CBDT clarifies the procedure for functioning of Customs Authority for Advance Rulings and Board for Advance Rulings
No proceeding before, or pronouncement of advance ruling by, the Board for Advance Rulings shall be questioned or shall be invalid on the ground merely of the existence of any vacancy or defect in the constitution of the Board.
The Insecticides (Amendment) Rules, 2021
A person who applies for the grant of license to sell, stock or exhibit for sale or distribute insecticides commonly used for household purpose only and registered as such shall be deemed to have granted a license if the licensing officer did not grant him license after expiry of a period of ninety days from the date of submission of his application.
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2021
The amendment also provides that the annual audited standalone and consolidated financial results for the financial years shall be submitted to the stock exchange(s) within sixty days from the end of the financial year along with the audit report.
IRDAI notifies Draft IRDAI (Surety Insurance Contracts) Guidelines, 2021.
Any applicant intending to commence Surety Insurance business can do so by applying for grant of certificate of registration in accordance with IRDA (Registration of Indian Insurance Companies) Regulations, 2000. However, the preference to grant certificate of registration shall be given to the applicant whose promoters are already engaged in carrying out Surety Insurance Business in any jurisdiction.
IRDAI (Trade Credit Insurance) Guidelines, 2021.
These guidelines shall apply to all insurers transacting general insurance business, registered under the Insurance Act, 1938. However, ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd) is exempted from the application of these guidelines.
Government has approved Production Linked Incentive (PLI) Scheme for Textiles.
PLI scheme for Textiles will promote the production of high-value MMF Fabric, Garments and Technical Textiles in the country. The incentive structure has been so formulated that the industry will be encouraged to invest in fresh capacities in these segments.
CBDT allows taxpayers an opportunity to file applications for settlement till 30th September.
The Finance Ministry further clarified that taxpayers who have filed such applications before January 31 shall not have the option to withdraw such applications as per the provisions of section 245M of the Act.
Insurance Regulatory and Development Authority of India (Insurance Information Bureau of India) Regulations, 2021.
The Objective of IIB is to collect, analyse and report data/information pertaining to Insurance and related domains for the benefit of the stakeholders of IIB and to undertake projects of insurance and other related sectors regulated by the authority in order to further its effective use to market players, regulator, government and general public.
