RBI excludes ‘Punjab and Maharashtra Co-operative Bank Limited’ from the Second Schedule of the RBI Act

RBI has directed the exclusion of Punjab and Maharashtra Co-operative Bank Limited from the second schedule of the RBI Act. All banks which are excluded from the Second Schedule to…

Continue ReadingRBI excludes ‘Punjab and Maharashtra Co-operative Bank Limited’ from the Second Schedule of the RBI Act

SEBI files FIR for Cyber Security Incident; takes additional measures to tighten security procedures

The SEBI has noticed a cyber security incident on the E-mail system which was undergoing a system upgrade and accordingly an FIR as per the relevant provisions of law has…

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Govt. declares “zero coupon zero principal instruments” as securities for the purposes of SCRA, 1956

The Central Government has declared “zero coupon zero principal instruments” as securities for the purposes of Securities Contracts (Regulation) Act, 1956. “Zero coupon zero principal instrument” means an instrument issued…

Continue ReadingGovt. declares “zero coupon zero principal instruments” as securities for the purposes of SCRA, 1956

Fee and other charges payable to SEBI shall be subject to GST @ 18% w.e.f July 18, 2022: SEBI reiterates

The GST Council in its meeting held on 28.06.2022 and 29.06.2022, recommended withdrawing the GST exemption granted to services by SEBI and the same was notified vide. Notification No.4/2022 dated…

Continue ReadingFee and other charges payable to SEBI shall be subject to GST @ 18% w.e.f July 18, 2022: SEBI reiterates

2% Excise Duty on Aviation Turbine Fuel drawn by operators from RCS airports for specified routes: Notification

The CBIC has issued notification to prescribe 2% Excise Duty on Aviation Turbine Fuel drawn by operators or cargo operators from Regional Connectivity Scheme (RCS) airports for the specified routes…

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SEBI permits 155 reporting entities to perform authentication under the Aadhaar Act

SEBI has permitted 155 reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act. Reporting entities shall Include 123 Capitals, 5paisa…

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Now ‘statement of foreign bank’ shall be treated as ‘officially valid document’ for reporting entity located in IFSC

Govt. amends the PML (Maintenance of Records) Rules, 2005. The definition of the ‘officially valid document’ has been relaxed by allowing the statement of foreign bank to be treated as…

Continue ReadingNow ‘statement of foreign bank’ shall be treated as ‘officially valid document’ for reporting entity located in IFSC