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CBIC to observe Third Refund Fortnight to clear pending refunds

July 16, 2018: Refunds of GST have been a concern for the Government and Trade for the past several months. In this regard, the CBIC has observed two special drives cum refund fortnights in the Month of March, 2018 (15th to 31st March, 2018) and June, 2018 (31st May to 16th June, 2018) respectively.
These refund fortnights have provided a lot of relief to the trade. In the 1st refund fortnight, Rs. 4265 Crore IGST refunds and Rs. 1136 Crore ITC refunds were sanctioned by field formations of CBIC. Similarly, during the 2nd refund fortnight, Rs. 6087 Crore IGST refunds and Rs. 1548 Crore ITC refunds were sanctioned by CBIC. In case of IGST refunds for goods exported out of India, the percentage of amount of refund claims disposed by CBIC is already more than 90%.

[Customs] Exchange Rate Notification w.e.f. 6th July 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. 60/2018 - Customs (N.T.) dated 5th July, 2018 (w.e.f. 6th July, 2018).
The contents of the said notification are reproduced as under:—
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.55/2018-CUSTOMS (N.T.), dated 21st June, 2018 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 6th July, 2018, be the rate mentioned against it in the corresponding…

Central Goods and Services Tax (Seventh Amendment) Rules 2018

Central Board of Indirect Taxes and Customs (CBIC) Notification No. 29/2018 - Central Tax dated the 6th July, 2018, reads as follows.–
In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-
1. (1) These rules may be called the Central Goods and Services Tax (Seventh Amendment) Rules, 2018.

SEBI Clarification: Raising Industry standards for RTAs, Issuer Companies

SEBI Circular No. SEBI/HO/MIRSD/DOS3/CIR/P/2018/115 dated 16th July 2018, reads as follows:
1. SEBI, vide circular No. SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 dated April 20, 2018, inter-alia, mandated RTAs to send a letter under Registered / Speed post seeking PAN and bank details within 90 days of the said circular and two reminders thereof after the gap of 30 days.
2. In this regard SEBI has received several representations to extend the timelines of first letter so as to bunch it up with annual reports/notices of AGM. Further, clarifications have been sought to send the reminders by way of modes other than Registered / Speed post, citing huge cost involved and the efficacy of sending reminders by way of other modes; especially in cases where first letter sent by Registered / Speed Post returned undelivered.

[SEBI] Investment by FPI through Primary Market issuances

SEBI Circular No. IMD/FPIC/CIR/P/2018/114 dated July 13, 2018, addressed to 1. All Foreign Portfolio Investors (through their Custodian of Securities) 2. All Custodians 3. The Depositories (NSDL and CDSL) 4. All Registrar and Transfer Agents 5. All Merchant Bankers, reads as follows:
1. Regulation 21(7) of SEBI (Foreign Portfolio Investors) Regulations, 2014 ('FPI Regulations') mandates that the purchase of equity shares of each company by a single foreign portfolio investor or an investor group shall be below ten percent of the total issued capital of the company.
2. Further, Regulation 23(3) of FPI Regulations requires that in case the same set of ultimate beneficial owner(s) invest through multiple entities, such entities shall be treated as part of same investor group and the investment limits of all such entities shall be clubbed at the investment limit as applicable to a single foreign portfolio investor.