| RBI excludes 'Punjab and Maharashtra Co-operative Bank Limited' from the Second Schedule of the RBI Act |
| Tuesday, July 19, 2022 |
| RBI has directed the exclusion of Punjab and Maharashtra Co-operative Bank Limited from the second schedule of the RBI Act. All banks which are excluded from the Second Schedule to the RBI Act, 1934 ceases to be Scheduled Banks |
| Procedure for seeking IMC's approval for export of Wheat Flour: Trade Notice |
| Tuesday, July 19, 2022 |
| The DGFT had earlier issued notification to provide that IMC's approval shall be mandatory for export of Wheat Flour. Now, the procedure for submission of requests for seeking IMC's approval for export of Wheat Flour has been prescribed. In this regard, trade notice has been issued. |
| Fee and other charges payable to SEBI shall be subject to GST @ 18% w.e.f July 18, 2022: SEBI reiterates |
| Monday, July 18, 2022 |
| The GST Council in its meeting held on 28.06.2022 and 29.06.2022, recommended withdrawing the GST exemption granted to services by SEBI and the same was notified vide. Notification No.4/2022 dated 13.07.2022, accordingly, the Board has informed all Infrastructure Institutions, Cos who have listed / are intending list their securities, other intermediaries and persons who are dealing in securities market that fees and other charges payable to SEBI shall be subject to GST @18% w.e.f. July 18, 2022 |
| CBDT mandates e-filing of certain forms, returns amp; statements |
| Monday, July 18, 2022 |
| The Central Board of Direct Taxes (CBDT) has mandated the electronic filing of certain forms, returns, statements, reports, and orders under the Income-tax Act. Form 3CEF, Form 10F, Form 10IA, Form 3BB, etc. are certain forms that shall be furnished electronically and shall be verified in the manner prescribed under Rule 131(1). |
| SEBI files FIR for Cyber Security Incident; takes additional measures to tighten security procedures |
| Monday, July 18, 2022 |
| The SEBI has noticed a cyber security incident on the E-mail system which was undergoing a system upgrade and accordingly an FIR as per the relevant provisions of law has been filed. Further, various mitigation measures were immediately taken in response to the said cyber security incident including, informing CERT-IN as per the standard operating procedure, strengthening the required security configuration of the system, etc. |
| Govt. declares "zero coupon zero principal instruments” as securities for the purposes of SCRA, 1956 |
| Monday, July 18, 2022 |
| The Central Government has declared “zero coupon zero principal instruments” as securities for the purposes of Securities Contracts (Regulation) Act, 1956. “Zero coupon zero principal instrument” means an instrument issued by a Not for Profit Organisation which shall be registered with Social Stock Exchange segment of a recognised Stock Exchange in accordance with the regulations made by the Securities and Exchange Board of India. |
| 2% Excise Duty on Aviation Turbine Fuel drawn by operators from RCS airports for specified routes: Notification |
| Saturday, July 16, 2022 |
| The CBIC has issued notification to prescribe 2% Excise Duty on Aviation Turbine Fuel drawn by operators or cargo operators from Regional Connectivity Scheme (RCS) airports for the specified routes and exempted duty in excess of 2% for the specified period. |
| Now ‘statement of foreign bank’ shall be treated as ‘officially valid document’ for reporting entity located in IFSC |
| Friday, July 15, 2022 |
| Govt. amends the PML (Maintenance of Records) Rules, 2005. The definition of the ‘officially valid document’ has been relaxed by allowing the statement of foreign bank to be treated as ‘officially valid document’ for reporting entity is located in the IFSC. Also national identity card and voter identification card, issued by the Govt. of foreign jurisdictions capturing the photograph, name, date of birth and address of a foreign national shall also be considered as officially valid document. |
| Govt. further amends SEZ Rules; inserts provisions w.r.t work from home for employees |
| Friday, July 15, 2022 |
| Govt. has further amended the Special Economic Zones Rules, 2006. New Rule 43A has been inserted, namely “Work from Home”. Under this rule, A Unit may permit its employees, including contractual employees, as specified, to work from home or from any place outside the SEZ. The employees covered are employees of the IT and IT enabled Services SEZ units; employees, who are temporarily incapacitated; employees, who are travelling; and employees, who are working offsite. |
| SEBI permits 155 reporting entities to perform authentication under the Aadhaar Act |
| Friday, July 15, 2022 |
| SEBI has permitted 155 reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act. Reporting entities shall Include 123 Capitals, 5paisa Capital Limited, A C Agarwal Share Brokers Private Limited, A. K. Stockmart Private Limited, Abans Securities Private Limited , Abchlor Investments Private Limited, Etc. |
| IGST exemption withdrawn on import of certain specified goods by Research Institutions: Notification |
| Thursday, July 14, 2022 |
| The Government via notification has withdrawn the exemption from the integrated tax leviable on import of goods specified in First Schedule to the Customs Tariff Act, 1975 and on import of specified goods by Non-commercial research institution and other research institution. |
| Controlled Delivery ( Customs ) Regulations, 2022 notified; covers gold, silver, liquor, etc. within its scope |
| Friday, July 15, 2022 |
| In line with Section 109A of the Customs Act, 1962, the Govt. notified Controlled ( Customs ) Regulations, 2022. Given this, the authorities are now empowered to undertake controlled delivery of any consignment of specified goods and supervise their delivery. The regulations specifies certain goods such as gold, silver, precious stones, liquor, etc. |
| CBIC issued instructions regarding change in export policy of Wheat Flour w.e.f. July 12, 2022 |
| Wednesday, July 13, 2022 |
| Recently, the Govt. had notified amendment in Export policy of Wheat Flour, Maida, etc. providing that such exports would be subject to recommendation of Inter Ministerial Committee (IMC) w.e.f. July 12, 2022. In this regard, instructions has been issued by the CBIC providing the details of such amendment. |
| Govt. exempts SAD, AIDC and RIC on 12% and 15% ethanol blended petrol: Notification |
| Wednesday, July 13, 2022 |
| The Govt. had recently exempted excise duty on 12% ethanol blended petrol and 15% ethanol blended petrol vide Notification No. 12/2022-Central Excise, Dated 4-7-2022. Simultaneous exemption has also been provided with respect to Special Additional Excise Duty (‘SAD’), Agriculture Infrastructure and Development Cess (‘AIDC’) and Road and Infrastructure Cess (‘RIC’) on the said products. |
| Tax Dept. conducted searches on 2 business groups in Tamil Nadu; detects Rs. 500 crores of undisclosed income |
| Wednesday, July 13, 2022 |
| The Income-tax Department has carried out search and seizure operations on two business groups of Tamil Nadu engaged in the business of Civil Contracts, Real Estate, Advertising etc. The search operations were carried out at more than 40 premises located in Chennai, Coimbatore and Madurai. During the course of the search operations, various incriminating documentary and digital evidences have been seized. |
| Pending QIP issue, its pricing and probable impact on share capital of the company is UPSI: SEBI |
| Wednesday, July 13, 2022 |
| Shri Arvind Bajpai, CS of Deepak Nitrite Limited (DNL) sought an interpretative letter under the SEBI (Informal Guidance) Scheme, 2003 on the issue that whether pending QIP issue, its pricing and probable impact on share capital of the company, which is not yet known and shall be determined as per ICD regulations, be considered as Unpublished Price Sensitive Information (UPSI). SEBI clarified that pending QIP issue, its pricing amp; probable impact on share capital of the company, is UPSI. |
| CBDT notifies Form 8A to make application u/s 158AB to defer filing of appeal on identical issues |
| Wednesday, July 13, 2022 |
| The Finance Act, 2022 has inserted a new section 158AB which provides for making an application before the Tribunal and High Court to avoid the filing of an appeal by revenue on identical issues. The CBDT has notified Form 8A to make such an application. |
| RBI allows international trade settlement in Indian Rupees |
| Tuesday, July 12, 2022 |
| In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, the RBI has decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR. Accordingly, for settlement of trade transactions with any country, AD bank in India may open Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country. |
| Tax Dept. conducted search operation on 2 real estate groups of Bengaluru and Hyderabad |
| Tuesday, July 12, 2022 |
| The Income-tax Department has carried out on two leading real estate groups of Bengaluru and Hyderabad. The search action covered more than 40 premises located in Bengaluru, Hyderabad, and Chennai. The initial analysis of the seized documents has also revealed that these groups have suppressed income to the tune of Rs. 90 crore. |
| CBDT standardizes process for approval of Electoral Trust; revises check-list to be filed with Form A |
| Tuesday, July 12, 2022 |
| To avoid procedural delay in processing application for approval of an ‘electoral trust, the Central Board of Direct Taxes (CBDT) has issued a new format of the check-list which shall be filed along with the application in Form A. |
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