Income-tax (21st Amendment) Rules, 2021
The amendment allows the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, with the approval of the Board, to specify that any of the Forms, returns, statements, reports, orders, by whatever name called, prescribed in Appendix II, shall be furnished electronically.
BSE relaxes timeline for trading members to update mandatory fields for clients
BSE has directed the trading Members to upload the UCC with all the 6 mandatory KYC fields for new clients prior to execution of trade w.e.f. August 01, 2021. With respect to the existing clients, the timelines for updating of 6 KYC attributes and additional information pertaining to custodial settled clients has been extended up to September 30, 2021.
PFRDA Launches Instant Verification of Bank Account For Timely Credit of Funds.
The Instant Bank Account Verification by ‘penny drop’ would be adopted by Central Record-Keeping System (CRA), by integrating their IT system and exit framework with the Fin-tech service providers.
PFDRA issues circular on Central KYC Record Registry.
The Government of India has authorized the Central Registry of Securitization and Asset Reconstruction and Security interest of India (CERSAI) to perform the functions of the Central KYC Records Registry under the PML Rules 2005, including receiving, storing, safeguarding and retrieving the KYC records in digital form of a client.
Development of Small Scale Industries under Aatma Nirbhar Bharat Abhiyan.
The Ministry has granted Rs 20,000 crore Subordinate Debt for Micro Small & Medium Enterprises(MSMEs) and 3 lakh crores Collateral free Automatic Loans for business and has revised criteria for classification of MSMEs by including Retail and wholesale trades.
MSME developments and Access to Global Markets.
The Ministry has implemented International Cooperation Scheme (ICS) facilitating participation of the MSMEs in International Exhibitions, Trade Fairs, Buyer-seller meets, etc. and various other schemes are being implemented by the Ministry to help MSMEs expand their business in the global market by providing them assistance for technology upgradation, skill development, quality certification etc.
