Ministry of Corporate Affairs

31.01.2020

Company

Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013-UT of J&K and UT of Ladakh

MANU/DCAF/0012/2020

Sir

In continuation to General Circular No. 15/2019 dated 28-11-2019 and keeping in view of the requests received from various stakeholders stating that due to disturbances in internet services and the normal work was affected in the UT of J&K and UT of Ladakh and sought extension of time for filing of financial statements for the financial year ended 31.03.2019. Therefore, it has been decided to further extend the due date for filing of e-forms AOC-4, AOC-4 (CFS) AOC-4 XBRL and e-form MGT-7 upto 31.03.2020, for companies having jurisdiction in the UT of J&K and UT of Ladakh without levy of additional fee.

2. This issues with the approval of the competent authority.

Tags : Annual Return Companies Act 2013

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Press Information Bureau

28.01.2020

Banking

Government puts in place measures to protect commercial decision making by Banks

MANU/PIBU/0106/2020

The Finance Minister has repeatedly assured Bankers that adequate measures would be taken to protect honest commercial decisions taken by them and distinction would be made between genuine commercial failures and culpability. Every Bank was also required to take steps to dispose of internal disciplinary and vigilance cases in a time bound manner so that such cases do not linger on account of procedural delay so as to avoid adverse impact on staff morale and reduce scope for harassment. As part of this endeavor of Government, Section 17A was incorporated in Prevention of Corruption Act requiring prior permission before initiating investigation against a public servant

The Central Vigilance Commission has, considering the complexities involved in the commercial decisions of managers in public sector, in the meanwhile, also set up the Advisory Board for Banking and Financial Frauds (ABBFF) for a mandatory first level examination on suspected frauds in excess of Rs.50 crore involving public servants equivalent in rank to GMs & above, before enquiry or investigations begin

Government has now modified its 2015 framework on large value frauds doing away with the personal responsibility of the MD & CEOs of PSBs for compliance with various prescribed timelines. Powers have been delegated by Department of Financial Services (DFS) to the Boards of Public Sector lenders to put in place a suitable mechanism for ensuring compliance of the various timelines laid down in RBI and CVC circular(s). Similarly, the instructions of DFS of 2015 regarding compulsory examination of fraud for all NPA accounts exceeding Rs. 50 crore have been aligned with the CVC circular of 15th Jan, 2020 whereby all such cases of suspicious fraud are to be initially referred to the ABBFF

Government has separately directed Banks on 27.01.2020 to set up a committee of senior officers to monitor progress of pending disciplinary and internal vigilance cases as procedural delay, on one hand, adversely affects morale of the employees and on the other, breeds inefficiencies in the system. Therefore, every Bank must setup a Committee of Senior Officers to review pending disciplinary and internal vigilance cases and frame timelines to reduce delays in deciding such cases

Tags : Commercial Banks

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Ministry of Finance 

27.01.2020

Customs

Implementation of automated clearance on pilot basis

MANU/CUCR/0004/2020

Sir/Madam

Kind reference is invited to the 1st proviso to Section 47(1) of the Customs Act 1962. The said section along with the proviso reads as

'SECTION 47. Clearance of goods for home consumption

(1) Where the proper officer is satisfied that any goods entered for home consumption are not prohibited goods and the importer has paid the import duty, if any, assessed thereon and any charges payable under this Act in respect of the same, the proper officer may make an order permitting clearance of the goods for home consumption

Provided that such order may also be made electronically through the customs automated system on the basis of risk evaluation through appropriate selection criteria'

2. In this regard, Board had issued Circular No. 09/2019-Customs dated 28.02.2019. Para 3 of the said circular provides that in terms of the 1st proviso to Section 47(1), the Customs Automated System would electronically give clearance to Bill(s) of Entry, on completion of Customs Compliance Verification (CCV) and payment of duty by the importer

3. The important features of the automated clearance are as follows

I. The facility will only be for ICES locations where RMS is enabled and fully functional

II. All the Customs Compliance Verification (CCV) requirements under the Customs Act, rules, instructions etc will be done by the designated proper officer of Customs

III. The CCV would operate even while duty has not been paid or payment is under process

IV. After completion of CCV, the proper officer of customs, on satisfaction that the goods are ready for clearance, will confirm the completion of the CCV for the particular Bill of Entry in the Customs System

V. On confirmation of payment of applicable duty, the Customs System will then electronically give clearance to the Bill of Entry

4. Board has now decided to implement the facility of automated clearance as envisaged in 1st proviso to Section 47(1) in ICES. However, the facility will be initially rolled out on a pilot basis at two customs locations-Chennai Customs House and Jawaharlal Nehru Customs House from 06.02.2020. Thereafter, the facility will be reviewed and further expanded on PAN India basis at all Customs EDI locations where RMS is enabled and functional

5. The detailed requirements and changes in ICES shall be communicated to field formations by way of ICES-Advisory from DG Systems

6. Suitable Trade Notice/Standing order may please be issued to guide the trade and industry. Difficulty, if any, faced in implementation may be brought to the notice of Board immediately

Tags : Automated Clearance Pilot Basis

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Ministry of Agriculture

24.01.2020

Civil

Plant Quarantine (Regulation of Import into India) (First Amendment) Order, 2020

MANU/AGRL/0007/2020

In exercise of the powers conferred by sub-section (1) of section 3 of the Destructive Insects and Pests Act, 1914 (2 of 1914), the Central Government hereby makes the following Order further to amend the Plant Quarantine (Regulation of Import into India) Order, 2003, namely:-

1. Short title and Commencement

(1) This Order may be called the Plant Quarantine (Regulation of Import into India) (First Amendment) Order, 2020

(2) It shall come into force on the date of its publication in the Official Gazette

2. Amendment of Schedule VI

In the Schedule VI to the Plant Quarantine (Regulation of Import into India) Order, 2003

Against serial number 604, relating to Sesamum spp., in column (2) against the entry regarding 'Sesamum seeds (grains) for consumption', in column (3) in column (4) after item (vii) and the new entries relating thereto, the following entries in columns (2), (3), (4), (5) and (6) shall respectively be inserted, namely

Tags : Plant Quarantine Import

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Ministry of Finance 

23.01.2020

Goods and Services Tax

Standard Operating Procedure to be followed by exporters

MANU/GSCU/0001/2020

As you are aware, several cases of monetisation of credit fraudulently obtained or ineligible credit through refund of Integrated Goods & Service Tax (IGST) on exports of goods have been detected in past few months. On verification, several such exporters were found to be non-existent in a number of cases. In all these cases it has been found that the Input Tax Credit (ITC) was taken by the exporters on the basis of fake invoices and IGST on exports was paid using such ITC

2.To mitigate the risk, the Board has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence tools based on which certain exporters are taken up for further verification. Overall, in a broader time frame the percentage of such exporters selected for verification is a small fraction of the total number of exporters claiming refunds. The refund scrolls in such cases are kept in abeyance till the verification report in respect of such cases is received from the field formations. Further, the export consignments/shipments of concerned exporters are subjected to 100 % examination at the customs port

3.While the verifications are caused to mitigate risk, it is necessary that genuine exporters do not face any hardship. In this context it is advised that exporters whose scrolls have been kept in abeyance for verification would be informed at the earliest possible either by the jurisdictional CGST or by Customs. To expedite the verification, the exporters on being informed in this regard or on their own volition should fill in information in the format attached as Annexure 'A' to this Circular and submit the same to their jurisdictional CGST authorities for verification by them. If required, the jurisdictional authority may seek further additional information for verification. However, the jurisdictional authorities must adhere to timelines prescribed for verification

3.1Verification shall be completed by jurisdiction CGST office within 14 working days of furnishing of information in proforma by the exporter. If the verification is not completed within this period, the jurisdiction officer will bring it the notice of a nodal cell to be constituted in the jurisdictional Pr. Chief Commissioner/Chief Commissioner Office

3.2After a period of 14 working days from the date of submission of details in the prescribed format, the exporter may also escalate the matter to the Jurisdictional Pr. Chief Commissioner/Chief Commissioner of Central Tax by sending an email to the Chief Commissioner concerned (email IDs of jurisdictional Chief Commissioners are in Annexure B).

3.3The Jurisdictional Pr. Chief Commissioner/Chief Commissioner of Central Tax should take appropriate action to get the verification completed within next 7 working days

4.In case, any refund remains pending for more than one month, the exporter may register his grievance at www.cbic.gov.in/issue by giving all relevant details like GSTIN, IEC, Shipping Bill No., Port of Export & CGST formation where the details in prescribed format had been submitted etc.. All such grievances shall be examined by a Committee headed by Member GST, CBIC for resolution of the issue

5.It is requested that suitable trade notices may be issued to publicize the contents of this circular. Difficulty, if any, in implementation of this Circular may please be brought to the notice of the Board. Hindi version would follow

Tags : Standard Operating Procedure Exporters

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Ministry of Agriculture

20.01.2020

Civil

Amendment in First Schedule to Indian Veterinary Council Act, 1984

MANU/AHDF/0001/2020

WHEREAS a request has been received from ICAR-Indian Veterinary Research Institute, Izatnagar, Bareilly, Uttar Pradesh for inclusion of the Bachelor of Veterinary Science and Animal Husbandry degree granted by it in respect of ICAR-Indian Veterinary Research Institute, Izatnagar, Bareilly in the state of Uttar Pradesh, in the First Schedule of the Indian Veterinary Council Act, 1984 (52 of 1984)

AND WHEREAS the Advisory Committee of experts constituted under rule 16 of the Veterinary Council of India (Procedure for recognition and de-recognition of Veterinary Colleges and Veterinary Qualifications) Rules, 2017 has considered and recommended for inclusion of the said degree granted by ICAR-Indian Veterinary Research Institute, Izatnagar in the First Schedule

AND WHEREAS the Central Government and the Veterinary Council of India had granted permission to ICAR-Indian Veterinary Research Institute, Izatnagar to admit students from the academic year 2015-16 and continuation of teaching programme for the First, Second, Third and Fourth year

NOW, THEREFORE, in exercise of the powers conferred by sub-section (2) of section 15 of the Indian Veterinary Council Act, 1984 (52 of 1984), read with sub-rule (5) of rule 10 of the Veterinary Council of India (Procedure for recognition and de-recognition of Veterinary Colleges and Veterinary Qualifications) Rules, 2017, the Central Government, after consulting the Veterinary Council of India, hereby makes the following further amendment in the First Schedule to the said Act, namely

In the First Schedule to the Indian Veterinary Council Act, 1984, under sub-heading "Degrees", after serial number 86 and the entries relating thereto, the following serial number and entries shall be inserted, namely

Tags : Amendments Indian Veterinary Council Act 1984

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