Non-Banking Companies may carry out authentication under PMLA with express permission
The Department of Revenue on May 9, 2019 issued a circular laying down procedure for processing of application of Aadhaar authentication under Section 11A of the Prevention of Money-Laundering Act, 2002 (PMLA) by Non-Banking Companies. A banking company under section 11A of the PMLA can carry out authentication of the client’s Aadhaar number using e-KYC […]
Conditions of Approval issued for Multiple LPG Cylinder Manufacturing Units
The Petroleum and Explosives Safety Organization (PESO), Government of India has issued certain Conditions of Approval regarding Multiple LPG cylinder manufacturing units within the same premises under the same ownership.
Foreign liabilities and Assets Return
Reserve Bank of India vide circular no. RBI/2018-19/226 A.P. (DIR Series) Circular No. 37 dated 28th June, 2019 has introduced a web based portal under the name Foreign Liabilities and Assets Information Reporting System (FLAIR) for filing Annual FLA Return from the financial year 2018-19 and the due date of filing FLA for the financial […]
Extension of due date for filing E-Form BEN-2
The Ministry of Corporate Affairs vide circular dated 06th September 2018, had extended the time line for filing E-Form BEN-2 by 30 days from the date of Deployment of the E-Form in MCA-21 portal, without payment of any additional fees (i.e. 31 st July 2019 since E-Form BEN-2 was made available in MCA portal on […]
FORM GST CMP 08 extended till 31st August
Central Board of Indirect Taxes and Customs has released extended the date of filing of FORM GST CMP 08 by a circular dated 29th July, 2019. FORM GST CMP 08 is a quarterly statement of details of self-assessed tax paid by the taxpayers under composition scheme.The extension has been provided for the quarter April, 2019 to June, 2019. […]
Minister of commerce and industry at the Rajya Sabha explained present FDI inflow and policy
Piyush Goyal, he Minister of Commerce and Industry has given a written reply in the Rajya Sabha on 12 July 2019, clarifying the present FDI policy and structure in India. He adds that the government follows an investor friendly policy to attract foreign investors and to promote FDI and except for a small list of few sectors, all other sectors are made open for 100% FDI under the automatic route, for promotion of FDI.
Recommendations in the 36th GST Council Meeting
The GST Council in its 36 th Meeting held on July 27, 2019, has proposed changes in the GST Act which shall be effective from August 1, 2019.
Ministry of Road Transport and Highways, amends the Central Motor Vehicles Rules
The Ministry of Road Transport & Highways on July 26, 2019 has issued a draft notification seeking amendments to Central Motor Vehicles Rules, 1989, for providing a boost to electric vehicles, ensuring friendly features for Differently-abled persons in buses, and providing an enabling mechanism for scrapping of vehicles older than 15 years.
SEBI further modifies disclosure requirements of divergence in the asset classification and provisioning by banks
RBI has further modified the disclosure requirements to the Stock Exchanges, Divergences in the Asset Classification and Provisioning . Hence in light of the newly revised RBI requirements, all such banks are required to disclose to the stock exchanges divergences in the asset classification and provisioning, if either or both of the additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and contingencies for the reference period, and/or the additional Gross NPAs identified by RBI exceed 15 per cent of the published incremental Gross NPAs for the reference period.
Central Goods and Services Tax (Fifth Amendment) Rules, 2019
On 18 th July 2019, the Central Government vide Notification No. 33/2019 – Central Tax, has amended the Central Goods and Services Tax Rules, 2017.
