Daily Updates

CBDT has notified Two new Income Tax Rules i.e. Rule 12AA- Prescribed person for the purposes of clause (c) and clause (cd) of section 140 and Rule 51B- Appearance by Authorised Representative in certain cases. (Notification No. 93/2021- Income Tax dtd. 18th August 2021)

CBIC has notified the Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 20th August, 2021. (Notification No. 68/2021 – Customs (N.T.) dtd. 9th August 2021)

RBI has issued detailed revised instructions for Safe Deposit Locker / Safe Custody Article Facility provided by banks. (Circular No. DOR.LEG.REC/40/09.07.005/2021-22 dtd. 18th August 2021)

CBIC has issued the clarifications w.r.t. Verification of the Preferential Certificates of Origin and difficulties faced by the trade in implementation of the Customs (Administration of Rules of Origin under Trade Agreements) Rules (CAROTAR), 2020. (Instruction No. 18/2021- Customs dtd. 17th August 2021)

CBIC has issued the instructions to direct Directorate’s/Commissionerate’s that they shall not issue any Circular/ Reports/Alerts etc. regarding clarification or interpretation of classification of goods. (Instruction No. 19/2021-Customs dtd. 17th August 2021)

SEBI has issued the directions to National Commodity & Derivatives Exchange Limited (NCDEX) in respect of trading in Chana. (Press Releases No. 25/2021 dtd. 16th August 2021)

SEBI notifies Penalty for Repeated Delivery Default. (Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2021/619 dtd. 17th August 2021)

CBIC has streamlined the procedure De-notification of Inland Container Depots (ICDs) /Container Freight Stations (CFSs)/Air Freight Stations (AFSs).  (Circular No. 20/2021-Customs dtd. 16th August 2021)

Principal Commissioners/Commissioners of Customs to decide the amount of security required in certain cases of provisional assessments.  (Circular No. 19/2021-Customs dtd. 16th August 2021)

Procedure & Criteria for submission and approval of applications for export of COVID-19 Rapid Antigen Testing kits has been specified. (Trade Notice No. 16/2021-22-DGFT dtd. 17th August 2021)

Guidelines and Rates relating to Remission of Duties and Taxes on Exported Products (RoDTEP) scheme are notified.  (Notification No. 19/2015-20 dtd. 17th August 2021)

Now listed entities are not required to disclose information relating to credit rating in their financial statements. (Notification No. NO. SEBI/LAD-NRO/GN/2021/42 dtd. 13th August 2021)  

SEBI reduces lock-in period for promoter contribution from 3 years to 18 months. (Notification No. SEBI/LAD-NRO/GN/2021/45 dtd. 13th August 2021)

The SEBI has notified the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2021 wherein the requirement of continuous disclosure by a person, persons acting in concert, and the promoter of every target company has been dispense with. (Notification No. SEBI/LAD-NRO/GN/2021/46 dtd. 13th August 2021)

The export of COVID-19 Rapid Antigen testing kits falling under the ITC (HS) codes – Ex 3822 and Ex 3002 – or falling under any other HS Code has been put under the restricted category, with immediate effect. (Notification No.18/2015-2020 dtd.16th August 2021)

The President has given assent to;  “The Inland Vessels Act, 2021”  on 11th August 2021 (Bill No. 24 of 2021) “The Limited Liability Partnership (Amendment) Act, 2021” on 13th August 2021 (Bill No. 31 of 2021) “The Tribunals Reforms Act, 2021” on 13th August 2021 (Bill No. 33 of 2021) “The Taxation Laws (Amendment) Act, 2021” on …

The President has given assent.(16.08.2021) Read More »

The Central Government passed the order for Public Procurement Policy for MSEs Amendment Order, 2021.  (Notification No. S.O. 3237(E) dtd. 11th August 2021)

The Ministry of Environment, Forest and Climate Change, has notified the Plastic Waste Management Amendment Rules, 2021. Thickness of plastic carry bags increased from 50 to 75 microns from 30th September, 2021 and to 120 microns with effect from the 31st December, 2022. ( Notification dtd. 12th August 2021)

Department of Pharmaceuticals extended the time period for submission of application for the Production Linked Incentive (PLI) scheme for pharmaceuticals to August 31st 2021. (Corrigendum/Addendum dtd. 13th August 2021).

RoSCTL Scheme to be continued till March 31, 2024 for Apparels, Garments and their made-ups. (Ministry of Textile Notification dtd. 13th August 2021)