Ministry of Finance 

15.09.2022

Excise

Electronic Duty Credit Ledger (Amendment) Regulations, 2022

MANU/CUSN/0080/2022

In exercise of the powers conferred by section 51B read with section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs, hereby makes the following regulations to amend the Electronic Duty Credit Ledger Regulations, 2021, namely:-

1. Short title and commencement.--

(1) These regulations may be called the Electronic Duty Credit Ledger (Amendment) Regulations, 2022.

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

2. In the Electronic Duty Credit Ledger Regulations, 2021,-

(i) in regulation 6, in sub-regulation (2), for the words "one year", the words "two years", shall be substituted;

(ii) in regulation 7, in sub-regulation (3), for the words "one year", the words "two years", shall be substituted.

Tags : Electronic Duty Credit Ledger Regulations 2022

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Reserve Bank of India

15.09.2022

Banking

RBI releases Handbook of Statistics on the Indian Economy 2021-22

MANU/RPRL/0415/2022

Today, the Reserve Bank released its annual publication titled "Handbook of Statistics on the Indian Economy, 2021-22" (HBS). This publication, the 24th in the series, disseminates time series data on major economic and financial indicators relating to the Indian economy.

The current volume contains 237 statistical tables covering national income aggregates, output, prices, money, banking, financial markets, public finances, foreign trade and balance of payments as well as select socio-economic indicators. Longer time-series on these variables are also available on the Reserve Bank's Data Warehouse portal "Database on Indian Economy (DBIE)" (https://dbie.rbi.org.in), where all data series are updated periodically.

Feedback/comments on the HBS, if any, may be sent (i) through the feedback button available on DBIE portal (https://dbie.rbi.org.in); or (ii) at email; or (iii) to the Director, Data Management and Dissemination Division, Department of Statistics and Information Management, Reserve Bank of India, C-9, 3rd floor, Bandra-Kurla Complex, Mumbai 400 051.

Tags : Release Handbook Statistics

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Securities and Exchange Board of India

14.09.2022

Capital Market

Securities and Exchange Board of India grants renewal of recognition to Metropolitan Stock Exchange of India Limited

MANU/SREG/0040/2022

The Securities and Exchange Board of India, having considered the application for renewal of recognition made under Section 3 of the Securities Contracts (Regulation) Act, 1956 by Metropolitan Stock Exchange of India Limited, having its registered office at Building A, Unit 205A, 2nd Floor, Piramal Agastya Corporate Park, Kamani Junction, L.B.S. Road, Kurla (West), Mumbai-400070 and being satisfied that it would be in the interest of trade and also in the public interest so to do, hereby grants, in exercise of the powers conferred under section 4 of the Securities Contracts (Regulation) Act, 1956, renewal of recognition to the said Exchange under section 4 of the said Act for a period of one year commencing on the 16th day of September, 2022 and ending on the 15th day of September, 2023 in respect of contracts in securities subject to the conditions stated herein below or as may be prescribed or imposed hereafter:

The Exchange shall comply with conditions as may be prescribed by SEBI from time to time.

Tags : Renewal Grant Public interest

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Insurance Regulatory and Development Authority

13.09.2022

Insurance

Revision of Health Insurance Regulatory Returns

MANU/IRDA/0068/2022

1. In supersession of Chapter V of Section - I of Master Circular on standardization of health insurance products issued vide Ref no. IRDAI/HLT/REG/CIR/193/07/2020 dated 22.07.2020 and Circular Ref. No. IRDAI/HLT/CIR/MISC/102/5/2022 on Revision of Health Insurance Regulatory Returns, the health insurance returns attached as Annexure - 1 are issued. The periodicity of returns to be filed with the Authority is as mentioned in the respective returns. The timeline for submission of the returns is specified as under:

i. All yearly returns shall be furnished within 90 days from the close of the reporting financial year.

ii. All quarterly returns shall be furnished within five days from the close of the reporting quarter.

2. These norms are applicable with immediate effect and are applicable to all returns to be filed for FY 2022-23 and onwards.

3. This has the approval of the competent Authority.

Tags : Revision Health Insurance Returns

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Ministry of Commerce and Industry

12.09.2022

Commercial

Inclusion of/changes made in provisions in continuation to Public Notice No. 10/2015-20 dated 24.05.2022 and Public Notice No. 15/2015-20 dated 14.06.2022

MANU/DGFT/0151/2022

In exercise of the powers conferred under Para 1.03 and 2.04 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Director General of Foreign Trade hereby amends Para 2 of Public Notice No. 10/2015-20 dated 24.05.2022 read with Public Notice No. 15/2015-20 dated 14.06.2022 as under :

1. The following provisions are inserted after Sl. No. (xi) under para 2 -

xii. All TRQ allottees who are yet to effect imports under TRQ allocated shall provide details of imports planned under TRQ. Information and proof of aforesaid purchase/import arrangements, such as, details of advance payment along with purchase contract/Letter of Credit along with the SWIFT Output Message Reference date, and other supporting documents shall be sent to the email ids: ddg1import-dgft@gov.in and policy2-dgft@gov.in latest by 20.09.2022.

xiii. In case of possible non-utilization of quantities allocated or partial utilization, the TRQ allottees shall intimate this directorate for surrender of specific quantities. Details of the quantities to be surrendered shall be sent vide email to the following email ids: ddg1import-dgft@gov.in / policy2- dgft@gov.in latest by 20.09.2022

xiv. Failure to comply with the above directions shall result in cancellation and reallocation of TRQ to other eligible Importers after 20.09.2022.

2. Para 2(xi) of Public Notice 15/2015-20 dated 14.07.2022 is additionally re-iterated for information of all TRQ Allottees - The un-utilized quantities i.e., quantities not imported by the TRQ Licencees by the end of the current import period, shall be deducted from the proposed allocations during the next period, i.e., 2023-24.

Effect of Public Notice: Provisions for treatment of un-utilized quantities allocated under TRQ for import of crude soya bean and crude sun flower oil have been elaborated.

Tags : Changes Provisions Import

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Ministry of Finance 

12.09.2022

Excise

Amendment in Export Policy of broken rice against ITC (HS) Code 1006 4000

MANU/CUST/0077/2022

1. Kind attention is invited to Notification No. 31/2015-2020 dated 08.09.2022 issued vide S. O. No. 4219(E) on above captioned subject, wherein the Central Government has amended the Export Polity of broken rice against ITC (HS) code 10064000 from "Free" to "Prohibited".

2. Vide para 2 of the said notification, it has been provided that the Notification will come into effect from 9th September 2022, and that the provisions as under Para 1.05 of the Foreign Trade Policy, 2015-2020 regarding transitional arrangement, shall not be applicable under this Notification for export of broken rice under HS code 10064000.

3. Further, during the period from 9th September 2022 till 15th September, 2022, the following consignments of broken rice will be allowed to be exported:

i. where loading of broken rice on the ship has commenced before this Notification.

ii. where the shipping bill is filed and vessels have already berthed or arrived and anchored in Indian ports and their rotation number has been allocated before this Notification; The approval of loading in such vessels will be issued only after confirmation by the concerned Port Authorities regarding anchoring/berthing of the ship for loading of broken rice prior to the Notification; and

iii. where broken rice consignment has been handed over to the Customs before this Notification and is registered in their system.

4. All the Pr. Chief/Chief Commissioners are hereby requested to kindly bring the contents of this Notification to the attention of all concerned for its immediate implementation.

Tags : Amendment Export Policy Broken rice

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Reserve Bank of India

12.09.2022

Banking

RBI imposes monetary penalty on G.S. Mahanagar Co-operative Bank Limited, Mumbai

MANU/RPRL/0413/2022

The Reserve Bank of India (RBI) has, by an order dated September 08, 2022, imposed a monetary penalty of ₹ 25.00 lakh (Rupees Twenty-five lakh only) on G.S. Mahanagar Co-operative Bank Limited, Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on 'Maintenance of Deposit Accounts'. This penalty has been imposed in exercise of powers vested in RBI conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of Banking Regulation Act, 1949 (BR Act).

This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2020, and examination of the Risk Assessment Report and all related correspondence pertaining to the same, revealed, inter alia, that the bank had levied penal charges for non-maintenance of minimum balance in savings bank accounts without notice to the customers and without providing one month time for restoration of the minimum balance in the accounts. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the RBI directions, as stated therein.

After considering the bank's reply to the notice, the additional submissions made by it and the oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

Tags : Non-compliance Penalty Imposition

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