14th March 2K20
Ø Falling crude to lower CAD by 25 bps to 0.7% in FY21
Ø Biocon, Mylan win US court ruling on insulin Glargine
Ø SBI suggests a formula to lift economic growth
Ø Customers deposits safe: RBI-appointed admin
Ø Hindalco's Novelis closer to acquiring Aleris
Ø AGR dues: Govt asks telcos to make full payment
Ø Tesla China downgrades Model 3 vehicles
Ø SBI pares savings account interest rate to 3%, scraps minimum balance fine
Ø YES Bank account holders won't be allotted shares in SBI Card IPO: sources
Ø Bank of England cuts interest rates by 0.5% to 0.25% to bolster economy
Ø Sovereign wealth funds may cut down India play as oil prices drop
Ø Banks at risk of losing billions of dollars in fee-based revenues: Study
Ø GST on cellphones, footwear, textiles to be rationalised on March 14
Ø Sunil Mittal asserts Airtel has paid full AGR dues at about Rs 13,000 crore
Ø Tata Power holds Mundra UMPP shut-down till March 20
Ø Essar to further cut down debt by 70% in last leg of deleveraging exercise
Ø SEA urges policymakers to allow export of rapeseed/mustard oil in bulk
Ø January-March quarterly profit to be hit by coronavirus outbreak: Indigo
Ø ICAI to review books of Yes Bank for FY18, FY19
Ø Of ₹30K cr loan sanctioned by Rana Kapoor, ₹ 20K cr turned NPA: ED to court
Ø Yes Bank users can make ₹2 lakh payment towards EMIs via other banks
Ø Oil’s biggest crash in a generation has silver lining for miners
Ø Adani Enterprises wins NHAI project
Ø PNC Infratech bags ₹3,582-cr order
Ø Huawei granted another 45 days to do business with US companies
Ø Reliance Group has no exposure in YES Bank: Anil Ambani
Ø JSW registers 5% growth in crude steel production in Feb
Ø RBL assures its financial health after Yes Bank crisis
Ø Tata Steel mulls job cuts over challenging circumstances in Europe
Ø Fed to inject $1.5 trillion to ease market jitters
Ø Industrial production grows 2 per cent in January
Ø Retail Inflation eases to 6.58 per cent in February
Ø Merged PSBs to ensure no disruption to credit flow
Ø NPPA seeks drug stock, pricing data
Ø NHAI's debt has risen over 9 times since 2014-15
Ø RBI's first move to soothe markets: A $2 billion money shot
Ø SBI approves Rs 7,250 cr fund infusion into Yes Bank, to pick up 49% stake
Ø Yes Bank crisis: RBI asks state govts not to move deposits from pvt banks
Ø Nuvoco deposits Rs 250 crore in escrow account for Emami Cement deal
Ø Govt's income from Coal India to fall by 6.5% to Rs 7172 cr this year
Ø Parliamentary panel pulls up planning ministry for not using funds fully
Ø India’s current account deficit narrows sharply to USD 1.4 billion in Q3
Ø Coronavirus outbreak, bank failure and oil drop push RBI, Modi govt to take immediate action
Ø Clean energy gets Rs 1.34 lakh cr investment in last 3 years
Ø Airtel acquires 10% stake in fitness start-up Spectacom Global
Ø NCLAT sets aside CAIT plea against CCI nod to Flipkart’s acquisition by Walmart
Ø Global stock market meltdown forces Indian companies to rework IPO plans
Ø Govt exempts banks under moratorium from CCI’s merger regulation
Ø Cabinet likely to consider SBI-bailout of Yes Bank on Friday
Ø Nirmala Sitharaman reviews amalgamation of public sector banks
Ø Reserve Bank steps into forex market to support rupee
Ø CIL board clears interim dividend
Ø GST: Input tax credit frauds rise 170% in just nine months of FY20
Ø Travel industry braces for a ₹8,500-crore hit
Ø Jet Air lenders not giving up yet on debt resolution process
Ø PFC pays Rs 1,404 cr interim dividend to govt
Ø Sensex crashes over 2,700 pts; Nifty falls below 9,700
Ø GST on cellphones, fertiliser, man-made fabric, garments may be hiked to 18 pc
Ø Iran seeks first loan from IMF since 1962 after toll climbs to 429
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👉 Extension of time for receiving public comments on National Action Plan for Business & Human RightsPdf(1.5 MB)
http://www.mca.gov.in/Ministry/pdf/CircularExtensionofTime_09032020.pdf
👉 Exemption notification dated 11.3.2020 under Section 45 of the Banking Regulation Act, 1949 from the application of the provisions of Section 5 and 6 of the Competition Act, 2002 in public interest for a period of five years from the date of publication.Pdf(414 KB)
http://www.mca.gov.in/Ministry/pdf/BankingNotification_11032020.pdf
👉 Monthly Bulletin for March 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49498
👉 Every Input Service Distributor (ISD) must file GSTR-6 on or before the given due date of March 13, 2020.
👉 Annual return, GST Audit for FY 2018-19 , E invoicing etc my be deferred, GST council to take important decision on its meeting to be held on 14th March 2020.
👉 Income tax! 15.03.2020 is last date for paying your fourth & final instalment of Advance Tax. Non/short payment is liable to penal interest.
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👉🏻Sexual harassment at workplace is affront to rights of woman - SC
(Sexual harassment at the workplace is an "affront" to the fundamental rights of a woman to equality, her right to live with dignity and to practice any profession or carry out any occupation - Supreme Court)
👇🏻 👇🏻 👇🏻
http://bit.ly/2TFVFoO
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GST: Option for renewal of LUT for FY 2020-2021 is activated in GSTN. LUT obtained for FY 2019-2020 will expire on 31.3.2020.
MCA exempt a Banking Company in respect of which the Central Government has issued a notification under Section 45 of the Banking Regulation Act, 1949 (10 of 49), from the application of the provisions of Sections 5 & 6 of the Competition Act, 2002, in public interest for a period of five years from the date of publication of this notification in the Official Gazette.
MCA has notified the extension of the last date of filing of Form NFRA–2 will be 150 days (earlier 90 days) from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA).
Application Form For Empanelment of Concurrent Auditors of Bank of Maharashtra are invited from Practicing Chartered Accountants Firms. last date is 13-03-2020
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👉 Non-payment of dues by discoms: Private developers, gencos may move NCLT - The festering problem of non-payment of dues by power distribution companies (discoms) could lead to private project developers and generating utilities moving the National Company Law Tribunal (NCLT) to recover payments. Power producers’ total outstanding dues owed by distribution firms was pegged at Rs 88,177 crore in December 2019 — a source of continuing stress in the sector.
“There is always this possibility now,” Union Power and Renewable Energy Minister RK Singh said, when asked about whether generation companies can seek recourse by moving the NCLT in light of the mounting dues. There is a precedence in place for this, with the electricity generating company of Andhra Pradesh — AP Genco — dragging the distribution companies of Telangana to the NCLT, seeking payment dues in July 2018.
Singh said his Ministry is working on improving adherence to prudential norms in the sector and that a new scheme is in the works that could, effectively, deny discoms failing to bring down AT&C (aggregate technical and commercial) losses as per target by denying them access to funds from the state-run PFC-REC combine, the principal source of finance for most electricity sector discoms. The Power Ministry is also setting up an electricity tribunal to resolve disputes over payment between state distribution companies and generating companies in a time-bound manner. An amendment of the Electricity Act, 2003 to provide for a dedicated mechanism for faster dispute resolution is also in the works, Singh indicated.
👉 NCLT allows government to reopen CG Power’s a/cs for 5 fiscal - The National Company Law Tribunal (NCLT) has allowed the coorporate affairs ministry to reopen the books of CG Power for the last five financial years so that it could probe the alleged fraud at the equipment manufacturer. The NCLT has also ordered the ministry to initiate action against company executives, past and present, if found guilty after the probe.
It added that the ministry and the Serious Fraud Investigation Office (SFIO) shouldn’t rely solely on the Vaish report commissioned by CG Power to conclude that a fraud has been committed. Instead, they should conduct their own investigation.
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👉 Relaxation of additional fees and extension of last date in filing of forms MGT-7 Annual Returns and AOC-4 (Financial Statements under the Companies Act, 2O13- UT of J&K and UT of LadakhPdf(414 KB)
http://www.mca.gov.in/Ministry/pdf/Circular_12032020.pdf
👉 Shri Debasish Panda, Secretary, Department of Financial Services, nominated on RBI Central Board
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49500
👉 Developments in India’s Balance of Payments during the Third Quarter (October-December) of 2019-20
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49502
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Standing Committee on Finance recommended in its report on demand for grants that Exemptions and deductions in personal income tax, “should be continually revisited, rationalised and eventually scrapped in tandem with moderation of tax rates.
MCA: Companies/ OPCs to get PF & ESI registration no. on www.mca.gov.in through Spice+ & AGILE-PRO eforms at time of incorporation even if no. below threshold then.
MCA: Last date of filling e-forms AOC-4, AOC-4(CFS), AOC-4XBRL & MGT-7 is extended till 30.06.20 for Companies having jurisdiction in UT of J&K & Ladakh. MCA circular No. O9/2O2O.
IBC: Parliament passed amendments to the insolvency law that will help ring-fence successful bidders of insolvent companies from risk of criminal proceedings for offences committed by previous promoters.
In a case regarding the Dishonor of Cheque against a private limited company, the Delhi High Court held that the Non-executive Directors of the company cannot be held liable for the dishonor of cheque without specific allegations against them.
ICAI has decided that 20 hours structured CPE learning could be through e-Learning Videos available on ICAI Digital Learning Hub https://learning.icai.org, be extended to 10 hours till 30th June 2020.
👉 Forms available on GST Portal for Taxpayers and Tax Officials
https://www.gst.gov.in/newsandupdates/read/361
👉 Research Committee of ICAI Invites Research Papers from Members - (13-03-2020)
https://www.icai.org/new_post.html?post_id=16373&c_id=240
👉 Direction of the Council for not conducting any programme/class for Members & Students till 15th April 2020 in the wake of COVID-19 - (13-03-2020)
https://www.icai.org/new_post.html?post_id=16371&c_id=240
👉 Postponement of Advanced ICITSS-Information Technology Test scheduled to be held on 15th March, 2020. - (13-03-2020)
https://www.icai.org/new_post.html?post_id=16370&c_id=219
👉 Companies (Registration Offices and Fees) Second Amendment Rules 2020Pdf(434 KB)
http://www.mca.gov.in/Ministry/pdf/rule1_13032020.pdf
👉 Companies (lncorporation) second Amendment Rules, 2O20 dt 12.03.2020Pdf(44 KB)
http://www.mca.gov.in/Ministry/pdf/rule_13032020.pdf
👉 Public comments on draft Companies (Corporate Social Responsibility Policy) Amendment Rules,2020.Last date for Comments is 28.03.2020
http://feedapp.mca.gov.in/csr/
👉 Notice inviting application for empanelment of Mediators/Conciliators,Northern Region for the year 2020-21 Pdf formatNew link image
http://www.mca.gov.in/Ministry/pdf/Notice_13032020.pdf
👉 20-03-2020 – GSTR-3B for the m/o Feb 2020 for taxpayers having an aggregate turnover of more than Rs. 5 Crores in the previous financial year. Pay due Tax till this date.
Thanks for reading
