Securities and Exchange Board of India

29.08.2019

Capital Market

Handling of Clients' Securities by Trading Members / Clearing Members

MANU/SSMD/0030/2019

In view of representations from Stock Exchanges as well as market participants, effective deadline for implementation of guidelines prescribed in Clause 5 and Clause 8 of the SEBI Circular No. CIR/HO/MIRSD/DOP/CIR/P/2019/75 dated June 20, 2019 regarding Handling of Clients' Securities by Trading Members / Clearing Members is extended by one month.

The Stock Exchanges, Clearing Corporations and Depositories are advised to bring the provisions of this circular to the notice of all TM / CM, Depository Participants and also disseminate the same on their respective websites. The 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 : Implementation Guidelines Date Extension

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Ministry of Commerce and Industry

28.08.2019

Customs

Government inserts new policy condition under Chapter 87 of ITC (HS), 2017-Schedule-1 (Import Policy)

MANU/DGFT/0137/2019

In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government inserts a new Policy Condition, number (12) at the end of Chapter 87 of ITC (HS) 2017-Schedule-1 (Import Policy) as under:-

(12) Registration of vehicles imported by the vehicle manufactures or through their authorised representatives in India or by the organisation/citizen for personal use, demonstration, testing, research or scientific use etc. shall comply with the Standard Operating Procedure issued under Central Motor Vehicles (Eleventh Amendment) Rules, 2018 and notified vide GSR 870(E) dated 13th September, 2018 by the Ministry of Road Transport and Highways.

Registration of vehicles imported by the vehicle manufactures or through their authorised representatives in India or by the organisation/citizen for personal use, demonstration, testing, research or scientific use etc. shall comply with the Central Motor Vehicles (Eleventh Amendment) Rules, 2018.

Tags : Policy condition Insertion Vehicles Import

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Telecom Regulatory Authority of India

27.08.2019

Media and Communication

TRAI conducted open house discussion on Consultation Paper on "Allotment of spectrum to Indian Railways for Public Safety and Security services"

MANU/TRAI/0073/2019

The Telecom Regulatory Authority of India (TRAI) convened an Open House Discussion (OHD) on Consultation Paper on "Allotment of spectrum to Indian Railways for Public Safety and Security services". The OHD was convened on 26th August 2019, to obtain valuable inputs of the concerned stakeholders. A number of stakeholders including Ministry of Railways, telecom service providers, industry associations, technology companies, academia etc. participated in the open house discussion. During the discussions, issues relating to appropriate spectrum band, methodology for assignment of spectrum and other related issues with regard to implementation of LTE based RSTT in India were discussed.

Tags : OHD Allotment Spectrum

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Ministry of Finance 

27.08.2019

Customs

IGST Refunds-Mechanism to verify the IGST payments for goods exported out of India in certain cases

MANU/CUCR/0025/2019

In an earlier Board's earlier Circular 12/2018-Customs dated 29.05.2018, an interim solution was provided to tide over the difficulty faced by exporters for the first 9 months after introduction of GST i.e. till 31.03.2018. Although, exporters have benefited from the procedure prescribed in the said circular, and the incidence of such errors have greatly reduced, but some exporters have still committed the same error while filing GSTR 3B on account of which their records are yet to be transmitted to Customs System. CBIC has received the representations to extend the interim solution.

2. The matter has been examined. Vide Circular 12/2018-Customs dated 29.05.2018. CBIC had provided an interim solution in cases where the records could not be transmitted from GSTN to Customs system due to payments mismatch between GSTR-1 and GSTR-3B. The solution covered the period July 2017 to March 2018. It appears that the payments mismatch has happened even subsequent to the period covered in the said circular. In order to overcome the problems faced by the exporters. CBIC in consultation with the GST Law Committee, has decided that the solution provided in the circular 12/2018-Customs would be applicable mutatis mutandis for the Shipping Bills filed during FY April 2018 to March 2019 also.

3. Therefore, in respect of guidelines provided in Para 3A and 3B of the said circular, the comparison between the cumulative IGST payments in GSTR-1 and GSTR3B would now be for the period April 2018 to March 2019 and the corresponding CA certificate evidencing that there is no discrepancy between the IGST amount refunded on exports under this circular and the actual IGST amount paid on exports of goods for the period April 2018 to March 2019 shall be furnished by 30th October 2019.

4. The concerned Customs zone shall provide the list of GSTINs who have not submitted the CA certificate to the Board by the 15th November 2019. All the field formations under your zone and the trade may be suitably sensitized in this regard.

Tags : Refunds-Mechanism Verification IGST payments

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Ministry of Finance 

27.08.2019

Customs

IGST Export Refunds-Extension in SB005 alternate mechanism and revised processing in certain cases including disbursal of compensation Cess

MANU/CUCR/0026/2019

CBIC has issued circulars 05/2018-Customs dated 23.02.2018, 08/2018-Customs dated 23.03.2018, 15/2018-Customs dated 06.06.2018 and 40/2018-Customs dated 24.10.2018 wherein an alternative mechanism with an officer interface to resolve invoice mismatches (SB005 error) was provided for the shipping bills filed till 15.11.2018.

Despite wide publicity and outreach programmes to make exporters aware about the need to have identical details in invoices given in shipping Bills and GST returns, it has been observed that a few exporters continue to commit such errors. Therefore, in view of the recent announcement by Hon'ble Finance Minister, giving high priority to the interests of exporters, it has been decided by the Board to extend the rectification facility for all cases covered under Circular 40/2018-Customs dated 24.10.2018 to Shipping Bills filed up to 31.07.2019.

Tags : IGST Export Refunds Extension

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Reserve Bank of India

26.08.2019

Banking

RBI Central Board accepts Bimal Jalan Committee recommendations and approves surplus transfer to the Government

MANU/RPRL/0156/2019

1. The Central Board of the Reserve Bank of India (RBI) decided to transfer a sum of Rs.1,76,051 crore to the Government of India (Government) comprising of Rs.1,23,414 crore of surplus for the year 2018-19 and Rs.52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the meeting of the Central Board today.

2. It may be recalled that the RBI, in consultation with the Government of India, had constituted an Expert Committee to Review the Extant Economic Capital Framework of the Reserve Bank of India (Chairman: Dr. Bimal Jalan). The Committee has since submitted its report to the Governor of the RBI. The Committee's recommendations were based on the consideration of the role of central banks' financial resilience, cross-country practices, statutory provisions and the impact of the RBI's public policy mandate and operating environment on its balance sheet and the risks involved.

3. The Committee's recommendations were guided by the fact that the RBI forms the primary bulwark for monetary, financial and external stability. Hence, the resilience of the RBI needs to be commensurate with its public policy objectives and must be maintained above the level of peer central banks as would be expected of a central bank of one of the fastest growing large economies of the world.

4. Major recommendations of the Committee with regard to risk provisioning and surplus distribution

(i) RBI's economic capital: The Committee reviewed the status, need and justification of the various reserves, risk provisions and risk buffers maintained by the RBI and recommended their continuance. A clearer distinction between the two components of economic capital (realized equity and revaluation balances) was also recommended by the Committee as realized equity could be used for meeting all risks/losses as they were primarily built up from retained earnings, while revaluation balances could be reckoned only as risk buffers against market risks as they represented unrealized valuation gains and hence were not distributable. The Committee recommended revising the presentation of the liabilities side of the RBI balance sheet to reflect this distinction.

(ii) Risk provisioning for market risk: The Committee has recommended the adoption of Expected Shortfall (ES) methodology under stressed conditions (in place of the extant Stressed-Value at Risk) for measuring the RBI's market risk on which there was growing consensus among central banks as well as commercial banks over the recent years. While central banks are seen to be adopting ES at 99 per cent confidence level (CL), the Committee has recommended the adoption of a target of ES 99.5 per cent CL keeping in view the macroeconomic stability requirements. In view of the cyclical volatility of the RBI's revaluation balances, a downward risk tolerance limit (RTL) of 97.5 per cent CL has also been articulated. Both levels were stress-tested for their adequacy by the Committee.

(iii) Size of Realized Equity: The Committee recognized that the RBI's provisioning for monetary, financial and external stability risks is the country's savings for a 'rainy day' (a monetary/financial stability crisis) which has been consciously maintained with the RBI in view of its role as the Monetary Authority and the Lender of Last Resort. Realized equity is also required to cover credit risk and operational risk. This risk provisioning made primarily from retained earnings is cumulatively referred to as the Contingent Risk Buffer (CRB) and has been recommended to be maintained within a range of 6.5 per cent to 5.5 per cent of the RBI's balance sheet, comprising 5.5 to 4.5 per cent for monetary and financial stability risks and 1.0 per cent for credit and operational risks. Further, any shortfall in revaluation balances vis-a-vis the market risk RTL would add to the requirement for realized equity. The Committee also recommended the development of methodologies for assessing the concentration risk of the forex portfolio as well as jointly assessing the RBI's market-credit risk.

(iv) Surplus Distribution Policy: The Committee has recommended a surplus distribution policy which targets the level of realized equity to be maintained by the RBI, within the overall level of its economic capital vis-a-vis the earlier policy which targeted total economic capital level alone. Only if realized equity is above its requirement, will the entire net income be transferable to the Government. If it is below the lower bound of requirement, risk provisioning will be made to the extent necessary and only the residual net income (if any) transferred to the Government. Within the range of CRB, i.e., 6.5 to 5.5 percent of the balance sheet, the Central Board will decide on the level of risk provisioning.

5. Application of the Committee's recommendations

The Central Board accepted all the recommendations of the Committee and finalized the RBI's accounts for 2018-19 using the revised framework to determine risk provisioning and surplus transfer.

Tags : Committee Recommendations Surplus

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Press Information Bureau

26.08.2019

Environment

Extension of timeline for public consultation on Draft National Resource Efficiency Policy, 2019

MANU/PIBU/1376/2019

Acknowledging the progress that has been made to implement Draft National Resource Efficiency Policy (NREP), the Ministry of Environment, Forest and Climate Change have extended the timeline to invite comments on it by another month i.e. till 24.09.2019. The Ministry have agreed to this extended timeline in the interest of supporting the smooth and orderly implementation of the draft policy, keeping in mind the interests of the public at large. Earlier, the Ministry released Draft National Resource Efficiency Policy, 2019 on 25.07.2019 inviting comments and suggestions from stakeholders including public/private organizations, experts and concerned citizens on the draft policy.

The Draft National Resource Efficiency Policy (NREP) envisions a future with environmentally sustainable and equitable economic growth, resource security, healthy environment (air, water and land), and restored ecosystems with rich ecology and biodiversity. The Draft National Resource Efficiency Policy is guided by the principles of (i) reduction in primary resource consumption to 'sustainable' levels, in keeping with achieving the Sustainable Development Goals and staying within the planetary boundaries, (ii) creation of higher value with less material through resource efficient and circular approaches, (iii) waste minimization, (iv) material security, and creation of employment opportunities and business models beneficial to the cause of environment protection and restoration.

Tags : Extension Timeline Policy

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