Daily Updates

RBI: RBI has decided to restore risk weights on Scheduled Commercial Banks’ (SCBs) exposures to NBFCs based on external ratings, reversing the 25-percentage point increase imposed in November 2023 for risk weights below 100%. The revised framework aligns with Paragraph 5.8.1 of the Basel III Capital Regulations Master Circular. The above instructions shall come into …

RBI : RBI has decided to restore risk weights on Scheduled Commercial Banks’ (SCBs) exposures to NBFCs based on external ratings, reversing the 25-percentage point increase imposed in November 2023 for risk weights below 100%. The revised framework aligns with Paragraph 5.8.1 of the Basel III Capital Regulations Master Circular. The above instructions shall come into effect from April 01, 2025, while all other regulatory instructions remain unchanged. (27.02.2025) Read More »

RBI Updates: RBI has revised prudential norms for Urban Co-operative Banks (UCBs), raising small loan limits to Rs. 25Lac or 0.4% of Tier I capital, whichever is higher and subject to a max of 3 Cr. per borrower. Further, Housing loans exposure limits stands revised, with individual caps of Rs. 60L – Rs. 3Cr based …

RBI : RBI has revised prudential norms for Urban Co-operative Banks (UCBs), raising small loan limits to Rs. 25Lac or 0.4% of Tier I capital, whichever is higher and subject to a max of 3 Cr. per borrower. Further, Housing loans exposure limits stands revised, with individual caps of Rs. 60L – Rs. 3Cr based on UCB tier. Aggregate exposure to residential mortgages (non-priority) is capped at 25% and real estate at 5% of total advances. The changes are applicable with immediate effect. (27.02.2025) Read More »

Income Tax : The Central Board of Direct Taxes (CBDT) has revised Rule 12CA and Rule 12CC, altering the due date for submitting Form 64A and Form 64E by business trusts and securitisation trusts. The deadline has been changed from November 30 of the financial year following the previous year in which the income was …

Income Tax : The Central Board of Direct Taxes (CBDT) has revised Rule 12CA and Rule 12CC, altering the due date for submitting Form 64A and Form 64E by business trusts and securitisation trusts. The deadline has been changed from November 30 of the financial year following the previous year in which the income was distributed to June 15 of the financial year following the previous year in which the income was distributed. (27.02.2025) Read More »

Customs: The Customs (On -Arrival Movement for Storage and Clearance at Authorised Importer Premises) Regulations, 2025 which are applicable for the AEO T2 and T3 holder importers. [Custom Notification No. 11/2025-Customs (NT) dated 17.02.2025]

Customs: The customs has issued a notification for fixation of revised Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. [Custom Notification No. 10/2025-Customs (NT) dated 14.02.2025]

Customs: Changes in the Agriculture Infrastructure and Development Cess (AIDC) Chapter Heading Description Earlier Rate Revised Rate 2204, 2205, 2206, 2008 (other than 2208 30 11 and 2208 30 91) All goods (other than bourbon whiskey) 100% 100% 2208 30 11, 2208 30 91 Bourbon whiskey 100% 50% This notification reflects a reduction in the …

Customs: Changes in the Agriculture Infrastructure and Development Cess (AIDC) (20.02.2025) Read More »

GST Updates CBIC issued clarifications regarding GST rates & classification (goods) based on the recommendations of the GST Council A. Classification and GST Applicability on Pepper (Genus Piper) HS Code 0904 (Green, White, or Black Pepper) attracts 5% GST. Exemption: Dried pepper supplied directly by an agriculturist from their plantation is GST-exempt, and the agriculturist …

GST : CBIC issued clarifications regarding GST rates & classification (goods) based on the recommendations of the GST Council. (20.02.2025) Read More »

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Jharkhand and Andaman and Nicobar Islands. This update includes new procedures for biometric authentication and document verification during the GST registration process [GST Advisory dated on 18.02.2025]

GST: Advisory on Form ENR-03 for Unregistered Dealers in the E-Way Bill Portal Effective from February 11, 2025, unregistered dealers can now enroll in the E-Way Bill (EWB) portal using Form ENR-03, as per Notification No. 12/2024 (July 10, 2024). This allows them to generate e-Way Bills by obtaining a 15-character Enrolment ID, which serves …

GST : Advisory on Form ENR-03 for Unregistered Dealers in the E-Way Bill Portal. (18.02.2025) Read More »

GST: GST Registration Process as per Rule 8 of CGST Rules, 2017, applicants must follow these steps: Non-Aadhaar Authentication Applicants Must visit a GST Suvidha Kendra (GSK) for photo capturing and document verification. Receive an email with GSK details and schedule an appointment. Aadhaar Authentication with Biometric Requirement Promoters/Partners and the Primary Authorized Signatory (PAS) …

GST : GST Registration Process as per Rule 8 of CGST Rules, 2017. (18.02.2025) Read More »

RBI: The Government of India has requested that all Agency Banks (banks handling government receipts and payments) remain open on March 31, 2025 (Monday), even though it is a public holiday. This is to ensure that all government transactions related to receipts and payments for the financial year 2024-25 are accounted for within the same …

RBI : The Government of India has requested that all Agency Banks (banks handling government receipts and payments) remain open on March 31, 2025 (Monday), even though it is a public holiday. This is to ensure that all government transactions related to receipts and payments for the financial year 2024-25 are accounted for within the same fiscal year. As a result, RBI has advised all Agency Banks to keep their branches dealing with government business open on this date to facilitate smooth financial operations. (11.02.2025) Read More »

RBI: RBI has issued master directions on ‘Access Criteria for Negotiated Dealing System-Order Matching’ (NDS-OM). These directions supersede the RBI (Access Criteria for NDS-OM) Directions, 2024 dated October 18, 2024. Any person/entity eligible to invest in Government securities must be eligible to access NDS-OM either through direct access, indirect access or via a stockbroker. NDS-OM …

RBI : RBI has issued master directions on ‘Access Criteria for Negotiated Dealing System-Order Matching’ (NDS-OM). These directions supersede the RBI (Access Criteria for NDS-OM) Directions, 2024 dated October 18, 2024. Any person/entity eligible to invest in Government securities must be eligible to access NDS-OM either through direct access, indirect access or via a stockbroker. NDS-OM refers to ETP authorized by RBI for transactions in Government securities. (11.02.2025) Read More »

RBI: The Reserve Bank of India announcing a reduction in the Bank Rate by 25 basis points, bringing it down from 6.75% to 6.50%, effective immediately. The Bank Rate is the rate at which the RBI lends money to commercial banks. A decrease in this rate typically leads to lower borrowing costs for banks, which …

RBI : The Reserve Bank of India announcing a reduction in the Bank Rate by 25 basis points, bringing it down from 6.75% to 6.50%, effective immediately. (11.02.2025) Read More »

RBI: The change in the Standing Liquidity Facility for Primary Dealers is as follows: The Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points, lowering it from 6.50% to 6.25%, effective immediately. As a result, the Standing Liquidity Facility (collateralized liquidity support) provided …

RBI : The change in the Standing Liquidity Facility for Primary Dealers. (11.02.2025) Read More »

RBI: The recent change in the Liquidity Adjustment Facility (LAF) rates is as follows: The Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the LAF by 25 basis points, lowering it from 6.50% to 6.25%, effective immediately. As a result, the standing deposit facility (SDF) rate is adjusted to 6.00%, and …

RBI : The recent change in the Liquidity Adjustment Facility (LAF) rates. (11.02.2025) Read More »

Income Tax :  Ministry of Finance on February 7, 2025, amends the Income-tax Rules, 1962, specifically Rule 2F. This amendment introduces new guidelines for establishing Infrastructure Debt Funds (IDFs) in India. The primary objective is to streamline the process and provide a clear framework for setting up IDFs, thereby facilitating increased investment in infrastructure projects. …

Income Tax : Ministry of Finance on February 7, 2025, amends the Income-tax Rules, 1962, specifically Rule 2F. This amendment introduces new guidelines for establishing Infrastructure Debt Funds (IDFs) in India. The primary objective is to streamline the process and provide a clear framework for setting up IDFs, thereby facilitating increased investment in infrastructure projects. (10.02.2025) Read More »

Income Tax : The Central Board of Direct Taxes (CBDT) has amended Rule 114DA to specify the due date for filing Form 49C. The Finance (No. 2) Act, 2024, amended Section 285 by removing the 60-day submission deadline for non-residents with liaison offices and replacing it with a period to be prescribed by the Board. …

Income Tax : The Central Board of Direct Taxes (CBDT) has amended Rule 114DA to specify the due date for filing Form 49C. The Finance (No. 2) Act, 2024, amended Section 285 by removing the 60-day submission deadline for non-residents with liaison offices and replacing it with a period to be prescribed by the Board. CBDT has set this period as 8 months from the end of the financial year through an amendment to Rule 114DA. (10.02.2025) Read More »

DGFT : The Standard Input Output Norm (SION) E-136 has been amended to permit the export of Wheat Flour (Atta) with Millets. This change allows for the inclusion of millets in the export of wheat flour (atta), broadening the scope of the export policy. [DGFT Public Notice No. 47/2024-25 dated on 07.02.2025]

DGFT :  The notification updates the classification for vintage motor vehicles in the export/import context has been updated to match the official criteria and definitions provided in the Central Motor Vehicles Rules, 1989. These rules govern the regulation and registration of motor vehicles in India and include specific definitions and classifications for vintage vehicles. [DGFT …

DGFT : The notification updates the classification for vintage motor vehicles in the export/import context has been updated to match the official criteria and definitions provided in the Central Motor Vehicles Rules, 1989. These rules govern the regulation and registration of motor vehicles in India and include specific definitions and classifications for vintage vehicles. (10.02.2025) Read More »

DGFT :  The export policy for raw human hair (ITC(HS) Code 05010010 – human hair unworked, whether or not washed or scoured) has been changed from ‘Restricted’ to ‘Prohibited’. Despite this, exports will be permitted if the FOB (Free on Board) value of the raw human hair is USD 65 or more per kilogram. This …

DGFT : he export policy for raw human hair (ITC(HS) Code 05010010) – human hair unworked, whether or not washed or scoured) has been changed from ‘Restricted’ to ‘Prohibited’. Despite this, exports will be permitted if the FOB (Free on Board) value of the raw human hair is USD 65 or more per kilogram. (10.02.2025) Read More »