CS SURBHI SAXENA

RBI

RBI increases personal loan limit to other banks director’s without board approval to Rs 5 crore

CS SURBHI SAXENAJuly 23, 2021

As per RBI notification, Please refer to paragraphs 2.2.1.2, 2.2.1.4 and paragraph 2.2.1.5 of Master Circular on Loans and Advances - Statutory and Other Restrictions dated July 01, 2015. On...

BUSINESS & ECONOMY

IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

CS SURBHI SAXENAJuly 21, 2021

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th July, 2021....

BUSINESS & ECONOMY

Auction for Sale (Re-issue) of (i) ‘4.26% GS 2023’,(ii) ‘6.10% GS 2031’ and (iii) ‘6.76% GS 2061’

CS SURBHI SAXENAJuly 19, 2021

The Government of India (GoI) has announced the Sale (re-issue) of (i) ‘4.26% Government Security, 2023’ for a notified amount of Rs 3,000 crore (nominal) through price based auction using...

FOREX NEWS

India emerges as 5th largest forex reserves holder in the world as on 25th June, 2021

CS SURBHI SAXENAJuly 19, 2021

With India’s forex reserves at $608.99 billion as on June 25, 2021 stood, India has emerged as the fifth largest foreign exchange reserves holder in the world after China, Japan,...

BUSINESS & ECONOMY

Government launches “Bad Bank” for stressed assets as a measure to clean up bank books

CS SURBHI SAXENAJuly 19, 2021

The Government has launched a Bad Bank with all the regulatory approvals in place. This was stated by Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written...

Cabinet World News

Union Cabinet approves Memorandum of Understanding (MoU) between India and Russian Federation

CS SURBHI SAXENAJuly 14, 2021July 14, 2021

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) between the Ministry of Steel of the Republic of India and the...

Cabinet

Union Cabinet approves Memorandum of Understanding (MoU) between India and Kingdom of Denmark

CS SURBHI SAXENAJuly 14, 2021

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) between the Ministry of Health & Family Welfare of the Government of...

Cabinet

Cabinet approves continuation of Rebate of State and Central taxes and Levies (RoSCTL) on Export of Apparel/ Garments and Made-ups till 31st March 2024

CS SURBHI SAXENAJuly 14, 2021July 14, 2021

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi ji has given its approval for continuation of Rebate of State and Central taxes and Levies (RoSCTL) with the...

Cabinet

Cabinet increases Dearness Allowance of Central Government Employees/ Pensioners to 28%

CS SURBHI SAXENAJuly 14, 2021

The Cabinet Committee chaired by the Hon’ble Prime Minister Shri Narendra Modi today has approved increase the Dearness Allowance to Central Government employees and Dearness Relief to pensioners with effect...

GST

About 8000 cases involving fake ITC of over Rs. 35000 crore in FY 2020-21booked by CGST Zones and Directorate General of GST Intelligence

CS SURBHI SAXENAJuly 13, 2021

Misuse of the beneficial provision of Input Tax Credit (ITC) under GST regime is the most common modus of evasion under the GST Law. The field formations of the Central...

CURRENT AFFAIRS

Clarification by Ministry of Finance regarding holding of competitive exam of PSBs in local languages by IBPS

CS SURBHI SAXENAJuly 13, 2021

This is with reference to the news report published in certain section of media regarding the advertisement given by Institute of Banking Personnel Selection(IBPS) for holding an examination for recruitment...

BUSINESS & ECONOMY

BHIM- UPI launched in Bhutan

CS SURBHI SAXENAJuly 13, 2021

Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman, along with her counterpart, the Hon’ble Finance Minister of Bhutan, Mr Lyonpo Namgay Tshering, jointly launched BHIM–UPI in Bhutan today...

BUSINESS & ECONOMY

IFSCA issued Framework for Setting up and operating International Trade Finance Services platform

CS SURBHI SAXENAJuly 12, 2021

The International Financial Services Centres Authority (IFSCA) has been set up vide IFSCA Act, 2019 to develop and regulate the financial products, financial services and financial institutions in the International...

CORPORATE AFFAIRS

Shri Rao Inderjit Singh appointed as Union Minister of State in Ministry of Corporate Affairs

CS SURBHI SAXENAJuly 12, 2021

Shri Rao Inderjit Singh took charge as Union Minister of State in the Ministry Corporate Affairs (MCA), here today. Before taking charge as Union Minister of State for MCA, Shri...

RBI

RBI published Sovereign Gold Bond Scheme 2021-22–Series-IV- Issue price

CS SURBHI SAXENAJuly 9, 2021

In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series IV) will be opened for the period July 12-16, 2021 with Settlement date...

World News

India-UK hold 1st Financial Market dialogue

CS SURBHI SAXENAJuly 9, 2021July 9, 2021

India and the United Kingdom (UK) held the inaugural meeting of the India-UK Financial Markets Dialogue (‘the Dialogue’) virtually late evening yesterday. The Dialogue was established at the 10th Economic...

CBIC

Online filing of application for Authorised Economic Operators (AEO T2 and AEO T3) launched

CS SURBHI SAXENAJuly 7, 2021July 7, 2021

Central Board of Indirect Taxes & Customs (CBIC) Chairman Shri M. Ajit Kumar here today inaugurated the online filing of Authorised Economic Operators (AEO) T2 and T3 applications. The AEO...

BUSINESS & ECONOMY

New Ministry of Cooperation created to strengthen cooperative movement

CS SURBHI SAXENAJuly 7, 2021

In a historic move, the Government of India has created a separate new ministry, “Ministry of Co-operation '' for realizing the vision of ‘Sahkar se Samriddhi’. The ministry will provide...

GST

Gross GST revenue collection in June’ 2021 is of ₹ 92,849 crore

CS SURBHI SAXENAJuly 6, 2021

The gross GST revenue collected in the month of June’ 2021 is₹92,849 crore of which CGST is ₹16,424 crore, SGST is ₹20,397, IGST is ₹49,079 crore (including ₹25,762 crore collected...

INCOME TAX

CBDT grants further relaxation in e- filing of 15CA/15CB Income Tax Forms

CS SURBHI SAXENAJuly 5, 2021

As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB,...

BUSINESS & ECONOMY

GOI announces auction for Sale (Re-issue) of (i) ‘4.26% GS 2023’,(ii) ‘New 10 year GS, 2031’ and (iii) ‘6.76% GS 2061’

CS SURBHI SAXENAJuly 5, 2021

The Government of India (GoI) has announced the Sale (Issue / re-issue) of (i) ‘4.26% Government Security, 2023’ for a notified amount of Rs 3,000 crore (nominal) through price based...

MSME

Retail and Wholesale trades to be included as MSMEs: Govt Announces

CS SURBHI SAXENAJuly 2, 2021

Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs. In a Tweet he...

BUSINESS & ECONOMY

India becomes part of OECD/G20 Inclusive Framework tax deal

CS SURBHI SAXENAJuly 2, 2021

Majority of the members OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting(including India)adopted yesterday a high-level statement containing an outline of a consensus solution to address the tax challenges...

RBI

Financial Stability Report, July 2021 released by RBI: Highlights

CS SURBHI SAXENAJuly 2, 2021

The Reserve Bank released the 23rd issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on...

CORPORATE AFFAIRS

Acquisition of SB Energy Holding Limited by Adani Green Energy Limited gets CCI approval

CS SURBHI SAXENAJuly 1, 2021

The Competition Commission of India (CCI) approved the acquisition of SB Energy Holding Limited (“Target”) by Adani Green Energy Limited (“Acquirer”) under Section 31(1) of the Competition Act, 2002. The...

CORPORATE AFFAIRS

Merger of Tech Data Corporation with SYNNEX Corporation gets CCI approval

CS SURBHI SAXENAJuly 1, 2021

The Competition Commission of India (CCI) approves the merger of Tech Data Corporation (Tech Data) with SYNNEX Corporation (SYNNEX) under Section 31(1) of the Competition Act, 2002. The Proposed Combination...

judgement

World Intellectual Property Organization Bars Delhi-based Firm ‘Om Soft Solutions’ from Illegally Using Brand Name “Khadi”

CS SURBHI SAXENAJuly 1, 2021July 1, 2021

The World Intellectual Property Organization (WIPO), a specialized agency of the United Nations for brand protection across the world, has ordered a Delhi-based firm against using a domain name www.urbankhadi.com,...

BUSINESS & ECONOMY

Government of India monthly review of accounts for the May 2021 published

CS SURBHI SAXENAJune 30, 2021

The Monthly Account of the Union Government of India upto the month of May 2021 has been consolidated and reports published. The highlights are given below:- The Government of India...

Cabinet

Additional Corpus of Rupees 1.5 crore under Emergency Credit Line Guarantee Scheme gets Cabinet approval

CS SURBHI SAXENAJune 30, 2021

The Cabinet has approved additional funding up to Rs. 1,50,000 crore under Emergency Credit Line Guarantee Scheme (ECLGS). It is a continuing scheme. The Scheme would be applicable to all...

Cabinet

Cabinet approves Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS)

CS SURBHI SAXENAJune 30, 2021

On account of the disruptions caused by the second wave of COVID 19 specially on healthcare sector, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved...