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Category of visit which requires prior approval from RBI or Govt of India?

Ques.: Is there any category of visit which requires prior approval from the Reserve Bank or the Government of India?

Should foreign coins be surrendered to an Authorised Dealer on return from abroad?

Ques.: Should foreign coins be surrendered to an Authorised Dealer on return from abroad?

Ans: The residents can hold foreign coins without any limit.

Due date for filing of Income Tax returns extended to 31st August 2019

July 23, 2019: The due date for filing of Income Tax Returns for Assessment Year 2019- 20 is 31.07.2019 for certain categories of taxpayers.

Upon consideration of the matter, the Central Board of Direct Taxes(CBDT) extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of the said categories of taxpayers.

Ref: CBDT

IBBI (Insolvency Professional Agencies) (Amendment) Regulations 2019

Insolvency and Bankruptcy Board of India (IBBI) Notification dated 23rd July, 2019 —

No. IBBI/2019-20/GN/REG044.- In exercise of the powers conferred by sections 196, 199, 200, and 201 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 namely:-

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) (Amendment) Regulations, 2019.
(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, in regulation 5, in sub-regulation (2), for clause (c), the following clause shall be substituted, namely: -

IBBI (Model Bye-Laws & Governing Board of Insolvency Professional Agencies) (Amend.) Reg. 2019

July 23, 2019: The Insolvency and Bankruptcy Board India (IBBI) notified the following regulation today: the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019.

The salient amendments effected by the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019 are:

 (a) An Insolvency Professional Agency shall issue/renew an Authorisation for Assignment to insolvency professionals in accordance with its Bye-laws.

 (b) Subject to meeting other requirements, an insolvency professional shall be eligible to obtain an Authorisation of Assignment if he has not attained the age of seventy years.

IBBI (Insolvency Professionals) (Amendment) Regulations 2019 - Notified

July 23, 2019: The Insolvency and Bankruptcy Board India (IBBI) notified the following regulation today: the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019.

The salient amendments effected by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 are:

 (a) An insolvency professional shall not accept or undertake any assignment as interim resolution professional, resolution professional, liquidator, bankruptcy trustee, authorised representative or in any other role under the Insolvency and bankruptcy Code, 2016 unless he holds an ‘Authorisation for Assignment’ issued by his Insolvency Professional Agency. This is effective from 1st January, 2020.

Clarification: GST on monthly subscription charged by RWA from members

"Clarification on issues related to GST on monthly subscription/contribution charged by a Residential Welfare Association from its members"

Ministry of Finance, Department of Revenue (Tax Research Unit) Circular No. 109/28/2019-GST dated the 22nd July, 2019, reproduced below:-

1. A number of issues have been raised regarding the GST payable on the amount charged by a Residential Welfare Association for providing services and goods for the common use of its members in a housing society or a residential complex. The same have been examined and are being clarified below.

Issue #1:

Lok Sabha passes the Right to Information (Amendment) Bill, 2019

July 22, 2019: Government is fully committed to transparency and accountability; No question of decreasing autonomy of Information Commissions: Dr. Jitendra Singh

Lok Sabha passed the Right to Information (Amendment) Bill, 2019 today. In this amendment, it is proposed to amend the Right to Information Act, 2005 so as to provide that the term of office of, and the salaries, allowances and other terms and conditions of service of, the Chief Information Commissioner and Information Commissioners and the State Chief Information Commissioner and the State Information Commissioners, shall be such as may be prescribed by the Central Government.

Participating in the debate on the Bill, Union Minister of State for Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said that this Government is fully committed to transparency and accountability. Following this principle, the Government has encouraged suo motu dissemination of maximum information by Government Departments in order to reduce number of RTIs.

Parliament Passes Protection of Human Rights (Amendment) Bill, 2019 unanimously

July 22, 2019: Union Home Minister Shri Amit Shah appeals to all the members of Rajya Sabha to support the Protection of Human Rights (Amendment) Bill, 2019 Democratic institutions cannot function amidst an environment of distrust: Union Home Minister Shri Amit Shah

The Rajya Sabha passed the Protection of Human Rights (Amendment) Bill, 2019 unanimously today after a fervent appeal from the Union Minister for Home Affairs, Shri Amit Shah.

Clarifying on the transparency of the selection process for the Chairperson and Members of the National Human Rights Commission (NHRC), Shri Amit Shah said that the selection committee was a diverse one, containing opposition leaders from  both the houses in addition to the Prime Minister; Union Home Minister; Speaker, Lok Sabha and Deputy Chairperson, Rajya Sabha. A decision of such a vast and diverse committee should not be seen with distrust, said Shri Shah.

Standardizing reporting of violations- SEBI (PIT) Reg. 2015 Code of Conduct

Standardizing Reporting of violations related to Code of Conduct under SEBI (Prohibition of Insider Trading) Regulations, 2015

SEBI Circular No. SEBI/HO/ISD/ISD/CIR/P/2019/82 dated July 19, 2019 —

1. In terms of Regulation 9(1) and 9(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 (the Regulations), the Board of Directors of every listed company and the Board of Directors or head(s) of the organization of every intermediary and fiduciary are required to formulate a Code of Conduct for designated persons and their immediate relatives and monitor its compliance and promptly inform SEBI about any violations of the Code of Conduct in accordance with Clause 13 of Schedule B (in case of a listed company) or Clause 11 of Schedule C (in case of an intermediary or fiduciary) of the Regulations as applicable.

Amend. of Guidance Note on SEBI (Prohibition of Insider Trading) Reg. 2015

Jul 22, 2019: Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) was issued on August 24, 2015 under regulation 11 of the PIT Regulations providing guidance to the market to remove certain difficulties in the interpretation or application of the provisions of the Regulations. The Guidance Note was subsequently amended on February 17, 2016.

Consequent to amendment to the PIT Regulations after approval of the report submitted by Committee on Fair Market Conduct, various clarifications have been sought by Market Participants on the amendments.