Team Bizsol

CBDT establishes 7 Interim Boards for Settlement having headquarters at Delhi, Kolkata, Mumbai and Chennai. (Notification No. 91/2021- Income Tax dtd. 10th August 2021)

SOP is prescribed for completing the penalties under the Faceless Penalty Scheme, 2021. (Instructions F. No. A.A. (N.A.F.A.C)-1/2021-22/439 dtd. 9th August 2021)

Ministry of Finance has notified Foreign Exchange Management (Non-debt instruments) (Amendments) Rules, 2021 to amend the existing Foreign Exchange Management (Non-debt instruments ) Rules, 2019. (Notification dtd 6th August 2021)

CBDT has notified a new set of Rules 21AI, 21AJ & New Form No. 10IG & 10IH. (Notification No. 90/2021- Income Tax dtd 9th August 2021)

Anti-subsidy investigation on imports of Viscose Rayon Filament Yarn. (Notification- Final Findings dtd. 9th August 2021)

Para 2.07 of Foreign Trade Policy, 2015-20 regarding Principles of prohibition and restrictions is amended to be in line with international agreements. (Notification No. 17/2015-2020 dtd. 10th August 2021)

Period of modification of IEC is extended for the year 2021-22 till 31.08.2021 and waiver of fees for modifications carried during August 2021. (Notification No. 16/2015-2020 dtd. 9th August 2021)

The trail period of CHIMS is extended by further two months i.e. up to 30.09.2021. (Notification No. 15/2015-2020 dtd. 9th August 2021)

The quota for export of diagnostic kits and their components/laboratory reagents has been fixed for the month of July, August and September, 2021. (Trade Notice No. 15/2021-22 dated 9th August 2021)

CBIC has issued the instructions to ensure that Cassia or Split Cassia is not imported with label of Cinnamon or Split Cassia (Cinnamon). (Instruction No. 16/2021- Customs dtd. 9th August 2021)

Anti-dumping duty on imports of Phthalic Anhydride. (Notification No. 43/2021- Customs (ADD) dtd. 9th August 2021)

The Insolvency and Bankruptcy Board of India ( IBBI) signed a Memorandum of Understanding (MOU) with National Stock Exchange (NSE) of India for research collaboration. (Notification No. IBBI/PR/2021/17 dtd. 6th August 2021)

CBIC has notified Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 6th August 2021. (Notification No. 65/2021- Customs (N.T.) dtd. 5th August 2021)

RBI has decided to permit banks to extend export credit using any other widely accepted Alternative Reference Rate in the currency concerned. (Notification No. RBI/2021-2022/79 dtd. 6th August 2021)

RBI’s monetary policy committee has decided to keep the Repo Rate unchanged at 4%. (RBI- Press Release dtd. 06th August 2021)  

MCA notifies Companies ( Specification of definitions details) Third Amendment Rules, 2021. (Notification No. G.S.R. 539(E) dtd. 5th August 2021)

MCA notifies Companies (Registration of Foreign Companies) Amendment Rules, 2021. (Notification No. G.S.R. 538(E) dtd. 5th August 2021)

MCA exempts foreign & companies incorporated outside India from provisions of Sections 387 to 392. (Notification dtd. 5th August 2021)

CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 6th August 2021. (Notification No. 65/2021- Customs (N.T.) dtd. 5th August 2021)

Invoking Force Majeure for Covid-19 Pandemic second wave for a period of extension of project registration by 6 months from 15th April 2021 to 14th October 2021. (Order No. 21/2021 dtd. 06th August 2021)