May 18, 2018: The Reserve Bank of India (RBI) has imposed, by an order dated May 14, 2018, a monetary penalty of ₹ 50 million on South Indian Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer (KYC) norms and treasury function and for deficiencies in its compliance function and compliance culture.
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[SEBI] Investment Of Own Funds By Clearing Corporations In IFSC
SEBI Circular SEBI/HO/MRD/DRMNP/CIR/P/2018/82 dated May 21, 2018 addressed to all recognized Clearing Corporations in International Financial Services Centre (IFSC), Investment of own funds (excluding funds lying in Core Settlement Guarantee Fund) by Clearing Corporations in IFSC, reads as follows:
1. SEBI vide circular SEBI/HO/MRD/DRMNP/CIR/P/2016/54 dated May 04, 2016, has specified Investment policy of a clearing corporation.
2. Currently, the clearing corporations are permitted to invest their own funds as well as funds lying in Core Settlement Guarantee Fund in Fixed Deposits/ Central Government Securities and Liquid schemes of Debt Mutual Funds.
Date Extended- Comments Submission- Reduction In Timelines For Public Issue Of Debt Securities
May 18, 2018: Extension of date for submitting comments on the Consultation paper on “Reduction in timelines for public issue of debt securities under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008” :
SEBI issued Consultation Paper on “Reduction in timelines for public issue of debt securities under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008” and public comments were sought till May 14, 2018.
It has been decided to extend time till May 30, 2018 for submission of comments on the aforesaid consultation paper.
Form GSTR-3B : April 2018 Return - Filing Date Extended Till 22 May 2018
CBIC, in the interest of taxpayers, has decided to extend the last date for filing of return in FORM GSTR-3B for the month of April, 2018 for two days, i.e., till 22nd May, 2018.
Earlier it was brought to the notice of the competent authority that certain technical issues are being faced by the taxpayers during the filing of FORM GSTR-3B for the month of April, 2018. In order to resolve the same, emergency maintenance is being carried out on the system.
Central Board of Indirect Taxes and Customs Notification No. 23/2018 – Central Tax dated the 18th May, 2018, reads as follows.—
[RBI] Setting-up Of IFSC Banking Units (IBUs) – Permissible Activities
RBI Notification No. DBR.IBD.BC. 105/23.13.004/2017-18 dated May 17, 2018 to all Scheduled Commercial Banks (excluding Regional Rural Banks), reads as follows:
1. Please refer to RBI circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015, as modified from time to time, setting out RBI directions relating to IFSC Banking Units (IBUs).
2. In terms of para 2.3 of the circular, the parent bank will be required to provide a minimum capital of USD 20 million or equivalent in any foreign currency to start their IBU operations and the IBU should maintain the minimum prescribed regulatory capital on an on-going basis as per regulations amended from time to time.
3. In this regard, we have received suggestions from the stakeholders to consider minimum prescribed regulatory capital at the parent level rather than at the IBU level. The issue has been examined and the directions stand modified as follows:
MCA Clarification - Condonation Of Delay Scheme 2018
Ministry of Corporate Affairs (MCA) General Circular No. 05/2018 dated 17th May, 2018, reads as follows:
1. In continuation of General Circular No. 16/2017 dated 29.12.2017, General Circular No. 02/2018 dated 28.03.2018 and General Circular No. 03/2018 dated 27.04.2018 on the subject cited above, it is stated that this Ministry has received representations from stakeholders raising doubts regarding filing requirements of e-CODS, 2018, in such cases, where petitions have already been filed before NCLT under section 252 of the Companies Act 2013, during the currency of the scheme and orders are pending before the NCLT and whether such struck off companies can file CODS upon obtaining orders for the same even after 01.05.2018.
SEBI Circulars Amendment: Foreign Investment Limits In Listed Entities
SEBI circular no. SEBI/HO/IMD/FPIC/CIR/P/2018/81 dated May 17, 2018 addressed to, 1. All Foreign Portfolio Investors (through their designated Custodian of Securities), 2. The Depositories (NSDL and CDSL) and 3. The Stock Exchanges (BSE, NSE and MSEI), reads as follows:
Amendment to SEBI Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 and Circular No. IMD/FPIC/CIR/P/2018/74 dated April 27, 2018 on Monitoring of Foreign Investment limits in listed Indian companies
1. SEBI vide Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 introduced a new system for Monitoring of Foreign Investment limits in listed Indian companies and prescribed guidelines w.r.t the necessary infrastructure, data to be provided by listed Indian companies and other related matters.
[Tax] Cabinet Approves Agreement Signing & Ratification Between India & Brunei Darussalam
Tags:
Cabinet Decisions
May 16, 2018: The Union Cabinet Chaired by Prime Minister Shri Narendra Modi has has approved the signing and ratification of Agreement between India and Brunei Darussalam for the Exchange of Information and Assistance in Collection with respect to Taxes.
Details:
i. The Agreement enables the competent authorities of India and Brunei Darussalam to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the two countries concerning taxes covered by this Agreement.
Sugar Import From Pakistan: Ministry Of Commerce & Industry Clarifies News Reports
May 16, 2018: Ministry of Commerce & Industry has issued some clarifications on data and news regarding Import of Sugar from Pakistan, as under:
It has been observed that there have been some misinformed news reports appearing in the media about import of sugar from Pakistan.
Import of Sugar from Pakistan
[Customs] Exchange Rate Notification w.e.f. 18th May, 2018
Tags:
Customs Exchange Rate Notification,
Foreign Currency in Indian Rupees,
Foreign Exchange Laws in India
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. 43/2018 - Customs (N.T.) dated 17th May, 2018 (w.e.f. 18th May, 2018).
The contents of the said notification are reproduced as under:—
[RBI] Overseas Direct Investment For April 2018
May 16, 2018: The Reserve Bank of India has today released the data on Overseas Direct Investment, both under Automatic Route and the Approval Route, for the month of April 2018.
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