ITR forms for AY 2020-21 notified; new ‘Schedule DI’ to avail benefit of investment made till 30-06-2020
31 May 2020
The Central Board of Direct Taxes (CBDT) has notified new Income-tax Return (ITR) forms applicable for the Assessment Year 2020-21. A new schedule ‘Schedule DI’ has been inserted to claim benefit of investment/ deposit/payments made between 01-04-2020 to 30-06-2020 for the previous year 2019-20.
SEBI extends implementation date of ‘power of attorney’ norms to August 1
30 May 2020
In view of the situation arising due to Covid-19 pandemic, lockdown imposed by the Government, representations received from stock brokers and stock broker associations regarding difficulty in implementing this provision in lockdown situation due to work in progress by Market Infrastructure Institutions, the SEBI decided to extend the implementation date of the aforesaid provision to August 01, 2020 and align it with the implementation of mechanism of pledge re-pledge through the Depository syst
RBI withdraws 7.75% Savings (Taxable) Bonds scheme from May 28, 2020
28 May 2020
The RBI has decided to cease for subscription of 7.75%.Savings (Taxable) Bonds scheme with effect from 28.05.2020.
CBDT notifies final norms for calculating remuneration payable to eligible fund manager u/s 9A
28 May 2020
The Finance (No. 2) Act, 2019 has amended section 9A to provide that the Govt. shall provide set of rules to determine amount of remuneration for eligible fund managers to be paid by the offshore funds. In December 2019, the CBDT has issued draft notification to prescribe the manner for calculation of such remuneration. Considering the input from public and stakeholders, the board has released final rules on calculation of remuneration of fund managers
Donation made to 'PM CARES Fund' is allowed as CSR activity: MCA
28 May 2020
In order to increase the scope of CSR activities, the MoF has amended the Schedule VII of Companies Act whereby new activities has inserted Therefore, donations made to PM’s Citizen Assistance and Relief in Emergency Situations Fund would be considered as CSR activities.
SEBI unveils guidelines for identification and selection of location as a delivery centre for commodity derivatives
28 May 2020
Based on the recommendations of Commodity Derivatives Advisory Committee (CDAC) and in consultation with the stock exchanges, SEBI has decided to lay down guidelines that are to be followed by the stock exchanges while identifying and selecting a location as a delivery centre.
SEBI extends implementation of Circular on ‘Margin obligations to be given by way of Pledge’ by August 31, 2020
26 May 2020
In view of the situation arising due to Covid-19 pandemic, lockdown imposed by the Government, representations received from the Depositories and the Clearing Corporations and that the changes to the systems and software development still under progress, the SEBI has decided to extend the implementation date of circular on ‘Margin obligations to be given by way of Pledge’ to August 31, 2020
Permissible period of pre and post shipment export credit sanctioned by banks is increased from 1 year to 15 months
28 May 2020
The RBI has decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from one year to 15 months, for disbursements made upto July 31, 2020.
RBI to increase bank’s exposure to group of connected counter-parties from 25% to 30% of eligible capital base
26 May 2020
On account of the COVID-19 pandemic, debt markets and other capital market segments are witnessing heightened uncertainty. As a result, many corporate are finding it difficult to raise funds from the capital market and are predominantly dependent on funding from banks. Therefore, with a view to facilitate greater flow of resources to corporate, the RBI has decided, as a one-time measure, to increase a bank’s exposure to a group of connected counterparties from 25% to 30% of the eligible capital
RBI permits banks to extend moratorium on loan EMIs by another 3 months
26 May 2020
In view of the extension of lockdown and continuing disruption on account of COVID-19, all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, All-India Financial Institutions, and Non-banking Financial Companies (including housing finance companies) (“lending institutions”) are permitted to extend the moratorium by another three months i.e. from June 1, 2020 to August 31, 2020 on payment of all installments in respect of term loans).
RBI reviews timelines for resolution under Prudential framework on Resolution of Stressed Assets
27 May 2020
The RBI has reviewed the timelines for resolution under Prudential framework on Resolution of Stressed Assets. As a result, accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lenders shall have the usual 180 days for resolution.
IRDAI issues guidelines on Insurance claims of victims of current cyclone ‘Amphan’
26 May 2020
As a result of Cyclone Amphan, there are reports of loss of human lives and loss of belongings. Therefore, in order to extend every possible facilitation in quick and timely settlement of life insurance claims, RBI asked insurers to nominate a senior officer to act as a nodal officer in the state concerned to liaise with the state administration to facilitate identification of policyholders among the deceased due to cyclone.
Regulatory measures introduced by SEBI to continue till June 25, 2020
23 May 2020
The SEBI had introduced various regulatory measures for a period of one month w.e.f. March 23, 2020. The deadline of the said measures was subsequently extended till May 28, 2020. As the stock markets (both domestic and global) are expected to be volatile in the near future, keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity,
RBI amends penal Interest rates
26 May 2020
As announced in the Monetary Policy Statement 2020-21 dated May 22, 2020, the Bank Rate is revised downwards by 40 basis points from 4.65 per cent to 4.25 per cent with immediate effect. As a result, all penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised
Now, FPIs have extra time to invest under voluntary retention route
23 May 2020
In view of the disruptions caused by COVID-19, the RBI has decided to allow an additional time of three months time period to invest 75% of their Committed Portfolio Size (CPS) by FPIs. For FPIs availing the additional time, the retention period for the investments (committed by them at the time of allotment of investment limit) would be reset to commence from the date that the FPI invests 75% of CPS.
RBI extends time period for completion of remittances against import from 6 to 12 months
26 May 2020
In view of the disruptions due to outbreak of COVID- 19 pandemic, RBI has decided to extend the time period for completion of remittances against such normal imports (except in cases where amounts are withheld towards guarantee of performance etc.) from six months to twelve months from the date of shipment for such imports made on or before July 31, 2020.
CBDT issues refund worth Rs. 26,242 crores to 16,84,298 assessees since April 01, 2020
26 May 2020
The Central Board of Direct Taxes (CBDT) has stated that it has issued Income-tax refunds worth Rs. 26,242 crore to 16,84,298 assessees since 1st April, 2020 to 21st May, 2020.
IRDAI to revisit existing guidelines on Trade Credit insurance
26 May 2020
Considering the various requests and the needs of the market in view of the changing paradigms of trade, IRDAI constituted a Working Group to revisit the existing guidelines on Trade Credit lnsurance. The Working Group has proposed several changes in the existing guidelines in order to improve the credit insurance market and at the same time meet the requirements of various stakeholders involved in trade related transactions.
RBI reduces repo rate by 40 basis points from 4.4% to 4%
22 May 2020
The RBI has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 40 bps to 4.0 per cent from 4.40 per cent with immediate effect. Accordingly, the marginal standing facility (MSF) rate and the Bank Rate stand reduced to 4.25 per cent from 4.65 per cent.
SEBI revises post-default curing period for Credit Rating Agencies
22 May 2020
SEBI has noted in a few recent cases of defaults that even though the rated entity was able to correct the default within a relatively shorter span of time, the rating could not be upgraded and continued to be under sub-investment grade due to the extant provisions on post-default curing period. There is a post-default curing period of 90 days for the rating to move from default to speculative grade and generally 365 days for default to move to investment grade.

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