RTGS System: Implementation of Positive Confirmation (RBI Notification)

RBI Notification No. DPSS (CO) RTGS No.1049/04.04.016/2018-19 dated 15th November 2018, addressed to The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS, regarding Real Time Gross Settlement (RTGS) System - Implementation of Positive Confirmation, reads as follows:-

1. Presently, the National Electronic Funds Transfer (NEFT) system provides for sending a positive confirmation to the remitter of the funds regarding completion of the funds transfer, thus giving an assurance to the remitter that the funds have been successfully credited to the beneficiary account. It has now been decided that banks will provide the same facility to the remitter of funds under the RTGS system as well.

Income-tax (12th Amendment) Rules 2018: Rule 114 & Form 49A Modified

Central Board of Direct Taxes (CBDT) Notification dated the 19th November 2018 :-

G.S.R. 1128(E).—In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. Short, title and commencement.-

(1) These rules may be called the Income-tax (Twelfth Amendment) Rules, 2018.

Disclosure of reasons for delay in submission of financial results by listed entities

SEBI Circular CIR/CFD/CMD-1/142/2018 dated 19th November 2018 :-

1. Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), inter-alia, specifies timelines for submission of financial results by listed entities. Accordingly, the quarterly and annual financial results are to be submitted by listed entities to stock exchanges within forty-five/sixty days from the end of the quarter/financial year. It is expected that the listed entities shall adhere to the aforesaid timelines for submission of financial results.

Govt issues Clarification regarding Maternity Leave Incentive Scheme

Nov 16, 2018: In a section of media, there have been some reports about Maternity Leave Incentive Scheme. In this regard, the Ministry of Labour & Employment has clarified the following - 

Background-

 (i) The Maternity Benefit Act, 1961 applies to establishments employing 10 or more than 10 persons in Factories, Mines, Plantation, Shops & Establishments and other entities. The main purpose of this Act is to regulate the employment of women in certain establishments for certain period before and after child birth and to provide maternity benefit and certain other benefits. The Act was amended through the Maternity Benefit (Amendment) Act, 2017 which, inter alia, has increased the paid maternity leave to women employees from 12 weeks to 26 weeks.

SEBI circular - Disclosures regarding Commodity risks by Listed entities

SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141 dated 15th November 2018 -

1. Regulation 34(3) read with clause 9(n) of Part C of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) mandates listed entities to make disclosures regarding commodity price risk and hedging activities in the Corporate Governance Report section of the Annual Report of a listed entity.

[Customs] Exchange Rate Notification w.e.f. 16th November 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. 93/2018 - Customs (N.T.) dated 15th November, 2018 (w.e.f. 16th November, 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.90/2018-CUSTOMS (N.T.), dated 1st November, 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 16th November, 2018, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

National Financial Reporting Authority (NFRA) Rules 2018 - Notified

In exercise of the powers conferred under sub-sections (2) and (4) of section 132, sub-section (1) of section 139 and sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government has made the National Financial Reporting Authority Rules, 2018. Ministry of Corporate Affairs has notified the said rules on 13th November 2018. The full text of the rules are available at MCA site.