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RBI Moratorium

RBI Moratorium on EMI: FAQ’s

RBI Moratorium on EMI: FREQUENTLY ASKED QUESTIONS Last week, the Reserve Bank of India announced a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently Asked Questions about the technicalities of the moratorium. Q 1: When/what was the RBI announcement? ANSWER: Last week, the Reserve Bank of India announced a three-month moratorium on all term loans outstanding as on…

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Export proceeds

Extension of realization period of Export proceeds

RBI announces Extension of realization period of export proceeds: Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pandemic, the time period for realization and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from…

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Finance Ministry issues Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance 2020.

Finance Ministry issues Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance 2020.

To give effect to the announcements, made by the Finance Minister on 24th March 2020, regarding relief measures relating to regulatory & statutory compliance matters across sectors in view of COVID – 19 outbreak, the government has brought about an Ordinance on 31st March 2020 which provides for extension of various limits under Taxation & Benami Acts. It also contains extension for time limits contained in Rules or Notification which are prescribed/issued under these Acts. Some important features and time limits which…

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CBDT extends validity of lower deduction TDS/TCS certificates

CBDT extends validity of lower deduction TDS/TCS certificates due to COVID 19

Due to the outbreak of the Corona pandemic – there have been several restrictions in the working of the Income Tax Department. Therefore, applications filed by the payees under s. 195 and 197 of the ITA for lower of NIL rate of TDS deduction and applications by buyers/ licensees/lessees under s. 206C(9) of the ITA for lower or NIL rate of collection of TCS for FY 2020-2021, have not been attended to in a timely manner by the TDS/TCS…

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LEI Extension

Legal Entity Identifier (LEI) Extention

The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. RBI has Based on the feedback and requests received from market participants, in the context of the difficulties arising from the outbreak of novel corona virus disease (COVID-19), and with a view to enabling smoother implementation…

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ised LLP Settlement Scheme

Companies Fresh Start Scheme 2020 and revised LLP Settlement Scheme,2020

The Corporate Affairs Ministry (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable companies make good of any filing-related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity. To provide a similar facility to Limited Liability Partnerships (LLPs), the MCA has also revised the ‘LLP Settlement Scheme, 2020’, which is in vogue today.The USP of both the schemes is a one-time waiver of additional filing fees for delayed…

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Any Contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013.

Any Contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013.

The Government of India has set up the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) with the primary objective of dealing with any kind of emergency or distress situation such as that posed by COVID 19 pandemic. Item no. (viii) of the Schedule VII of the Companies Act, 2013, which enumerates activities that may be undertaken by companies in discharge of their CSR obligations, inter alia provides that contribution to any fund set…

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the PM has urged the citizens to stay indoors and has assured that essential supplies shall be provided

India inc’s battle with COVID – 19

PM Modi on Tuesday announced a nationwide lockdown until April 14, 2020 as a measure to combat the spread of COVID – 19. During the lockdown, the PM has urged the citizens to stay indoors and has assured that essential supplies shall be provided. In the first few days of the lockdown itself, the country is reeling under its impact that is to say – countless people have been left unemployed – especially the daily wage workers whose sustain…

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RBI Announcements

RBI Announcement

” Living in extraordinary situation; war effort needs to be mounted against coronavirus using conventional, unconventional tools. The RBI is at work; calibrating action to meet any liquidity mode. The global slowdown can deepen with adverse implication for India; crude oil slump upside for India. Food prices may soften further on back of record food-grain production. Outlook highly uncertain and negative in view of outbreak of Covid-19″ says Das Measures • The monetary policy committee voted 4:2 majority to cut repo…

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