Due date extended for filing PT returns without late fee in Maharashtra

Late fees is not payable for delayed return filing of Professional Tax (PT) Returns in Maharashtra by the registered employer in respect of monthly or annual returns pertaining to periods April 2016 to November 2018 if  amount payable as per return been/shall be paid on or before the due date. The aforesaid employers should submit the [...

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Cyber Security Framework for Primary (Urban) Co-op Banks (UCBs)

RBI/2018-19/63 DCBS. CO. PCB.Cir.No.1/18.01.000/2018-19 (19/10/2018)

Use of Information Technology by banks has grown rapidly and is now an important part of the operational strategy of banks. The number, frequency and impact of cyber incidents/attacks have increased manifold in the recent past, more so in the case of financial sector including banks...

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Procedure in cases of manufacturing or other operations undertaken in bonded warehouses

Circular No. 38/2018-Customs (18/10/2018)

Procedure to be followed in cases of manufacturing or other operations undertaken in bonded warehouses under section 65 of the Customs Act vide Circular No. 38/2018-Customs Dated the 18th October 2018...

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Valuation under Insolvency and Bankruptcy Code, 2016

Notification No. IBBI/RV/019/2018 (17/10/2018)

It is hereby directed that with effect from 1st February, 2019, no insolvency professional shall appoint a person other than a registered valuer to conduct any valuation under the Code or any of the regulations made thereunder....

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Uniform procedure to obtain samples of goods at Exchange accredited warehouses

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2018/136 (16/10/2018)

Majority of the agricultural commodities traded on exchange platform requires assaying. The number and size of the samples are determined by the nature of commodity and the requirements of tests to be done in order to meet the exchange specifications. It has come to the notice that varied approaches are being followed by the exchanges in ...

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Prepaid Payment Instruments (PPIs) – Guidelines for Interoperability

RBI/2018-19/61 DPSS.CO.PD.No.808/02.14.006/2018-19 (16/10/2018)

Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems. Interoperability allows PPI Issuers, System Providers and System Participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems...

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RBI Directions on Governance of authorised domestic CCPs

RBI/2018-19/60 DPSS.CO.OD No.803/06.08.005/2018-2019 (15/10/2018)

Directions governing the functioning of CCPs are given in this circular for compliance. The CCPs shall continue to ensure compliance with the Principles for Financial Market Infrastructures (PFMI). It Contains Section A- Directions on Governance of domestic CCPs authorised to operate in India by the RBI, Section B –Directions on Networt...

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Issuance of Form ‘I’ under Central Sales Tax Act, 1956.

Trade Circular No. 27T of 2018 (11/10/2018)

All the Sales Tax authorities undertaking assessments, appeals, or, as the case may be, review, are hereby directed not to disallow the claims made under section 8(6) of the CST Act, merely on the ground that the declarations in Form 'I' are issued by Sales Tax/Commercial Tax authorities of other States....

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Refund of Maharashtra Voluntary VAT Registration security deposit

Trade Circular No.26 T of 2018. (10/10/2018)

Grant of refunds of the amount deposited by way of security deposit of Rs. 25000 at the time of Voluntary Registration under MVAT Act, 2002....

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IGST refunds cannot be claimed after claiming drawback

F.No. 450/119/2017-Cus IV (09/10/2018)

It has been noted that exporters had availed the option to take drawback at higher rate in place of IGST refund out of their own volition. Considering the fact that exporters have made aforesaid declaration while claiming the higher rate of drawback, it has been decided that it would not be justified allowing exporters to avail IGST refun...

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