IFSCA requires PSPs to obtain approval before joining Rupee Drawing Arrangements. The rule ensures strict adherence to AML, KYC, and CTF norms in cross-border payments.
CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and loss adjustments for accurate compliance.
CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting and eliminate inconsistencies in tax forms.
RBI directed banks to speed up credit of inward foreign payments. It held that delays at the beneficiary bank level must be minimized through faster processing and reconciliation.
The amendment redefines revenue reserves by excluding provisions for liabilities and depreciation. This ensures clearer classification and more accurate financial reporting by banks.
The Committee recommends shifting from entity-level to project-wise insolvency to avoid delays and protect viable projects. It held that completion, not liquidation, should be the primary objective in real estate insolvency.
The issue was inconsistency between RoDTEP and Customs Tariff descriptions. The amendment aligns classifications retrospectively, ensuring clarity and uniform eligibility for export benefits.
IDBI Bank invites applications for concurrent auditors but clarifies that empanelment does not ensure assignment. The decision remains entirely discretionary, emphasizing compliance with eligibility and documentation requirements.
The notification addressed mandatory reinsurance cession for general insurance policies. It mandates 4% cession to GIC Re, ensuring domestic risk retention and structured profit-sharing.
The content explains how accurate GST records help lenders assess business performance and repayment capacity. It highlights that consistent compliance strengthens loan applications and reduces perceived risk.
