Notifications & Circulars

Ministry of Corporate Affairs

19.03.2020

Insolvency

Central Government notifies a debt raised from the Special Window for Affordable and Middle-Income Housing Investment Fund

MANU/DCAF/0050/2020

In exercise of the powers conferred by clause (15) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby notifies a debt raised from the Special Window for Affordable and Middle-Income Housing Investment Fund I, for the purposes of the said clause.

Explanation.-For the purposes of this notification, the expression "Special Window for Affordable and Middle-Income Housing Investment Fund I" shall mean the fund sponsored by the Central Government for providing priority debt financing for stalled housing projects, as an alternate investment fund and registered with the Securities and Exchange Board of India, established under sub-section (1) of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), to provide financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector.

Tags : Investment fund Debt Special Window

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Ministry of Corporate Affairs

19.03.2020

Company

Companies (Meetings of Board and its Powers) Amendment Rules, 2020

MANU/DCAF/0049/2020

In exercise of the powers conferred by sections 173, 177, 178 and section 186 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Meetings of Board and its Powers) Rules, 2014, namely:-

1. (1) These rules may be called the Companies (Meetings of Board and its Powers) Amendment Rules, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Meetings of Board and its Powers) Rules, 2014, rule 4 shall be renumbered as sub-rule (1) thereof and after sub-rule (1) as so renumbered, the following sub-rule shall be inserted, namely:-

"(2) For the period beginning from the commencement of the Companies (Meetings of Board and its Powers) Amendment Rules, 2020 and ending on the 30th June, 2020, the meetings on matters referred to in sub-rule (1) may be held through video conferencing or other audio visual means in accordance with rule 3.".

Tags : Rules Amendment Board Meeting

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Ministry of Finance

18.03.2020

Goods and Services Tax

Clarification in respect of appeal in regard to non-constitution of Appellate Tribunal

MANU/GSCU/0004/2020

1. Various representations have been received wherein the issue has been decided against the registered person by the adjudicating authority or refund application has been rejected by the appropriate authority and appeal against the said order is pending before the appellate authority. It has been gathered that the appellate process is being kept pending by several appellate authorities on the grounds that the appellate tribunal has been not constituted and that till such time no remedy is available against their Order-in-Appeal, such appeals cannot be disposed. Doubts have been raised across the field formations in respect of the appropriate procedure to be followed in absence of appellate tribunal for appeal to be made under section 112 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the "CGST Act").

2. The matter has been examined in detail. In order to clarify the issue and to ensure uniformity in the implementation of the provisions of the law across field formations, the Board, in exercise of its powers conferred by section 168 (1) of the CGST Act, hereby issues the following clarifications and guidelines.

3.1 Appeal against an adjudicating authority is to be made as per the provisions of Section 107 of the CGST Act. The sub-section (1) of the section reads as follows: -

"107. (1) Any person aggrieved by any decision or order passed under this Act or the State Goods and Services Tax Act or the Union Territory Goods and Services Tax Act by an adjudicating authority may appeal to such Appellate Authority as may be prescribed within three months from the date on which the said decision or order is communicated to such person."

3.2 Relevant rules have been prescribed for implementation of the above Section. The relevant rule for the same is rule 109A of Central Goods and Services Tax Rules, 2017 which reads as follows

"109A. Appointment of Appellate Authority.- (1) Any person aggrieved by any decision or order passed under this Act or the State Goods and Services Tax Act or the Union Territory Goods and Services Tax Act may appeal to -

(a) the Commissioner (Appeals) where such decision or order is passed by the Additional or Joint Commissioner;

(b) any officer not below the rank of Joint Commissioner (Appeals) where such decision or order is passed by the Deputy or Assistant Commissioner or Superintendent,

within three months from the date on which the said decision or order is communicated to such person."

3.3 Hence, if the order has been passed by Deputy or Assistant Commissioner or Superintendent, appeal has to be made to the appellate authority appointed who would not be an officer below the rank of Joint Commissioner. Further, if the order has been passed by Additional or Joint Commissioner, appeal has to be made to the Commissioner (Appeal) appointed for the same.

4. 1 The appeal against the order passed by appellate authority under Section 107 of the CGST Act lies with appellate tribunal. Relevant provisions for the same is mentioned in the Section 112 of the CGST Act which reads as follows: -

"112. (1) Any person aggrieved by an order passed against him under section 107 or section 108 of this Act or the State Goods and Services Tax Act or the Union Territory Goods and Services Tax Act may appeal to the Appellate Tribunal against such order within three months from the date on which the order sought to be appealed against is communicated to the person preferring the appeal."

4.2 The appellate tribunal has not been constituted in view of the order by Madras High Court in case of Revenue Bar Assn. v. Union of India and therefore the appeal cannot be filed within three months from the date on which the order sought to be appealed against is communicated. In order to remove difficulty arising in giving effect to the above provision of the Act, the Government, on the recommendations of the Council, has issued the Central Goods and Services Tax (Ninth Removal of Difficulties) Order, 2019 dated 03.12.2019. It has been provided through the said Order that the appeal to tribunal can be made within three months (six months in case of appeals by the Government) from the date of communication of order or date on which the President or the State President, as the case may be, of the Appellate Tribunal enters office, whichever is later.

4.3 Hence, as of now, the prescribed time limit to make application to appellate tribunal will be counted from the date on which President or the State President enters office. The appellate authority while passing order may mention in the preamble that appeal may be made to the appellate tribunal whenever it is constituted within three months from the President or the State President enters office. Accordingly, it is advised that the appellate authorities may dispose all pending appeals expeditiously without waiting for the constitution of the appellate tribunal.

Tags : Clarification Non-constitution Appellate Tribunal

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Press Information Bureau

18.03.2020

Civil

MHRD issues directions to UGC, AICTE, NTA, NIOS, CBSE, NCTE and all organisations for the postponement of examinations till 31st March, 2020 as a precautionary measure in the wake of COVID-19

MANU/PIBU/0777/2020

MHRD is taking all steps to ensure safety of students along with the maintenance of academic calendar. I appeal to all students, teachers and parents not to panic -Shri Ramesh Pokhriyal 'Nishank'

Ministry of HRD has issued directions to UGC, AICTE, NTA, NIOS, CBSE , NCTE and all autonomous organisations under the Ministry for the postponement of all the examinations till 31st March, 2020 as a precautionary measure in the wake of Novel Coronavirus (COVID-19). These steps have been taken to ensure safety and security of students who are appearing in various examinations, as also that of their teachers and parents.

Therefore, following further precautionary measures are required to be taken by all educational institutions and examination boards under the Ministry of HRD -:

1. All ongoing examinations may be rescheduled after 31st March 2020,this would include CBSE NIOS as also University examinations.

2. All evaluation work may be rescheduled after 31st March, this would include evaluation work of CBSE, NIOS as also University exams.

3. Since JEE mains may require travel by examinees to different towns and the dates may clash with rescheduled CBSE and other board exams therefore, JEE mains should be rescheduled and new date of JEE mains will be announced on 31st March after reassessment of situation

All educational institutions and examination boards have been requested to maintain regular communication with the students and teachers through electronic means and keep them fully informed so that there is no anxiety amongst the students, teacher and parents. All Institutions have also been requested to notify helpline numbers/emails which student can access for their queries.

Union HRD Minister Shri Ramesh Pokhriyal 'Nishank' has appealed to all the students, teachers and parents not to panic as MHRD is committed to ensure safety and security of students as also the maintenance of academic calendar and all possible steps will be taken in this regard.

Tags : Directions Issuance Examination Postponement

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Reserve Bank of India

17.03.2020

Banking

Guidelines on Regulation of Payment Aggregators and Payment Gateways

MANU/RMIC/0038/2020

1. This has reference to Reserve Bank of India (RBI) circular DPSS.CO.PD.No.1102/02.14.08/2009-10 dated November 24, 2009 on 'directions for opening and operation of accounts and settlement of payments for electronic payment transactions involving intermediaries'.

2. A reference is also invited to the discussion paper placed on the RBI website on guidelines for regulation of Payment Aggregators (PAs) and Payment Gateways (PGs). Based on the feedback received and taking into account the important functions of these intermediaries in the online payments space as also keeping in view their role vis-a-vis handling funds, it has been decided to (a) regulate in entirety the activities of PAs as per the guidelines in Annex 1, and (b) provide baseline technology-related recommendations to PGs as per Annex 2.

3. The guidelines are issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 and shall come into effect from April 1, 2020 other than for activities for which specific timelines are mentioned.

Tags : Guidelines Payment Aggregators Payment Gateways

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Reserve Bank of India

17.03.2020

Banking

Reporting and Accounting of Central Government Transactions of March, 2020

MANU/RMIC/0039/2020

1. Please refer to Circular DGBA.GBD.No.2394/42.01.029/2018-19 dated March 20, 2019 advising the procedure to be followed for reporting and accounting of Central Government transactions (including CBDT, CBIC, Departmentalised Ministries and non-Civil Ministries) at the Receiving/Nodal/Focal Point branches of your bank for the Financial Year 2018-19.

2. The Government of India has decided that the date of closure of residual transactions for the month of March 2020 be fixed as April 10, 2020 for the Financial Year 2019-20. In view of the ensuing closing of government accounts for the financial year 2019-20, receiving branches including those not situated locally, should adopt special arrangements such as courier service etc., for passing on challans/scrolls etc., to the Nodal/Focal Point branches so that all payments and collections made on behalf of government towards the end of March are accounted for in the same financial year. These instructions regarding special messenger arrangements may please be informed to all branches concerned.

3. As regards reporting of March 2020 transactions by Nodal/Focal Point branches in April, the branches may be advised to follow the procedure as outlined in the Annex. To sum up, the Nodal/Focal Point branches will be required to prepare separate sets of scrolls, one pertaining to March residual transactions and another for April transactions during the first 10 days of April 2020. The Nodal/Focal Point branches should also ensure that the accounts for all transactions (revenues/tax collections/payments) are effected at the receiving branches up to March 31, 2020 in the accounts for the current financial year itself and are not mixed up with the transactions of April 2020. Also, while reporting transactions pertaining to March 2020 up to April 10, 2020, the transactions of April 2020 should not be mixed up with the residual transactions relating to March 2020.

Tags : Transactions Reporting Procedure

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Press Information Bureau

17.03.2020

Civil

Review of Agricultural Income Insurance and Social Security Scheme

MANU/PIBU/0784/2020

Government has implemented an income assurance scheme for the land owning farmers, namely, the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN). Under the Scheme an amount of Rs.6000/- per year is transferred in three 4-monthly installments of Rs.2000/- directly into the bank accounts of the farmers, subject to certain exclusion criteria relating to higher income status. The scheme has been aimed at augmenting the income of land owning farmers' families by providing income support to enable them to take care of expenses related to agriculture and allied activities as well as domestic needs. The scheme, which was launched on 24.2.2019, was initially implemented for the Small and Marginal Farmers' families only with total land holding upto 2 hectares. Government reviewed the scheme and extended its purview to all farmers, irrespective of the size of their land holding. The PM-KISAN Scheme has been successfully implemented across the country. So far, as on 11.3.2020, financial benefit under the scheme has been released to 8,69,79,391 beneficiaries.

Further, Government launched the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) on 12.9.2019 with a view to provide social security to Small and Marginal Farmers in their old age when they have no means of livelihood and minimal or no savings to take care of their expenses. Under this scheme, a minimum fixed pension of Rs.3,000/- is provided to the small and marginal farmers, subject to certain exclusion criteria, on attaining the age of 60 years. It is a voluntary and contributory pension scheme, with entry age of 18 to 40 years. The farmer is required to contribute between Rs.55 to Rs.200 per month to a Pension Fund depending on the entry age. The Central Government also contributes in equal amount to the Pension Fund. The Pension Fund is being managed by the Life Insurance Corporation of India (LIC). So far, as on 11.3.2020, 19,97,553 farmers have registered themselves under the Scheme.

For the PM-KISAN Scheme, Rs.20000 crore was provided for the financial year 2018-19 and Rs. Rs.75000 crore for the financial year 2019-2020. Out of that, Rs.6005.48 crore was released to the farmers in 2018-19 and Rs.46653.62 crore in 2019-20 so far, as on 11.3.2020. For the PM-KMY, a budgetary provision of Rs.900 crore has been made during the financial year 2019-20 towards the Central Government contribution to the Pension Fund of subscribing farmers. An amount of Rs.50 crore has so far been released to the LIC for the purpose.

Tags : Review Insurance Social Security Scheme

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Ministry Of Home Affairs

17.03.2020

Civil

Direction by the President of India regarding the powers of the Appropriate Government under the Real Estate (Regulation and Development) Act, 2016

MANU/HOME/0042/2020

In pursuance of the powers conferred under clause (1) of Article 239 of the Constitution, the President hereby directs that the powers and functions of the appropriate Government under the Real Estate (Regulation and Development) Act, 2016 (16 of 2016), other than the powers under Section 82 and Section 84, shall, subject to the control of the President and until further orders, be exercised and discharged, in relation to the Union Territory of Ladakh, by the Lieutenant Governor of Union Territory of Ladakh.

Tags : Direction Powers Appropriate Government

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