SEBI Revamps Reporting for Designated Depository Participants and Custodians
SEBI, the securities market regulator in India, has issued a circular on January 25, 2024, to streamline the reporting requirements for designated depository participants (DDPs) and custodians of securities. The circular aims to have uniform compliance standards, ease of compliance reporting and better regulatory oversight. What are DDPs and custodians? DDPs are entities that are […]
GSTN: Submit Bank Details in 30 Days to Avoid Suspension
The GST Network (GSTN) has issued an advisory to GST-registered businesses to furnish their bank account details within 30 days of grant of GST registration or before the due date of filing GSTR-1/IFF, whichever is earlier, to avoid suspension of their GSTIN. Why is it important to submit bank account details? According to the GST […]
RBI Announces Revised Eligibility for UCBs in Second Schedule
The Reserve Bank of India (RBI) has announced new eligibility criteria for inclusion of Urban Co-operative Banks (UCBs) in the Second Schedule to the RBI Act, 1934. The Second Schedule lists the banks that are eligible to participate in the statutory liquidity ratio (SLR) and cash reserve ratio (CRR) requirements, and also enjoy certain benefits […]
MHA Issues Cybersecurity SoP Amidst Rising Honey Trap Cases
The Ministry of Home Affairs (MHA) has issued guidelines for government employees to protect them from honey trap and social engineering attacks that aim to extract sensitive information from them. The guidelines cover various aspects of cybersecurity, such as reporting suspicious contacts, avoiding unknown dating sites, and following standard operating procedures. What is honey trapping? […]
Gold, Silver Coin Import Duty: Centre Announces 15% Hike
The government has announced an increase in import duties for gold and silver findings, as well as coins made of precious metals. The new duty rate is 15%, which includes a Basic Customs Duty (BCD) of 10% and an Agriculture Infrastructure and Development Cess (AIDC) of 5%. However, this increase does not apply to the […]
PM’s Suryodaya Yojana: 10M Rooftop Solar Homes
What is Suryodaya Yojana and why is it important? Pradhanmantri Suryodaya Yojana is a scheme launched by Prime Minister Narendra Modi on January 22, 2024, immediately after his visit to Ayodhya for the consecration of Ram temple . The scheme aims to install rooftop solar systems in 10 million (1 crore) houses across India, especially […]
Rodtep Reimbursements: Govt’s Documentation Strategy
The RoDTEP (Remission of Duties and Taxes on Export Products) scheme is a new initiative by the Indian government to boost exports and make them more competitive in the global market. The scheme aims to refund the embedded taxes and duties that were previously non-recoverable by the exporters. The scheme covers all sectors, including textiles, […]
IFSC’s Expanded Financial Services: A Government Initiative
The government of India has recently widened the ambit of financial services that can be undertaken at the International Financial Services Centre (IFSC) by incorporating services such as book-keeping, accounting, taxation, and financial crime compliance. As per a gazette notification issued by the Ministry of Finance on January 18, 2024, these services are now part […]
India’s Budgeting: A Look at the Process and Legal Mandates
The budget is an annual financial statement of the government’s revenues and expenditures for a financial year. It is a crucial document that reflects the government’s priorities, policies and programmes. The budget also serves as a tool for accountability, transparency and fiscal discipline. Process of Budgeting The process of budgeting in India involves several stages, […]
AIBI’s 9 Initiatives: A New Dawn for Investors and Merchant Bankers in India
The Association of Investment Bankers of India (AIBI) has unveiled nine game-changing initiatives to boost investor awareness, merchant banker’s capacity building and ease of capital formation in India. The initiatives were launched at AIBI’s Annual Convention 2023-24, which was centered on the theme ‘Ease of Capital Formation’ in India. The convention was attended by Ms. […]