy

Notification No. RBI/2022-23/146 DOR.CAP.REC.No.86/ 09.18.201/2022-23 01/12/2022

UCBs which currently do not meet the minimum net worth requirement, as above, shall achieve the minimum net worth of ₹2 crore or ₹5 crore (as applicable) in a phased manner. Such UCBs shall achieve at least 50 per cent of the applicable minimum net worth on or before March 31, 2026 and the entire stipulated minimum net worth on or bef...

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Operations of subsidiaries and branches of Indian banks and AIFIs in foreign jurisdictions and in IFSCs – Compliance

RBI/2022-23/145 DOR.MRG.REC.87/00-00-020/2022-23 01/12/2022

Operations of subsidiaries and branches of Indian banks and All India Financial Institutions (AIFIs) in foreign jurisdictions and in International Financial Services Centers (IFSCs) - Compliance with statutory/regulatory norms...

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Revised Regulatory Framework – Categorization of Urban Co-operative Banks

RBI/2022-23/144 DOR.REG.No.84/07.01.000/2022-23 01/12/2022

Given the heterogeneity in the cooperative sector, a tiered regulatory framework is required to balance the spirit of mutuality and co-operation more prevalent in banks of smaller sizes and those with limited area of operation vis-à-vis the growth ambitions of the large-sized UCBs to spread their area of operation and undertake more comp...

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Review of norms for classification of UCBs as Financially Sound & Well Managed

Notification No.RBI/2022-23/143 DOR.REG.No.85/07.01.000/2022-23 01/12/2022

It has been decided to revise the criteria for UCBs to be classified as FSWM. The revised criteria in view of Revised Regulatory Framework for Urban Co-operative Banks (UCBs) released by RBI on July 19, 2022 based on the recommendation of the Expert Committee on Primary (Urban) Co-operative Banks are given in the Annex....

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Extension of timeline for implementation of Standardized industry classification by CRAs

Circular No. SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2022/168 01/12/2022

Representation has been received from CRAs requesting for extension of the date of applicability of the standardized industry classification. In view of representation received from CRAs, it has been decided to extend the date of applicability of the standardized industry classification till December 15, 2022....

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RBI notifies updated list of ‘significant benchmarks’ administered by FBIL

RBI/2022-23/142 FMRD.FMSD.06/03.07.25/2022-23 01/12/2022

Reserve Bank hereby notifies Modified Mumbai Interbank Forward Outright Rate (MMIFOR) administered by Financial Benchmarks India Pvt. Ltd. (FBIL) as a ‘significant benchmark’....

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CBIC reduces Special Additional Excise Duty (SAED) on Diesel to Rs. 6.50 per

Notification No. 41/2022-Central Excise, [G.S.R. 861(E).] 01/12/2022

CBIC reduces Special Additional Excise Duty (SAED) on Diesel to Rs. 6.50 per litre vide Notification No. 41/2022-Central Excise, Dated: 01.12.2022...

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