Daily Updates

Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as follows: Ø  It requires an insolvency professional (IP) conducting CIRP to disclose all former names and registered office address(es) so changed in the two years preceding the commencement of insolvency along with the …

Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.(22.07.2021) Read More »

Anti – dumping duty on Imports of ‘Barium Carbonate’ originating in or exported from China has been in existence since 23rd March, 2010 which was further extended till 20th October, 2021. Usually, the anti-dumping duty imposed shall unless revoked earlier , cease to have effect on expiry of 5 years from the date of introduction. Recently …

Anti – dumping duty on Imports of ‘Barium Carbonate’ originating in or exported from China has been in existence since 23rd March, 2010.(22.07.2021) Read More »

Kamarajar Port is enlisted as a designated port for import of unshredded metallic scrap and waste in para 2.54 (d(iv)) of HBP 2015-20.  (Public Notice No. 15/2015-2020 Dated the 20th July, 2021)

Further relaxation in timelines for compliance with regulatory requirements of the SEBI by Debenture Trustees due to Covid-19 has been extended from 15th July 2021 to 31st August 2021 in some cases and 31st October 2021 in remaining cases.  (Circular SEBI/HO/MIRSD/CRADT/CIR/P/2021/597 dtd 20.07.2021)

To further strengthen the mechanism of protection of client collateral from misappropriation / misuse by Trading Member, Clearing Member and Depository Participant , SEBI has issued new guidelines for segregation and monitoring of collateral at client level. (Circular No. SEBI/HO/MRD2_DCAP/CIR/2021/0598 dtd 20.07.2021)

International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021 have been introduced and will come in to effect on the date of publication in the official Gazzate. (Notification no. IFSCA/2021-22/GN/REG015)

In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, CBDT has further extended submissions in Manual format to the Authorised dealer till 15th August 2021 earlier it was 15th July 2021. (Press Release dtd. 20th July, 2021)

On recommendation of the GST Council, for removal of doubt, it is clarified that the goods mentioned at serial numbers 2 i.e. Goods, other than those falling under Sl. No. 1 exported for repairs abroad and serial number 3 of the Table  i.e. Cut and polished precious and semi-precious stones exported for treatment abroad, when …

On recommendation of the GST Council, for removal of doubt, it is clarified that the goods mentioned at serial numbers 2 and serial number 3 of the Table  , when re-imported are leviable to integrated tax and cess as leviable under the said Customs Tariff Act.(20.07.2021) Read More »

Extension of Date for Mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 01st Oct 2021 from 31st July 2021. (DGFT Trade Notice No. 10/2021-2022)

 In the Narcotic Drugs and Psychotropic Substances Rules, 1985, in rule 58, sub-rule (2), for clause (b), the following clause shall be substituted, namely: – “(b) the import certificate in original or in electronically generated format, issued by the Government of the importing country certifying the official approval of the concerned Government; Provided that where …

In the Narcotic Drugs and Psychotropic Substances Rules, 1985, in rule 58, sub-rule (2), for clause (b), the following clause shall be substituted.(19.07.2021) Read More »

Going forward ,w.e.f 26th July 2021 Risk Management Systems (RMS) will process the shipping bill data after the Export General Manifest (EGM) is filed electronically and will provide required output to ICES for selection of shipping bills for risk-based processing of duty drawback claims. (Circular No. 15/2021-Customs dtd 15th July 2021)

The current Foreign Trade Policy (2015-2020), was extended till 30 September 2021. In order to prepare a new five year Foreign Trade Policy, suggestions/inputs are invited from various stakeholders. A Google Form has been created on the following link: https://bit.ly/3khHEI2 and suggestions are invited on or before 31st July 2021. (Trade Notice No. 09/2021-22 dtd 16th July 2021)

A facility of block mechanism in the demat account of clients has been made available by the depositories. The securities lying in client’s demat account may be blocked in favour of Clearing Corporation either by client himself using depository’s online system. (Press Release No.23/2021 )

Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 16th July, 2021 vide Notification No. 59/2021 – Customs (N.T.) | Dated: 15th July, 2021. Sl.No. Foreign Currency Rate of exchange of one unit of foreign currency equivalent to Indian rupees For Imported Goods For Exported Goods 1 EURO 89.80 86.60 2 Hong Kong …

Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 16th July, 2021.(16.07.2021) Read More »

Re-Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver etc. for imports. (Tariff Notification No. 60/2021-Customs (N.T.) Dated: 15th July, 2021)

All the advance bills of entry for FCL consignments which do not require assessment and/or examination would be granted the facility of Direct Port Delivery (DPD) and that such facility would be over and above the present system of entity based DPD extended to Authorised Economic Operator (AEO) clients. (PUBLIC NOTICE NO. 71/2021)

Reserve Bank of India has released today, the Draft Circular on ‘Issue and regulation of share capital and securities for Primary (Urban) Co-operative Banks’. Comments on the Draft Circular are invited from UCBs, sector participants and other interested parties by August 31, 2021. (Press Release: 2021-2022/527)

The scheme of Reserve Bank of India ‘RBI Retail Direct’ has been formulated as a one-stop solution to facilitate investment in Government Securities by individual investors. The date of commencement of the scheme will be announced at later stage. ( Press Release No.2021-2022/518)

The last date for submission of FLA Returns-2021 has been extended to 31st July 2021.

Customs duty exempted on API/excipients for Amphotericin B & COVID test kits material and raw materials for manufacturing COVID test kits as specified below for a specified period : Ø  DMPC (1,2-Dimyristoyl-sn-glycero-3-phosphocholine), DMPG (1,2-Dimyristoyl-sn-glycero-3-phospho-rac-glycerol,sodium salt), HSPC (Hydrogenated phosphatidylcholine from soybean), DSPG (1,2-Distearoyl-sn-glycero-3-phospho-rac-glycerol,sodium salt), Egg Lecithin falling under Customs Tariff 2923 20 90 – Exemption valid till 31st August 2021 …

Customs duty exempted on API/excipients for Amphotericin B & COVID test kits material and raw materials for manufacturing COVID test kits.(14.07.2021) Read More »