Clarification of SEIS benefits to Steamer Agents, etc

Policy Circular No. 08 (21/06/2018)

It is clarified that Service Providers like Steamer Agents, etc. shall be entitled for benefits under Service Exports from India Scheme for the services exclusively rendered by them and for which the foreign exchange earnings (or INR payments as allowed under the scheme) are received and retained by them on this account....

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CBIC Circular on Health warning on Cigarettes and other Tobacco products

Circular No. 20/2018-Customs (20/06/2018)

Attention is also invited to Board’s Circular No. 09/2017-Customs dated 29.03.2017, Board’s letter of even No. dated 05.04.2017 and Board’s Circular No. 27/2017-Customs dated 05.07.2017, on disposal of seized/ confiscated cigarettes of foreign origin vis-à-vis provisions of the Cigarettes and other Tobacco Products (Packaging and L...

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PAN Mandatory for all remittances under Liberalised Remittance Scheme

RBI/2017-18/204 A.P. (DIR Series) Circular No. 32 (19/06/2018)

It has been decided that furnishing of Permanent Account Number (PAN), which hitherto was not to be insisted upon while putting through permissible current account transactions of up to USD 25,000, shall now be mandatory for making all remittances under Liberalised Remittance Scheme (LRS)....

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RBI revises upwards housing loan limits under priority sector Lending

RBI/2017-18/203 FIDD.CO.Plan.BC.22/04.09.01/2017-18 (19/06/2018)

Housing loan limits for eligibility under priority sector lending will be revised to ₹ 35 lakh in metropolitan centres (with population of ten lakh and above), and ₹ 25 lakh in other centres, provided the overall cost of the dwelling unit in the metropolitan centre and at other centres does not exceed ₹ 45 lakh and ₹ 30 lakh, resp...

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Electronic sealing – Deposit in and removal of goods from Customs bonded Warehouses

Circular No. 19/2018-Customs (18/06/2018)

e regulations require that goods arriving at the warehouse from a customs station shall be affixed with a one-time-lock with its serial number endorsed upon the bill of entry for warehousing and the transport document. ...

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RBI permit banks to reckon Govt securities held up to another 2 % of NDTL under FALLCR

RBI/2017-18/201DBR.BP.BC.No.114/21.04.098/2017-18 (15/06/2018)

It has been decided to permit banks, with effect from the date of this circular, to reckon Government securities held by them up to another 2 per cent of their NDTL, under FALLCR within the mandatory SLR requirement, as Level 1 HQLA for the purpose of computing their LCR. Hence, the carve-out from SLR, under FALLCR will now be 11 per cent...

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Revised requirements for FPIs investments in corporate debt securities

CIrcular No. IMD/FPIC/CIR/P/2018/101 (15/06/2018)

It has been decided to withdraw minimum residual maturity restriction of three years for investment by FPIs in G-Secs and SDLs. Further, the auction process being carried out by BSE/ NSE shall be discontinued from the date of this circular....

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RBI grant banks option to spread provisioning for MTM losses on all investments held in AFS and HFT

RBI/2017-18/200 DBR.No.BP.BC.113/21.04.048/2017-18 (15/06/2018)

In view of the continuing rise in the yields on Government Securities, as also the inadequacy of time to build investment fluctuation reserve (IFR) for many banks, it has been decided to grant banks the option to spread provisioning for their mark to market (MTM) losses on all investments held in AFS and HFT for the quarter ending June 30...

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Completion of scrutiny & assessment up to 30.06.2017 of all acts subsumed in GST in Assam

Circular No. 1/2018 (13/06/2018)

With implementation of Assam Goods and Services Act, 2017 from 1st July, 2017 Assam Value added Tax Act, 2003 and Central Sales Tax Act, 1956 [except alcoholic liquor for human consumption, petroleum crude, high speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine]. ...

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Procedure for e-commerce exports through Post & clarification regarding personal imports

Circular No. 18/2018-Customs (13/06/2018)

During the course of stake holder consultations held in the Board on 11th June 2018, industry represented that there are large number of cases where low-value-small-shipments, which characterize e-commerce environment, are shipped through post. In such cases, single payments are received by exporters from e-commerce portal companies throu...

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