Recoverywala Advisors

26/11/2022

11/05/2019

Economic News by

👉CBIC notifies that the due date for filing of Central Excise Returns in forms ER 1 and ER 2 in respect of April 2019 month has been extended from 10 May 2019 to 10 June 2019, in view of ongoing migration/ integration of ACES portal.

👉CBDT releases ITR-2 & ITR 3 Utility for F.Y 2018-19 (A.Y 2019-20). As of now ITR 1, 2, 3 & 4 for AY 2019-20 is now available for e-Filing in Excel format and ITR 1, 2, & 4 for AY 2019-20 is available in Java utility format.

👉In the most recent circular, SEBI issues Directive and asks the Mutual Funds to provide various details about Artificial Intelligence and Machine Learning-Based Systems used by them on a quarterly basis.

👉Central Government amends Rule 84 of the NCLT Rules, 2016 to further specify the thresholds required for filing Class Action Suits. NCLT (Second Amendment) Rules, 2019 have been notified by the MCA while exercising its powers under Section 469 of the Companies Act, 2013. The Amendment Rules came into force on May 8, 2019.

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04/05/2019

Economic News

👉There may be further GST Relief for Home Buyers with the Authority on Advance Ruling (AAR) in West Bengal concluding that services such as Preferential Location and Facilities like Car Parking in Apartments should be treated as “Composite Construction Service” and attract the same levy as construction. Builder can’t charge higher GST for Location & Parking

👉RBI slaps Rs 11.25 Lakh Fine on Yes Bank for Violating Money Transfer Norms, under the Payment and Settlement Systems Act, 2007.

👉RBI imposes penalty aggregating ₹6.10 crore on 5 Prepaid Payment Instrument (PPI) issuers – My Mobile Payments, PhonePe, Y-Cash Software Solutions, Vodafone M-Pesa, and GI Technology – for non-compliance with regulatory guidelines.

👉In what will impact big listed companies like Maruti Suzuki, Colgate, GSK, HUL and Nestle, Market regulator SEBI is in favour of Capping Royalty Payments at 2%, as against Kotak Committee’s recommendation of 5%.

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03/05/2019

Economic News

👉Govt plans to reduce GST rate and Basic Customs Duty (BCD) on Gold , to 4% from the current 10%. This is part of the discussion on the ‘Integrated Gold Policy’ under preparation. The matter is being reviewed by the CBIC.

👉IBBI proposes 365-Day Timeline for Liquidation Process. Much like the 270-day deadline that’s sacrosanct in a Corporate Insolvency Resolution Process, liquidation should be completed in 365 days, IBBI suggested in its draft regulations on Corporate Liquidation Process.

👉Banks have put up nearly Rs 1.3 Lakh Crore of Bad Loans for sale to Asset Reconstruction Firms (ARC) in the last fiscal, amid delays and legal challenges in cases admitted for resolution in the NCLT under the IBC.

👉IBBI streamlines Insolvency Professional’s ‘Temporary Surrender’ Process. IBBI, has advised the Insolvency Professional Agencies (IPAs) — who register the IPs with them — not to ordinarily accept ‘Temporary Surrender’ of Professional Membership of an IP while doing the CIRP or Individual Insolvency Resolution and Individual Bankruptcy.

👉RBI approves Extension of Tenure of Yes Bank's Part-Time Chairman Brahm Dutt till January 2022. Earlier, the tenure of Dutt, whose appointment was approved in January this year by the RBI, was till July 4, 2020.

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29/04/2019

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27/04/2019

👉In what could radically transform the Indirect Tax Administration System and the way business is conducted, India is looking at the possibility of introducing Electronic Invoicing under GST. If the country adopts the system, businesses will likely have to issue invoices, or bills, directly via the GST Network, and the data will be available to the authorities right away.

👉RBI gets SC ultimatum on RTI Act disclosures. The Supreme Court orders the RBI to disclose its Annual Inspection Reports of Banks, along with the list of Wilful Defaulters and information related to them under the RTI Act.

👉RBI to introduce new 'Greenish-Yellow' Rs 20 Note shortly

👉SEBI reduces Minimum Net Worth Requirements for Clearing Corporations operating in International Financial Services Centre (IFSC)

👉YES Bank reports a surprise loss of Rs 1,506.64 crore for the quarter ended March 31 on spike in provisions and contingencies.

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24/04/2019

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23/04/2019

👉The Bombay High Court has set aside that portion of CBDT’s Action Plan that sought To Incentivise Commissioners of Income Tax-Appeals (CITs-A) who pass ‘Quality’ Orders, which could be detrimental to taxpayers.

👉The Income Tax department detects a Tax Evasion of more than Rs 1,350 Crore during Search and Seizure Operations conducted against Hindustan Powerprojects, a company owned by the nephew of Madhya Pradesh Congress Chief Minister Kamal Nath.

👉With the CBDT setting June 30 as the deadline to Dispose Off Demonetisation Cases, the Income Tax Officials are scanning upon 50,000 Businesses and High Net-Worth Individuals (HNI) over High-Value Unexplained & Dubious Transactions during the demonetization period, for further action.

👉BSE enters into a Memorandum of Understanding (MoU) with Network Intelligence, a Global Cybersecurity Services Provider & CERT-IN empanelled vendor to provide Cyber-Security Services to its members in line with the Cybersecurity Framework set by SEBI.

👉The Chennai Bench of the NCLT imposes a fine on CaratLane Trading Pvt Ltd, a Tata Group company and subsidiary of Titan, its Managing Director and Company Secretary, for not constituting a Nomination & Remuneration Committee in 2016 — as mandated under Section 178 of the Companies Act, 2013 — when the company’s turnover had crossed ₹100 crore.

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22/04/2019

👉LIC Mutual Fund seeks SEBI's Approval to launch LIC Overnight Fund, an Open-Ended Debt Scheme investing in Overnight Securities. The scheme will deploy its entire assets in overnight securities, which includes debt and money market instruments with residual maturity of a single business day.

👉NCLT rejects Arcelor-Mittal India’s plea to set aside the resolution plan submitted by Royale Partners Investment Fund (RPIF) for EPC Construction India (EPIL), formerly Essar Projects India. The lenders of EPC Construction India have approved RPIF’s revival plans with 73% voting.

👉NCLAT states in an order recently that the IBBI will be the Competent Authority and not the NCLT to act against any Resolution Professional (RP) for dereliction of duty. This will encourage professionals who find huge career opportunity in this new-age profession that plays a crucial role in the fight against bad loans.

👉Forensic audit of over 200 companies facing Corporate Insolvency Resolution Action under the Insolvency and Bankruptcy Code (IBC) has revealed irregularities of more than Rs 1 Lakh Crore, including possible diversion of funds. The Ministry of Corporate Affairs (MCA), which is responsible for implementation of IBC, is expected to initiate action against the Promoters, Directors and even Auditors in some cases

👉IBC is in the process of being changed to be effective from the next fiscal to accomodate the Fast Changing Creditor-Debtor Scenario, according to the IBBI. IBBI invites comments from stakeholders and the public on making changes to the current regulations notified under the IBC, 2016.

18/04/2019

Economic News

👉SFIO finds Deloitte Due Diligence below par in IL&FS Financial Services Audit. It has found that Deloitte Haskins & Sells did not exercise adequate due diligence while auditing the books of IL&FS Financial Services (IFIN), a subsidiary of IL&FS

👉Banks requests the RBI to make only a small relaxation in the new norms for Stressed Assets by requiring consent of 90% of lenders for approving a Resolution Plan instead of 100% mandated in the Last Year’s Controversial Circular, which was quashed by the Supreme Court recently.

👉Public sector lenders Allahabad Bank and Andhra Bank are looking for Merchant Bankers to sell their stakes in ASREC (India) Ltd, an Asset Reconstruction Company. Allahabad Bank and Andhra Bank hold stakes of 27.04% and 26.02% in ASREC, respectively.

👉Canara Bank becomes the First Public Sector Bank in India to meet RBI’s EMV Mandate. It has successfully rolled out Major New Functionality to support EMV card acquiring across its ATM network and Aadhaar Authentication, leveraging ACI’s UP Retail Payments solution to achieve market firsts.

👉India's exports rose to a 5-month high of 11% in March on account of higher growth mainly in Pharma, Chemicals and Engineering Sectors, marking the outbound shipments at USD 331 Billion for FY 2018-19. Merchandise exports in March stood at USD 32.55 billion as against USD 29.32 billion in the same month last year.

👉Kotak Mahindra Bank moves NCLT against Ballarpur Industries Ltd subsidiary – BILT Graphic Paper Products – for default of Rs 218 crore. The company owes about Rs 6,000 crore to its lenders.

11/04/2019

11.04.19 Economic News
• CBIC extends due dates for Form GSTR-1 and GSTR-7 to April 13 and April 12, 2019, respectively.
• The Income Tax (I-T) Department issues Notices to a Few Mid-Sized Multinational Corporations (MNCs) for Escaping Tax Assessments for over 7 years. Most of these Foreign Companies do not have a presence in India, and have revenues ranging from Rs 500 crore to Rs 1,500 crore, generated from sale of technology or digital services.
• The Government is planning a major overhaul of the definition of State-Run Companies where an entity will continue to qualify as public Sector Enterprise (PSE) even if the Govt holding falls below 51%.
• SEBI revises charges related to Basic Services Demat Account (BSDA) w.e.f. 1st June. The move is expected to further boost participation of retail investors in the debt market. Basic Services Demat Account (BSDA) offers limited services at a lower cost for retail investors.
• BSE asks Stock Brokers to make Quarterly Disclosures & Compliance Report on AI tools, about compliance with the SEBI’s Cyber Security Framework by April 15. It asks stock brokers who are using applications based on artificial intelligence and machine learning to submit compliance report for January-March 2019 quarter in the format given by SEBI.
• MCA extends last date of filing e-from for Appointment of Cost Auditor by the company
• Wipro’s Largest Buyback worth Rs. 12,000.00 Crore gets approval of SEBI. This would be Wipro’s third buyback. It did a buyback of Rs 2,500 Crore worth of shares in 2016 and Rs 11,000 Crore worth of shares in 2017.