CBIC has issued clarification for companies to comply with GST laws under Insolvency and Bankruptcy code, 2016
The Central Board of Indirect Taxes and Customs in its notification dated 23rd March 2020, has issued clarification on issues being faced by entities covered under Insolvency and Bankruptcy Code, 2016 regarding registration, returns, refund etc. under CGST Act.
Lock down period to be excluded from the timeline for insolvency resolution process
The IBBI through amendment states that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the timeline for any activity that could not be completed in due time due to the lockdown, in relation to a corporate insolvency resolution process.
SEBI relaxes compliance related to Credit Rating Agencies
The Securities and Exchange Board of India in its notification dated 30th March 2020, has decided to grant relaxations from compliance with certain provisions under the SEBI (Credit Rating Agencies) Regulations, 1999, due to the COVID-19 pandemic and moratorium permitted by RBI.
SEBI extends second phase of UPI implementation for retail investors
The Securities and Exchange Board of India vide its notification dated 30th March 2020 has decided to continue with the current phase II of Unified Payments Interface (UPI) with Application Supported by Blocked Amount due to Covid-19 virus pandemic. The modalities for the implementation of Phase III of the UPI ASBA shall be notified later after deliberations with stakeholders.
Prevention of money laundering Act provides relaxation to small bank accounts
The Ministry of Finance on 31st March 2020 has published the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2020 by which permits the small accounts in banking companies to remain operational between 1st April 2020 and 30th June 2020.
Government introduces price control on medical device
The Ministry of Chemicals and Fertilizers vide its notification dated 31st March 2020 has stated that the medical devices intended for use in human beings or animals shall be regulated by the government as drugs for quality control and price monitoring.
RBI announces further measures for dealing with the COVID-19 pandemic
Reserve bank of India vide press release dated April 1, 2020, has issued further measures to help the state governments as well as exporters to combat the Covid 19 pandemic outbreak.
