RBI extends the loan moratorium for another three months
The Reserve Bank of India vide its Notification dated 23rd May 2020 has extended the EMI moratorium period by another 3 months i.e. from June 1, 2020, to August 31, 2020, on payment of all installments in respect of term loans (including agricultural term loans, retail and crop loans).
RBI Extends Resolution timelines on stressed assets under the prudential framework
The Reserve Bank of India on 23rd May 2020 has given a temporary relaxation to lenders on the Review Period as well as a timeline for resolution of stressed assets under its Covid-19 regulatory package.
RBI increases the maximum permissible period of pre-shipment and post-shipment export credit to 1 year
The Reserve Bank of India on 23rd May 2020 has decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing 1 year to 15 months.
State Government of Tamil Nadu allows industrial establishments in Chennai to resume work from 25th May 2020
The State Government of Tamil Nadu has allowed 17 industrial estates situated in Covid-19 non-containment zones to start functioning from May 25 onwards, subject to certain conditions, including confining the workforce to 25%, disinfection of premises and exclusion of aged employees.
DGFT shall issue a Preferential Certificate of Origin for India’s exports to Thailand and Vietnam under ASEAN – India FTA
DGFT has restored the procedure for issuance of physical copy of certificates of origin as exporters had expressed difficulties in obtaining preferential access in Thailand and Vietnam based on digitally signed electronic certificates. The CoO applications under ASEAN-India FTA for exports to Thailand and Vietnam should now be submitted manually by the exporters to the offices of the designated issuing agencies.
Guidelines on settlement of Life Insurance Claims to the victims of recent Cyclone “Amphan”
The Insurance Regulatory and Development Authority of India vide circular dated 22-05-2020 Guidelines on settlement of Life Insurance Claims to the victims of recent Cyclone “Amphan’ for quick and timely settlement of life insurance claims.
Tamil Nadu government announces Commercial Tax extensions
The Tamil Nadu Commercial Taxes and Registration Department Press Release dated 23.5.2020 has announced two ordinances amending tax law provisions to relax certain provisions, including extension of time limit, in the taxation.
Regulatory measures introduced by SEBI to continue till 25th June 2020
The Securities and Exchange Board of India vide its notification dated 22nd May 2020 has extended the regulatory measures which were issued earlier to tackle market volatility amid coronavirus pandemic till 25th June 2020.
FSSAI has extended the date of enforcement for display of DOM and BBD of loose sweets to 1st August 2020
The Food Safety and Standards Authority of India vide its notification dated 21st May 2020 has extended the date of enforcement for the display of Date of Manufacturing and best before date of non-packaged/loose sweets on their container/tray at the outlet for sale from 1st June 2020 to 1st August 2020.
EPFO publishes FAQ on Reduction in statutory rate of EPF contribution from 12% to 10%
The Employees’ Provident Fund Organisation has published a set of FAQs related to the recently announced reduction of EPF contribution from 12 % to 10 % for both employers and employees.
