Government mulls setting up national institute of valuers on the lines of ICAI - The Economic Times https://m.economictimes.com/news/economy/policy/government-mulls-setting-up-national-institute-of-valuers-on-the-lines-of-icai/articleshow/75187112.cms
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RBI governor announcements
๐Positive Growth in GDP by 1.9% in comparision to any other country of the world.
๐ Kharif Crop Production have increased by 33% in comparison to Last Year. Which is a great Achievement.
๐ IMF Has Projected a Growth rate of 7.4% in 2021-22.
๐ Forex reserve of india is 476Bn $ as on 10th April.
๐ Fresh Currency of 1.4 Lakh Cr has been issued to Banks from Mar to April 12 so that no ATM go Dry
๐ Fresh TLTRO-2.0- For 50K Cr To begin With. Min 50% Of flow should go to small NBFC and FII.
๐ Refinance Facility will be given to - NABARD, SIDBI, NHB- These FI help NBFC. 25K To Nabard, 15K to SIDBI, 10K to NHB. Rate of interest on such loan will be 4.4%
๐ LAF- Liquidity Adjustment Facility- Reverse repo rate reduced by 0.25%.
๐ For NPA Classification Period of 01-03-2020 to 31-05-2020 will be excluded.
๐ Insolvency Resolution which have not been resolved then on all such loan of NPA-20% Additional Provision has to be created.
๐ Distribution of Dividend- NBFC and Banks cannot announce any Further dividend for 31-03-2020 till further order
๐ NBFC Loan to Commercial Realestate Projects- Delay of 1 Yrs extension allowed. And banks will be allowed to do the reschedule the loans accordingly
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๐ In the year since Jet Airways operated its last flight former employees and creditors have continued to wait for the payment of their dues, even as rivals have swooped in and acquired the airline’s aircraft and routes.
The airline operated its last flight between Amritsar-Mumbai on April 17, 2019, as lenders turned down its demand for emergency funding. The Naresh Goyal-founded airline, among the first private carriers to take to skies in 1993, collapsed under a mountain of debt and a cash crunch.
It has been under insolvency since June last with admitted claims of Rs 16,000 crore. Now, the coronavirus disease (Covid-19) crisis has dashed any prospects of revival.
Before the nationwide lockdown, the National Company Law Tribunal (NCLT) granted an additional three months to the airline’s resolution professional to find a suitor on the grounds that lenders would get better value for their assets if these were sold via a formal resolution plan, instead of the liquidation route.
๐ The COVID-19 crisis has brought into sharp relief an indiscriminate correlation: saving human lives is important, but ensuring livelihoods is equally significant. As the authorities with support from India Inc go about the challenge of saving lives, the current is one of safeguarding the economy. Business organisations need to remain solvent; jobs need to be saved. As the Indian economy faces an unprecedented crisis on account of the Covid19 pandemic, one of the biggest worries for it is that global investors may take over distressed Indian companies at very low-price points, unless bankruptcy and insolvency laws are temporarily suspended. Global investors are waiting for Indian stocks to fall in value so that they can take over listed companies at throwaway prices. We have seen the first such attempt in the last few days. In order to ensure that Indian companies remain Indian-owned, suspension of the NCLT law for at least six months is imperative to salvage the capital erosion. Exceptional measures are required to thwart one of the deepest recessions recorded across the globe.
The Indian economy looks upon the authorities to follow global trends and help pull industry out of the economic maelstrom by instituting a stimulus package that’s at least 10 per cent of the nation’s gross domestic product (GDP). Salvaging the Indian economy requires an urgent booster dose of nearly $200 billion, which needs to be pumped into the market in a staggered manner, effectively retrieving the business cycle without incurring further economic losses. Across sectors, business organisations are seeking working capital to ensure that the economy doesn’t tank, that they don’t default and saddle banks with NPAs, and consequently result in job losses.
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๐๐ปIBA written to RBI for Audit of Selected Branches for Bank Audit
(IBA suggest that banks be given the discretion to select a minimum of 50 branches or more covering 60 per cent of the credit portfolio of the bank as a whole)
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https://bit.ly/2z4VY4I
๐๐ปCBDT issues over 10 lakh refunds worth Rs 4,250 Cr in a week
(CBDT has processed over 10 lakh refunds worth four thousand 250 crore rupees in a week, about 1.75 lakh more refunds are in the process of issuance in this week)
https://bit.ly/34DbO22
๐๐ปTDS Circular on Employee's Salary | Old or New Tax Regime under Income Tax Act
(TDS Circular on Employee's Salary | Old or New Tax Regime under Income Tax Act, 1961 Declaration to be taken from employees by employer discussed by CA.Shivangi Mittal)
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https://bit.ly/3a6tGDK
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Share application money :
SLP dismissed as withdrawn due to low tax effect against High Court ruling that where assessee had received share application money and produced documents to establish genuineness of parties such as PAN of all creditors along with confirmation, their bank statements showing payment of share application money, merely because those persons had not appeared before Assessing Officer would not negate case of assessee so as to invoke section 68 - CIT v. Orchid Industries (P.) Ltd. - [2020] 116 taxmann.com 113 (SC)
CBIC has launched electronic delivery of gate passes and final bills of entry to customs brokers and importers with an aim to further simplify import clearance process by reducing human interface and help tackle the scourge of Covid-19.
Sebi’s direction to custodians is an immediate reaction to People’s Bank of China (PBOC), the country’s monetary authority, buying a little above 1% in HDFC -- India’s leading non-bank mortgage lender and traditionally considered as one of the blue-chip stocks by most institutional investors.
IRDAI has asked insurers to ensure that they have sufficient capital and liquidity to service the requirements of policyholders. “Indian insurers need to prepare strategies and action plans for business continuity to ensure enhanced protection to the policyholders,” the Insurance Regulatory and Development Authority of India said in a circular.
EPF has extend the deposit date for the month of March 2020,up-to 15 May-2020, Instead of 15th April-2020.
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๐ The lockdown, occasioned by the spread of the novel coronavirus, is causing significant stress for Indian business. Even though the Reserve Bank of India (RBI) has instituted debt moratoriums and finance minister Nirmala Sitharaman has announced a slew of relief packages, one expects a significant spike in the number of bankruptcies. Is India’s Insolvency and Bankruptcy Code (IBC) up to the task of this new normal? While much depends on how things pan out in the next few months, here are some pressing issues:
Insolvency resolution traffic jam: According to Injeti Srinivas, corporate affairs secretary, since the commencement of the IBC and setting up of the National Company Law Tribunal (NCLT), 12,000 cases have been filed. Around 4,500 cases have been settled before resolution, with a settlement amount of almost₹2 trillion. 1,500 cases have been admitted and 6,000 cases are waiting in queue. The covid-19 epidemic will only increase this traffic jam. The pile up of cases needs to be addressed by increasing capacity of the NCLT, and by ensuring that as many cases as possible are settled without going to the IBC.
Changing the locus of the promoter of the corporate debtor: Under section 29A(c) of the IBC, a promoter associated with any account which has been classified as a non-performing asset (NPAs) for a period of one year or more is ineligible to bid for any corporate debtor. It is pertinent to recall that the intent of section 29A is to prevent persons who, by their misconduct or fraudulent motives contributed to the default of the corporate debtor, from “buying back" the corporate debtor from the creditors, potentially at steep discounts.
๐ New Delhi, Apr 15 (PTI) A government-appointed committee of experts has proposed an institutional framework for valuers by way of setting up the National Institute of Valuers.
The panel, headed by IBBI (Insolvency and Bankruptcy Board of India) Chairperson M S Sahoo, has also submitted the ''Draft Valuers Bill, 2020''.
The corporate affairs ministry sought comments on the bill, which has recommended setting up of the institute. The deadline for submitting comments is May 14.
The panel was constituted by the ministry on August 30, 2019 to examine the need for an institutional framework for regulation and development of valuation profession.
"Based on a comprehensive study and analysis of all relevant issues and taking the inputs of key stakeholders, the committee has submitted its report to the Government of India on March 31, 2020 along with Draft Valuers Bill, 2020, recommending to establish a National Institute of Valuers," the ministry said in a release on its website.
According to the committee, there should be enactment of an exclusive statute to provide for the establishment of the institute to protect the interests of users of valuation services in India and to promote the development of, and to regulate the profession of valuers and market for valuation services.
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๐๐ปElectronic documents for clearing imports allowed - CBIC
(Govt has allowed importers and customs brokers to give electronic out of charge copies of bill of entry and eGatepass from April 15)
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https://bit.ly/2V8FAbL
๐๐ปRevolutionary Section for CA Practitioners | Section 80JJAA | Income Tax Act
(Revolutionary Section for CA Practitioners - Section 80JJAA of the Income Tax Act, 1961 discussed by CA. Vipin Garg)
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https://bit.ly/2REDWN5
๐๐ปMore than 5 lakh hacked Zoom accounts up for sale on Dark Web
(Hackers were selling usernames and passwords linked to more than 500,000 Zoom accounts on the Dark Web)
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https://bit.ly/3ejDu0B
๐๐ปRecent Judicial Pronouncements from Business Head | Income Tax Act
(Separate Recent Judicial Pronouncements from Business Head of Income Tax Act 1961 discussed by Adv. Kapil Goel.)
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https://bit.ly/3cpA1vH
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Employer to deduct TDS at normal rates in FY 20-21 also. Employee can Opt to pay taxes at lower rates without claiming exemptions & deductions in ITR.
TDS: Staff can intimate irreversible option to employer to deduct TDS in FY 20-21 at lower rates u/s 115BAC. Else deduction at normal rates. Circular C1 of 13.4.20.
High Court of Karnataka gave important order dated 24th October, 2019 regarding Detention, seizure and release of goods and conveyances in transit that Writ not maintainable when orders are appealable in a case of Kesar Farm v. Additional Commissioner of Commercial Taxes (Enforcement Bengaluru) [2019] 112 taxmann.com374 (Karnataka)
UPRERA PRESS RELEASE on 14th April 2020, xtension of Validity period for registration of real estate projects in the state by 3 months & QPR till 31st May 2020.
The Authority decided to extend by three months the date of completion of the projects with the date of completion between 15 March 2020 and 31st December 2020 The revised registration certificate of such projects will be issued separately and send to the concern promoters. (point no. 4.1)
Statutory compliances including QPR: The Authority decided to allow the Promoters to update the QPR of the first quarter of the year 2020 by 31st May 2020 . The date of any other statutory compliances pending at the level of the Promoter has also been extended till 31st May 2020. (point no. 4.5).
Thanks for reading
