Notifications/Circulars

Lakshmi Vilas Bank Limited (Amalgamation with DBS Bank India Limited) Scheme, 2020

Notification No. G.S.R. 731(E) (25/11/2020)

MINISTRY OF FINANCE (Department of Financial Services) (BANKING DIVISION) NOTIFICATION New Delhi, the 25th November, 2020 G.S.R. 731(E).— Whereas, the Lakshmi Vilas Bank Limited is a banking company registered under the Companies Act, 1956 (1 of 1956) and carrying on the business of banking in India; And whereas, the rapidly deteriorati...

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MHA Order with Guidelines on Surveilance- containment & caution

Notification No. 40-3/2020-DM-I(A) (25/11/2020)

The country is at a critical juncture in its fight against COVID-19. The number of active cases has declined steadily over the last two months, from over 10 lakhs, on September 18, 2020, to less than 4.5 lakhs now....

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Kerala & West Bengal also chooses Option-1 to meet GST implementation shortfall

Release ID: 1675673 (25/11/2020)

Governments of Kerala and West Bengal have communicated their acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation.  The number of States who have chosen this option has gone up to 25. All the 3 Union Territories with Legislative Assembly (i.e. Delhi, Jammu & Kashmir and Puducherry) have also decided in ...

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SEBI revises regulatory measures introduced on March 20, 2020

Press Release No. 59/2020 (25/11/2020)

SEBI vide Press Release dated March 20, 2020 had introduced certain regulatory measures as per Annexure A of the said Press Release, in view of the then ongoing market volatility and keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity. The...

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SEBI Chairman launches Securities Market Trainers (SMARTs) Program

Press Releases No. 58/2020 (25/11/2020)

Shri Ajay Tyagi, Chairman, SEBI launched the Securities Market Trainers (SMARTs) progamme in Mumbai today. The SMARTs programme is a new initiative of SEBI for enhancing the Investor Education activities. Shri G. Mahalingam, Whole Time Member, Executive Directors and other officials of SEBI attended the launch function. The individuals wh...

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SEBI relaxes requirement of Testing of software related to Trading

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/234 (24/11/2020)

It has been decided that requirement of mandatory mock trading sessions to facilitate testing of new software or existing software that has undergone any change of functionality shall be optional if a Stock Exchange provides suitable simulated test environment to test new software or existing software that has undergone any change of func...

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IBBI warns PVAI-VPO to be extremely careful in recommending applications for registration as valuers

Order No. IBBI/Valuation/Disc./2/2020 (24/11/2020)

In the present case, PVAI-VPO is an RVO recognized under sub-rule (5) of rule 13 of the Valuer Rules. It allowed ineligible candidates to be enrolled as members of its organization even though they did not have proper credentials as per the eligibility norms, qualification and forwarded the applications of candidates who did not meet [&he...

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Undertaking assignment as IRP after 31.12.2019 without holding a valid AFA

Order No. IBBI/DC/45/2020 (24/11/2020)

In view of the fact that ICSI Institute of Insolvency Professionals has already given warning to Mr. Nitesh Kumar Sinha for undertaking assignment as Interim Resolution Professional after 31.12.2019 without holding a valid AFA in the matter of Terrence Alloys Private Limited, the DC, in exercise of the powers conferred under Regulation 11...

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DGGI Rohtak arrests one more in Hisar for issuing fake invoices of ITC

Release ID: 1675359 (24/11/2020)

In pursuance of ongoing investigation of fraudulent passing of Input Tax Credit (ITC)wherein one person namely Sh. Satender Kumar Singla of Hisar was arrested on 12.11.2020,the Directorate General of GST Intelligence (DGGI), Regional Unit, Rohtak falling under Gurugram Zonal Unit has arrested one more person namely, Sh. Vikas Jain, of Jin...

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Notification No. 60/2020-Customs (N.T./CAA/DRI), Dated: 19.11.2020

Notification No. 60/2020-Customs (N.T./CAA/DRI) (19/11/2020)

Notification No. 60/2020-Customs (N.T./CAA/DRI), Dated: 19.11.2020- Appointment of common adjudicating authority by Principal Director General, Revenue Intelligence. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (Directorate of Revenue Intelligence) Notification No. 60/2020-Customs (N.T./CAA/DRI...

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Notification No. 59/2020-Customs (N.T./CAA/DRI), Dated: 19.11.2020

Notification No. 59/2020-Customs (N.T./CAA/DRI) (19/11/2020)

Notification No. 59/2020-Customs (N.T./CAA/DRI), Dated: 19.11.2020- Appointment of common adjudicating authority by Principal Director General, Revenue Intelligence. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (Directorate of Revenue Intelligence) Notification No. 59/2020-Customs (N.T./CAA/DRI...

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Notification No. 58/2020-Customs (N.T./CAA/DRI), Dated: 17.11.2020

NOTIFICATION No. 58/2020-Customs (N.T./CAA/DRI) [S.O. 4175(E).] (17/11/2020)

Notification No. 58/2020-Customs (N.T./CAA/DRI), Dated: 17.11.2020- Appointment of common adjudicating authority by Principal Director General, Revenue Intelligence....

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Sunset Review Anti-Dumping investigation concerning imports of Yarn

Case No. SSR-06/2020 (23/11/2020)

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF TRADE REMEDIES) NOTIFICATION New Delhi, the 23rd November, 2020 FINAL FINDINGS Case No. SSR-06/2020 Subject : Sunset Review Anti-Dumping investigation concerning imports of All Fully Drawn or Fully Oriented Yarn/ Spin Drawn Yarn/ Flat Yarn of Polyester orig...

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Maharashtra directive on people traveling from Delhi, Rajasthan, Gujarat, Goa

No: DMU/2020/CR. 92/DisM-1 (23/11/2020)

All domestic passengers travelling from airports in NCR of DELHI, States of Rajasthan, Gujarat and Goa shall carry RT_PCR negative test report with them before boarding and show it to the teams at arrival airport. The Airports Authority of India is requested to check for the report before allowing the passengers to board the flight....

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Strong message to fraudsters involved in Fake GST Invoice: CBIC Chairman

D.O.No.42/CH(IC)/2020 (23/11/2020)

Lastly, sustained action on the ground by our officers during the past couple of weeks in addressing the GST fake-invoice menace has conveyed a strong message to the fraudsters involved in this modus operandi....

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No approval to open offices in India to foreign law firms/companies or foreign lawyers : RBI

Notification No. RBI/2020-21/69 A.P. (DIR Series) Circular No. 07 (23/11/2020)

AD Category – I banks are directed by RBI to not to grant any approval to foreign law firms/companies or foreign lawyers to open any branch office, project office, liaison office or other place of business in India under FEMA for the purpose of practicing legal profession in India....

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UPI mechanism & additional online application mode for public issue of debt securities

Circular No. SEBI/HO/DDHS/CIR/P/2020/233 (23/11/2020)

After consultation with stakeholders, it has been decided to introduce the following in addition to the already specified modes under the ASBA Circular: 2.1.1. Providing an option to investors to apply in public issues of debt securities through the app / web interface of Stock Exchange(s) with a facility to block funds through Unified Pa...

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Extension of Time For Filing Annual FCRA Returns For Year 2019-20

Notification No. 11/21022/23(15)/2020-FCRA-III (23/11/2020)

In exercise of the powers conferred by section 50 of the Foreign Contribution (Regulation) Act, 2010, the Central Government hereby extends the time for uploading/online submission of annual returns for the year 2019-20 up to 30th June, 2021....

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RBI releases Report of Internal Working Group

Press Release: 2020-2021/667

RBI releases the Report of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks....

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Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme

NA (20/11/2020)

Who can opt for the scheme: Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 : An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses Rs 5 Cr. during a qtr., RP will become in-eligible for the S...

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One arrested for availing ITC of Rs. 3.51 Crore on fake invoices

Release ID: 1674495 (20/11/2020)

On the basis of specific information regarding availment of ITC on fake invoices, searches were conducted on 19.11.2020 by the officers of DGGI, Nagpur Zonal Unit at the premises of a Nagpur based trading firm dealing in Paint, Cement and Iron & Steel products....

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Regulation 7A of IP regulations not applies to appointment as liquidator prior to 31.12.2019

Notification No. IBBI/DC/44/2020 (19/11/2020)

The IBBI had issued on 27th August, 2020, the SCN to Mr. Kamal Garg for accepting the assignment of the voluntary liquidation of UAS International Trip Support Private Limited (CD) after 31st December 2019 without holding a valid Authorisation for Assignment (AFA) from his IPA. The public announcement was made on 12th January 2020. The [&...

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Availment of exemption on temporary import of durable Containers – reg.

Circular No. 51/2020-Customs (20/11/2020)

A representation has been received in Board regarding the eligibility of the exemption available under No. 104/94-Cus. dated 16.03.1994, for durable containers which do not conform to the standard marine container dimensions, but which are intended for temporary import and eventual re-export....

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Termination of Anti-Dumping Investigation on imports of Mono Ethylene Glycol

Case No. (O.I.) 21/2019 (20/11/2020)

Termination Case No. (O.I.) 21/2019- Termination of Anti-Dumping Investigation concerning imports of Mono Ethylene Glycol originating in or exported from Kuwait, Oman, Singapore and UAE....

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Anti-Dumping duty on Phthalic Anhydride extended till 31.01.2021

Notification No. 38/2020-Customs (ADD)/G.S.R. 730(E) (19/11/2020)

Seeks to further amend notification No. 56/2015-Customs (ADD) dated 4th Dec, 2015 to extend the levy of Anti-Dumping duty on Phthalic Anhydride originating in or exported from Japan and Russia, up to and inclusive of 31st Jan, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 38/2020-Customs (ADD) New ...

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DGGI arrests Nashik builder for availing fraudulent ITC under GST

Release ID: 1673994 (19/11/2020)

The officials of DGGI, Nashik Regional Unit of DGGI, Nagpur Zonal Unit arrested a prominent builder of Nashik in an ongoing investigation regarding availment of fraudulent Input Tax Credit on fake invoices....

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Standard Operating Procedure for Processing FDI Proposals

F. No. 1/8/2016-FDI Policy (09/11/2020)

Upon receipt of the FDI application, the concerned Administrative Ministry/Department shall process the application as per the Standard Operating Procedure (SOP). If the online filing of application is with digital signature by authorised signatory, physical submission of the copy is not required. For applications without digital signatur...

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Sections 45-IA, 45-IB & 45-IC of RBI Act, 1934 not applicable to NBFC in Housing Finance

Notification No. DOR.049/CGM(MM)–2020. (18/11/2020)

Provisions of Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to a non-banking financial company which is a Housing Finance Institution as defined in clause (d) of section 2 of the National Housing Bank Act, 1987 (53 of 1987) RESERVE BANK OF INDIA (Department […]...

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RBI notification on net owned fund to be maintained by housing finance institution

Notification No. DOR. 048/ED(SS)–2020. (18/11/2020)

A housing finance institution which is a company holding a Certificate of Registration issued under Section 29A of National Housing Bank Act, 1987 and having net owned fund less than twenty crore rupees, may continue to carry on the business of housing finance institution, if such company achieves net owned fund of fifteen crore rupees [&...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 20.11.2020

Notification No. 108/2020-Customs (N.T.) (19/11/2020)

CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 20th November, 2020, vide Notification No. 108/2020-Customs (N.T.), Dated: 19th November, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 108/2020 – Customs (N.T.) N...

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Notification No. 61/2020-Customs (N.T./CAA/DRI), Dated: 19.11.2020

Notification No. 61/2020-Customs (N.T./CAA/DRI) [S.O. 4178(E).] (19/11/2020)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (Directorate of Revenue Intelligence) Notification No. 61/2020-Customs (N.T./CAA/DRI) New Delhi, the 19th November, 2020 S.O. 4178(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015...

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Updates on e-invoicing under GST WEF 01.01.2021

NA (18/11/2020)

From 1-1-2021, Government has mandated e-invoicing for the taxpayers with aggregate turnover exceeding Rs. 100 Cr. (in any preceding financial year from 2017-18 onwards). 1. Certain set of taxpayers had started e-invoicing from 1st October, 2020. In the month of October, 2020, about 4.95 Crore invoices were generated by 27400 GSTINs. 2. T...

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DGGI busted Inter State Fake Invoice racket

Release ID: 1673705 (18/11/2020)

Inter State Fake Invoice racket with fake transactions valued at over Rs. 131 Crore value busted by DGGI involving fraudulent Input Tax credit of Rs. 26.09 Crore...

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Pass special resolution if remuneration payable to executive promoter director exceeds 5% of net profit: SEBI

Notification No. SEBI/HO/CFD/CMD1/0W/P/2020/19620/1 (18/11/2020)

SEBI held that in case if the aggregate remuneration payable to all executive promoter directors exceeds 5 per cent of the net profits, the Company shall be required to pass a special resolution under clause (ii) of regulation 17(6) (e) of LODR Regulations, subject to the condition that such approval of the shareholders shall be […...

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IRDAI Master Circular: Unclaimed Amounts of Policyholders

Ref. No: IRDA/F&A/CIR/Misc/282 /11/2020 (18/11/2020)

Insurance Regulatory and Development Authority of India Ref. No: IRDA/F&A/CIR/Misc/282 /11/2020 Date:18-11-2020 All Life/ General/ Health Insurers  Master Circular: Unclaimed Amounts of Policyholders  The Authority has issued various directions regarding the Unclaimed Amounts of Policyholders from time to time. All such directions w...

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Imports from North Korea (KP)/Exports to North Korea (KP)- reg.

Instruction No. 19/2020-Customs (18/11/2020)

The undersigned is directed to refer to the United Nations Security Council's (UNSC) Resolution relating to the above subject, the latest being 2397 (2017). The UNSC's resolutions have been adopted by Government of India and the above stated resolution has been given force in law by way of DGFT Notification No. 52/2015-20 dated 07.03.2018...

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Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/232 (17/11/2020)

Securities and Exchange Broad of India CIRCULAR SEBI/HO/DDHS/DDHS/CIR/P/2020/232 November 17, 2020 To, All Infrastructure Investment Trusts (“InvITs”) All Parties to InvITs All Stock Exchanges All Merchant Bankers and other Intermediaries Madam/Sir, Sub: Amendments to guidelines for preferential issue and institutional placement of un...

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Final IRDAI order in the matter of M/s. Metis Marketing Services Ltd., Corporate Agent

Ref. No:IRDA/ENF/ORD/ONS/279/11/2020 (18/11/2020)

The CA shall confirm compliance in respect of all the directions within 21 days from the date of receipt of this order. The order shall be placed before the CA’s Audit committee and also in the next immediate Board meeting and the CA shall submit to the Authority a copy of the minutes of the discussion....

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Telangana opts Option-1 to meet GST implementation shortfall

Release ID: 1673501 (17/11/2020)

The Government of Telangana has communicated its acceptance for Option-1 out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation.  The State has now joined 22 other States and 3 Union Territories (Delhi, Jammu & Kashmir and Puducherry) who have opted for Option-1. ...

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Lakshmi Vilas Bank: RBI announces Draft Scheme of Amalgamation

Press Release: 2020-2021/647 (17/11/2020)

Reserve Bank of India has today placed in public domain a draft scheme of amalgamation of The Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office at New Delhi....

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RBI superseded Board of Directors of Lakshmi Vilas Bank

Press Release: 2020-2021/646, Order No. DOR.PSBD.No. 1407/16.01.067/2020-2021, Order No. DOR.PSBD No.1408/16.01.067/2020-2021 (17/11/2020)

RBI superseded the Board of Directors of The Lakshmi Vilas Bank Ltd. for a period of 30 days owing to serious deterioration in the financial position of the bank. This has been done to protect the depositors’ interest....

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RBI places Lakshmi Vilas Bank under Moratorium

Press Release: 2020-2021/645, Notification No. S.O. 4127(E), Order No. DOR/PSBD.No.1406/16.01.067/2020-21 (17/11/2020)

Reserve Bank of India Date : Nov 17, 2020 The Lakshmi Vilas Bank Ltd. placed under Moratorium The financial position of The Lakshmi Vilas Bank Ltd. (the bank) has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. In absence of any viable strategic plan, declining [&helli...

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RBI allows one additional escrow account in a different scheduled commercial bank

RBI/2020-21/68 DPSS.CO.PD.No.660/02.14.008/2020-21 (17/11/2020)

An authorised PPI Issuer or a PA is required to maintain an escrow account with a scheduled commercial bank on an ongoing basis. With a view to diversify risk and address business continuity concerns, it has been decided to allow one additional escrow account in a different scheduled commercial bank....

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Banks to Publish summary of FEMA Compounding Orders on their website instead of Orders

RBI/2020-21/67 A.P. (DIR Series) Circular No. 06 (17/11/2020)

On a review and in partial modification of earlier instructions it has been decided that in respect of the Compounding Orders passed on or after March 01, 2020 a summary information, instead of the Compounding Orders, shall be published on the Bank’s website in the following format:...

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350 cases registered against fake GST invoice fraudsters

Notification No. D.O.No.41/CH(IC)/2020 (16/11/2020)

Last week saw a drive launched against the entire network of GST evaders including a few tax professionals. It includes all those who have been creating, supporting, servicing and advising fraudsters in setting up a web of fake companies to engage in bogus circular trading. Passing on ITC in contravention of law results in harming busines...

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E-Way Bill generation blocking after 01.12.2020 applies to all

NA (16/11/2020)

Update on Blocking of E-Way Bill (EWB) generation facility, after 1st December, 2020 1. In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is liable to be restricted, in case the taxpayer fails to file their FORM GSTR-3B returns / Statement in […]...

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One held for fraudulently passing ITC of Rs 13.08 crore

Release ID: 1672747 (13/11/2020)

DGGI, Rohtak Regional Unit, has arrested one person namely, Sh. Satinder Kumar Singla, of Hisar who was found involved in issuing fake invoices from various firms without actual movement of goods having taxable value of Rs. 75 crore (approx.) and fraudulently passing ITC amounting to Rs. 13.08 crore....

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RBI discontinues 17 types of FEMA Returns/Reports

RBI decided to discontinue the 17 returns/reports as listed under under Foreign Exchange Management Act, 1999 which includes Report on Category-wise transaction where the amount exceeds USD 5000 per transaction...

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SVLDRS 2019 due date extended for UT of J&K & Ladakh

Order No. 1/2020-SVLDRS, 2019 (13/11/2020)

Last date for filing applications under Sabka Vishwas (Legacy Dispute Resolution) Scheme extended to 31st December, 2020 for UT of Jammu & Kashmir and UT of Ladakh...

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SVLDRS Filing Date for Taxpayers In UT of J&K & UT of Ladakh extended till 31.12.2020

Circular No. 1075/01/2020-CX (14/11/2020)

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (Removal of Difficulties) order 2020 dated 13th Nov.,2020- procedure for filing of declaration by the eligible declarant in the UT of J & K and UT of Ladakh and its verification thereafter, etc. - reg....

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Govt allocate funds for MEIS for FY 2019-20 & for 9 months of FY 2020-21

F. No. 605/58/2015-DBK(PL-II) (12/11/2020)

It is to inform that the Competent Authority has approved the allocation of an amount of Rs. 39,097 Crore for MEIS benefits for exports made during the FY 2019­-20. Further, allocation totalling Rs. 15,555 Crore for MEIS benefits for exports made during the period 01.04.2020 to 31.12.2020 is conveyed with the approval of the Competent Au...

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Income Tax relief for Real-estate Developers and Home Buyers

Release ID: 1672636 (13/11/2020)

In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at a rate substantially lower than the circle rate and giving benefit to the home buyers, it has been decided to further increase the safe harbour from 10% to 20% under section 43CA of the Act for the period from...

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Finance Ministry seeks Suggestions for Annual Budget 2021-22

Release ID: 1672634 (13/11/2020)

Over the years, the Ministry of Finance has been holding pre-budget consultations in North Block with Industry/Commerce Associations, Trade Bodies and Experts to seek ideas for the Annual Budget. Owing to the pandemic situation, the Ministry has received suggestions from various quarters for holding pre-budget consultations in a differ...

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IBBI found IP guilty of accepting assignment as IRP after 31st December, 2019 without holding a valid AFA

Orders No. IBBI/DC/43/2020 (13/11/2020)

In the present matter it is observed that, Mr. Rajagopal had provided his consent to accept the assignment in Form-2 to Indian Overseas Bank on 01.03.2019 prior to the amendment made to IP regulation for CIRP of Coastal Energy Private Limited, before 31st December, 2019. However, it is observed that the date of commencement of […]...

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IBBI order IP to undergo pre-registration educational course

Order No. IBBI/DC/42/2020 (13/11/2020)

(i) Mr. Kamalesh Kumar Singhania shall undergo pre-registration educational  course from the IPA of which he is a member. (ii) Mr. Kamlesh Kumar Singhania shall not take any new assignment/ process under the Code without compliance of the above direction....

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Mistakes committed by insolvency professionals in conduct of corporate insolvency resolution process

Facilitation/005/2020 (13/11/2020)

The Insolvency and Bankruptcy Code, 2016 (Code) provides a market process, popularly known as called corporate insolvency resolution process (CIRP), for time bound revival of viable corporate debtors (CD) and closure of unviable ones....

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IBBI (Liquidation Process) (Fourth Amendment) Regulations, 2020

Notification No. IBBI/2020-21/GN/REG067 (13/11/2020)

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020

Notification No. IBBI/2020-21/GN/REG066 (13/11/2020)

These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020.They shall come into force on the date of their publication in the Official Gazette....

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IBBI (Information Utilities) (Amendment) Regulations, 2020

Notification No. IBBI/2020-21/GN/REG065 (13/11/2020)

(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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IBBI amends Regulations relating to corporate insolvency proceedings

Press Release No. IBBI/PR/2020/16 (13/11/2020)

The resolution plan usually provides payment of debts to the creditors of the CD. In the interest of transparency, the IBBI amended the Regulations to require the RP to intimate each claimant the principle or formulae for payment of debts under a resolution plan, within 15 days of the order of the AA approving such resolution plan....

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Draft Code on Social Security (Central) Rules, 2020

G.S.R. 713 (E). (13/11/2020)

The following Draft Code on Social Security (Central) Rules, 2020, which the Central Government proposes to make in exercise of the powers conferred by sections 154, 155 and 158 of the Code on Social Security, 2020 (36 of 2020) read with section 24 of the General Clauses Act, 1897 (10 of 1897) and in supersession of the –...

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Transfer/postings of 643 officers in Grade of CIT

Office Order No. 220 of 2020 (12/11/2020)

F.No. A-22011/6/2020-Ad-VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi -110 001 Dated: 12.11.2020 Office Order No. 220 of 2020 Consequent upon diversion of posts of Commissioner of Income Tax (Appeal) to the newly created National Appellate Faceless Centre (NFAC), De...

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SEBI prescribes uniform fines for non-compliance with continuous disclosure requirements

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/231 (13/11/2020)

In order to ensure effective enforcement of continuous disclosure obligations by issuers of listed Non-Convertible Debt Securities or NCRPS or Commercial Papers, it has been decided to lay down a similar uniform structure for imposing fines for non-compliance with continuous disclosure requirements after discussion with market participant...

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Corrigendum to Notification No. 86/2020–Central Tax

Corrigendum to Notification No. 86/2020–Central Tax/G.S.R. 712(E) (13/11/2020)

CBIC issues CORRIGENDUM to Notification No. 86/2020–Central Tax [G.S.R. 702(E)] which related to rescinding of notification by which Due dates of GST were notified earlier. Vide CORRIGENDUM CBIC has corrected the use of word to “Central Government” instead of “Commissioner”. at one place in Notification No. 86/20...

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Corrigendum to Notification No. 82/2020–Central Tax

Corrigendum to Notification No. 82/2020–Central Tax/G.S.R. 711(E) (13/11/2020)

CBIC issues CORRIGENDUM to Notification No. 82/2020–Central Tax [G.S.R. 698(E)] which relates to New rules for Inward/Outward Supplies, GST Returns & New form GSTR 2B. Vide CORRIGENDUM CBIC has corrected the wrong reference to notification No. 72/2020-Central Tax, dated the 30th September, 2020 instead of nnotification No. 79/2020-C...

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Tariff Notification No. 107/2020-Customs (N.T.), Dated: 13.11.2020

Notification No. 107/2020-Customs (N.T.)/S.O. 4092 (E) (13/11/2020)

Tariff Notification No. 107/2020-Customs (N.T.), Dated: 13.11.2020 with subject as Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver -reg. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) New Delhi, Notification No. 107/2...

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Auto-population of e-invoice details into GSTR-1

NA (13/11/2020)

1. Certain notified taxpayers have to prepare and issue their invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). 2. Upon successful generation of IRN, details of such e-invoices will be auto-populated in respective tables of GSTR-1. The details of e-invoices...

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12 key announcements under AatmaNirbhar Bharat 3.0

Release ID: 1672321 (12/11/2020)

Ministry of Finance Finance Minister announces measures on AatmaNirbhar Bharat 3.0 Ø A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched Ø Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20% Ø Production Linked Incentive wor...

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DGGI, Mumbai, arrests 2 persons in fictitious ITC case

Release ID: 1672299 (12/11/2020)

Mumbai Zonal Unit of the Directorate General of GST Intelligence, CBIC has arrested Mr. Sunil Ratnakar Gutte, Director of M/s. Sunil Hitech Engineering Ltd., on charges of having fraudulently availed, utilized, as well as passed on fictitious Input Tax Credit, today, 12th November 2020....

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Firm busted for availing benefit from bogus invoices of around Rs 685 crore

Release ID: 1672143 (12/11/2020)

On the basis of specific intelligence as well as further data mining/analysis on GSTN and E way bill portals, the officers of CGST Delhi South Commissionerate, have busted a syndicate of firms involved in availing invoices/E-way bills issued on the GSTIN of fake/dummy firms and getting Refund of IGST on the strength of such fake Invoices....

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Undisclosed income of more than Rs. 500 crore unearthed

Release ID: 1672235 (12/11/2020)

The Income Tax Department conducted searches on 10/11/2020 in the case of a leading wholesale bullion and Gold Jewellery dealer doing business from Chennai. The search operation was carried out at 32 premises located in Chennai, Mumbai, Kolkata, Coimbatore, Salem, Trichy, Madurai and Tirunelveli....

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Atmanirbhar Bharat Package 3.0

Release ID: 1672260 (12/11/2020)

Ministry of Finance Presentation of details under Aatmanirbhar Bharat Package 3.0 to support Indian economy in fight against COVID-19 as announced by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman Posted On: 12 NOV 2020 12th November 2020 Ministry of Finance State of Economy – Strong Recovery COVID active cases d...

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SEBI: Monitoring & Disclosures by Debenture Trustee(s)

Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/230 (12/11/2020)

Debenture trustee shall incorporate the terms and conditions of periodical monitoring in the debenture trust deed wherein listed entity shall be liable to provide relevant documents/ information, as applicable, to enable the debenture trustee(s) to submit the following reports/ certification to Stock Exchange(s) within the timelines menti...

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CBIC notifies Rate of Exchange of ‘Turkish Lira’ wef 6.11.2020

Notification No. 106/2020 - Customs (N.T.) (12/11/2020)

Exchange rate Notification No. 106/2020-Cus (NT) dated 12.11.2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 106/2020 – Customs (N.T.) New Delhi, dated the 12th November, 2020 21 Kartika 1942 (SAKA) In exercise of the powers conferred by secti...

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Migration of AA/EPCG/DFIA Online modules to new IT environment

Trade Notice No. 35/2020-21-DGFT (12/11/2020)

Trade Notice No. 35/2020-21 Migration of AA/EPCG/DFIA Online modules to the new IT environment from 1st December 2020 and non-availability of licence amendment services from 20th November 2020 to 30th November 2020 -reg...

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New Foreign Trade Policy – DGFT Invite Suggestions

Trade Notice No. 34/2020-21-DGFT (12/11/2020)

The Foreign Trade Policy (2015-2020), was extended for a year till 31 March 2021. In order to prepare a new five year Foreign Trade Policy, suggestions/inputs are invited from various stakeholders....

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Guide on Dispensing with physical signatures on Insurance proposal forms

Ref. No:IRDAI/Life/Cir/Misc/274/11/2020 (12/11/2020)

Vide IRDAI/Life/Cir/Misc/208/08/2020 dated 5th August, 2020, instructions have been issued on the above subject allowing authentication of proposals in respect of pure risk products with OTP for the sales made by Insurance Agents and Insurance Intermediaries, for the period up to 31st December, 2020. ...

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Option for Govt. employees to on-board NPS through eNPS

CIR No.: PFRDA/2020/49/SUP-CRA/20 (12/11/2020)

e-NPS is the online NPS on boarding portal hosted by the Central Record Keeping Agency (CRA) wherein a Subscriber can register and contribute online into NPS. Through eNPS, a Subscriber can register under NPS, generate a Permanent Retirement Account Number (PRAN) under All Citizens of India and Corporate Sectors....

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DGGI Mumbai arrests 4 for passing on & availing fictitious ITC

Release ID: 1672040 (11/11/2020)

Four persons have been arrested by the Mumbai Zonal Unit of Directorate General of GST Intelligence (DGGI-MZU), under CBIC, on Tuesday (November 10, 2020)....

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Auto-populated Form GSTR 3B (PDF) from October 2020 onwards

GSTN Advisory (11/11/2020)

Auto-populated Form GSTR 3B (PDF) for the taxpayers, from the month of October 2020 onwards 1. GSTN has earlier introduced Form GSTR-2B, a static statement with details of ITC available for a tax period, for the benefit of taxpayers. GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis [&...

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Anti-dumping duty on imports of Acrylic Fibre from Thailand removed

Notification No. 36/2020-Customs (ADD)/G.S.R. 707(E) (11/11/2020)

Notification No. 36/2020-Customs (ADD)- Seeks to rescind notification No. 27/2015-Customs (ADD) dated 1st June, 2015 to remove the anti-dumping duty applicable on imports of acrylic fibre from Thailand GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 36/2020-Customs (ADD) New Delhi, the 11th November, 2020 ...

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Anti dumping duty on Clear Float Glass import from Malaysia

Notification No. 37/2020-Customs (ADD) (11/11/2020)

Notification No. 37/2020-Customs (ADD) dated 11.11.2020 -Seeks to impose definitive anti dumping duty on Clear Float Glass originating in or exported from Malaysia. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 37/2020-Customs (ADD) New Delhi, the 11th November, 2020 G.S.R. (E).-Whereas in the matter of ...

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Sea Cargo Manifest and Transhipment Regulations- Compliance requirements

Public Notice No. 141/2020-JNCH (11/11/2020)

Considering the disruptions caused due to Covid-19 Pandemic and non-readiness of the stakeholders, Board has issued Notification No.94/2020-Customs (N.T.) dated 30.09.2020, vide which the transitional provisions under Regulation 15(2) have been extended from 1st October, 2020 till 31st March, 2021 to enable submission of manifests under e...

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50 Transfer/postings in the grade of JCIT/Additional CIT

Office Order No. 219 of 2020 (10/11/2020)

Office Order No. 219 of 2020 The following transfer/postings (Local changes) of the officers in the grade of Joint Commissioner/Additional Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders: ...

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Anti-dumping Investigation on imports of Rubber Chemical PX-13

Case No. AD-OI-17/2020 (11/11/2020)

Case No. AD-OI-17/2020 Anti-dumping Investigation concerning imports of Rubber Chemical PX-13 from China PR, Korea RP and USA - Preliminary Findings...

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5% BCD on specified parts for manufacture of Open Cell for LED/LCD TV Panels

Notification No. 42/2020-Customs [G.S.R. 705 (E)] (11/11/2020)

seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe 5% BCD on specified parts for manufacture of Open Cell for LED/LCD TV Panels subject to end user condition. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 42/2020-Customs New Delhi, the 11th November, 2020 G.S...

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Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Amendment Rules, 2020

Notification No. G.S.R. 696(E) (10/11/2020)

These rules may be called the Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Amendment Rules, 2020....

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IBBI DC disposes SCN issued against Mr. Vinod Kumar Kothari without any direction

Notification No. IBBI/DC/41/2020 (11/11/2020)

The IBBI had issued on 28th August, 2020, the SCN to Mr. Vinod Kumar Kothari for accepting the assignment as the Liquidator in the Voluntary Liquidation of IL&FS Portfolio Management Services Limited after 31st December 2019 without holding a valid Authorisation for Assignment (AFA) issued to him by his IPA. Mr. Kothari in his written...

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Anti-dumping investigation on imports of INA, 2-PH & 2-EH terminated

F. No. 14/22/2016-DGAD. (11/11/2020)

Termination of anti-dumping investigation concerning imports of Isononanol (INA) originating in or exported from European Union and Singapore, 2-Propylheptyl Alcohol (2-PH) originating in or exported from European Union and 2-Ethyl Hexanol (2-EH) originating in or exported from Saudi Arabia and Singapore....

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Reserve Bank of India General (Amendment) Regulations, 2020

F. No. DGBA/DBA/No 342/62.01.033/2020-21 (11/11/2020)

(1) These regulations may be called the Reserve Bank of India General (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Provisions relating to Quarterly Return Monthly Payment Scheme

Circular No. 143/13/2020-GST (10/11/2020)

Government has issued following notifications to implement the Scheme of quarterly return filing along with monthly payment of taxes...

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GST E-invoicing mandatory from 01.01.2021 if TO exceeds Rs. 100 Crores

Notification No. 88/2020–Central Tax/S.O. 704(E) (10/11/2020)

CBIC notifies that E-invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate turnover (TO) in any of the Financial Year from 17-18 exceeds Rs. 100 Crores. From 01-01-2021, e-invoicing mandatory for taxpayers with aggregate turnover more than Rs. 100 Cr. E-Invoicing in terms of rule 48(4) of the CGST...

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Due date for filing ITC-04 for July 2020 to September 2020 extended

Notification No. 87/2020–Central Tax [S.O. 703(E)] (10/11/2020)

Due date for filing ITC-04 (Job worker return), in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2020 to September, 2020 extended to 30th November 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 87/2020–Central Tax ...

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CBIC rescinds notification related to due dates of filing GSTR-3B

Notification No. 86/2020–Central Tax [S.O. 702(E)] (10/11/2020)

CBIC rescinds notification  No. 76/2020-Central Tax, dated the 15th October, 2020 vide which CBIC has notified Due dates of filing of GSTR-3B for the period October, 2020 to March,2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 86/2020–Central Tax New Delhi, the 10th Nove...

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CBIC notifies procedure for those opting to file GSTR 3B Quarterly

Notification No. 85/2020–Central Tax/S.O. 701(E) (10/11/2020)

CBIC notifies procedure for Quarterly filing of GSTR 3B vide Notification No. 85/2020–Central Tax dated 10th November, 2020. This notification shall come into force with effect from 18th day of January, 2021....

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CBIC notifies new rules for Monthly/Quarterly filing of GSTR 1

Notification No. 84/2020–Central Tax/S.O. 700(E) (10/11/2020)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 84/2020–Central Tax New Delhi, the 10th November, 2020 G.S.R. 700(E).—In exercise of the powers conferred by proviso to sub-section (1) of section 39 read with proviso to sub-section (7) of section 39 of the Central Goods and Ser...

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CBIC notifies time limit for furnishing FORM GSTR-1

Notification No. 83/2020–Central Tax/S.O. 699(E) (10/11/2020)

Time limit for furnishing the details of outward supplies in FORM GSTR-1 of the said rules for the class of registered persons required to furnish return for every quarter under proviso to sub-section (1) of section 39 of the said Act, shall be extended till the thirteenth day of the month succeeding such tax period....

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CBIC notifies New rules for Inward/Outward Supplies, GST Returns & New form GSTR 2B

Notification No. 82/2020–Central Tax [G.S.R. 698(E)] (10/11/2020)

CBIC has vide Notification No. 82/2020–Central Tax dated 10th November, 2020 amended/substituted and inserted GST Rules as follows:- 1. Substituted rule 59 related to Form and manner of furnishing details of outward supplies with effect from the 1st day of January, 2021 2. Substituted rule 60 related to Form and manner of ascertaining d...

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CBIC notifies date of applicability of amendment in Section 39- CGST Act 2017

Notification No. 81/2020–Central Tax/S.O. 4043(E) (10/11/2020)

Central Government hereby appoints the 10th day of November, 2020, as the date on which the new provisions of section 39 of the Central Goods and Services Tax Act, 2017  shall come into force, which were introduced by Finance (No. 2) Act, 2019 (23 of 2019). Section 39 deals with provisions related to Furnishing of […]...

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