Notifications & Circulars

Press Information Bureau

03.05.2018

Service

EPFO Introduces 'View Pension Passbook' Service for the pensioners through Umang App

MANU/PIBU/0789/2018

Employees' Provident Fund Organisation (EPFO), which is providing a host of e-services for its stakeholders, has now introduced a new service through 'UMANG app'. On clicking 'View Passbook' option, it requires PPO Number and Date of Birth information to be entered by the pensioner. After successful validation of the information fed, an OTP will be sent to the registered mobile number of the pensioner. On entering OTP, 'Pensioner Passbook' will display the details of the pensioner like Name, DOB along with last pension credited information. The facility to download the financial year wise complete pass book details is also available.

Other e-services of EPFO already available through UMANG aap includes Employee Centric services (View EPF Passbook, Raise claim, Track Claim), Employer Centric Services (Get remittance details by establishment ID, Get TRRN Status), General Services (Search Establishment, Search EPFO Office, Know Your claim Status, Account details on SMS, Account details on Missed Calls), Pensioner Services (Update Jeevan Praman), eKYC services (Aadhaar Seeding).

Tags : Passbook Service Pensioners Umang App

Top

Press Information Bureau

03.05.2018

Direct Taxation

CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962

MANU/PIBU/0790/2018

Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 ('the Act') so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has also been provided that for this purpose the fair market value of inventory on the date of conversion or treatment determined in prescribed manner shall be deemed to be the full value of consideration. Accordingly, rules are to be framed for providing the manner in which fair market value of the inventory shall be determined.

In view of the above, it is proposed to insert a new rule 11UAB in the Income-tax Rules, 1962 for prescribing the manner of determination of fair market value of the inventory which has been converted into, or treated as, capital asset.

In order to have wider consultation in this matter, the draft of notification proposed to be issued for amending the Income-tax Rules, 1962 has been uploaded on www.incometaxindia.gov.in. Stakeholders are requested to submit their comments/ suggestions on the draft notification by 14.05.2018 at the e-mail address dirtpl2@nic.in.

Tags : Draft notification New Rule Suggestion

Top

Reserve Bank of India

03.05.2018

Banking

Monitoring of foreign investment limits in listed Indian companies

MANU/APDR/0013/2018

1. Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Foreign Exchange Management (Transfer or Issue of Security by a person Resident outside India) Regulations, 2017 notified vide Notification No. FEMA 20(R)/2017-RB dated November 07, 2017 and as amended from time to time, in terms of which the onus of compliance with the sectoral/ statutory caps on foreign investment lies with the Indian investee company.

2. Currently, Reserve Bank of India receives data on investment made by Foreign Portfolio Investors (FPI) and Non-resident Indians (NRI) on stock exchanges from the custodian banks and Authorised Dealer Banks for their respective clients, based on which restrictions beyond a threshold limit is imposed on FPI/ NRI investment in listed Indian companies.

3. In order to enable listed Indian companies to ensure compliance with the various foreign investment limits, Reserve Bank in consultation with Securities and Exchange Board of India (SEBI), has decided to put in place a new system for monitoring foreign investment limits, for which the necessary infrastructure and systems for operationalizing the monitoring mechanism, shall be made available by the depositories. The same has been notified by SEBI vide Circular-IMD/FPIC/CIR/P/2018/61 dated April 05, 2018 read with Circular- IMD/FPIC/CIR/P/2018/74 dated April 27, 2018.

4. In terms of para 6 of Annexure A of the circular dated April 05, 2018, all listed Indian companies are required to provide the specified data/ information on foreign investment to the depositories. The requisite information may be provided before May 15, 2018. The listed Indian companies, in non-compliance with the above instructions will not be able to receive foreign investment and will be non-compliant with Foreign Exchange Management Act, 1999 (FEMA) and regulations made thereunder.

5. All Authorised Dealer Banks are advised to instruct their clients and respective Indian companies, about the system requirement at para 4 of this circular.

6. Further, upon implementation of the new monitoring system, all Authorised Dealer banks would be required to provide the details of investment made by their respective NRI clients to the depositories in the format as provided by the depositories/ SEBI. In addition, the reporting to Reserve Bank in the existing system, viz., LEC (NRI) and LEC (FII), would continue.

7. AD Category-I banks may bring the contents of this circular to the notice of their customers / constituents concerned.

8. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Tags : Foreign investment limits Monitoring

Top

Reserve Bank of India

03.05.2018

Banking

Guidelines on Stripping/Reconstitution of Government Securities

MANU/IDMC/0008/2018

1. Please refer to paragraph 7 of the Statement on Regulatory and Developmental Policies announced on April 5, 2018 regarding review of the mechanism of the Separate Trading of Registered Interest and Principal of Securities (STRIPS) which was introduced w.e.f. April 1, 2010.

2. With a view to meeting the diverse needs of investors and making Separate Trading of Registered Interest and Principal of Securities (STRIPS) more aligned with market requirements, it has been decided to revise the existing guidelines. Accordingly, it is proposed to remove the restrictions on the securities eligible for Stripping/Reconstitution as well as the requirement of authorization of all requests for Stripping/Reconstitution by Primary Dealers (PDs).

3. In view of the above, in partial modification of the existing instructions issued vide our Notification IDMD.1762/2009-10 dated October 16, 2009 read with our circular IDMD.DOD.07/11.01.09/2009-10 dated March 25, 2010, it is specified as under:

Eligible Securities

(a) All fixed coupon securities issued by Government of India, irrespective of the year of maturity, are eligible for Stripping/Reconstitution, provided that:

(i) The securities are reckoned as eligible investment for the purpose of Statutory Liquidity Ratio (SLR).

(ii) The securities are transferable.

Placing of Requests

(b) Market participants, having an SGL account with RBI can place requests directly in e-kuber for stripping/reconstitution.

(c) Requests for stripping/reconstitution by Gilt Account Holders (GAH) shall be placed with the respective Custodian maintaining the CSGL account, who in turn, will place the requests on behalf of its constituents in e-kuber.

4. The notification to the above effect dated April 25, 2018 is enclosed.

Tags : Reconstitution Government Securities Guidelines

Top

Press Information Bureau

02.05.2018

Civil

Cabinet approves Doubling of Investment Limit for Senior Citizens from Rs. 7.5 lakh to Rs.15 lakh under Pradhan Mantri Vaya Vandan Yojana (PMVVY)

MANU/PIBU/0785/2018

The Union Cabinet chaired by chaired by Prime Minister Shri Narendra Modi has given its approval for extending the investment limit from Rs 7.5 lakhs to Rs 15 lakhs as well as extension of time limits for subscription from 4th May 2018 to 31st March, 2020 under the Pradhan Mantri Vaya Vandan Yojana (PMVVY) as part of Government's commitment for financial inclusion and social security.

Further, as a boost to the Social Security initiatives for senior citizens, the investment limit of Rs 7.5 lakh per family in the existing scheme is enhanced to Rs 15 lakh per senior citizen in the modified PMVVY, thereby providing a larger social security cover to the Senior citizens. It will enable upto Rs. 10000 Pension per month for Senior Citizens.

As of March, 2018, a total number of 2.23 lakh senior citizens are being benefited under PMVVY. In the previous scheme of Varishtha Pension Bima Yojana-2014, a total number of 3.11 lakh senior citizens are being benefited.

Background:

The PMVVY is being implemented through Life Insurance Corporation of India (LIC) to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme provides an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis. The differential return, i.e. the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.

Tags : Investment Limit Senior Citizens Doubling Approval

Top

Press Information Bureau

02.05.2018

Civil

Cabinet approves Restructuring of the Indian Bureau of Mines (IBM)

MANU/PIBU/0786/2018

The Union Cabinet chaired by chaired by Prime Minister Shri Narendra Modi has approved the Restructuring of the Indian Bureau of Mines (IBM) by upgradation, creation and abolition of certain posts of Joint Secretary-level and above. The total cadre strength of Indian Bureau of Mines has been maintained at the existing strength of 1477.

The restructuring would help in enabling the IBM to effectively discharge its function to help reform and transform the regulation of the mineral sector. It will enable the adoption of IT and space technology by the IBM to improve its effectiveness in mineral regulation and development. Further, the posts entail a great deal of decision-making and accountability in the functioning of the organization.

Impact:

The proposal will create direct employment opportunities for technical personnel with higher responsibility for contribution in faster development of mineral sector, thereby generating more employment avenues in the sector as a whole. The improved and enhanced performance of IBM would benefit the mining sector.

Details:

The upgradation, creation and abolition of certain posts of Joint Secretary-level in IBM consists of:

Creation of 1 post of Chief Controller of Mines in Level 15 and 3 posts of Controller of Mines in Level 14;

Upgradation of 11 posts i.e. 1 post of Controller General from Level 15 to 16, 2 posts each of Chief Controller of Mines and Director (Ore-Dressing) from Level 14 to 15 and upgradation of 8 posts (5 posts of Controller of Mines, 1 each of Chief Mineral Economist, Chief Ore-Dressing Officer and Chief Mining Geologist) in the existing Level of 13A to 14; and

Abolition of 1 existing cadre post of Deputy Director General (Statistics), an officer of Indian Statistical Service in Level 14 in pay matrix.

Background:

IBM was set up by the Government of India on 1st March, 1948 under the Ministry of Works, Mines and Power, primarily as an advisory body to help in formulation of policy and legal framework for mining sector and advising Central and State Governments on development and utilization of mineral resources. The role and responsibility of IBM have changed with emerging needs of the sector as facilitator and regulator of mining sector (other than coal, petroleum and atomic minerals).

Ministry of Mines had constituted a Committee for comprehensive 'Review and Restructuring of the Functions and Role of IBM' in the light of the 'National Mineral Policy' (NMP) 2008 The Committee submitted its report on 04.5.2012 which was accepted in the Ministry.

The Ministry of Mines has taken a number of initiatives through IBM for effective facilitation and regulation of the mineral sector:

implementation of the Sustainable Development Framework (SDF) and Star Rating of Mines for their efforts and initiatives encompassing the scientific, environmental and social aspects of the mining activity;

development of Mining Surveillance System (MSS) in association with Bhaskaracharya Institute of Space Application & Geo-informatics (BISAG) to detect illegal mining within 500 metres zone of lease boundary of major minerals using satellite imageries; and

thrust on R&D activities on mineral processing including process development for upgradation of low grade ore; (iv) development of IT enable Mining^ Tenement System (MTS) for computerizing the mineral sectors activities.

The restructuring of IBM was essential to enable it organisationally to take up the responsibilities entrusted in the role with the recent changes in the policy and legislations, revised charter of function of IBM and the new activities and initiatives undertaken by IBM. IBM is also engaged in handholding the States for auction of mineral blocks for greater transparency in allocation of mineral concessions. IBM is helping the States in preparation of auction blocks, publishing of average sale price, assisting in post auction monitoring and approval process.

The relocation of offices of IBM has already been effected for carrying out the responsibilities given to IBM. New Regional Offices at Raipur and Gandhinagar have been opened and the sub-regional office at Guwahati has been upgraded to Regional office. The existing Regional Offices at Kolkata and Udaipur have been upgraded to the Zonal office (East) and Zonal Office (North). For the purpose of Skill Development, an Institute of Sustainable Development Frame Work' at Udaipur and 'Remote Sensing Centre' at Hyderabad and National Level Training Centres 'Institute of Sustainable Mining' at Kolkata have been opened and Skill Development Centre at Varanasi is also shortly being opened.

Tags : Approval Restructuring IBM

Top

Securities and Exchange Board of India

02.05.2018

Capital Market

Additional Risk management measures for derivatives segment

MANU/SDER/0011/2018

Based on the feedback received from the Clearing Corporations and the recommendations of the Risk Management Review Committee (RMRC) of SEBI, the following additional risk management measures are required to be complied with and implemented by the stock exchanges/clearing corporations for derivatives segment.

Margin Collection Requirement

2. For the Equity Derivatives segment, the client margins which are required to be compulsorily collected and reported to the Exchange/Clearing Corporation, as the case may be, by the Clearing members / Trading members shall include initial margin, exposure margin/extreme loss margin, calendar spread margin and mark to market settlements.

Margin Enforcement Requirement

3. With reference to SEBI circular CIR/DNPD/7/2011 dated August 10, 2011 captioned "Short-collection/Non-collection of client margins (Derivatives segments)", it is clarified that the 'margins', for both Equity Derivatives Segment and Currency Derivatives Segment, shall include margins as specified in Para 2 of this circular, mark to market settlements or any other margin as prescribed by the Exchange/Clearing Corporation to be collected by Clearing Members from their clients (i.e. Custodial Participants and Trading Members - for their proprietary positions) and by Trading Members from their clients.

Computation of Liquid Net worth

4. Further to SEBI circular IES/DC/Cir-4-99 dated 28th July, 1999, it is clarified that for the equity derivatives segment, the liquid net worth shall be arrived at by deducting initial margin and the exposure margin/extreme loss margin from the liquid assets of the clearing member.

5. The provisions of this circular shall come into effect from June 01, 2018.

6. Stock Exchanges and Clearing corporations are directed to:

a) take necessary steps to put in place systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations;

b) bring the provisions of this circular to the notice of their members and also disseminate the same on their websites; and

c) communicate to SEBI, the status of implementation of the provisions of this circular in the Monthly Report.

7. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Tags : Risk management Measures Derivatives segment

Top

Telecom Regulatory Authority of India

02.05.2018

Media and Communication

"TRAI conducts "Consumer Outreach Programme (COP)" on 27.04.2018 at Gurgaon, Haryana

MANU/TRAI/0054/2018

One of important objectives of TRAI is to safeguard consumer interests and create consumer awareness. Towards this objective, TRAI organizes consumer outreach programmes, workshops on capacity building of Consumer organisations and seminars etc. on issues of consumer interests and protection. In this series, TRAI organised a Consumer Outreach Programme on 27.04.2018 at Hotel OYO Flagship MG ROAD, Swasno Palace, J10/7, DLF Phase 2, Gurgaon to educate the general public about various initiatives taken by TRAI to safeguard consumer interests. Besides the general public, representatives of Consumer Advocacy Groups (CAGs) registered with TRAI and Telecom Service Providers participated in the programme.

2. During the programme, a presentation was made on various aspects of consumer centric regulations including Mobile Data services, Value Added Services (VAS), Unsolicited Commercial Communications (UCC), Mobile Number Portability), Complaint Redressal Mechanism, benefit of Mobile apps viz. TRAI Myspeed, TRAI DND 2.0 TRAI Mycall developed by TRAI. Participants were also briefed on recent recommendations made by TRAI viz. Net Neutrality, In Flight Connectivity Cloud Computing etc. Participants were also advised to participate in the TRAI's consultation process actively and become a part of policy making process. The presentation was followed by a lively interactive session wherein participants raised questions related to various aspects of telecom services which were suitably responded by TRAI team led by Shri Sanjeev Banzal, Advisor (CA&IT).

3. For further details, Shri Sanjeev Banzal, Advisor (CA&IT), TRAI may be contacted at Telephone : 011-23210990 or email ID: advisorit@trai.gov.in .

Tags : Consumer outreach Programmes Workshops Consumer interests

Disclaimer