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[IBBI] Annual Compliance Certificate For Insolvency Professional Agencies

Insolvency and Bankruptcy Board of India (IBBI) Circular No: IPA/009/2018 dated 19th April, 2018 to All Registered Insolvency Professional Agencies regarding 'Annual Compliance Certificate for Insolvency Professional Agencies', reads as follows:—

“1. The Insolvency and Bankruptcy Code, 2016 (Code), the IBBI (Insolvency Professional Agencies) Regulations, 2016, the IBBI (Model Bye Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and Guidelines, Circulars, and Directions issued thereunder cast several duties, responsibilities and obligations on the registered Insolvency Professional Agencies (IPAs). Section 196(1)(g) of the Code mandates the Insolvency and Bankruptcy Board of India (IBBI) to monitor performance of IPAs.

RBI Clarifies That There Is No Shortage Of Currency

Apr 17, 2018: RBI has clarified as follows — “It has been reported in a section of the media that there is shortage of currency in certain parts of the country. It is clarified at the outset that there is sufficient cash in the RBI vaults and currency chests. Nevertheless, printing of the notes has been ramped up in all the 4 note presses.

CCI Order: In Cartel Case By Leading Indian Zinc-Carbon Dry Cell Battery Manufacturers

Apr 19, 2018: CCI issues important order under Lesser Penalty Provisions in the cartel case by leading Indian Zinc-Carbon Dry Cell Battery Manufacturers:—

The Competition Commission of India (‘CCI’) passed Final Order imposing penalty on three leading Indian Zinc-Carbon Dry Cell Battery manufacturers-Eveready Industries India Ltd. (‘Eveready’), Indo National Ltd. (‘Nippo’), Panasonic Energy India Co. Ltd. (‘Panasonic’) and their association AIDCM (Association of Indian Dry Cell Manufacturers) for colluding to fix prices of zinc-carbon dry cell battery in India. CCI invoked the provisions of Section 46 of the Competition Act, 2002 (‘the Act’) read with the Competition Commission of India (Lesser Penalty) Regulations, 2009 (‘Lesser Penalty Regulations’) to reduce the penalty imposed upon Panasonic, Eveready and Nippo by 100 percent, 30 percent and 20 percent respectively.

[Customs] Exchange Rate Notification w.e.f. 20th April, 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. 33/2018 - Customs (N.T.) dated 19th April, 2018 (w.e.f. 20th April, 2018). The contents of the said notification are reproduced as under:—

Central Goods And Services Tax (Fourth Amendment) Rules, 2018 - Notified

Central Board of Indirect Taxes and Customs (CBIC), in exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), vide Notification No. 21/2018 – Central Tax dated the 18th April, 2018, has made and notified the Central Goods and Services Tax (Fourth Amendment) Rules, 2018, further to amend the Central Goods and Services Tax Rules, 2017. These rules shall come into force on the date of their publication in the Official Gazette. The copy of the rules is available at the CBIC portal.

[GST] Procedure For Interception Of Conveyances For Inspection Of Goods In Movement

Central Board of Indirect Taxes and Customs (CBIC) Circular No. 41/15/2018-GST dated the 13th April, 2018, regarding 'Procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances' :–

1. Sub-section (1) of section 68 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”) stipulates that the person in charge of a conveyance carrying any consignment of goods of value exceeding a specified amount shall carry with him the documents and devices prescribed in this behalf. Sub-section (2) of the said section states that the details of documents required to be carried by the person in charge of the conveyance shall be validated in such manner as may be prescribed. Sub-section (3) of the said section provides that where any conveyance referred to in sub-section (1) of the said section is intercepted by the proper officer at any place, he may require the person in charge of the conveyance to produce the documents for verification, and the said person shall be liable to produce the documents and also allow the inspection of goods.

Roll-out Of E-Way Bill System For Intra-State Supplies (BH, JH, HR, HP, TR & UT)

Apr 18, 2018: Roll out of e-Way Bill system for intra-State movement of goods in the States of Bihar, Jharkhand, Haryana, Himachal Pradesh, Tripura and Uttarakhand from 20th April, 2018 : -

CBIC — “As per the decision of the GST Council, e-Way Bill system for all inter-State movement of goods has been rolled out from 01st April, 2018. As on 15th April, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Gujarat, Karnataka, Kerala, Telangana and Uttar Pradesh. E-Way Bills are getting generated successfully and till 17th April, 2018 more than one crore thirty three lakh e-Way Bills have been successfully generated which includes more than six lakh e-Way Bills which have been generated for intra-State movement of goods from 15th to 17th of April, 2018.

Amendment To SEBI (STP Centralised Hub & STP Service Providers) Guidelines 2004

SEBI circular no. SEBI/HO/MIRSD/DOSR1/CIR/P/2018/0000000072 dated April 17, 2018 regarding "Amendment to the Securities and Exchange Board of India (STP Centralised Hub and STP Service Providers) Guidelines, 2004", reads as follows:-

1. Securities and Exchange Board of India (STP Centralised Hub and STP Service Providers) Guidelines, 2004 (“Guidelines”) issued vide Circular No. DNPD/Cir-24/04 dated May 26, 2004, to regulate the services and infrastructure set-up in respect of Straight Through Processing (“STP”).

What Do Home Inspectors Look For When Selling Your House? - Complete Checklist

Imagine this scenario. You are all prepared to sell out your house; you are working diligently with your real estate agent to get the best deal. Everything is going smooth and within no time you will sell your house and even make good money from selling it.

Your excitement and happiness is exhilarating! You even have a house in your mind, where you will move in next and maybe even have all your plans set to buy it as soon as possible.

[GST] Clarification: Procedure For Arrears Recovery Under Existing Law & Reversal Of Inadmissible Input Tax Credit

Central Board of Indirect Taxes and Customs GST Policy Wing Circular No. 42/16/2018-GST dated the 13th April, 2018, reads as follows:-

1. Kind attention is invited to the provisions of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the CGST Act) relating to the recovery of arrears of central excise duty /service tax and CENVAT credit thereof, CENVAT credit carried forward erroneously and related interest, penalty or late fee payable arising as a result of the proceedings of assessment, adjudication, appeal etc. initiated before, on or after the appointed date under the provisions of the existing law. In this regard, representations have been received seeking clarification on the procedure for recovery of such arrears in the GST regime.

[GST] Queries Regarding Processing Of Refund Applications For UIN Agencies

Central Board of Indirect Taxes and Customs (CBIC) has, vide Circular No. 43/17/2018-GST dated the 13th April, 2018, issued certain clarifications on the queries regarding processing of refund applications for UIN agencies, which reads as under:-

1. The Board vide Circular No. 36/10/2017 dated 13th March, 2018 clarified and specified the detailed procedure for UIN refunds. After issuance of the Circular, a number of queries and representations have been received regarding the processing of refund to agencies which have been allotted UINs. In order to clarify some of the issues and to ensure uniformity in the implementation of the provisions of the law across field formations, the Board, in exercise of its powers conferred under section 168 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”) hereby clarifies the following issues: