References have been received that due to issuance of the said Circular, the SCNs issued previously would need to be amended in terms of the revised adjudication powers prescribed in the said Circular. This exercise would delay the adjudication proceedings.
Issues pertaining to GST Policy Wing from the agenda for meeting between Commissioners of GST and Goods and Services Tax– Practitioners Association as per the directions of Bombay High Court
When a corporate debtor undergoes corporate insolvency resolution process (CIRP), an Insolvency Professional (IP) is vested with the management of its affairs and he manages its operations as a going concern. He complies with the applicable laws on behalf of the corporate debtor. He conducts the entire CIRP.
SEBI vide its circular No. CDMRD/DMP/CIR/P/201 7/84 dated July 25, 2017 had prescribed a principle based methodology for revising the commodity-wise numerical value of overall client level open position limits for agricultural commodities with reference to the ‘deliverable supply’ of the such commodities available in the country during a financial year.
As regards determination of ‘place of removal’, in general the principle laid by Hon’ble Supreme Court in the case of CCE vs Ispat Industries Ltd 2015(324) ELT670 (SC) may be applied. Apex Court, in this case has upheld the principle laid down in M/s Escorts JCB (Supra) to the extent that ‘place of removal’ is required to be determined with reference to ‘point of sale’ with the condition that place of removal (premises) is to be referred with reference to the premises of the manufacturer.
In order to improve the disposal rate in deciding cases falling under Chapter XIV, it has been decided that for cases where value of the goods liable for confiscation is above 10 lakhs, the adjudication powers shall be exercised as under:
Reserve Bank, with the objective of integrating the extant reporting structures of various types of foreign investment in India, will introduce a Single Master Form (SMF). The SMF would be filed online.
It has been decided to capture the details of the hedges for ECBs through a simplified format of ECB 2 Return. Part E of the Return, accordingly, is modified so as to include only standard information on hedged/unhedged ECB exposure (Annex).
The short term deposits shall be treated as bank’s on-balance sheet liability. These deposits will be made with the designated banks for a short period of 1-3 years (with a facility of roll over). Deposits can also be allowed for broken periods (e.g. 1 year 3 months; 2 years 4 months 5 days; etc.).
Government of India (GoI) had notified Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 (PML Second Amendment Rules) on June 01, 2017 making the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) and Permanent Account Number (PAN) or Form No. 60 as defined in Income-tax Rules, 1962
