Chartered accountants (CAs) who conduct the audit of Public Sector Banks (PSBs) are worried about the new laissez-faire attitude of the Reserve Bank of India (RBI). The RBI has drastically reduced the percentage of business of bank branches that can be audited for the current financial year. Not only this, but from the next financial …
The trading hours for various markets regulated by the Reserve Bank were amended with effect from April 7, 2020 in view of the operational dislocations and elevated levels of health risks posed by COVID-19. Restoration of market hours in a phased manner was commenced with effect from November 09, 2020, and market hours in respect …
RBI Extends Market Trading Hours, Know new timings Read More »
Reserve Bank of India (RBI), vide Press Release dated 16th January, 2023, has releases Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banks and has proposed a framework for adoption of an ‘expected loss-based’ approach for provisioning by banks (As part of the Statement on Developmental and Regulatory Policies released on …
RBI Discussion Paper on Expected Loss (EL)-based Approach Read More »
Corporate Compliance Calendar For The Month of January, 2023 contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015, SEBI (Depositories and Participants) Regulations 2018), SEBI Takeover Regulations 2011, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI …
Corporate Compliance Calendar for January, 2023 [Detailed] Read More »
The Reserve Bank of India (RBI) vide Notification no. RBI/2022-23/160 A.P. (DIR Series) Circular No. 22, dated 04.01.2023 has amended the guidelines for reporting in SMF on FIRMS and issued a circular on Foreign Investment in India – Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal in exercise of power conferred under …
RBI amends Foreign Investment guidelines for reporting in SMF on FIRMS Read More »
The Reserve Bank of India (RBI) vide Press Release dated 30.12.2022 has launched The Reserve Bank of India’s Medium-term Strategy Framework for the period 2023-2025 – ‘Utkarsh 2.0’, the second phase of its medium-term strategy for strengthening regulatory and supervisory mechanisms. The RBI plans to leverage India’s Group of 20 presidency to showcase the country’s …
Digital payments systems like Unified Payments Interface (UPI) have revolutionized the way we carry out transactions. They have obviated the need to use cash in most cases by allowing a user to simply scan a QR code and transfer the desired amount directly to a bank account. From roadside vendors to retail chains, UPI has …
What to do after accidentally sending money to a wrong UPI ID? Read More »
Reserve Bank of India (RBI) has said that all leading banks should issue the locker agreement to its holders before January 1, 2023, as the new locker rules will be implemented from that date. As per RBI’s revised guidelines, “Banks shall ensure that any unfair terms or conditions are not incorporated in their locker …
As inflation eased to below the 7% mark in October, expectations of a much smaller size rate hike most likably a 35 basis points hike in RBI’s December monetary policy has taken rounds. However, there is a case where a 50 basis points hike for the fourth policy in a row cannot be ruled out. …
RBI meet: Will the Central Bank go for a moderate rate hike? Here’s what to expect Read More »
Newsletter Contents: SEBI Updates MCA Updates RBI Updates IBC Updates Labour Law Updates Press Information IPO & Investment Updates IRDAI Updates Department of Telecommunication MSME Updates Competition Commission of India Current Affairs- FAQ,s 1. SEBI UPDATES: [Sl. Particulars Link 1 In the matter of Deepak Nitrite Limited under SEBI (Prohibition of Insider Trading) Regulations, …
An important meeting of the Reserve Bank of India is to be held next week amid the impact of inflation in the country. Many important issues are to be discussed and decided in the meeting of the Monetary Policy Committee. People knowledgeable in the matter say that in the meeting, the RBI can decide to …
Like other central banks around the world, RBI is raising interest rates to control inflation. The central bank may increase the repo rate by 0.50 per cent in the Monetary Policy Committee (MPC) meeting to be held in June. This will make different types of loans like home-auto loans more expensive. < p style=”text-align: left”>British …
In order to control the ever-increasing inflation in the country, in the first week of May, the Reserve Bank of India (RBI) had hurriedly called a meeting of the MPC and increased the repo rates by 0.40 percent. At the same time, RBI Governor Shaktikanta Das has again indicated an increase in policy rates. After …
Weekly Taxation Newsletter Period: 30.03.2022 to 10.04.2022 Weekly Taxation Newsletter Let’s Build Something Together Upcoming Due Dates WeeklyDepartmental updates Important Notifications & Circulars Important Case-laws International Taxation Corner (ITC) Knowledge bucket for NRI Brain Bites- Do you Know?
The current financial year 2021-22 is about to end in a few days. With the end of this financial year, the deadlines of many works are also going to end. These also include some financial work. If you do not complete these works by March 31, then you may have to face trouble. These tasks …
Dear Readers,We are delighted to share our 66th E-Newsletter “Weekly Taxation Newsletter” dated 08th March, 2022 from 01st March, 2022 to 07th March, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case …
Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc Read More »
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1. SEBI UPDATES: [Sl. Particulars Link 1 Adjudication Order in respect of 13 entities in the matter of IPO of Channel Nine Entertainment Ltd Click Here 2 Takeover – Eveready Industries Limited Click Here 3 Adjudication order in respect of ABN Global Securities Private Limited in the matter of dealing in Illiquid Stock Options at …
Weekly Corporate Compliance Calendar for March, 2022 [Period 01/03/22 to 07/03/22] Read More »
ABOUT ARTICLE: This article contains various Compliance requirements for the Month of March, 2022 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non‐ …
Key Highlight: RBI has issued this framework allowing offline payments up to Rs 200 per transaction, subject to an overall limit of Rs 2,000. The Reserve Bank of India (RBI)vide Notification no. RBI/2021-22/146, CO.DPSS.POLC.No.S1264/02-14-003/2021-2022, dated03.01.2022has issued a framework for facilitating small-value digital payments in offline mode using cards, wallets, mobile devices, etc, to push digital …
RBI Framework for Facilitating Small Value Digital Payments in Offline Mode Read More »
“RBI notified Retail Direct Scheme – Market Making” RBI notifies market making plan to promote retail participation in G-Secs. The Reserve Bank of India (RBI) vide notification no. RBI/2021-22/147 IDMD. PDRD. No. S1617/03.64.023/2021-22 on 04th day of January, 2022 has introduced the market making scheme to with an objective to promote retail participation in government …
RBI notifies market making plan to promote retail participation Read More »
There are particularly some banks which are regulated by the Reserve Bank of India (RBI). These banks are started with the main motive to serve particular sectors of the society. Though large based banks would also carry out activities, however small banks such as the above would only cater needs to small sections of the …
RBI releases Framework for Facilitating Small Value Digital Payments in Offline Mode The Reserve Bank has today placed on its website the ‘Framework for facilitating small value digital payments in offline mode’. The framework incorporates the feedback received from the pilot experiments on offline transactions conducted in different parts of the country during the period …
RBI sets upper limit for individual offline transactions at ₹2,000 Read More »
From January 1, 2022, withdrawing money from ATM has become expensive. You will have to pay a higher price for every withdrawal transaction after the free withdrawal limit. According to the instructions issued by the Reserve Bank of India (RBI) in June 2021, customers of banks will have to pay Rs 21 for ATM withdrawals …
Know These ATM Rules Before Withdrawing Money From ATM Read More »
1. Compliance requirement under Income Tax act, 1961 Sl. Compliance Particulars Due Dates 1 Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month. 07.01.2022 2. Due date for deposit of TDS for the period October 2021 to December 2021 when Assessing Officer has permitted quarterly deposit …
As per reports, RBL bank has written off a loan of Rs. 300 Crore within 7 months from the sanction of the loan. This seems to be a major reason for the sudden intervention of RBI. RBI has appointed its person on the board of the lender as an additional director. The stock tumbled by …
The Central Board, the apex policy-making body of the Reserve Bank of India (RBI), on Friday discussed all aspects related to central bank digital currency (CBDC) and private cryptocurrencies. The government is preparing to bring a law for the regulation of cryptocurrencies. The Cryptocurrency and Official Digital Currency Regulation Bill 2021 is planned to be introduced in …
RBI Board discusses CBDC and private cryptocurrency Read More »
The Central Board, the apex policy-making body of the Reserve Bank of India (RBI), on Friday discussed all aspects related to central bank digital currency (CBDC) and private cryptocurrencies. The government is preparing to bring a law for the regulation of cryptocurrencies. The Cryptocurrency and Official Digital Currency Regulation Bill 2021 is planned to be introduced in …
RBI Central Board Discussion On Cryptocurrency And CBDC Read More »
From January 1, the method of online payment will change in the country. For this, the Reserve Bank of India (RBI) has issued a guideline. Following the guidelines of RBI, Google has also announced changes in online payment methods from January 1. Google will not save card information According to the information, Google will not …
Online Payment System Will Change From 1st January 2022. Know About New System! Read More »
The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 103523W / W100048), from undertaking any type of audit assignment/s in any …
State Bank of India (SBI) has issued alert messages for customers through social media. SBI has told in another tweet that the online services of the bank will be suspended for about 120 minutes. The bank said that on September 15, between 12:00 pm and 02:00 pm, maintenance work will be done for about 120 …
SBI has issued important alerts, will affect the account of customers Read More »