Ministry of Road Transport published Draft Central Motor Vehicles (Amendment) Rules, 2020.
The Ministry of Road Transport and Highways in its notification dated 11th February 2020, has issued a Draft Central Motor Vehicles (Amendment) Rules, 2020 to further amend the Motor Vehicles Act, 1989 which shall be in force from 1st October 2020.
RBI Provides Cash Reserve Ratio relief to banks for 5 years
The Reserve Bank of India(RBI) vide its notification dated 10th February 2020 has announced a special lending window with Cash Reserve Ratio (CRR) exemption which shall commence from February 14 and all incremental loans disbursed under the facility will have CRR exemption for the next five years.
Ministry of Health and Family Welfare notifies medical equipment used on humans or animals as ‘drugs’
The Ministry of Health and Family Welfare in its notification dated 11th February 2020 has notified certain medical equipment used on humans or animals as “drugs” under Section 3 of the Drugs and Cosmetics Act, which shall be in effect from April 1, 2020.
Medical devices which are notified as drugs to be mandatorily registered under The Medical Devices Amendment Rules, 2020
Medical devices which has been notified as “Drug “ shall be registered with the Central Licensing Authority through an identified online portal established by the Central Drugs Standard Control Organization.
Time limit extended for submitting Form GST TRAN-1
The Central Board of Indirect Taxes and Customs vide its order dated 7th February, 2020, has extended the time limit for submitting the declaration in FORM GST TRAN-1 till March 31, 2020, owing to difficulties encountered by registered persons in filing the form due to technical issues in the common portal.
MCA publishes consultation paper to enhance audit independence and accountability.
The Ministry of Corporate Affairs has issued a notice on 6th February, 2020, inviting comments on the consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability.
RBI Proposes a new umbrella entity for retail payment system.
The Reserve Bank of India vide its notification dated 10th February 2020 has issued a draft framework for authorization of a pan-India new umbrella entity (NUE) for retail payment systems. The NUE will operate clearing and settlement systems, identify and manage relevant risks such as settlement, credit, liquidity and operational and preserve the integrity of the systems as well as monitor retail payment system developments and related issues.
Restructuring of advances for Projects under Implementation not to be classified as NPA.
The Reserve Bank of India vide its notification dated 7th February 2020 has revised the guidelines for Deferment of Commencement of Commercial Operations (DCCO) in non-infrastructure and Commercial Real Estate (CRE) projects. If the projects gets delayed for reasons beyond the control of promoter(s), banks are allowed to restructure them by way of revision of DCCO.
Ministry of finance discloses steps taken to ease the liquidity position of Non-Banking Financial Companies (NBFCs) and increase credit flow
The press information bureau in its press release dated 4th February 2020, has enumerated various steps that have been taken by the ministry o finance since 2018 to increase credit flow in the country. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.
MCA Updates e –forms for Nidhi companies which shall be available on the MCA-21 portal from 11th February 2020.
The Ministry of corporate affairs on 10th February 2020 under its news and update column has directed the stakeholders about the update on Nidhi company related forms NDH-1, NDH-2 and NDH-3 which shall be filed only as e-forms provided in the portal, with effect from 11th February, 2020.