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Data on FDI Equity Inflows from April 2019 to June 2019 (FY 2019-20)

The following monthwise data on FDI Equity Inflows into India during the Financial year 2019-20 as updated up to June, 2019 is referred from the Quarterly Fact Sheet on Foreign Direct Investment (FDI) as released by the Department for Promotion of Industry and Internal Trade, MoCI, GoI.

Note: Figures are provisional, subject to reconciliation with RBI, Mumbai.

Amount of FDI Equity inflows (Financial Year 2019-20) (In Rs. Crore)

1. April, 2019: Rs. 36,463crores
2. May, 2019: Rs. 26,481crores
3. June, 2019: Rs. 50,567crores

[RBI] Report on Development of Housing Finance Securitisation Market

Sep 09, 2019: The Reserve Bank of India had constituted a Committee on the Development of Housing Finance Securitisation Market, on May 29, 2019, with Dr. Harsh Vardhan, Senior Advisor, Bain & Co. as the Chairperson.

The Committee was set up in recognition of the role of well-functioning securitisation markets for better management of credit and liquidity risks in the balance-sheets of banks as well as non-bank mortgage originators.

The Terms of Reference of the Committee were to review the existing state of mortgage securitisation market in India and make recommendations to address various issues relating to originators/investors as well as market microstructure.

Statutory Repositories Reg. 21(2)(c)(ii) IBBI (Info. Utilities) Regulations 2017

Insolvency and Bankruptcy Board of India Circular No. IBBI/IU/025/2019 dated 7th September, 2019 (addressed to National E-Governance Services Limited), regarding "Statutory Repositories under regulation 21(2)(c)(ii) of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017".—

Regulation 21 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2019 reads as under: -

 “21. Information of default.
(1) An information utility shall expeditiously undertake the process of authentication and verification of information of default as soon as it is received.

[Tax] Exception to monetary limits for filing appeals specified in any Circular issued u/s 268A

Central Board Direct Taxes (Judicial Section) Circular No. 23 of 2019 dated 6th September 2019:—

"Exception to monetary limits for filing appeals specified in any Circular issued under Section 268A of the Income-tax Act, 1961"

Reference is invited to the Circulars issued from time to time by Central Board of Direct Taxes (the Board) under section 268A of the Income-tax Act,1961 (the Act), for laying down monetary limits and other conditions for filing of departmental appeals before Income Tax Appellate Tribunal (ITAT), High Courts and SLPs/appeals before Supreme Court.

Registration & Licensing of Industrial Undertaking (Amend.) Rules 2019

Ministry of Commerce and Industry (Department for Promotion of Industry and Internal Trade) Notification dated the 4th September, 2019 (Date of their publication in the Official Gazette: 6th September, 2019).—

G.S.R. 637(E).—Whereas draft of certain rules further to amend the Registration and Licensing of Industrial Undertakings Rules, 1952, were published, as required by sub-section (1) of section 30 of the Industries (Development and Regulation) Act, 1951 (65 of 1951), vide notification of the Government of India in the Ministry of Commerce and Industry (Department for Promotion of Industry and Internal Trade) number G.S.R. 145(E), dated the 20th February, 2019, in the Gazette of India Extraordinary, Part II, Sub-section (i) inviting objections and suggestions from all persons likely to be affected thereby, before the expiry of a period of thirty days from the date on which the copies of the Official Gazette in which the said notification is published, are made available to the public;

ESI: Exemption from payment of employee’s contribution (Rule 52 Amendment)

During the 176th meeting of ESI Corporation held on 5th December, 2018, it had been decided, keeping in view the rise in the National Floor Level Minimum Wages to Rs. 176, to enhance the exemption limit for payment of employees’ share of contribution from Rs. 137 to Rs. 176.

Recently, the same has been given an effect by Ministry of Labour and Employment's notification on 6th September, 2019.

[RBI] Reserve Money (M0) as on 30th August, 2019: ₹ 27,83,158 crore

Sep 04, 2019: The Reserve Bank has today released data on Reserve Money for the week ended August 30, 2019.

Reserve Money as on August 30, 2019: ₹27,83,158crore

Components (i+ii+iii)
i) Currency in Circulation: ₹21,76,383crore
ii) Bankers' Deposits with RBI: ₹5,75,794crore
iii)`Other' Deposits with RBI: ₹30,982crore

External Benchmark Based Interest Rate mandatory for certain loans

Sep 04, 2019: RBI Makes External Benchmark Based Interest Rate mandatory for certain categories of loans from October 1, 2019.

The Reserve Bank of India has been examining the feasibility of mandating the use of external benchmark for determining interest rate on floating rate loans. In August 2017 the RBI constituted an Internal Study Group (ISG) to examine the working of the Marginal Cost of Fund Based Lending Rate (MCLR) system that was put in place in April 2016.

The report of the ISG, which recommended the move over to an External Benchmark based Lending rate system, was placed in public domain in October 2017. The comments of the Study Group on the responses to the report were also placed in public domain as an addendum thereto in February 2018.

49,29,121 IT returns filed only on 31st August 2019: all time high record

Sep 1, 2019: The Income Tax department has made history with a quantum jump in the e-filing of Income-tax Returns (ITRs) with an all time high record of 49 lakh 29 thousand and 121 ITRs filed in a single day on 31st August 2019.

This has perhaps created a history as the tax administration nowhere in the world has achieved such huge online e-filing ITRs in a single day and that too so smoothly; with the IT department actively interacting with taxpayers on social media to help them resolve their grievances and e-filing related queries and getting accolades in return.

Rs. 98,202crore of Total Gross GST Revenue Collected in August 2019

Sep 1, 2019: The total gross GST revenue collected in the month of August, 2019 is ₹ 98,202crore of which CGST is ₹ 17,733crore, SGST is ₹ 24,239crore, IGST is ₹ 48,958crore (including ₹ 24,818crore collected on imports) and Cess is ₹7,273 crore (including ₹841crore collected on imports).

The total number of GSTR-3B returns filed for the month of July up to 31st August, 2019 is 75.80lakh.

The government has settled ₹ 23,165 crore to CGST and ₹ 16,623 crore to SGST from IGST as regular settlement.

The total revenue earned by Central Government and the State Governments after regular settlement in the month of August, 2019 is ₹ 40,898 crore for CGST and ₹ 40,862 crore for the SGST.

[Customs] Exchange Rate Notification w.e.f. 6th September 2019

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. 63/2019 - Customs (N.T.) dated 5th September, 2019 (w.e.f. 6th September, 2019).


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