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Notifications/Circulars

SOP for random checking of imported consignments of metal scrap

November 15, 2021 2115 Views 0 comment Print

Director General of Foreign Trade hereby notifies the Standard Operating Procedures (SOP) for random checking of imported consignments of metal scrap with respect to radioactive contamination. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) New Delhi, the 15th November, 2021 Public Notice No. 37/2015-2020 Subject : Standard Operating Procedures (SOP) […]

Procedure for Physical Hearing of Appeals by CESTAT

November 15, 2021 3012 Views 0 comment Print

Representations have been received from the Bar Associations requesting for physical hearing of appeals. As there is improvement in the pandemic situation and the higher courts have partially shifted to physical mode of hearing, Hon’ble President directs that appeals may be heard physically on a request made by the counsel.

GST evasion of Rs. 250 crores detected | ITC of Compensation Cess

November 15, 2021 1971 Views 0 comment Print

Mumbai has made a detection of evasion of Rs. 265 crores and recovered Rs. 250 crores, which is praiseworthy. This is a case of availing ITC of Compensation Cess on coking coal used for captive consumption. The credit of unutilized cess was being consequently claimed as refund on products exported.

Central Vigilance Commission (Amendment) Ordinance, 2021

November 14, 2021 810 Views 0 comment Print

In section 25 of the Central Vigilance Commission Act, 2003, in clause (d), the following provisos shall be inserted, namely,— Provided that the period for which the Director of Enforcement holds the office on his initial appointment may, in public interest, on the recommendation of the Committee under clause(a) and for the reasons to be recorded in writing, be extended up to one year at a time:

Reserve Bank – Integrated Ombudsman Scheme, 2021

November 12, 2021 19293 Views 2 comments Print

(1) This Scheme may be called the Reserve Bank – Integrated Ombudsman Scheme, 2021. (2) It shall come into force on such date as the Reserve Bank may specify. (3) It shall extend to the whole of India. (4) The Scheme shall apply to the services provided by a Regulated Entity in India to its customers under the provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, and the Payment and Settlement Systems Act, 2007.

RBI Integrates 3 Ombudsman schemes into Reserve Bank – Integrated Ombudsman Scheme, 2021

November 12, 2021 1002 Views 0 comment Print

All Commercial Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks and Non-Scheduled Primary (Urban) Co-operative Banks with deposits size of Rupees 50 crore and above as on the date of the audited balance sheet of the previous financial year;

Auction of Government Securities: Non-Competitive Bidding Facility to retail investors

November 12, 2021 1683 Views 0 comment Print

With a view to encouraging wider participation and retail holding of Government securities, retail investors are allowed participation on “non- competitive” basis in select auctions of dated Government of India (GoI) securities and Treasury Bills.

Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Clarifications

November 12, 2021 7818 Views 0 comment Print

The extant instructions on IRACP norms specify that an amount is to be treated as overdue if it is not paid on the due date fixed by the bank. It has been observed that due dates for repayments are sometimes not specifically mentioned in the loan agreements, and instead a description of due dates is mentioned, leaving scope for different interpretations.

IRDAI cautioned SLA for not sending reminders to insured for delay in document submission

November 12, 2021 1263 Views 0 comment Print

Post personal hearing, the SLA submitted some documents in support of their submission that they are sending regular reminders to the insured in case there is delay on the part of the insured  in the submission of documents. However major portion of the documents are not related to the sample claims indicated under the observation. Further, […]

CBIC imposes ADD on measuring tapes import from Singapore & Cambodia

November 12, 2021 705 Views 0 comment Print

Seeks to impose ADD on measuring tapes originating in or exported from Singapore and Cambodia. Notification No. 67/2021-Customs (ADD),Dated: 12.11.2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 67/2021-Customs (ADD) New Delhi, the 12th November, 2021 G.S.R.794(E). – Whereas, in the matter of review of anti-dumping duty on imports of ‘Steel and […]

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