Draft guidelines for ‘on tap’ license has been issued by RBI for small finance banks
The Reserve bank of India on 13th September, 2019 has released on its website the draft guidelines for ‘on tap’ licensing of small finance banks (“SFB”) in the private sector and invited comments from stakeholders and members of the public until 12th October 2019.
The Draft guidelines deals with Registration & Licensing, Eligibility Criteria to be a SFB
FSSAI permits hotels to serve drinking water in paper sealed glass bottles
The Food Safety and Standards Authority of India (FSSAI) on 9th September, 2019 released a notification allowing hotels to serve drinking water in paper sealed glass bottles exclusively to in house guests as a commitment to environment sustainability.
Iron and steel import policy Amended
The Ministry of Commerce and Industry on 5th September, 2019 amended the Import Policy on Iron & Steel making the registration compulsory under Steel Import Monitoring System (SIMS) for the listed items.
The Annexure to the amendment contains 284 custom tariff items. The SIMS will be effective from 1st November 2019. The facility for online Registration will be available with effect from 16/09/2019.
Orthopedic Knee implant price allowed to include trade margins NPPA clarifies
The National Pharmaceutical Pricing Authority (NPPA) has released a clarification on the pricing of orthopedic knee implants in an office memorandum dated 29th August, 2019. NPPA has clarified that hospitals, nursing homes and clinics are allowed to add trade margins on orthopedic knee implants as per the rates prescribed.
Haryana Factories Annual return revised
The labour department of Haryana vide notification dated 30th August 2019 has amendment the Punjab Factories Rules 1952 which shall be applicable to the state of Haryana. Through this amendment the Government of Haryana has changed the format of the Factories Annual return to make it harmonious with common return format at Shram Suvidha Portal.
CBIC Clarifies Norms for Execution of Bank Guarantee in the wake of new GST regime
The central board of indirect taxes and customs in its circular dated 13th September 2019, has revised certain norms for execution of bank guarantee under Advance Authorisation (AA), Duty Free Import Authorisation(s) (DFIA) and Export Promotion Capital Goods (EPCG) schemes and has also made clarification as to what should be the basis for waiver of Bank Guarantee to be executed with Customs in the Goods and Services Tax (GST) regime under schemes in respect of manufacturer exporters/service providers.
Draft amendment to FSSAI regulation on Fortified foods
The Food Safety and Standards Authority of India has published a draft Food Safety and Standards (Fortification of Foods) Amendment Regulations, 2019 which requires manufacturers of fortified foods to disclosure declared value of micronutrients on label with a maximum tolerance of +/- 10 percent.
Govt of west Bengal appeals to employers covered under the payment of bonus Act, 1965
The Governor of West Bengal through its circular dated 12th September 2019 has appealed to the employers and employees covered under the Payment of Bonus Act, 1965 to stick to certain guidelines, while settling the legitimate dues of workers in respect of payment of bonus for the year 2019. One of the guideline notably is that all payments of bonus should be made before commencement of Durga Puja, 2019.
Faceless assessment notified under section 143(3A) of Income-tax Act, 1961
The Central Board of Direct Taxes in its notification dated 12th September 2019, has issued e-assessment scheme 2019 for conducting scrutiny through Faceless assessment of income tax returns (ITR). This removes the existing human interface in the assessment procedure and the need for personal appearance of any assessee
RBI issued directions on deposit by issue of commercial paper
The Reserve bank of India through its notification dated 16th August, 2019 has issued directions relating to accepting of deposit by issue of commercial paper. Regulation 6 speaks about acceptance of deposits by person other than authorised dealers /authorised bank. Sub regulation 3 of Regulation 6 specifies in what terms companies may accept deposit through […]
