CS SURBHI SAXENA

About Surbhi Saxena edits the daily Current Affairs News. The author is qualified member of The Institute of Company Secretaries of India (ICSI).

e RUPI

Prime Minister launches digital payment solution e-RUPI

Prime Minister Shri Narendra Modi launched digital payment solution e-RUPI, a person and purpose specific digital payment solution, today via video conference. e-RUPI is a cashless and contactless instrument for digital payment. Addressing the event, the Prime Minister said that the eRUPI voucher is going to play a huge role in making DBT more effective …

Prime Minister launches digital payment solution e-RUPI Read More »

RBI

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

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 a review, it has been decided that: i) For personal loans granted to any director of other banks, the threshold of Rupees twenty-five lakh, as …

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

IBBI

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

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. The amendment regulations enhance the discipline, transparency, and accountability in corporate insolvency proceedings: A corporate debtor (CD) may have changed its name or registered office …

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

Ministry of Finance

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

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 uniform price method (ii) ‘6.10% Government Security, 2031’ for a notified amount of Rs 14,000 crore (nominal) through price based auction using uniform price method; …

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

Launch of Bad Bank

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

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 reply to a question in the Lok Sabha today. The Finance Minister Smt. Nirmala Sitharaman, in her speech on the Budget for the financial year …

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

India and Russia

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

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 Ministry of Energy of the Russian Federation on cooperation regarding coking Coal, which is used for Steel making. The MoU shall benefit the entire steel …

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

Union Cabinet

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

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 the Republic of India and the Ministry of Health of the Kingdom of Denmark on Cooperation in the field of Health and Medicine. The bilateral …

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

Ministry of Textile

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

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 same rates as notified by Ministry of Textiles vide Notification dated 8th march 2019, on exports of Apparel/Garments (Chapters-61 & 62) and Made-ups (Chapter-63) in …

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 Read More »

Union Cabinet

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

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 from 01.07.2021 to 28% representing an increase of 11% over the existing rate of 17% of the Basic Pay/Pension. In view of the unprecedented situation …

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

Press release on arrest of Vijay Garg (M/s Shree Shyam Traders) by HGST-IU for ITC fraud in 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

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 Board of Indirect taxes and Customs (CBIC) have been regularly detecting such cases from very beginning of the GST regime. During the financial year 2020-21 …

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

Ministry of Finance

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

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 in the clerical cadre of Public Sector Banks (PSBs)  only in two languages i.e. English and Hindi, despite the fact that 22 languages were recognized …

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

BHIM

BHIM- UPI launched in Bhutan

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 afternoon in a virtual ceremony. The function was also attended by the Minister of State (Finance) Dr. Bhagwat Kishanrao Karad, the Governor of the Royal …

BHIM- UPI launched in Bhutan Read More »

IFSCA

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

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 Financial Services Centres (IFSCs). Towards this end, IFSCA has issued a framework for Setting up and operating the International Trade Finance Services Platform (‘ITFS’) for …

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

Minister of State for Corporate Affairs

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

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 Singh already held the position of Union Minister of State (Independent Charges) for the Ministry of Statistics and Programme Implementation as also for the Ministry …

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

Sovereign Gold Bond Scheme 2021-22 (Series IX) – Key Highlights

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

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 July 20, 2021. The issue price of the Bond during the subscription period shall be Rs 4,807 (Rupees Four thousand eight hundred seven only) – …

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

India and UK financial Market Dialouge

India-UK hold 1st Financial Market dialogue

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 and Financial Dialogue (EFD) in October 2020 to deepen bilateral ties in the financial sector. The Dialogue was led by senior officials from the Indian …

India-UK hold 1st Financial Market dialogue Read More »

CBIC

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

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 web application is accessible at URL http://www.aeoindia.gov.in. The new version (V 2.0) of the web application is designed to ensure continuous real-time and digital monitoring …

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

Government of India

New Ministry of Cooperation created to strengthen cooperative movement

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 a separate administrative, legal, and policy framework for strengthening the cooperative movement in the country. The Central Government signaling a commitment to a community-based developmental …

New Ministry of Cooperation created to strengthen cooperative movement Read More »

GST

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

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 on import of goods) and Cess is ₹6,949 crore (including ₹809 crore collected on import of goods).The above figure includes GST collection from domestic transactions …

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

CBDT

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

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, wherever applicable, on the e-filing portal, before submitting the copy to the authorised dealer for any foreign remittance. In view of the difficulties reported by …

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

Ministry of Finance

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’

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 auction, (ii) ‘New Government Security, 2031’ for a notified amount of Rs 14,000 crore (nominal) through yield based auction, and (iii) ‘6.76% Government Security 2061’ …

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’ Read More »

Arbitration under MSMED Act

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

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 said under the leadership of PM Shri Narendra Modi Ji, we are committed to strengthening MSME and making them engines for economic growth. Shri Gadkari …

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

OECD

India becomes part of OECD/G20 Inclusive Framework tax deal

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 arising from the digitalisation of the economy. The proposed solution consists of two components- Pillar One which is about reallocation of additional share of profit …

India becomes part of OECD/G20 Inclusive Framework tax deal Read More »

RBI

Financial Stability Report, July 2021 released by RBI: Highlights

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 risks to financial stability and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the financial …

Financial Stability Report, July 2021 released by RBI: Highlights Read More »

CCI

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

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 Proposed Combination envisages the acquisition of the entire (i.e., 100%) shareholding of the Target by the Acquirer from the Target’s existing shareholders. The Acquirer is …

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

CCI

Merger of Tech Data Corporation with SYNNEX Corporation gets CCI approval

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 is a merger within the meaning of Section 5(c) of the Competition Act, 2002. It will be effected through the following steps: Merger of Sub …

Merger of Tech Data Corporation with SYNNEX Corporation gets CCI approval Read More »

WIPO

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

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 http://www.urbankhadi.com, which illegally uses the  brand name “Khadi”.  The Administrative Panel of WIPO’s Arbitration and Mediation Center has ruled that the firm “Om Soft Solutions”, owned …

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

Ministry of Finance

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

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 has received Rs.3,54,787 crore (17.95% of corresponding BE 21-22 of Total Receipts) for May 2021 comprising Rs. 2,33,565 crore Tax Revenue (Net to Centre),  Rs. …

Government of India monthly review of accounts for the May 2021 published Read More »

ECLGS

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

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 eligible loans sanctioned under Guaranteed Emergency Credit Line (GECL)till 30.09.2021, or till an amount of rupees four lakh fifty thousand crore is sanctioned under the …

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