Notifications & Circulars

Press Information Bureau

04.04.2024

Direct Taxation

Central Board of Direct Taxes notifies availability of ITR functionalities on the e-filing portal from 1st April, 2024

MANU/PIBU/0324/2024

The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards.

As a precursor to this, CBDT had notified the ITR forms early, beginning with ITRs 1 and 4 which were notified on December 22nd, 2023, ITR-6 was notified on 24th January, 2024 and ITR-2 was notified on January 31st, 2024.

To facilitate the e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and Schema of Tax Audit Reports have also been made available for A.Y. 2024-25. The same can be accessed under downloads section of the e-filing portal.

Thus, taxpayers have been enabled to file ITR-1, ITR-2, ITR-4 and ITR-6 for A.Y. 2024-2025 on the e-filing portal from 01.04.2024. In fact, about 23,000 ITRs for A.Y. 2024-25 have already been filed till date. Facility to file ITRs 3, 5 and 7 will be made available shortly.

This is for the first time in recent times, that the Income Tax department has enabled taxpayers to file their Returns on the first day of the new financial year. This is another giant step towards ease of compliance and seamless taxpayer services.

Tags : Availability ITR functionalities E-filing portal

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Reserve Bank of India

04.04.2024

Banking

Notification regarding Exchange Traded Currency Derivatives

MANU/RPRL/0217/2024

In the recent period, some concerns have been expressed about participation in the exchange traded currency derivatives (ETCD) market in the light of the Reserve Bank of India's (RBI) A.P. (DIR Series) Circular No. 13 dated January 05, 2024.

It may be noted that the regulatory framework for participation in ETCDs involving the Indian rupee (INR) is guided by the provisions of the Foreign Exchange Management Act (FEMA), 1999 and regulations framed thereunder which mandate that currency derivative contracts involving the INR-both over-the-counter (OTC) and exchange traded-are permitted only for the purpose of hedging of exposure to foreign exchange rate risks. The regulatory framework has been reiterated in the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 03, 2000 (Notification No. FEMA.25/RB-2000 dated May 03, 2000) amended on February 18, 2020 which states that a person may enter into an ETCD contract involving the INR only for the purpose of hedging a contracted exposure.

For the purpose of ease of doing business, the RBI's A.P. (DIR Series) Circular No. 147 dated June 20, 2014 permitted users of ETCDs to take positions up to USD 10 million per exchange without having to provide documentary evidence to establish the underlying exposure but did not provide any exemption from the requirement of having the exposure. Accordingly, users are expected to ensure compliance with the requirement of having underlying exposure. The limit of USD 10 million per exchange was subsequently amended and currently stands at a single limit of USD 100 million combined across all exchanges.

As announced in the Statement on Developmental and Regulatory Policies dated December 08, 2023 the regulatory framework governing the hedging of foreign exchange risks was comprehensively reviewed in 2020 with a view to ushering in a principle-based regime. Based on this comprehensive review, public consultations, feedback received from market participants and experience gained since then, the regulatory framework has been made more comprehensive in respect of all types of transactions-OTC and exchange traded - under a single Master Direction to enhance operational efficiency and ease access to foreign exchange derivatives.

The A.P. (DIR Series) Circular No. 13 dated January 05, 2024 sets out the Master Direction and reiterates the regulatory framework for participation in ETCDs involving the INR without any change. As hitherto, participants with a valid underlying contracted exposure can continue to enter into ETCDs involving the INR up to a limit of USD 100 million without having to produce documentary evidence of the underlying exposure.

Thus, it is emphasised that the regulatory framework for ETCDs has remained consistent over the years and that there is no change in the RBI's policy approach.

The A.P. (DIR Series) Circular No. 13 dated January 05, 2024 had stated that these comprehensive and consolidated Directions shall come into effect from April 05, 2024. In view of feedback received and recent developments, it has been decided that these Directions will now come into effect from Friday May 03, 2024.

Tags : Exchange Currency Derivatives Regulatory framework

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Securities and Exchange Board of India

04.04.2024

Capital Market

SEBI Obtains ISO/IEC 27001:2022 Certification for its Information Security Management Systems

MANU/SPRL/0006/2024

SEBI has successfully obtained the ISO/IEC 27001:2022 certification for the following:

(1) Information Security Management System at the Primary Data Centre,

(2) Security Operations Control (SOC) and Network Operations Control (NOC) Operations and

(3) Information Security Management System at the Disaster Recovery site.

The Certification was obtained after rigorous evaluation by the certification body under accreditation of National Accreditation Board for Certification Bodies (NABCB), a member of International Accreditation Forum (IAF).

International Organisation for Standardisation - ISO/ International Electrotechnical Commission- IEC 27001:2002 is an internationally recognized standard for ISMS that enables organizations to identify, prevent, and defend potential security vulnerabilities. As stated by ISO on its website [www.iso.org/standard/27001], ISO/IEC 27001 "promotes a holistic approach to information security: vetting people, policies and technology. An information security management system implemented according to this standard is a tool for risk management, cyber-resilience and operational excellence".

As part of its continuous commitment to set benchmarks for cyber security standards in the Indian Securities Market, it was decided to obtain ISO/IEC 27001:2022 certification by ensuring that SEBI's information technology systems meet the standards of a comprehensive evaluation and audit process undertaken by the certification body accredited by NABCB.

This certification underscores SEBI's commitment to continuous improvement and enhancement of its systems and controls to achieve Confidentiality, Integrity, and Availability (CIA) of data and operations.

Tags : Certification Security Management

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Ministry of Commerce and Industry

02.04.2024

Commercial

Directives regarding submission of digitized Aayat Niryat Forms (ANFs) and Appendices pursuant to the Foreign Trade Policy

MANU/DGFT/0051/2024

1. In adherence to the Directorate General of Foreign Trade's commitment to facilitating exports and imports, emphasizing efficient, transparent, and accountable delivery systems, significant efforts have been directed towards digitising a substantial number of the Aayat Niryat Forms (ANFs) and Appendices pursuant to the Foreign Trade Policy. Consequently, applications pertaining to said ANFs and Appendices must be exclusively submitted online via the DGFT Website (https://dgft.gov.in), eliminating the necessity for physical or soft copies of these documents.

2. Additionally, it should be duly noted that Importer-Exporter Code (IEC) details are available online to DGFT (HǪ), Regional Authorities (RAs), Export Promotion Councils (EPCs), and other pertinent entities. Likewise, Registration-cum-Membership Certificates (RCMCs) are electronically accessible through DGFT Online Systems. Moreover, Micro, Small, and Medium Enterprises (MSMEs) status as recorded in the MSME UDYAM Registration Portal (https://udyamregistration.gov.in) is similarly accessible through electronic exchanges integrated into DGFT online systems.

3. Furthermore, certain ANFs and Appendices necessitate certification by professionals such as Chartered Accountants, Chartered Engineers, Cost Accountants, Company Secretaries, among others, and may not be entirely digitized presently. Nonetheless, ongoing endeavours are directed towards digitalization of these forms, enabling said certifying authorities to digitally certify all relevant ANFs and Appendices directly on the DGFT Website. Until such digital signature processes are fully implemented, copies of these documents may be uploaded online.

4. With regard to the foregoing, it is reiterated that no hard or soft copies of digitized ANFs, Appendices, IEC, RCMC, or MSME Udyam Registration certificates need to be submitted to DGFT (HǪ) or its Regional Authorities. Additionally, there is no requirement to upload such documents alongside online applications.

5. It is further emphasized that all deficiency letters and correspondences pertaining to online applications must be issued and responded to exclusively online. Physical paper responses to such communications should not be entertained.

Tags : Directives Submission ANFs

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Press Information Bureau

02.04.2024

Civil

FSSAI advises E-Commerce platforms to ensure appropriate categorization of food products sold on their websites

MANU/PIBU/0311/2024

The Food Safety and Standards Authority of India (FSSAI) has asked all e-commerce Food Business Operators (FBOs) to ensure appropriate categorization of food products being sold on their websites. FSSAI has noted instances of food products licensed under 'Proprietary Food' with the nearest category - Dairy Based Beverage Mix or Cereal Based Beverage Mix or Malt Based Beverage - being sold on e-commerce websites under the category 'Health Drink', 'Energy Drink' etc.

FSSAI has clarified that the term 'Health Drink' is not defined or standardized anywhere under the FSS Act 2006 or rules/regulations made thereunder. Therefore, FSSAI has advised all e-commerce FBOs to promptly rectify this misclassification by removing or de-linking such drinks or beverages from the category of 'Health Drinks / Energy Drinks' on their websites and place such products in the appropriate category as provided under the extant law.

Proprietary Foods are items of food that are not standardized in Food Safety and Standards (Food Product Standards and Food Additives) Regulations and Food Safety and Standards (Health Supplements, Nutraceuticals, Food for Special Dietary Use, Food for Special Medical Purpose, Functional Food, and Novel Food) Regulations but use standardised ingredients.

The term - 'Energy' Drinks - is permitted to be used only on the products licensed under Food Category System (FCS) 14.1.4.1 and 14.1.4.2 (Carbonated and Non-carbonated water based flavoured drinks), standardized under sub-regulation 2.10.6 (2) of Food Product Standards and Food Additives Regulations 2011 (Caffeinated Beverage).

This corrective action aims to enhance clarity and transparency regarding the nature and functional properties of the products, ensuring that consumers can make well-informed choices without encountering misleading information.

Tags : E-Commerce Platforms Categorization Food products

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Securities and Exchange Board of India

01.04.2024

Capital Market

Notification regarding new technology to strengthen SEBI Complaint Redressal System for Investors

MANU/SPRL/0005/2024

In its continuous pursuit of protection of interests of investors in the securities market, SEBI has launched the new version of the SEBI Complaint Redress System (SCORES 2.0) today. The new version of SCORES strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the 'Designated Bodies and reduction of timelines. The new SCORES system has also been made more user friendly.

SCORES is an online system where investors in securities market can lodge their complaints through web URL and an App.

SEBI vide Circular with reference number SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023 had appointed the Designated Bodies and defined the roles and responsibilities of the SEBI regulated entities and the Designated Bodies.

The website URL for SCORES 2.0 from April 01, 2024 is https://scores.sebi.gov.in

The salient features of SCORES 2.0 are as follows:

i. Reduced and uniform timelines for redressal of investor complaints across the Securities Market i.e. 21 Calendar days from date of receipt of complaint.

ii. Introduction of auto-routing of complaints to the concerned regulated entity so as to eliminate time lapses, if any, in the flow of complaints.

iii. Monitoring of the timely redressal of the investors' complaints by the 'Designated Bodies'.

iv. Providing two levels of review: First review by the 'Designated Body' if the investor is dissatisfied with the resolution provided by the concerned regulated entity. Second review by SEBI if the investor is still dissatisfied after the first review.

v. Introduction of auto-escalation of complaint to the next level in case of non- adherence to the prescribed timelines by the regulated entity or the Designated Body as the case may be.

vi. Integration with KYC Registration Agency database for easy registration of the investor on to SCORES.

Investors can lodge complaints only through new version of SCORES i.e. https://scores.sebi.gov.in from April 01, 2024. In the old SCORES i.e. https://scores.gov.in investors would not be able to lodge any new complaint. However, Investors can check the status of their complaints already lodged in old SCORES and pending in the old SCORES. Further, the disposed of complaints filed in the old SCORES can be viewed at SCORES 2.0

The old App has been discontinued and a new App in its place will be launched soon.

Tags : New technology Complaint Redressal System Investors

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