Notifications & Circulars

Ministry of Finance

26.12.2019

Goods and Services Tax

Amendment in Notification No. 4/2018-Central Tax, dated the 23rd January, 2018

MANU/CGST/0076/2019

In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 4/2018-Central Tax, dated the 23rd January, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub- section (i) vide number G.S.R. 53(E), dated the 23rd January, 2018, namely:-

In the said notification, after the second proviso, the following proviso shall be inserted, namely:-

"Provided also that the amount of late fee payable under section 47 of the said Act shall stand waived for the registered persons who failed to furnish the details of outward supplies in FORM GSTR-1 for the months/quarters from July, 2017 to November, 2019 by the due date but furnishes the said details in FORM GSTR-1 between the period from 19th December, 2019 to 10th January, 2020.".

2. This notification shall be deemed to have come into force with effect from the 19th day of December, 2019.

Tags : Amendment Notification Fees Waiver

Top

Telecom Regulatory Authority of India

26.12.2019

Media and Communication

Extension of time to receive comments on Consultation Paper on "Transparency in Publishing of Tariff Offers"

MANU/TRAI/0143/2019

The Telecom Regulatory Authority of India (TRAI) had issued a Consultation Paper on "Transparency in Publishing of Tariff Offers" on 27th November 2019. The last date for receiving written comments from the stakeholders was fixed as 26th December 2019 and thereafter counter comments by 9th January 2020. The stakeholders have sought extension of time for sending their comments on the Consultation Paper on "Transparency in Publishing of Tariff Offers". In view of this, it has been decided to extend the last date for submission of written comments up to 23rd January 2020 and counter comments by 6th February 2020. No further request for extension would be entertained.

Tags : Extension Time Comments Consultation Paper

Top

Reserve Bank of India

24.12.2019

Banking

Introduction of a new type of semi-closed Prepaid Payment Instrument (PPI) - PPIs upto Rs. 10,000 with loading only from bank account

MANU/RMIC/0163/2019

1. Please refer to the Statement on Developmental and Regulatory Policies issued as part of Monetary Policy Statement dated December 5, 2019 as also the Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPI-MD) issued vide DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (updated as on August 30, 2019).

2. To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new type of semi-closed PPI with the following features:

a. Such PPIs shall be issued by bank and non-bank PPI Issuers after obtaining minimum details of the PPI holder.

b. The minimum details shall necessarily include a mobile number verified with One Time Pin (OTP) and a self-declaration of name and unique identity / identification number of any 'mandatory document' or 'officially valid document' (OVD) listed in the 'Master Direction - Know Your Customer (KYC) Direction, 2016' issued by Department of Regulation, Reserve Bank of India, as amended from time to time.

c. These PPIs shall be reloadable in nature and issued in card or electronic form. Loading / Reloading shall be only from a bank account.

d. The amount loaded in such PPIs during any month shall not exceed Rs. 10,000 and the total amount loaded during the financial year shall not exceed Rs. 1,20,000.

e. The amount outstanding at any point of time in such PPIs shall not exceed Rs. 10,000.

f. These PPIs shall be used only for purchase of goods and services and not for funds transfer.

g. PPI issuers shall provide an option to close the PPI at any time and also allow to transfer the funds 'back to source' (payment source from where the PPI was loaded) at the time of closure.

h. The features of such PPIs shall be clearly communicated to the PPI holder by SMS / e-mail / post or by any other means at the time of issuance of the PPI / before the first loading of funds.

i. The minimum detail PPIs existing as on the date of this circular can be converted to the above type of PPI, if desired by the PPI holder.

3. The PPI-MD is being modified to introduce this new type of PPI. The other instructions contained in the PPI-MD will be applicable to this type of PPI also.

4. The directive is issued under Section 18 read with Section 10(2) of Payment and Settlement Systems Act, 2007 and is effective from the date of issuance of this circular.

Tags : Digital payments PPI Introduction

Top

Reserve Bank of India

24.12.2019

Banking

Report on Trend and Progress of Banking in India 2018-19

MANU/RPRL/0221/2019

The Reserve Bank of India released the Report on Trend and Progress of Banking in India 2018-19, a statutory publication in compliance with Section 36 (2) of the Banking Regulation Act, 1949. This Report presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions during 2018-19 and 2019-20 so far.

The banking sector showed improvement with the gross non-performing assets (GNPA) ratio of Scheduled Commercial Banks (SCBs) declining from 11.2 per cent in March 2018 to 9.1 per cent in March 2019 and a return to profitability in H1: 2019-20. This turnaround has been facilitated by a conducive policy environment underpinned by the traction in insolvency and bankruptcy code (IBC). Recapitalisation of Public Sector Banks (PSBs) shored up the capital position of PSBs.

In the co-operative banking arena, the consolidated balance sheet of Urban Co-operative Banks (UCBs) expanded in 2018-19 on account of robust deposit growth, although, a fall in interest income adversely affected their profitability; among rural co-operatives, the financial health of state co-operative banks and district central co-operative banks weakened with an increase in the non-performing assets and slowdown in profitability.

The pace of credit expansion by NBFCs, which began slowing in 2018-19, continued in the first half of 2019-20, largely affected by the performance of non-deposit taking systemically important NBFCs (NBFCs-ND-SI), though capital buffers remained above the stipulated norms. Bank credit remained a stable source of funding for NBFCs. The Report also offers some perspectives on the evolving outlook for India's financial sector.

Tags : Report Progress Banking

Top

Securities and Exchange Board of India

24.12.2019

Capital Market

Submission of Information to the Office of Informant Protection

MANU/SPRL/0034/2019

Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations) was amended, vide notification dated September 17, 2019, by inserting a new chapter (IIIA) dealing with informant policy in relation to insider trading laws. The amendments introduced therein will come into force with effect from December 26, 2019.

The salient features of the informant policy are as follows:

1. Office of Informant Protection ('OIP'): OIP has been established by SEBI as an independent office for receiving and processing Voluntarily Information Disclosure Form(s) (VID Form).

2. Submission of information: An informant may voluntarily submit original information pertaining to any violation of insider trading laws to the OIP, through a VID Form. The information may be submitted by the informant directly in which case his identity would be required to be revealed at the time of submission of the VID Form. In case, the information is submitted through a legal representative, the identity of the informant is not required to be revealed at the time of submission of VID Form. However, the identity of the informant would be required to be revealed prior to payment of Reward, if any.

3. Reward: Reward would be given in case the information provided leads to a disgorgement of at least Rupees one crore, in accordance with the PIT Regulations.

4. Confidentiality of Informant: The confidentiality regarding the identity of the informant would be protected through the OIP.

5. Protection against victimization: Every person required to have a Code of Conduct under PIT regulations shall ensure that such a Code of Conduct provides for suitable protection against any discharge, termination, demotion, suspension, threats, harassment, directly or indirectly or discrimination against any employee who files a VID Form.

VID Forms will be available for downloading on the website of SEBI (www.sebi.gov.in) from December 26, 2019 under the 'Office of Informant Protection' link. The filled up VID Form(s) may be submitted to OIP on the address displayed on the download page in a sealed envelope. An online mechanism to submit VID Forms may be operational in due course. OIP also maintains a helpline no. 022 26449580 for providing information relating to submission of VID Forms.

Tags : Submission Information Informant Protection

Top

Press Information Bureau

23.12.2019

Civil

FM holds Pre-Budget Consultation with representatives from Water and Sanitation sectors

MANU/PIBU/2145/2019

Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman held her 9th Pre-Budget Consultation meeting with the leading representatives from Water and Sanitation sectors here today in connection with the forthcoming General Budget 2020-21.

During the meeting, discussions were held on challenges faced in providing quality of water, sanitation, solid waste management and drainage in India. Experts also talked about removing disparities in accessing sanitation and quality of water. Experts felt there is a need to scale up rural sanitation and hygiene besides providing sustainable solutions to water scarcity and health issues. Representatives from Water and Sanitation sectors also apprised the Finance Minister of ground realities and gave many suggestions to tackle current challenges. Suggestions were related to areas of maintenance of septic tank; decentralisation of waste management system , focus on waste conservation; a bottom's up approach for effective implementation of Water , Sanitation and Hygiene (WASH) programme; demand side management for water allocation; community water management programme in urban areas, focus on behaviour change communication; region-specific differentiated best practices/model; collectivisation of sanitation workers; eco-friendly sewage treatment; measurement of service standards in core services vis-a-vis urban and rural areas; incentivising waste water treatment and recycling; developing capacity to recharge ground water and focusing on women empowerment through health, water and sanitation among others.

Tags : Pre-Budget Consultation Water Sanitation sectors

Top

Press Information Bureau

23.12.2019

Motor Vehicles

MoRTH Amends MV Rules Mandating Adherence to AIS-155 to Enhance Vehicular Security

MANU/PIBU/2147/2019

The Union Ministry of Road Transport & Highways (MoRTH) has notified GSR935 (E) dated 18th December, 2019 regarding to Automotive Industry Standards (AIS)-155 in respect of Microdot identifiers if affixed on the motor vehicles and their parts, components, assemblies, sub-assemblies through amendment in Rule 92 of the Central Motor vehicles (Fourteenth Amendment) Rules 1989. Microdots will enhance the security of vehicles.

As per a new notification, " The Manufacturers who are affixing microdot identifiers in the motor vehicles and their parts, components, assemblies, sub-assemblies shall conform to Automotive Industry Standards (AIS)-155 as amended from time to time."

The Central Motor vehicles (Fourteenth Amendment) Rules, 2019 comes into force on the date of publication in the Official Gazette. The draft rules to amend the Central Motor Vehicles Rules, 1989 were published, vide notification of the Union Ministry of Road Transport and Highways in the Gazette of India, Extraordinary dated the 24th day of July,2019, inviting objections and suggestions from all persons likely to be affected thereby. The objections and suggestions received in respect of the said draft rules have been duly considered by the Central Government; before notifying the amendments.

Tags : MV Rules Amendment Vehicular Security

Disclaimer