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Tax Return Preparer (Amendment) Scheme, 2018​ - Notified

Central Board of Direct Taxes Notification G.S.R. 44(E) dated the 19th January, 2018.— In exercise of the powers conferred by sub-section (1) of Section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the Tax Return Preparer Scheme, 2006, namely:—

Short title, commencement and application.
1. (1) This Scheme may be called the Tax Return Preparer (Amendment) Scheme, 2018.
(2) It shall come into force from the date of its publication in the Official Gazette.

2. In the Tax Return Preparer Scheme, 2006 (hereinafter referred to as the said Scheme), for paragraph 3, the following paragraph shall be substituted, namely:-
“3. An individual, who holds a bachelor degree from a recognised Indian University or institution, or has passed the intermediate level examination conducted by the Institute of Chartered Accountants of India or the Institute of Company Secretaries of India or the Institute of Certified Management Accountants of India, shall be eligible to act as Tax Return Preparer.”.

GST (Compensation To States) Amendment Act, 2017 - Notified

The following Act of Parliament received the assent of the President on the 19th January, 2018. Ministry of Law and Justice (Legislative Department) Gazette Notification dated the 19th January, 2018, is as under:—

1. (1) This Act may be called the Goods and Services Tax (Compensation to States) Amendment Act, 2017.
(2) It shall be deemed to have come into force on the 2nd day of September, 2017.


(i) after serial number 4 and the entries relating thereto, the following serial number and entries shall be inserted, namely:—

Insolvency & Bankruptcy Code (Amendment) Act, 2018 — Received President's Assent On Jan 18, 2018

The Insolvency and Bankruptcy Code (Amendment) Act, 2018 received the assent of the President on the 18th January, 2018 and was notified by the Ministry of Law and Justice (Legislative Department) in the Extraordinary Gazette of India dated 19th January, 2018. It shall be deemed to have come into force on the 23rd day of November, 2017. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 has been repealed.

The Insolvency and Bankruptcy Code (Amendment) Act, 2018 - available here

On 23rd November, 2017, the Government of India promulgated the Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (the Code). Earlier the President of India had given his assent to the Ordinance to amend the Code.

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 - available here.

[RBI] Data On ECB, FCCB & RDB For December 2017

Jan 22, 2018: The Reserve Bank of India has today released the data on External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB) and Rupee Denominated Bonds (RDB) both, through Automatic Route and Approval Route, for the month of December 2017.

To access/download the above mentioned data - click here

Outward Foreign Direct Investment For December 2017

Jan 22, 2018: The Reserve Bank of India has today released the data on Outward Foreign Direct Investment (OFDI), both under Automatic Route and the Approval Route, for the month of December, 2017. The data includes:

i. OFDI Comparative Position (1) Nov 2017 vs. Dec 2017, (2) Dec 2016 vs. Dec 2017;
ii. Indian party-wise Outward FDI from India for December, 2017; and
iii. Country-wise Outward FDI from India data (Oct-Dec, 2017).

OFDI for December 2017 (To download .xls file - click here)

[SEBI] Functions Of Oversight Committee For ‘Product Design’ In Commodity Derivatives Exchanges

SEBI, vide circular no. SEBI/HO/CDMRD/DMP/CIR/P/2018/12 dated January 22, 2018 addressed to all National Commodity Derivatives Exchanges and all Recognized Stock Exchanges in International Financial Services Centre (IFSC), has prescribed the functions of the oversight committee for ‘Product Design’ in all the commodity exchanges. The contents of the said circular is reproduced as under:-

1. SEBI vide its circular CIR/CDMRD/DEA/03/2015 dated November 26, 2015, has prescribed “Timelines for compliance with various provisions of securities laws by commodity derivatives exchanges”. In the said circular, on the issue of oversight committees, SEBI has advised all the commodity derivatives exchanges as under-
“21. Commodity derivative exchanges shall comply with the requirements of Regulation 29 read with Regulation 44D (1) (b) of SECC Regulations within three months. National commodity derivatives exchanges shall constitute an oversight committee for 'Product design', chaired by a Public Interest Director, within three months.”

[GST] Extension Of Last Date For Filing Return In Form GSTR-3B (For December, 2017)

Central Board of Excise and Customs Notification No. 02/2018 – Central Tax dated the 20th January, 2018.— In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Central Government, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 35/2017- Central Tax, dated the 15th September, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 1164(E), dated the 15th September, 2017, namely:-

In the said notification, in the Table, against serial number 5, in column (3), for the figures, letters and word “20th January, 2018”, the figures, letters and word “22nd January, 2018” shall be substituted.

India: Financial Sector Assessment Program 2017 — Detailed Assessment Reports (DARs)

Jan 19, 2018: Ministry of Finance, PIB —  The two main reports of the 2017 India Financial Sector Assessment Programme (FSAP) – the Financial System Stability Assessment (FSSA) and Financial Sector Assessment (FSA), were released by the International Monetary Fund (IMF) and the World Bank, respectively on their websites on December 21, 2017.

In continuation, the IMF and the World Bank today released two Detailed Assessment Reports (DARs) relating to the 2017 India FSAP. The report providing ‘Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision’ has been released by the IMF and the World Bank and the report providing ‘Detailed Assessment of Observance of Clearing Corporation of India Limited (CCIL) Central Counterparty (CCP) and Trade Repository (TR)’, was released by the World Bank.

India welcomes these assessment reports by the joint IMF-World Bank team conforming to the highest international standards.

National CSR Data Portal & Corporate Data Portal - Launched By Union Minister For Finance & Corporate Affairs In Delhi

Jan 19, 2018: Shri Arun Jaitley, Union Minister for Finance and Corporate Affairs launched the National CSR Data Portal & Corporate Data Portal today in the presence of Shri P.P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice.

Shri Arun Jaitley said that the initiative is a significant step towards driving accountability and transparency for corporate India. By making the portals accessible to general public, it will ensure high level of compliance and also in institutionalising and consolidating the CSR activities.

[RBI] Census On Foreign Liabilities & Assets Of Indian Direct Investment Companies 2016-17 – Data Release

Jan 19, 2018: Today, the Reserve Bank released the provisional results of the 2016-17 round of the annual census on foreign liabilities and assets (FLA) of Indian direct investment companies. This census covers Indian companies that have cross-border liabilities and assets arising on account of foreign direct investment (FDI) in India and/or overseas direct investment (ODI).

Of the 18,667 companies that responded, 17,020 companies had FDI/ODI in their balance sheets in March 2017. Over 80 per cent of the 15,169 companies that reported inward FDI were subsidiaries of foreign companies (i.e., single foreign investor holding above 50 per cent of total equity).

[SEBI] Online Filing System For Offer Documents, Schemes Of Arrangement, Takeovers & Buy-backs

SEBI circular no. SEBI/HO/CFD/DIL1/CIR/P/2018/011 dated January 19, 2018 regarding 'online Filing System for Offer Documents, Schemes of Arrangement, Takeovers and Buy backs' is reproduced below:—

1. In order to facilitate ease of operations in terms of seeking observations on draft offer documents, draft letter of offers and draft schemes of arrangement under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buy Back of Securities) Regulations, 1998 and various circulars issued thereunder, SEBI has introduced an online system for filings related to public issues, rights issues, institutional placement programme, schemes of arrangement, takeovers and buy backs.

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