Category Archives: other Acts

UDIN system for CAs for Document Verification

By | July 14, 2018

UDIN: An Advanced Solution for Document Verification issued by Chartered Accountant Video Explanation by CA Satbir Singh in Hindi on UDIN system for CAs for Document Verification What is Unique Document Identification Number (UDIN)? Unique Document Identification Number (UDIN) is a unique number, which will be generated by the system for every document certified/ attested by… Read More »

Incorporation of Name of Purchaser on Face of Demand Draft : RBI Instructions

By | July 12, 2018

Incorporation of Name of the Purchaser on the Face of the Demand Draft : Reserve Bank of india RBI/2018-19/14 DBR.AML.BC.No.210/14.01.001/2018-19 July 12, 2018 The Chairperson/CEOs of all Scheduled Commercial Banks including Regional Rural Banks/Urban Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks/Local Area Banks/Small Finance Banks/Payment Banks Dear Sir/Madam, Incorporation of Name of the Purchaser… Read More »

RBI Master Direction on Currency Distribution & Exchange Scheme

By | July 5, 2018

Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of public RBI/DCM/2018-19/63 Master Direction DCM (CC) No.G-3/03.41.01/2018-19 July 3, 2018 The Chairman and Managing Director / Chief Executive Officers, All Banks Madam / Dear Sir, Master Direction on Currency Distribution & Exchange Scheme (CDES) based… Read More »

Currency Chest Transaction : RBI Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting

By | July 5, 2018

Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances RBI/DCM/2018-19/62 Master Direction DCM (CC) No. G – 5/03.35.01/2018-19 July 3, 2018 1. The Chairman & Managing Director/Chief Executive Officer (All Banks having Currency Chests) 2. The… Read More »

Category: RBI

RBI Master Circular : Penalties for bank branches for customer service performance

By | July 5, 2018

Master Circular – Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public RBI/2018-19/11 DCM (CC) No.G-4/03.44.01/2018–19 July 3, 2018 The Chairman & Managing Director Chief Executive Officers All Banks Madam / Dear Sir, Master Circular – Scheme of Penalties for bank branches based on performance in… Read More »

RBI Master Circular on Lead Bank Scheme Dated 02.07.2018

By | July 4, 2018

RBI Master Circular on Lead Bank Scheme RBI/2018-19/5 FIDD.CO.LBS.BC.No.2/02.01.001/2018-19 July 2, 2018 The Chairmen and Managing Directors/Chief Executive Officers SLBC Convenor Banks/Lead Banks Dear Sir/Madam MASTER CIRCULAR – Lead Bank Scheme The Reserve Bank of India has issued a number of guidelines/instructions on Lead Bank Scheme from time to time. This Master Circular consolidates the relevant guidelines/instructions… Read More »

RBI Master Circular on SHG-Bank Linkage Programme

By | July 4, 2018

RBI Master Circular on SHG-Bank Linkage Programme RBI/2018-19/07 FIDD.FID.BC.No.04/12.01.033/2018-19 July 02, 2018 The Chairman/ Managing Director/ Chief Executive Officer All Scheduled Commercial Banks Madam/ Dear Sir Master Circular on SHG-Bank Linkage Programme The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on SHG-Bank Linkage Programme. In order… Read More »

RBI Master Directions on Relief/Savings Bonds

By | July 4, 2018

Master Directions on Relief/Savings Bonds RBI/IDMD/2018-19/61 IDMD.CDD No.21/13.01.299/2018-19 July 2, 2018 The Chairman / Managing Director Head Office (Government Accounts Department) State Bank of India All Nationalized banks (Excluding Punjab and Sind Bank & Andhra Bank) Axis Bank Ltd./ICICI Bank Ltd./HDFC Bank Ltd./ Stock Holding Corporation of India Ltd. (SHCIL) Dear Sir/Madam, Master Directions on… Read More »

RBI Master Circular – Detection and Impounding of Counterfeit Notes

By | July 2, 2018

RBI Master Circular – Detection and Impounding of Counterfeit Notes RBI/2018-19/04 DCM(FNVD)G – 1/16.01.05/2018-19 July 2, 2018 The Chairman/ Managing Director /Chief Executive Officer All Banks and Director of Treasuries of all States Dear Sir / Madam, Master Circular – Detection and Impounding of Counterfeit Notes Please refer to the Master Circular DCM(FNVD)G – 4/16.01.05/2017-18 dated… Read More »

RBI Master Circular – Facility for Exchange of Notes and Coins

By | July 2, 2018

RBI/2018-19/3 DCM (NE) No.G-2/08.07.18/2018-19 July 02, 2018 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Madam / Dear Sir Master Circular – Facility for Exchange of Notes and Coins Please refer to the Master Circular DCM (NE) No.G-1/08.07.18/2017-18 dated July 03, 2017 containing instructions on the facility for exchange of… Read More »

RBI Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission

By | July 2, 2018

RBI/2018-19/2 DGBA.GBD.No.2/31.12.010/2018-19 July 2, 2018 All Agency Banks Dear Sir / Madam Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission Please refer to our Master Circular RBI/2017-18/2 dated July 1, 2017 on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the… Read More »

RBI Master Circular – Disbursement of Government Pension by Agency Banks

By | July 2, 2018

Master Circular – Disbursement of Government Pension by Agency Banks RBI/2018-19/1 DGBA.GBD.No.-1/31.02.007/2018-19 July 2, 2018 All Agency Banks Dear Sir/Madam Master Circular – Disbursement of Government Pension by Agency Banks Please refer to our Master Circular RBI/2017-18/1 dated July 1, 2017 on the above subject. We have now revised and updated the Master Circular which consolidates important… Read More »

Category: RBI

Relief/Savings Bonds

By | July 1, 2018

Relief/Savings Bonds RBI Master Directions on Relief/Savings Bonds 02.07.2018 Standalone Primary Dealers allowed to distribute Relief / Savings bonds Master Directions on Relief/Savings Bonds 01.07.2017

Category: RBI

RBI action framework for statutory auditors for lapses in statutory audit of commercial banks

By | June 30, 2018

Enforcement action framework in respect of statutory auditors for the lapses in the statutory audit of commercial banks Date : Jun 29, 2018 Statutory Auditors (SAs) of banks play an important role in contributing to financial stability when they deliver quality bank audits which foster market confidence in banks’ financial statements. Quality bank audits are also… Read More »

Category: RBI

Control measures for ATMs – Timeline for compliance : RBI Notification

By | June 30, 2018

Control measures for ATMs RBI/2017-18/206 DBS(CO).CSITE/BC.5/31.01.015/2017-18 June 21, 2018 To The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) All Small Finance Banks and Payment Banks White-Label ATM Operators Madam/Dear Sir, Control measures for ATMs – Timeline for compliance Please refer to our confidential Circular DBS.CO/CSITE/BC.8074/31.01.015/2016-17 dated… Read More »

Category: RBI

IRDAI Clarifications on Annual licence fee of Insurance Brokers for 2017-18

By | June 30, 2018

To The Principal Officers, All Insurance Brokers, Ref. No:IRDAI/BRK/MISC/CIR/098/06/2018 Date:27-06-2018 Clarifications on Annual licence fee To The Principal Officers, All Insurance Brokers, Re : Clarifications on a)    Annual licence fee payable by licensed broking entities for the year 2017-18 b)   Renewal Fee payable as per Reg 9 of IRDAI (Insurance Brokers ) Regulations, 2018   1.   The Authority has been receiving… Read More »

Online Surveyor Examinations Sept 2018 : Dates by IRDAI

By | June 30, 2018

Notice Ref: IRDAI/SUR/EXAM/ON/SEPT/2018 Date – 28.06.2018 New Candidates need to register with III and please refer “help manual – surveyor” available on www.insurnaceinstituteofindia.com under HELP DESK MENU for help. Online Surveyor Examinations – Sept. 2018 Important Dates Commencement date of registration :  07th July, 2018 Last date of registration : 16th July, 2018 Book centre,… Read More »

Accounting Policy Changes (Proposed amendments to IAS 8)

By | April 17, 2018

Accounting Policy Changes (Proposed amendments to IAS 8) Introduction In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The Board expects these amendments to facilitate the application of particular voluntary changes in accounting policy, improving the overall quality of financial reporting. Invitation… Read More »

ICAI GST E-Newsletter –March 2018

By | April 14, 2018

Dear Professional Colleagues  Greetings from Indirect Taxes Committee!  We are glad to inform you that Indirect Taxes Committee of ICAI has come up with the fifteenth edition of GST E-Newsletter on GSTand with this, we have completed one year of this publication.The comprehensive publication contains latest GST updates, relevant articles on important issues under GST, initiatives… Read More »

Free Book : Compliances of Service Tax/ GST in Banking Sector

By | April 14, 2018

Dear Professional Colleagues, Banking and other Financial Services were brought under the scope of Service Tax net from 16.07.2001. During the financial year 2017-18 the provisions of service tax applied till June 2017 and thereafter for 9 months provisions for GST law has been made applicable since July, 2017.Post GST regime the services provided by… Read More »

Sovereign Gold Bond Scheme 2018-19 Series I : Key Features

By | April 14, 2018

Sovereign Gold Bond Scheme 2018-19 Series I RBI/2017-18/163 IDMD.CDD.No.2651/14.04.050/2017-18 April 13, 2018 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.( SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme 2018-19 Series I Government of… Read More »

Category: RBI

Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines

By | April 14, 2018

Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines Reserve bank of India has issued Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines RBI/2017-18/164 IDMD.CDD.No.2652/14.04.050/2017-18 April 13 2018 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock… Read More »

Sovereign Gold Bond 2018-19 : Series-I.

By | April 14, 2018

Ministry of Finance ​The ​Government of India, in consultation with the Reserve Bank of India, decide​s​ to issue Sovereign Gold Bond, 2018-19-Series-I​;​ Applications for the ​B​ond​(s)​ will be accepted from 16th to 20th April, 2018​;​ The Certificate of Bond (s)​ to be issued on May 04, 2018​; ​The Bonds ​to be sold through banks, Stock… Read More »

Draft Handbook on Accounting Treatment under GST – For Suggestions

By | April 9, 2018

Draft Handbook on Accounting Treatment under GST – For Suggestions Dear Members or Other Stakeholders, The Committee has drafted a handbook on accounting treatment under GST given below. In this regard, we request you to provide your comments/suggestions at the link https://goo.gl/forms/92zwewildriB4apm2 or idtc@icai.in preferably in 15 days i.e 25th April, 2018. Your valuable suggestions… Read More »

Empanel as Resource Person to Conduct Various Programmes for Benefits of Members in Industry

By | April 8, 2018

Madam/Sir, We are pleased to share with you that the Institute of Chartered Accountants of India through its Committee for Professional Accountants in Business & Industry organizes various knowledge enriching programmes, Conferences, Industry Meet, Outreach Program for the benefit of the members in industry. The Committee invites proposals from Chartered Accountants, Bankers, Capital Market experts,… Read More »

ICAI suggestions for GST Law on construction & refund etc.27.03.18

By | April 8, 2018

ICAI/IDTC/2017-18/Rep/4 27th March, 2018 Shri Upender Gupta Commissioner, Goods and Services Tax Policy Wing Central Board of Excise & Customs, Department of Revenue, Government of India, North Block, New Delhi – 110 001 Respected Sir, Sub: ICAI’s suggestions on GST on specified issues The Institute of Chartered Accountants of India (ICAI), being the accounting regulator,… Read More »

Section 186 of Finance Act 2018 : Amendment of section 15JB

By | April 1, 2018

Section 186 of Finance Act 2018 [Section 186 of Finance Act 2018 deals with Amendment of section 15JB and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15JB 186. In the principal Act, in section 15JB, after sub-section (4), the following sub- section shall be inserted, namely:— “(5) All settlement amounts, excluding the disgorgement amount and legal… Read More »

Section 185 of Finance Act 2018 : Amendment of section 15J

By | April 1, 2018

Section 185 of Finance Act 2018 [Section 185 of Finance Act 2018 deals with Amendment of section 15J and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15J 185. In the principal Act, in section 15J,— (a) for the marginal heading, the following marginal heading shall be substituted, namely:— “Factors to be taken into account while adjudging… Read More »

Section 184 of Finance Act 2018 : Amendment of section 15-I

By | April 1, 2018

Section 184 of Finance Act 2018 [Section 184 of Finance Act 2018 deals with Amendment of section 15-I and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15-I 184. In the principal Act, in section 15-I, in sub-section (1),— (i) after the figures and letter “15E,”, the figures and letters “15EA, 15EB,” shall be inserted; (ii) for… Read More »

Section 182 of Finance Act 2018 : Insertion of new section 15EA and 15EB

By | April 1, 2018

Section 182 of Finance Act 2018 [Section 182 of Finance Act 2018 deals with Insertion of new section 15EA and 15EB and is covered in CHAPTER VIII MISCELLANEOUS] Insertion of new section 15EA and 15EB 182. In the principal Act, after section 15E, the following sections shall be inserted, namely:— “15EA. Penalty for default in case of alternative investment… Read More »

Section 183 of Finance Act 2018 : Amendment of section 15F

By | April 1, 2018

Section 183 of Finance Act 2018 [Section 183 of Finance Act 2018 deals with Amendment of section 15F and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15F 183. In the principal Act, in section 15F, in clause (b), for the words “he sponsors or carries on any such collective investment scheme including mutual funds”, the words… Read More »

Section 181 of Finance Act 2018 : Amendment of section 15A

By | April 1, 2018

Section 181 of Finance Act 2018 [Section 181 of Finance Act 2018 deals with Amendment of section 15A and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 15A 181. In the principal Act, in section 15A,— (i) in clause (a), after the words “fails to furnish the same”, the words “or who furnishes or files false, incorrect… Read More »

Section 180 of Finance Act 2018 : Amendment of section 11B

By | April 1, 2018

Section 180 of Finance Act 2018 [Section 180 of Finance Act 2018 deals with Amendment of section 11B and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 11B 180. In section 11B, of the principal Act,— (a) in the marginal heading, after the word ”directions”, the words ”and levy penalty” shall be inserted; (b) section 11B shall… Read More »

Section 177 of Finance Act 2018 : Amendment of section 55

By | April 1, 2018

Section 177 of Finance Act 2018 [Section 177 of Finance Act 2018 deals with Amendment of section 55 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 55 177. In section 55 of the principal Act,— (i) in sub-section (1), the words “the Reserve Bank and in consultation with” shall be omitted; (ii) in sub-section (3), the… Read More »

Section 175 of Finance Act 2018 : Amendment of section 43

By | April 1, 2018

Section 175 of Finance Act 2018 [Section 175 of Finance Act 2018 deals with Amendment of section 43 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 43 175. In section 43 of the principal Act, in sub-section (5), the words, figures and letters “, without prejudice to the provisions of section 54AA of the Reserve Bank… Read More »

Section 173 of Finance Act 2018 : Amendment of section 39

By | April 1, 2018

Section 173 of Finance Act 2018 [Section 173 of Finance Act 2018 deals with Amendment of section 39 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 39 173. In section 39 of the principal Act, in clause (ii), for the words “the Reserve Bank”, the words “the Central Government” shall be substituted. Finance Act 2018 :… Read More »

Section 172 of Finance Act 2018 : Amendment of section 37

By | April 1, 2018

Section 172 of Finance Act 2018 [Section 172 of Finance Act 2018 deals with Amendment of section 37 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 37 172. In section 37 of the principal Act, in sub-sections (1) and (2), for the words “the Reserve Bank” at both the places where they occur, the words “the… Read More »

Section 166 of Finance Act 2018 : Amendment of section 6

By | April 1, 2018

Section 166 of Finance Act 2018 [Section 166 of Finance Act 2018 deals with Amendment of section 6 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 6 166. In section 6 of the principal Act,— (a) in sub-section (1),— (i) in clause (ca), the words “the Reserve Bank,” shall be omitted; (ii) in clause (d), for… Read More »

Section 165 of Finance Act 2018 : Amendment of section 5

By | April 1, 2018

Section 165 of Finance Act 2018 [Section 165 of Finance Act 2018 deals with Amendment of section 5 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 5 165. In section 5 of the principal Act, in sub-section (5), the words “, in consultation with the Reserve Bank, or the Reserve Bank,” shall be omitted. Finance Act… Read More »

Section 167 of Finance Act 2018 : Amendment of section 7

By | April 1, 2018

Section 167 of Finance Act 2018 [Section 167 of Finance Act 2018 deals with Amendment of section 7 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 7 167. In section 7 of the principal Act, in sub-sections (1), (3) and (4), the words “, in consultation with the Reserve Bank,” shall be omitted. Finance Act 2018… Read More »

Section 162 of Finance Act 2018 : Commencement of this Part

By | April 1, 2018

Section 162 of Finance Act 2018 [Section 162 of Finance Act 2018 deals with Commencement of this Part and is covered in CHAPTER VIII MISCELLANEOUS] PART IX AMENDMENTS TO THE NATIONAL HOUSING BANK ACT, 1987 Commencement of this Part 162. The provisions of this Part shall come into force on such date as the Central Government may, by… Read More »

Section 161 of Finance Act 2018 : Amendment of section 3 of Act 43 of 1982

By | April 1, 2018

Section 161 of Finance Act 2018 [Section 161 of Finance Act 2018 deals with Amendment of section 3 of Act 43 of 1982 and is covered in CHAPTER VIII MISCELLANEOUS] PART VIII AMENDMENT TO THE GOVERNORS (EMOLUMENTS, ALLOWANCES AND PRIVILEGES) ACT, 1982 Amendment of section 3 of Act 43 of 1982 161. In section 3 of the Governors… Read More »

Section 164 of Finance Act 2018 : Amendment of section 4

By | April 1, 2018

Section 164 of Finance Act 2018 [Section 164 of Finance Act 2018 deals with Amendment of section 4 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 4 164. In section 4 of the principal Act,— (a) in sub-section (1), for the proviso, the following proviso shall be substituted, namely:— “Provided that the Central Government may, by notification,… Read More »

Section 163 of Finance Act 2018 : Amendment of section 3

By | April 1, 2018

Section 163 of Finance Act 2018 [Section 163 of Finance Act 2018 deals with Amendment of section 3 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 3 163. In the National Housing Bank Act, 1987 (53 of 1987) (hereafter in this Part referred to as the principal Act), in section 3,— (a) in sub-section (3), for… Read More »