, Corporate Updates till 10th April 2018 MCA, SEBI,RBI and DGFT ~ CS GAURAV SHARMA

April 10, 2018

Corporate Updates till 10th April 2018 MCA, SEBI,RBI and DGFT

MCA UPDATE 
  • Notification regarding amendments in the notification number S.O. 529(E)
 
SEBI UPDATE
  • Orders per second limit and requirement of empanelment of system auditors for algorithmic trading in commodity derivatives
  • Monitoring of Foreign Investment limits in listed Indian companies
 
RBI UPDATE 
  • Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks – Spreading of MTM losses and creation of Investment Fluctuation Reserve (IFR)
  • Exim Bank's Government of India supported Line of Credit of USD 4.50 billion to the Government of the People’s Republic of Bangladesh
  • Investment by Foreign Portfolio Investors (FPI) in Government Securities - Medium Term Framework – Review
  • Comprehensive Guidelines on Derivatives: Modifications
  • Prohibition on dealing in Virtual Currencies (VCs)
  • Storage of Payment System Data
  • Cash Management activities of the banks Standards for engaging the Service Provider and its sub-contractor
  • Revamp of Lead Bank Scheme - Action Points for SLBC Convenor Banks/ Lead Banks
  • Action Points for Lead Banks on Enhancing the Effectiveness of Lead District Managers (LDMs)
INCOME TAX UPDATE 
  • Income-tax (Second Amendment) Rules, 2018
  • Procedure for submission of Form No. 60 by any person who does not have a Permanent Account Number and who enters into any transaction specified in Rule 114B of the Income-tax Rules, 1962
  • Procedure for registration and submission of Form No. 61 as per Rule 114D of Income-tax Rules, 1962
  • Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
  • Procedure for registration and submission of Statement of Reportable Account as per section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962
EXCISE UPDATE
  • Seeks to amend notification Nos.11/2017-Central excise dated 30th June, 2017, 10/2018-Central excise 11/2018-Central excise, 12/2018-Central excise and 13/2018-Central excise, all dated 2nd February 2018 
  • Seeks to rescind notification nos. 7/2018-Central excise and 8/2018-Central excise, both dated 2nd February 2018 all dated 06.04.2018
 
 
CUSTOM UPDATE 
  • seeks to increase tariff rate of BCD on populated, loaded or stuffed printed circuit boards, falling under tariff item 8517 70 10, of the First Schedule to the Customs Tariff Act, 1975 from Nil to 10%
  • seeks to further amend notification No. 57/2017-Customs dated 30.06.2017 so as to withdraw exemption from BCD on Printed Circuit Board Assembly (PCBA), Camera Module and Connectors, of cellular mobile phones and impose 10% BCD on them
  • seeks to further amend notification No. 24/2005-Customs dated 01.03.2005 so as to withdraw exemption from BCD on Printed Circuit Board Assembly (PCBA), of cellular mobile phones and impose 10% BCD on them
  • seeks to further amend notification No. 25/2005-Customs dated 01.03.2005 so as to withdraw exemption from BCD on Camera Module and Connectors, of cellular mobile phones and impose 10% BCD on them
  • seeks to further amend notification No. 50/2017-Customs dated 30.06.2017 so as to withdraw exemption from BCD on Camera Module and Connectors, of cellular mobile phones and impose 10% BCD on them.
  • Seeks to amend notification Nos.11/2018-Customs, 12/2018-Customs, 13/2018-Customs and 21/2018-Customs, all dated 2nd February 2018
  • Seeks to rescind notification nos. 7/2018-Customs, 8/2018-Customs, 19/2018-Customs and 20/2018-Customs all dated 2nd February 2018
  • Pre-notice consultation regulations, 2018
  • Non-levy of additional duty of customs to jute importers from Nepal u/s 28 A of Customs Act, 1962"
  • Exchange Rates Notification No.31/2018-Custom(NT) dated 5.4.2018
  • Completion of Data Entry in DIGIT: Uploading of Show Cause Notices and Adjudication Orders in DIGIT
  • Need to issue speaking order-Reg
  • Ban on Import of Oxytocin; stepping up vigilance mechanism in check smuggling of Oxytocin - Reg

GST UPDATE  
  • Setting up of an IT Grievance Redressal Mechanism to address the grievances of taxpayers due to technical glitches on GST Portal-reg.
  • Clarification on issues related to furnishing of Bond/Letter of Undertaking for exports – Reg.
 
DGFT UPDATE  
  • Clarification regarding export policy of Roasted Gram - Removal of packing restriction
  • Export Policy of Edilble Oils - Removal of Prohibition on Export of all varieties of Edible Oil, except Mustard Oil 





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