RBI: RBI announced an extension of time for the achievement of Priority Sector Lending (PSL) targets by Primary (Urban) Co-operative Banks (UCBs). (RBI/2023-24/42 DOR.CRE.REC.18/07.10.002/2023-24 dated 08-06-2023)
RBI: RBI issued circular addressing Default Loss Guarantee (DLG) in Digital Lending. (RBI/2023-24/41 DOR.CRE.REC.21/21 .07.001/2023-24 dated 08-06-2023)
DGFT: DGFT Announces New Import Guidelines for Watermelon Seeds until October 2023. (Public Notice No. 13/2023-DGFT [F. No. 01/53/8/Misc/AM22/M-1/IC.])
Customs: CBIC notifies Exchange rate of ‘South African Rand’ for Import & Export wef 13.06.2023. (Notification No. 42/2023- Customs (N.T.))
Income Tax: CBDT notifies e-advance rulings (Amendment) Scheme, 2023 which amend e-advance rulings Scheme, 2022 related to Board for Advance Rulings. (Notification No. 38/2023 Income-Tax Dated: 12th June, 2023.)
Income Tax: CBDT notifies the Cost Inflation Index for the financial year 2023-24, i.e., AY 2024-25 to 348. (Notification No. 39/2023 Income-Tax, dated 12th June 2023)
Customs: CBIC issued Notification detailing important changes related to the imposition of an anti-dumping duty on the imports of ‘Stainless-Steel Seamless Tubes and Pipes; from China PR, and the renaming of a key company involved in these imports. ( Notification No. 06/2023-Customs (ADD)[F. No.CBIC-190354/243/2022-TO(TRU-I)-CBEC])
Income Tax: Department specified pension fund, 2743298 Ontario Limited as the specified person for certain income tax exemptions, subject to specific conditions set out for exemption under clause (23FE) of section 10 of the Income-tax Act, 1961. (Notification No. 36/2023-Income Tax, dated June 7, 2023)
Service Tax CESTAT of Chandigarh held that the transportation and clearance of waste is an activity of appellant’s manufacturing business and these services availed by them is an integral part of manufacturing process and hence it is eligible for Cenvat credit.
SEBI: SEBI introduced online processing of investor service requests and complaints by Registrars to an Issue & Share Transfer Agents (RTAs). (Circulars No.SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/72)
SEBI: SEBI has issued a circular regarding the participation of mutual funds in repo transactions on corporate debt securities. (Circulars No. SEBI/HO/IMD/IMD PoD-2/P/CIR/2023/85)
SEBI: SEBI has issued a circular requiring stock brokers and clearing members to upstream clients’ funds to clearing corporations. (Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84)
RBI: RBI has reviewed the borrowing limits in Call and Notice Money Markets for Scheduled Commercial Banks. (RBI/2022-23/38/ FMRD.DIRD.02/14.01.001/2023-24)
RBI: RBI has announced a rationalization of the branch authorization policy for Urban Co-operative Banks (UCBs). (RBI/2023-24/39 DOR.REG.No.19/07.01.000/2023-24)
RBI: RBI has introduced a comprehensive regulatory framework for compromise settlements and technical write-offs, aiming to enhance the resolution of stressed assets and streamline instructions for regulated entities. (Notification No. RBI/2023-24/40 DOR.STR.REC.20/21.04.048/2023-24)
GST: GSTN has launched the E-Invoice Verifier App, a user-friendly solution for verifying e-Invoices and related details. This app aims to simplify the e-invoice verification process, ensuring accuracy and convenience for taxpayers. (Press Releases No. 588)
RBI: RBI has taken various initiative to expand the scope of the Trade Receivables Discounting System (TReDS) in order to alleviate difficulties faced by Micro, Small, and Medium Enterprises (MSMEs). (Notification No. RBI/2023-24/37 CO.DPSS.POLC.No.S-258/02-01-010/2023-24)
Customs : Customs discusses the introduction of mandatory additional qualifiers in import/export declarations for certain products, effective from 1st July 2023. (Circular No. 15/2023-dated 07-06-2023)
Customs: CBIC notified the procedure for claiming IGST credit in case of payment of duty for non complying pre-import conditions. (Circular No. 16/2023 -Cus Dated: 7th June 2023)
Company Law: The National Bank for Financing Infrastructure and Development (NaBFID) is to support the development of long term non-recourse infrastructure financing in India including the development of bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure. ( Circular REF: IRDAI/F&I/CIR/INV/121/6/2023 Dated: 5th June, 2023)
