Notifications & Circulars
Press Information Bureau
14.11.2019
Goods and Services Tax
GSTR-9 and GSTR-9C more simplified and last dates of submission extended
MANU/PIBU/1582/2019
The Government has decided today to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to 31st December 2019 and for Financial Year 2018-19 to 31st March 2020. The Government has also decided to simplify these forms by making various fields of these forms as optional.
Central Board of Indirect Taxes & Customs (CBIC) today notified the amendments regarding the simplification of GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) which inter-alia allow the taxpayers to not to provide split of input tax credit availed on inputs, input services and capital goods and to not to provide HSN level information of outputs or inputs, etc. for the financial year 2017-18 and 2018-19.
CBIC expects that with these changes and the extension of deadlines, all the GST taxpayers would be able to file their Annual Returns along with Reconciliation Statement for the financial years 2017-18 and 2018-19 in time. Various representations regarding challenges faced by taxpayers in filing of GSTR-9 and GSTR-9C were received on which by the Government has acted in a very responsive manner.
It may be noted that, earlier the last date for filing of GSTR-9 and GSTR-9C for Financial Year 2017-18 was 30th November 2019 while that for Financial Year 2018-19 was 31st December 2019. Notifications implementing the decisions as above have been issued today.
Tags : GSTR-9 GSTR-9C Simplification
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Press Information Bureau
14.11.2019
Civil
Norms of Aadhaar KYC are eased
MANU/PIBU/1580/2019
Norms of Aadhaar KYC are eased for opening of bank account and not for the change of address in Aadhaar, said the Department of Revenue (DoR), Ministry of Finance today while clarifying on Aadhaar KYC use with reference to its notification dated 13.11.2019 on amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. The DoR said in a categorical statement that its notification is with regard to easing of Aadhaar KYC use for opening of the bank account for the convenience of people who often migrate from place to place for jobs or any other reason and it is not regarding the change of address in Aadhaar card, as has been misreported in various media.
Revenue Secretary, Dr. Ajay Bhushan Pandey said, "The amended PMLR applies only to Aadhaar KYC purposes for opening of bank account and not for the change of Address in Aadhaar card. If a person has moved residence for purposes of work and needs to use Aadhaar KYC for opening a new bank account or change his bank branch, etc., he can give a self declaration of new address while retaining the original address on his Aadhaar card".
Dr. Pandey said that the PML Rules amendment makes opening bank account easier for individuals who are living in an address different from their address in Aadhaar. People who submitted Aadhaar card with a different address as KYC at banks can now submit local address by providing a self-declaration.
He said that with this amendment, giving a self-declaration about a local address or any address other than the one on Aadhaar card will be sufficient as address proof to open bank account with Aadhaar KYC. This amendment brings in convenience especially for the migrant people. For example, if a migrant worker comes from Jharkhand to Mumbai and his/her Aadhaar has Jharkhand's address, then to open a bank account a self-declaration about his/her local address in Mumbai will be sufficient for Aadhaar KYC."
DoR sources said that the change has been made through an amendment in the PML Rules and not by way of amending Aadhaar Act/Regulations. So, it does not apply to change of address in Aadhaar card. This amendment has been issued to allow people who have used Aadhaar KYC to open bank account and want to give an address different from the address in Aadhaar as current address on self declaration basis.
Tags : Norms Aadhaar KYC Easing of
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Reserve Bank of India
14.11.2019
Banking
RBI releases guidelines on the criteria for registering institutions, organisations and associations 'on tap' for grant of financial assistance from the Depositor Education and Awareness Fund
MANU/RPRL/0200/2019
The Reserve Bank of India today released on its website, guidelines on the criteria for registering institutions, organisations and associations 'on tap' for grant of financial assistance from the Depositor Education and Awareness Fund.
How to apply?
The eligible entities desirous of registering with DEA Fund may apply in the prescribed format given as Annex-1 along with necessary documents/information as per the list of documents indicated in the application form, to The Chief General Manager, Department of Regulation, Reserve Bank of India, Central Office, 12th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400001.
Background
The Banking Laws (Amendment) Act, 2012, Section 26A has been inserted in the Banking Regulation Act, 1949. The Section empowers the Reserve Bank to establish a fund called Depositor Education and Awareness Fund (DEA Fund). Accordingly, a Scheme was formulated and notified in the Official Gazette on May 24, 2014. The Scheme envisages registration of institutions, organisations and associations and grant of financial assistance to them for promotion of depositors' awareness.
Reserve Bank of India had released on its website on January 9, 2015 and October 8, 2015, guidelines on the criteria for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund (DEA Fund). Based on the scrutiny of applications received, 25 entities were found suitable for registration. With a view to widening and deepening depositor awareness efforts, it has now been decided to invite applications 'on tap' for registration of eligible entities.
Tags : Guidelines Release Institution Registration
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Securities and Exchange Board of India
14.11.2019
Capital Market
Modifications in the contract specifications of commodity derivatives contracts
MANU/SDER/0011/2019
1. SEBI vide its circular ref. no. SEBI/HO/CDMRD/CIR/2016/88 dated September 20, 2016 had inter-alia prescribed at Para 3(c) provisions regarding permission to allow modifications in contract specifications at the exchange level.
2. In order to streamline the process and after consultation with the exchanges, it has been decided to categorise the modifications in contract specification parameters in the following three categories:
a. Category A: Non-material modifications which can be made at the exchange level in yet to be launched and running contracts.
b. Category B: Material modifications which can be made at the exchange level in yet to be launched contracts or running contracts which have nil open interest. These modifications shall require approval from Product Advisory Committee and approval of Regulatory Oversight Committee to be obtained post facto.
c. Category C: Material modifications which can be made only after approval from SEBI. These modifications shall require deliberations and approval from Product Advisory Committee and Regulatory Oversight Committee before seeking permission from SEBI.
3. The list of various contract specification parameters as per the above stated categories along with the timelines for advance intimation of modification to SEBI and market participant is given at Annexure I.
4. The permission to modify contract specification parameters of commodity derivatives contracts is subject to the condition that before introduction of any modification in contract specifications the Exchanges shall inform SEBI and market participants along with reasons for the modifications as per the timeline mentioned in Annexure I. However, this shall not apply to certain modifications which are required to be effected immediately considering the exigencies of the situation as per surveillance measure.
5. The Circular ref. no. SEBI/HO/CDMRD/CIR/2016/88 dated September 20, 2016 stands amended to this effect.
6. The provisions of this circular shall be effective from December 01, 2019.
7. This Circular is issued in exercise of powers conferred under Section 11(1) of Securities and Exchange Board of India Act, 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Tags : Modifications Contract specifications Derivatives contracts
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Telecom Regulatory Authority of India
13.11.2019
Media and Communication
TRAI releases Recommendations on "Platform Services offered by DTH Operators"
MANU/TRAI/0131/2019
1. The Telecom Regulatory Authority of India (TRAI) has today released its recommendations on "Platform Services offered by DTH Operators".
2. A reference was received from Ministry of Information and Broadcasting (MIB) vide its letter dated 2nd July 2019, seeking recommendations of TRAI for inclusion of few issues regarding platform services with reference to DTH guidelines.
3. In order to deliberate on various aspects and to seek inputs from the industry stakeholders, TRAI issued a consultation paper on "Platform Services offered by DTH Operators", on 28th August 2019. Written comments and counter comments on the consultation paper were invited from the stakeholders by 4th October 2019 and 11th October 2019 respectively. All the comments received were posted on TRAI's website. Subsequently, an open house discussion was held on 15th October 2019, in Delhi, to seek the further views of the stakeholders on various issues.
4. Based on the comments of the stakeholders received during the above-mentioned consultation process and its own analysis, the Authority has finalized its recommendations on "Platform Services offered by DTH Operators".
5. The salient features of the recommendations are:
a) The Authority reiterates the definition of PS as recommended in 'Regulatory Framework for Platform Services' dated 19th November 2014. The definition of platform services (PS) for DTH operators shall be:
"Platform services (PS) are programs transmitted by Distribution Platform Operators (DPOs) exclusively to their own subscribers and does not include Doordarshan channels and registered TV channels. PS shall not include foreign TV channels that are not registered in India."
Registered TV channels or television channels means a channel, which has been granted downlinking permission by the Central Government under the policy guidelines issued or amended by it from time to time and reference to the term "channel" shall be constructed as a reference to "television channel".
b) The programme transmitted by the DTH operator as a platform service shall be exclusive and the same shall not be permitted to be shared directly or indirectly with any other Distribution Platform Operator (DPO).
c) Programme transmitted by the DTH operator as a platform service shall not directly or indirectly include any registered TV channel or Doordarshan channel or foreign TV channel. Time-shift feed of registered TV channels (such as +1 services) shall not be allowed as a platform service.
d) DTH operator shall ensure and provide an undertaking to the Ministry in the format prescribed by the Ministry that the programme transmitted is exclusive to their platform and not shared directly or indirectly with any other DPO.
e) In case the same programme is found available on the PS of any other DPO, MIB/TRAI may issue direction to immediately stop the transmission of such programme. MIB also reserves the right for cancellation of registration of such PS of the DTH operator.
f) The total number of permitted PS for a DTH operator shall be capped to 3% of the total channel carrying capacity of the DTH operator platform and subject to a maximum of 15 platform services channels.
g) A one-time non-refundable registration fee of Rs. 10,000 per PS channel shall be charged from a DTH operator.
h) The platform services channels shall be categorised under the genre 'Platform Services' in the Electronic Programmable Guide (EPG) subject to orders/directions/regulations issued by TRAI from time-to-time.
i) The respective maximum retail price (MRP) of the platform service shall be displayed in the EPG against each platform service subject to orders/directions/regulations issued by TRAI from time-to-time.
j) A provision for putting a caption as 'Platform Services' may be required to distinguish the platform services from the linear channels. Government may decide the caption in a size which is visually readable by the consumers.
Tags : Recommendations Release DTH Operators
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Ministry of Commerce and Industry
13.11.2019
Customs
Amendment in import policy of Iron and Steel and incorporation of policy condition in Chapter 72, 73 and 86 of ITC (HS), 2017, Schedule-I (Import Policy)
MANU/DGFT/0181/2019
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 hereby amends Para e of the Policy conditions incorporated vide Notification No. 17/2015-2020 dated 5th September, 2019 published in the Gazette of India (Extra-ordinary) vide S.O. 3214(E) dated 5th September, 2019, as under:
e. The SIMS will be effective from 21.11.2019, i.e. Bill of Entry on or after 21.11.2019 for items as listed in the Annex to this Notification shall be governed by SIMS.
Effect of the Notification: One time relaxation till 20.11.2019 for obtaining SIMS registration is notified.
Tags : Amendment Import policy Incorporation Condition
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Ministry of Finance
13.11.2019
Civil
Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2019
MANU/REVU/0077/2019
In exercise of the powers conferred by section 73, read with section 11A and section 12AA of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby makes the following rules further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:-
1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2019.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 9, after sub-rule (18), following sub-rule shall be inserted namely:--
"(19) Where a client has provided his Aadhaar number for identification under clause (a) of sub-rule (4) and wants to provide a current address, different from the address as per the identity information available in the Central Identities Data Repository, he may give a self-declaration to that effect to the reporting entity.".
Tags : Rules Amendment Money-laundering
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