Notifications/Circulars

Vehicle Documents Validity Extended Till 31st July, 2020

S.O.1579(E). (21/05/2020)

Notification for extension of validity of fee payment and extension of time period for paying fees as mandated under rule 32 and 81 of Central Motor Vehicle Rules 1989 In pursuant to the guidelines issued by Ministry of Home Affairs vide No.40-3/2020-DM-I(A), Dated 24th March 2020 and subsequent amendments regarding imposition of complete...

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Govt notifies Revisional Authority under section 108 of MGST Act

Notification No. GST-1020/C.R.15/Taxation 1. EO No. 115 (21/05/2020)

Seeks to authorizes the officers under MGST Act 2017, as the Revisional Authority for revision of decision or orders as referred in section 108 of MGST Act FINANCE DEPARTMENT Madam Cama Marg, Hutatma Raiguru Chowk, Mantralaya, Mumbai 400032, dated the 21 st May, 2020. NOTIFICATION MAHARASHTRA GOODS AND SERVICES TAX ACT, 2017. No. GST-1020...

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N95 Mask Prices Capped By Government

File No. 37007/2020/Div.III/NPPA (21/05/2020)

‘National Pharmaceuticals Pricing Authority of India (NPPA) intervenes to bring down N95 prices. After NPPA isued an advisory to N 95 Manufacturers on 21st May 2020, major Manufacturer Venus introduced a hospital pack of 5 N95 masks and 5 surgical masks at Rs 395 Plus taxes. More Manufacturer to follow the advisory. NPPA expect Pric...

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Margin obligations by way of Pledge / Re-pledge in Depository System- Extension

Circulars No. SEBI/HO/MIRSD/DOP/CIR/P/2020/88 (25/05/2020)

SEBI, vide circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/28 dated February 25, 2020, specified guidelines with regard to Margin obligations to be given by way of Pledge/ Re-pledge in the Depository System. The provisions of this circular were to come into effect from June 01, 2020....

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RBI Increases Exposure Limit for Group of Connected Counterparties

RBI/2019-20/243 DOR.No.BP.BC.70/21.01.003/2019-20 (23/05/2020)

With a view to facilitate greater flow of resources to corporates, it has been decided, as a one-time measure, to increase a bank’s exposure to a group of connected counterparties from 25% to 30% of the eligible capital base of the bank....

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Resolution Timelines under Prudential Framework on Resolution of Stressed Assets- Exclusion of Period from 01.03.2020 to 31.08.2020

RBI/2019-20/245 DOR.No.BP.BC.72/21.04.048/2019-20 (23/05/2020)

In respect of accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lend...

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COVID-19 – Regulatory Package by RBI

RBI/2019-20/244 DOR.No.BP.BC.71/21.04.048/2019-20 (23/05/2020)

Lending institutions are permitted, at their discretion, to convert the accumulated interest for the deferment period up to August 31, 2020, into a funded interest term loan (FITL) which shall be repayable not later than March 31, 2021....

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Maximum permissible period of pre & post-shipment export credit extended

RBI/2019-20/246 DOR.DIR.BC.No.73/04.02.002/2019-20 (23/05/2020)

It has been decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from one year to 15 months, for disbursements made upto July 31, 2020....

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RBI notifications on Change in Policy Rates wef 22.05.2020

RBI/2019-20/240 DOR.No.Ret.BC.74/12.01.001/2019-20, RBI/2019-20/238 REF.No.MPD.BC.391/07.01.279/2019-20, RBI/2019-20/236 FMOD.MAOG.No.143/01.18.001/2019-20, RBI/2019-20/237 FMOD.MAOG.No.142/01.01.001/2019-20 (22/05/2020)

As announced in the Monetary Policy Statement 2020-21 dated May 22, 2020, the Bank Rate is revised downwards by 40 basis points from 4.65 per cent to 4.25 per cent with immediate effect....

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Tax Refunds amounting to Rs. 26242 crore issued since 1st April 2020

Release ID: 1626051 (22/05/2020)

Central Board of Direct Taxes (CBDT) has issued tax refunds worth Rs. 26,242 crore to 16,84,298 assessees since 1st April, 2020 to 21st May, 2020. Income Tax refunds amounting to Rs. 14,632 crore have been issued to 15,81,906 assessees and corporate tax refunds amounting to Rs. 11,610 crore have been issued to 1,02,392 assessees during th...

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