RBI/2021-22/66 DoR.SPE.REC.29/13.03.00/2021-2022 July 02, 2021 All Scheduled Commercial Banks (including RRBs) All Small Finance Banks All Local Area Banks All Primary (Urban) Co-operative Banks/ District Central Co-operative Banks/ State Co-operative Banks Dear Sir / Madam, Review of Instructions on Interest on overdue domestic deposits Please refer to Section 9 (b) ofMaster Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 dated March 3, 2016, an...

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Category : RBI | Comments : 0 | Hits : 934

RBI/2021-22/65 DOR.CRE(DIR).REC.28/04.02.001/2021-22 July 1, 2021 All Scheduled Commercial Banks (excluding RRBs), Small Finance Banks, Primary (Urban) Cooperative Banks and EXIM Bank Dear Sir / Madam, Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit - Extension Please refer to the instructions issued videcircular DOR.CRE.REC.06/04.02.001/2021-22 dated April 12, 2021. 2. Government of India has approved the extension of Interest Equalization Scheme f...

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Category : RBI | Comments : 0 | Hits : 817

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi -110 011 New Delhi Notification No. 11/2015-2020 | Dated: 1st July, 2021 Subject: Extension in period of modification of IEC till 31.07.2021 and waiver of fees for IEC updation during July, 2021– reg. In exercise of powers conferred by Section 3 read with Section 5 of the FTD(D&R) Act, 1992 , read with paragraph 1 02 and 2.01 of the F...

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Category : Corporate Laws | Comments : 0 | Hits : 608

In continuation of this Ministry’s General Circular No.07/2021 dated 03.05.2021 on the captioned subject cited and after due examination of the requests received from stakeholders, it has been decided to substitute the figures “31.05.2021” and “01.06.2021” wherever they appear in the said circular with the figures “31.07.2021” and 01.08.2021″ respectively....

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Category : Corporate Laws | Comments : 0 | Hits : 623

In continuation to this Ministry’s General Circular No.06/2021 dated 03.05.2021 and on account of requests for further extension of timelines specified in the said Circular, it has been decided to grant additional time upto 31st August, 2021 to companies/UPs to file forms under the Companies Act, 2013/ LLP Act, 2008 (other than a CH6-1 Form, CH6-4 Form and CH6-9 Form) which were/are due for filing during 1st April, 2021 to 31st July, 2021 without any additional fees. Accordingly, only norm...

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Category : Corporate Laws | Comments : 0 | Hits : 550

RBI/2021-22/64 DOR.ORG.REC.27/21.04.158/2021-22 June 28, 2021 The Chief Executive Officer All Co-operative Banks Madam / Dear Sir, Guidelines for Managing Risk in Outsourcing of Financial Services by Co-operative Banks It is observed that the co-operative banks are increasingly using outsourcing as a means for reducing costs as well as for availing specialist expertise, where these are not available internally. 2. While it is entirely the banks’ prerogative to take a vi...

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Category : RBI | Comments : 0 | Hits : 626

RBI/2021-22/60 DOR.GOV.REC.25/12.10.000/2021-22 June 25, 2021 The Chairman / Managing Director / Chief Executive Officer All Primary (Urban) Co-operative Banks Madam / Dear Sir, Appointment of Managing Director (MD) / Whole-Time Director (WTD) in Primary (Urban) Co-operative Banks In terms of powers conferred under Sections 10, 10B, 10BB, 35A, 35B, 36AA and 53A (read with Section 56) of the Banking Regulation Act, 1949 (as amended), hereinafter called as “Act”, relat...

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Category : RBI | Comments : 0 | Hits : 707

RBI/2021-22/61 FMRD.DIRD.06/14.01.001/2021-22 June 25, 2021 To All Eligible Market Participants Madam / Sir Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 Please refer to theMaster Direction – Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 dated April 01, 2021(hereinafter referred as ‘Master Directions’). 2. On a review based on representations received, the prudential borrowing limits for transac...

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Category : RBI | Comments : 0 | Hits : 437

RBI/2021-2022/62 DOR.CRE(DIR).REC.26/21.04.103/2021-22 June 25, 2021 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam/ Dear Sir, Appointment of Chief Risk Officer in Primary (Urban) Co-operative Banks With increasing size and scope of business, Primary (Urban) Co-operative Banks (UCBs) are gradually getting exposed to greater degree of risks. It is, therefore, necessary that every UCB focuses its attention on putting in place appropriate risk management m...

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Category : RBI | Comments : 0 | Hits : 448

RBI/2021-2022/63 FIDD.MSME & NFS.BC.No.12/06.02.31/2021-22 June 25, 2021 The Chairman/ Managing Director/Chief Executive Officer All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks / District Central Co-operative Banks All-India Financial Institutions All Non-Banking Financial Companies Dear Sir/Madam, New Definition of Micro, Small and Medium Enterprises Please r...

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Category : RBI | Comments : 0 | Hits : 545

RBI/2021-22/59 DOR.ACC.REC.No.23/21.02.067/2021-22 June 24, 2021 All Non-Banking Financial Companies (NBFCs) Madam / Sir, Declaration of dividends by NBFCs In order to infuse greater transparency and uniformity in practice, it has been decided to prescribe guidelines on distribution of dividend by NBFCs. Applicability 2. These guidelines shall be applicable to all NBFCs regulated by RBI1as below: (a) Applicable NBFCs as defined in Paragraph 2(2) ofNon-Banking Financial C...

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Category : RBI | Comments : 0 | Hits : 434

RBI/2021-22/58 DOR.CRE(DIR).REC.24/23.67.001/2021-22 June 23, 2021 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Gold (Metal) Loans – Repayment Please refer to instructions issued videcirculars DBOD.No.IBS.1519/23.67.001/98-99 dated December 31, 1998,DBOD.No.IBS.3161/23.67.001/98-99 dated June 25, 1999,DBOD.No.IBD.BC.33/23.67.001/2005-06 dated September 5, 2005,DBOD.No.IBD.BC.71/23.67.001/2006-07 dated April 3, 2007andDBOD.No.IBD.BC.104/...

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Category : RBI | Comments : 0 | Hits : 460

Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 (hereinafter referred to as "the Act") which takes effect from I Sl day of July, 2021. These sections mandate tax deduction (section 206AB) or tax collection (section 206CCA) at higher rate in case of certain non-filers (specified persons) with respect to tax deductions (other than under sections 192, 192A, 194B, 194BB, I 94LBC and I 94N) and tax collections. Higher rate is twice the prescribed rate...

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Category : CBDT | Comments : 0 | Hits : 1859

RBI/2021-22/56 A. P. (DIR Series) Circular No. 07 June 17, 2021 To All Category - I Authorised Dealer Banks Madam / Sir, Liberalised Remittance Scheme for Resident Individuals – Reporting Attention of all Authorised Dealer Category - I (AD Category - I) banks is invited toA. P. (DIR Series) Circular No. 106 dated May 23, 2013, in terms of which, AD Category -I banks were required to upload the data in respect of number of applications received and the total amount remitt...

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Category : FEMA | Comments : 0 | Hits : 626

G.S.R. 409(E).—In exercise of the powers conferred by sections 173, 177, 178 and section 186, read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Meetings of Board and its Powers) Rules, 2014, namely:— 1. (1) These rules may be called the Companies (Meetings of Board and its Powers) Amendment Rules, 2021. (2) They shall come into force on the date of their publication in the Offic...

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Category : Corporate Laws | Comments : 0 | Hits : 663

MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 73/2021-Income Tax | Dated: 15th June, 2021 S.O. 2336(E).—In exercise of the powers conferred by clause (v) of theExplanationto section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, publishe...

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Category : CBDT | Comments : 0 | Hits : 676

RBI/2021-22/55 CO.DPSS.AUTH.No.S190/02.27.005/2021-22 June 14, 2021 All entities authorised to operate Payment Systems in India Madam / Dear Sir, Investment in Entities from FATF Non-compliant Jurisdictions A reference is invited to thecircular DOR.CO.LIC.CC No.119/03.10.001/2020-21 dated February 12, 2021issued by the Department of Regulation, Reserve Bank of India (RBI) on investment in NBFCs from FATF non-compliant jurisdictions. With a view to maintaining consistency, the cor...

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Category : RBI | Comments : 0 | Hits : 594

RBI/2021-22/54 CO.DPSS.POLC.No.S188/02-27-020/2021-2022 June 14, 2021 The Chairman and Managing Director / Chief Executive Officer Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payment Banks / Small Finance Banks / NPCI Bharat BillPay Ltd. / Bharat Bill Payment System Providers / System Participants and prospective Bharat Bill Payment Operating Units Madam / Dear Sir, Bharat Bill Payment S...

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Category : RBI | Comments : 0 | Hits : 608

(Ref.No.DoS.CO.ARG/SEC.01/08.91.001/2021-22 April 27, 2021) TheCircular dated April 27, 2021on ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs), has been issued by RBI with the basic objectives of putting in place ownership-neutral regulations, ensuring independence of auditors, avoiding conflict of interest in auditor’s appointments and to improve the quality and standar...

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Category : RBI | Comments : 0 | Hits : 2216

RBI/2021-22/53 DoS.CO. PPG.SEC/03/11.01.005/2021-22 June 11, 2021 The Chairman / Managing Director / Chief Executive Officer of: All deposit taking HFCs All non-deposit taking HFCs with asset size of ₹5,000 crore and above Madam/Dear Sir, Risk Based Internal Audit (RBIA) Please refer to thecircular Ref. No. DoS.CO.PPG/SEC.05/11.01.005/2020-21 dated February 03, 2021on the captioned subject. 2. On a review, it has been decided that the provisions of the aforesaid circul...

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Category : RBI | Comments : 0 | Hits : 599

RBI/2021-22/52 DPSS.CO.OD.No.S-182/06.07.011/2021-22 June 10, 2021 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Authorised ATM Network Operators / Card Payment Network Operators / White Label ATM Operators Madam / Dear Sir, Usage of Automated Teller Machines / Cash Recycler Machines – Review of Interchange Fee and Cust...

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Category : RBI | Comments : 0 | Hits : 490

G.S.R. 395(E).— In exercise of the powers conferred by sections 194,194A,194Q, 196D, 206AB and 206CCAread 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:-...

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Category : CBDT | Comments : 0 | Hits : 569

RBI/2021-22/51 DCM(Plg).No. 51961/10.27.00/2021-22 June 8, 2021 The Chairman & Managing Director Chief Executive Officers All Banks Dear Sir, Preservation of CCTV recordings Please refer to ourcircular DCM (Plg) No. 1712/10.27.00/2016-17 dated December 13, 2016wherein the banks were advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016 to December 30, 2016, until further instructions, to facilitate c...

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Category : RBI | Comments : 0 | Hits : 401

RBI/2021-22/50 FMRD.FMID.No.05/14.01.006/2021-22 June 7, 2021 To All participants in Government securities market Madam/Sir, Transactions in Government securities by Foreign Portfolio Investors: Reporting Over the counter (OTC) transactions in Government securities (including State Development Loans and Treasury Bills) undertaken by market participants other than on the Negotiated Dealing System – Order Matching (NDS-OM) platform are required to be reported to the &lsquo...

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Category : RBI | Comments : 0 | Hits : 415

RBI/2021-22/79 FMRD.DIRD.03/14.01.003/2021-22 June 4, 2021 To, All Eligible Market Participants Madam/Sir, Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021 Please refer to Paragraph 6 of theStatement on Developmental and Regulatory Policies, announced as a part of thesecond Bi-monthly Monetary Policy Statement for 2019-20 dated June 06, 2019regarding Comprehensive Review of Money Market Directions. 2. The draft Directions were release...

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Category : RBI | Comments : 0 | Hits : 591

RBI/2021-22/49 DoR.RET.REC.19/12.05.009/2021-22 June 04, 2021 The Chairman / Managing Director / Chief Executive Officer All Primary (Urban) Co-operative Banks, All State Co-operative Banks and Central Co-operative Banks Madam/Sir Submission of returns under Section 31 of the Banking Regulation Act, 1949 (AACS) – Extension of time In terms of Section 31 of the Banking Regulation Act, 1949 (“the Act”), read with Section 56 of the Act, accounts and balance sheet...

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Category : RBI | Comments : 0 | Hits : 582

RBI/2021-22/48 A.P. (DIR Series) Circular No.06 June 4, 2021 To All Authorised Persons Madam / Sir Payment of margins for transactions in Government Securities by Foreign Portfolio Investors Attention is invited to the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 notified, videNotification No. FEMA 3(R)/2018-RB dated December 17, 2018, as amended from time to time, and the relevant directions issued thereunder. 2. All transactions in government secur...

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Category : FEMA | Comments : 0 | Hits : 490

G.S.R…(E).- In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:...

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Category : GST | Comments : 0 | Hits : 569

G.S.R….. (E).- In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and sub-rule (3) of rule 45 of the Central Goods and Services Tax Rules, 2017, the Commissioner, with the approval of the Board, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 11/2021- Central Tax, dated the 1st May, 2021, published in the Gazette of India, Extraordinary, ...

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Category : GST | Comments : 0 | Hits : 508

G.S.R.....(E).— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2019- Central Tax, dated the 23rd April, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 322(E)...

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Category : GST | Comments : 0 | Hits : 494