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Fugitive Economic Offenders Ordinance 2018 Come Into Force

Apr 22, 2018: With the assent of the President of India, the Fugitive Economic Offenders Ordinance, 2018 gets promulgated; New Law lays down the measures to empower Indian authorities to attach and confiscate the proceeds of crime associated with economic offenders and the properties of the economic offenders.

Data On India’s Invisibles For Third Quarter (October-December) of 2017-18

Apr 20, 2018: The Reserve Bank today released data on India’s invisibles as per the IMF’s Balance of Payments and International Investment Position Manual (BPM6) format for October-December of 2017-18.

PAN & TAN Mentioned In Certificate Of Incorporation: Sufficient Proof Of PAN/TAN

Apr 14, 2018: CBDT - Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees:-

In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate of Incorporation (COI) issued by MCA contains a mention of both PAN and TAN.

[Tax] Draft Notification Proposing Amendment To Rule 44E, Form 34C, 34D and 34DA

Apr 14, 2018: CBDT invites comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings:-

Under Base Erosion and Profit Shifting (BEPS) Action 5, exchange of rulings on Permanent Establishment (PE) by Authority for Advance Rulings is required to be done not only with the countries of residence of all related parties with whom taxpayer enters into transaction, but also with the country of residence of the immediate parent company and the ultimate parent company.

[SEBI] Raising Industry Standards For RTA, Issuer Companies & Banker To An Issue

SEBI Circular No. SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 dated April 20, 2018 addressed to, All Listed entities (Through Stock Exchanges), All Registered Bankers to an Issue (BTIs), All Registrars to an Issue / Share Transfer Agents (RTAs) acting on behalf of listed entities, All Depositories and All Recognised Stock Exchanges, regarding 'Strengthening the Guidelines and Raising Industry standards for RTA, Issuer Companies and Banker to an Issue', reads as follows:-

1. SEBI constituted a Committee on “Strengthening the Guidelines and Raising Industry Standards for RTAs”, which included representatives from RTAs, Issuer Companies, Depositories and Bankers to Issue. The objective of the Committee was to suggest guidelines to streamline and strengthen the procedures and processes with regard to handling and maintenance of records, transfer of securities and payment of dividend/interest/redemption by the RTAs, Issuer Companies and Bankers to Issue.

[IBBI] Annual Compliance Certificate For Insolvency Professional Agencies

Insolvency and Bankruptcy Board of India (IBBI) Circular No: IPA/009/2018 dated 19th April, 2018 to All Registered Insolvency Professional Agencies regarding 'Annual Compliance Certificate for Insolvency Professional Agencies', reads as follows:—

“1. The Insolvency and Bankruptcy Code, 2016 (Code), the IBBI (Insolvency Professional Agencies) Regulations, 2016, the IBBI (Model Bye Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and Guidelines, Circulars, and Directions issued thereunder cast several duties, responsibilities and obligations on the registered Insolvency Professional Agencies (IPAs). Section 196(1)(g) of the Code mandates the Insolvency and Bankruptcy Board of India (IBBI) to monitor performance of IPAs.

RBI Clarifies That There Is No Shortage Of Currency

Apr 17, 2018: RBI has clarified as follows — “It has been reported in a section of the media that there is shortage of currency in certain parts of the country. It is clarified at the outset that there is sufficient cash in the RBI vaults and currency chests. Nevertheless, printing of the notes has been ramped up in all the 4 note presses.

CCI Order: In Cartel Case By Leading Indian Zinc-Carbon Dry Cell Battery Manufacturers

Apr 19, 2018: CCI issues important order under Lesser Penalty Provisions in the cartel case by leading Indian Zinc-Carbon Dry Cell Battery Manufacturers:—

The Competition Commission of India (‘CCI’) passed Final Order imposing penalty on three leading Indian Zinc-Carbon Dry Cell Battery manufacturers-Eveready Industries India Ltd. (‘Eveready’), Indo National Ltd. (‘Nippo’), Panasonic Energy India Co. Ltd. (‘Panasonic’) and their association AIDCM (Association of Indian Dry Cell Manufacturers) for colluding to fix prices of zinc-carbon dry cell battery in India. CCI invoked the provisions of Section 46 of the Competition Act, 2002 (‘the Act’) read with the Competition Commission of India (Lesser Penalty) Regulations, 2009 (‘Lesser Penalty Regulations’) to reduce the penalty imposed upon Panasonic, Eveready and Nippo by 100 percent, 30 percent and 20 percent respectively.

[Customs] Exchange Rate Notification w.e.f. 20th April, 2018

Central Board of Indirect Taxes and Customs (CBIC) has notified the rate of exchange of one unit of foreign currency equivalent to Indian rupees relating to imported and export goods, in its notification no. 33/2018 - Customs (N.T.) dated 19th April, 2018 (w.e.f. 20th April, 2018). The contents of the said notification are reproduced as under:—

Central Goods And Services Tax (Fourth Amendment) Rules, 2018 - Notified

Central Board of Indirect Taxes and Customs (CBIC), in exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), vide Notification No. 21/2018 – Central Tax dated the 18th April, 2018, has made and notified the Central Goods and Services Tax (Fourth Amendment) Rules, 2018, further to amend the Central Goods and Services Tax Rules, 2017. These rules shall come into force on the date of their publication in the Official Gazette. The copy of the rules is available at the CBIC portal.

[GST] Procedure For Interception Of Conveyances For Inspection Of Goods In Movement

Central Board of Indirect Taxes and Customs (CBIC) Circular No. 41/15/2018-GST dated the 13th April, 2018, regarding 'Procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances' :–

1. Sub-section (1) of section 68 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”) stipulates that the person in charge of a conveyance carrying any consignment of goods of value exceeding a specified amount shall carry with him the documents and devices prescribed in this behalf. Sub-section (2) of the said section states that the details of documents required to be carried by the person in charge of the conveyance shall be validated in such manner as may be prescribed. Sub-section (3) of the said section provides that where any conveyance referred to in sub-section (1) of the said section is intercepted by the proper officer at any place, he may require the person in charge of the conveyance to produce the documents for verification, and the said person shall be liable to produce the documents and also allow the inspection of goods.