The Securities and Exchange Board of India canceled the Certificate of Registration (CoR) granted to Brickwork Ratings India Private Limited as a Credit Rating Agency (CRA), on October 6, 2022. In view of that RBI on October 9, 2022, advised Regulated Entities/ Market Participants that in respect of ratings/credit evaluations required in terms of any…
Bank account holders are no longer required to visit their bank branches to update ‘know your customer’ (KYC) details provided they have already submitted valid documents and have not changed their address. The process for the periodic updation of KYC (re-KYC) under the prevention of Money Laundering Act, 2002 (PMLA) and rules framed thereunder was…
Condonation of delay by Registrar of Companies: If a company is unable to file the registration of charge within a period of thirty days of the date of creation of the charge/modification of charge, it may prepare an application in the form CHG-10 supported by a declaration from the company signed by the company secretary…
The Reserve Bank of India today (04.01.2023), released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022. Some highlights from the Annual Report are as follows: *Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) was launched on November 12, 2021. Under the RB-IOS, 2021, a CRPC was…
The Reserve Bank of India on Monday released the 2022 list of Domestic Systemically Important Banks (D-SIBs). State Bank of India (SBI), HDFC Bank and ICICI Bank continue to be domestic systematically important banks (D-SIBs), under the same bucketing structure as in the 2021 list of D-SIBs. Systemically Important Banks (SIBs) are perceived as banks…
Updated on January 1, 2023 Taxpayers generally receive I-T notices under Section 139(9), 143(1), 143(2), 143(3), 245, 144, 147, 148, 156 (notice of demand) of the Income Tax Act, 1961, due to non-filing of ITR, claiming of inauthentic tax refund, hiding of taxable income, computing excessive tax losses, long term capital gains (LTCG), scrutiny, among…
The government on Friday (December 30, 2022) has effected hike in interest rates of 8 small saving instruments for the January-March 2023 quarter. The interest rates of schemes like the Senior Citizen Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, and all post office time deposits have been hiked. However, rates…
The Reserve Bank of India on Thursday (December 29) released the 26th issue of the Financial Stability Report (FSR). The financial Stability Report (FSR) is a biannual report released by the Reserve Bank of India (RBI). The report reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks…
The administration of Jammu & Kashmir UT declared the following days to be a public holiday during the year 2023. Sr.No Date Day Occasion/Festival Date 1 26.01.2023 Thursday REPUBLIC DAY 2 08.03.2023 Wednesday HOLI 3 30.03.2023 Thursday RAM NAVAMI 4 04.04.2023 Tuesday MAHAVIR JAYANTI * 01.04.2023 Saturday ANNUAL CLOSING OF BANKS’ ACCOUNT 5 07.04.2023 Friday…
Effective from January 01, 2023, the Banks and non-bank PPI entities shall commence reporting payment frauds in DAKSH. According to RBI circular, this reporting was earlier facilitated through Electronic Data Submission Portal (EDSP) and is being migrated to DAKSH through which scheduled commercial banks and non-bank prepaid payment instrument (PPI) issuers report payment frauds, to…