Legal Updates

RBI releases revised framework of resolution of stressed assets

RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 February 12, 2018 All Scheduled Commercial Banks (Excluding Regional Rural Banks (RRB)), All-India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir/Madam, Resolution of Stressed Assets – Revised Framework 1. The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain… Read More

MCA notifies certain sections of the Companies Amendment Act , 2017

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub' section (ii)l Government of India Ministry of Corporate Affairs Notification New Delhi, the 9th February, 2018 S.O. -(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act 2017 (1' of 2018), the Central… Read More

Companies (Registered Valuers and Valuation) Amendment Rules, 2018 notified

[TO BEPUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY' PART II' SECTION 3, SUB-SECTION (i)l Government of India Ministry of Corporate Affairs Notification New Delhi, the 9th February, 2018 G.S.R…….(E).- In exercise of the powers conferred by section 247 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes… Read More

CBDT appoints Pr. DGIT(Systems) as the ‘designated authority’ under section 138 of the IT Act

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 12th of February, 2018 NOTIFICATION In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act,… Read More

Finance Minister addresses the Board of SEBI

Feb 10, 2018 PR No.: 5/2018   Finance Minister addresses the Board of SEBI     Shri Arun Jaitley, Hon'ble Union Finance Minister, interacted with the members of the SEBI Board and senior officials of SEBI at New Delhi today. Shri P. Radhakrishnan, Minister of State for Finance, Dr. Hasmukh Adhia, Finance Secretary, Ministry of Finance, Shri… Read More

Cabinet approves proposal for Amendment to the MSME Development Act, 2006

Cabinet approves proposal for Amendment to the Micro, Small and  Medium Enterprises Development Act, 2006 to change the criteria of classification and to withdraw the MSMED (Amendment) Bill, 2015 – pending in Lok Sabha  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved change in the basis of classifying Micro, Small… Read More

Cabinet Approves IBC (Amendment) Bill, 2017 to replace IBC (Amendment) Ordinance, 2017

Cabinet approves Insolvency and Bankruptcy Code (Amendment) Bill, 2017 to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given Ex-post facto approval to the modifications carried out in the replacement Bill, which replaced the Insolvency and Bankruptcy Code (Amendment) Bill 2017, and… Read More

RBI cautions about Fake Websites in its Name

It has come to the notice of the Reserve Bank of India that a fake website of the Reserve Bank of India has been created with the URL www.indiareserveban.orgby some unknown person(s). The layout of the fake website is similar to the original RBI website. The home page of the fake website also contains a provision… Read More

CBEC extends eSANCHIT application on all EDI locations

Instruction No. 02/2018-Customs F.No.450/16/2015-Cus-IV Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, dated 7th February 2018 To, All Pr. Chief Commissioners of Customs / Chief Commissioners of Customs/ Customs (Preventive)/ Customs and Central Excise. All Pr. Commissioners/ Commissioners of Customs / Customs (Preventive)/ Customs and central Excise… Read More

Enhancing fund governance for Mutual Funds :SEBI

CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2018/19 February 07, 2018 All Mutual Funds/ Asset Management Companies (AMCs)/ Trustee Companies/ Boards of Trustees of Mutual Funds Sir/Madam, Sub: Enhancing fund governance for Mutual Funds A. Reference is drawn to SEBI circular dated November 30, 2017 on the captioned subject. Based on representations received from the Mutual Fund (MF) industry and in… Read More

RBI releases Sixth Bi-monthly Monetary Policy Statement, 2017-18

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent. Consequently, the reverse repo rate under the LAF remains at 5.75 per cent, and the… Read More

Statement on Developmental and Regulatory Policies – February 2018

Statement on Developmental and Regulatory Policies – February 2018 Relief for MSME Borrowers who have registered under Goods and Services Tax 1. The formalisation of business through registration under Goods and Services Tax (GST) adversely impacted cash flows of the smaller entities during the transition phase with consequent difficulties in meeting their repayment obligations to… Read More

IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018 notified

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 6th February, 2018 Insolvency And Bankruptcy Board Of India (Insolvency Resolution Process For Corporate Persons) (Amendment) Regulations, 2018 No. IBBI/2017-18/GN/REG024.— In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code,… Read More

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