FEMA and Banking The RBI has announced a reduction in the Cash Reserve Ratio (CRR) for all banks by 50 basis points in two equal tranches of 25 basis points each. The CRR will be maintained at 4.25% of Net Demand and Time Liabilities (NDTL) from the reporting fortnight beginning December 14, 2024, and at …
FEMA and Banking RBI has decided to raise the limit for collateral free agricultural loans including loans for allied activities from the existing level of Rs. 1.6 lakh to Rs. 2 lakh per borrower. This decision is taken by considering the overall inflation and rise in agriculture input cost over the years. Further, banks are …
Company and SEBI Law SEBI has notified the SEBI (Prohibition of Insider Trading) (Third Amendment) Regulations, 2024. The amended norms modifies the definition of the connected person. Now, a firm or its partner or its employee in which a connected person is also a partner shall deemed to be connected persons. Further, a person sharing …
Company and SEBI Law SEBI has amended the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. Board has introduced summary proceedings for specific non-compliant intermediaries. These proceedings cover stock brokers, clearing members, depository participants, and others failing to meet obligations or violating securities laws. The amendment mandates the issuance of notices, submission of responses …
Company and SEBI Law SEBI has updated its ‘Investor Charter’ to enhance investor protection, market transparency, and trust and confidence among investors. Key updates includes ensuring confidentiality of investor information and providing the right to exit at fair and reasonable terms from the securities market related products or services. SEBI has strengthened the grievance redressal …
FEMA and Banking The Ministry of Finance has permitted the reporting entity, namely ‘Aditya Birla Sun Life Mutual Fund’ , to perform authentication under the Aadhaar Act, 2016. The permission is granted only for the purpose of Aadhar authentication as required u/s 11A of the Money Laundering Act, 2002. Section 11A requires the verification …
FEMA and Banking RBI has revised the framework for small value digital payments in offline mode under UPI Lite. Earlier, the framework prescribed an upper limit of Rs. 500 for offline digital payment transaction, and a total limit of Rs. 2,000 for a payment instrument at any point in time. Now, the offline framework has …
Insolvency and Bankruptcy Code To address administrative delays in appointing Insolvency Professionals (IPs), IBBI has introduced new guidelines providing the procedure for preparing panel of IPs to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees. The IP panel will be effective from 01.01.2025 to 30.06.2025. Further, Board will prepare a …
Goods and Service Tax The CBIC has empowered more number of Additional Commissioners of Central Tax/ Joint Commissioners of Central Tax of specified Central Tax Commissionerates, with All India Jurisdiction for the purpose of adjudication of the show cause notices issued by the officers of DGGI. In this regard, amendment has been made in Circular …
Company and SEBI law SEBI has notified the SEBI (Depositories and Participants) (Third Amendment) Regulations, 2024. A new regulation 60A w.r.t nomination has been inserted. It states that every participant must provide an option to the beneficial owner to nominate a person to whom the securities held by him must vest in the event …
Company and SEBI law Various queries have been raised in multiple news articles about obligation of digital platforms to get recognition as a Specified Digital Platform (SDP). In this regard, SEBI has clarified that it is not obligatory for any digital platform to be notified as SDP. A regulated entity can associate with or through …
Directorate General of Foreign Trade The time period for the export of Broken Rice (ITC(HS) 10064000) to Senegal and Gambia through NCEL, initially valid until 30th November 2024, has been extended by 2 months up to 31st January 2025. Notification No. 42/2024-25 dated 05.12.24
Goods and Service Tax Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification No. 17/2024 dated 04.12.24 The GSTN has issued an advisory to inform that GSTR-7 filing has been made sequential from the October tax period. Hence, GSTR-7 return is to be filed in chronological order, beginning with the return period of …
FEMA and Banking RBI has directed banks to take necessary steps urgently to bring down the number of inoperative/frozen accounts and make the process of activation of such accounts smoother and hassle-free. This includes enabling seamless updation of KYC through mobile/internet banking, non-home branches, Video Customer Identification Process, etc. Further, RBI has directed banks to …
Company and SEBI law SEBI has issued an updated master circular for Depositories. This master circular covers the relevant applicable circulars/communications pertaining to depositories issued by SEBI up to September 30, 2024. It enables the users to have access to all applicable circulars/directions at one place. The master circular consists of four sections, i.e. (a) …
Company and SEBI law SEBI has amended guidelines for SMS and email alerts to investors by stock exchanges. It has been clarified that under exceptional circumstances, the brokers may, upload the same mobile number/Email address for more than 1 client provided such client belong to one family (in case of individual clients) or such client …
Insolvency and Bankruptcy Code After considering representations from liquidators and agencies citing technical difficulties, the Insolvency and Bankruptcy Board of India has extended the deadline for filing liquidation and voluntary liquidation forms to 31.12.2024, previously set at 30.11.2024. Further, it has been clarified that for ongoing liquidation and voluntary liquidation cases, the responsibility for filing …
Company and SEBI law SEBI has notified the SEBI (Merchant Bankers) (Amendment) Regulations, 2024. As per the amended norms, a merchant banker, when called upon pursuant to an agreement for underwriting to subscribe to the securities of a body corporate, must subscribe to the said securities before finalizing the basis of allotment. Further, the merchant …
Income Tax The Central Board of Direct Taxes (CBDT) has notified the Safe Harbour Rules for foreign companies engaged in the business of diamond mining. The Safe Harbour Rules apply to the business of selling raw diamonds in any notified special zone. Notification No. 124/2024 dated 29th November 2024
