India’s Foreign Trade: February 2019 (Data/Stats on Exports & Imports)

Mar 15, 2019: The data on foreign trade of India for the month of February-2019 as released by the Ministry of Commerce & Industry, Department of Commerce, Economic Division, is presented hereunder.

India’s overall exports (Merchandise and Services combined) in April-February 2018-19* are estimated to be USD 483.98 Billion, exhibiting a positive growth of 8.73 per cent over the same period last year. Overall imports in April-February 2018-19* are estimated to be USD 577.31 Billion, exhibiting a positive growth of 9.42 per cent over the same period last year.

[GST] Clarification - Nature of supply of Priority Sector Lending Certificates (PSLC)

Ministry of Finance, Department of Revenue, Circular No. 93/12/2019-GST, dated 8th March, 2019 :-

Representations have been received requesting to clarify whether IGST or CGST/ SGST is payable for trading of PSLC by the banks on e-Kuber portal of RBI.

2. In this regard, it is stated that Circular No. 62/36/2018-GST dated 12.09.2018 was issued clarifying that GST on PSLCs for the period 1.7.2017 to 27.05.2018 will be paid by the seller bank on forward charge basis and GST rate of 12% will be applicable on the supply. Further, Notification No. 11/2018-Central Tax (Rate) dated 28.05.2018 was issued levying GST on PSLC trading on reverse charge basis from 28.05.2018 onwards to be paid by the buyer bank.

Reserve Bank of India (Prevention of Market Abuse) Directions 2019

RBI Notification No. FMRD.FMSD.12/2019 dated March 15, 2019

Reserve Bank of India (Prevention of Market Abuse) Directions, 2019

The Reserve Bank of India (herein after called the ‘Bank’), having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of the powers conferred by section 45W of the RBI Act read with section 45U of the Act and of all the powers enabling it in this behalf, hereby issues the following Directions to all persons dealing in securities, money market instruments, foreign exchange instruments, derivatives or other instruments of like nature as the Bank may specify from time to time.

How Corporate Fraud Cases Can Affect A Business Financially?

Fraud can happen to any business, whether big or small. Any person from your staff can commit the crime, which is why you need trusted financial planners such as Capstone to help you with managing your finances. But if fraud does happen to your company, you should be aware of the potential consequences it could bring. Take a look down below at how fraud can affect your company’s finances.

Lose The Trust Of Investors And Creditors

RBI releases 2018 list of Domestic Systemically Important Banks (D-SIBs)

Mar 14, 2019: SBI, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as last year.

The additional Common Equity Tier 1 (CET1) requirement for D-SIBs has already been phased-in from April 1, 2016 and will become fully effective from April 1, 2019. The additional CET1 requirement will be in addition to the capital conservation buffer.

The updated list of D-SIBs is as follows-

[SEBI] Clarification on Cyber Security & Cyber Resilience Circular

SEBI Circular No. CIR/HO/MIRSD/DOS2/CIR/PB/2019/038 dated March 15, 2019 regarding "Clarification to Cyber Security & Cyber Resilience framework for Stock Brokers / Depository Participants", reads as follows:

1. SEBI vide circular no. SEBI/HO/MIRSD/CIR/PB/2018/147 dated December 03, 2018, has issued compliance norms for Cyber Security & Cyber Resilience framework for Stock Brokers / Depository Participants.

2. Subsequently, SEBI has received representations from the stock brokers with respect to para 7 of Annexure- 1 to the aforesaid circular. Accordingly, it is clarified that in Para 7, the words “Internal Technology Committee” stands replaced as “Technology Committee”.

[RBI] Data on India’s International Trade in Services for January 2019

Mar 15, 2019: The Reserve Bank releases monthly data on India’s international trade in services with a lag of around 45 days.

The value of exports and imports of services during the month of January 2019 are given in the following Table.