RBI notifies ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds
The Reserve Bank of India (RBI) has issued a notification regarding the ‘Fully Accessible Route’ (FAR) for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds. It has now been decided to also designate all Sovereign Green Bonds (SGrbS) issued by the Government in the fiscal year 2022-23 as ‘specified securities’ under the FAR. The notification was issued on 23rd January, 2023 and come into immediate effect.
RBI amends prior notification for Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs)
The Reserve Bank of India (RBI) has issued a notification on Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs). RBI now specifies that the Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs) shall be minimum Rupees 300 Crore on an ongoing basis with effect from 23rd January, 2023. The present notification was issued on 23rd January, 2023 and comes into immediate effect.
MoCI issues Minutes of the 1st Meeting of the Board of Approval for EOU Scheme
The Ministry of Commerce and Industry (MoCI) has issued a copy of the Minutes of the 1st Meeting (2023 series) of the Board of Approval (BOA) for the Export Oriented Units (EOU) Scheme. This Meeting had been held on 17th January, 2023.
DGS issues circular on Collection of data from all Indian Ships
The Directorate General of Shipping (DGS) has issued a circular regarding the collection of data from all Indian Ships irrespective of size. This data is sought for the Implementation of Energy Efficiency Existing Ship Index (EEXI), Carbon Intensity Indicator (CII), Single Use of Plastics, and issuance of Electronic Bulk Mail Delivery Note system (E-BDN) by Bunker Suppliers. The implementation will be verified in the International Safety Management (ISM) audits as applicable to company/ships and non-compliance will be viewed as a very serious issue by the Directorate and may lead to the withdrawal of respective certificates.
RBI extends time for renewal of agreements for existing Safe Deposit Locker/Safe Custody Article Facility Provided by Banks
It has been decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023.
Advisory on the facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns
Recently, a functionality of “Automated Drop Proceedings” of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. If the status of the GSTIN does not automatically turn ‘ACTIVE’, then taxpayers are advised to revoke the suspension once the due returns have been filed, by clicking on ‘Initiate Drop Proceeding’.
