21st April 2K20
Ø Non-bank lenders seek to tap unused credit lines
Ø Conduct money laundering risk assessment: RBI to banks
Ø Housing finance companies to see slower credit growth in FY21: Report
Ø Domestic manufacturers to make 1 lakh coveralls a day
Ø India's FDI rules may open new flashpoint with China
Ø Sebi extends derivative curbs up to May 28
Ø Govt to spend Rs 4K-cr more on crop insurance scheme
Ø Centre permits conversion of surplus rice to ethanol for hand sanitisers
Ø Crude oil contract expires below Rs 1,000 for the first time ever on MCX
Ø FinMin sanctions Rs 46,038 cr states' share in central taxes for April
Ø Mahindra & Mahindra tractor-led portfolio to cushion revenue fall
Ø Credit profile of Indian power utilities likely to remain steady: Fitch
Ø Infosys results: Q4 revenue up to ₹23,267 crore, net profit up 6.3 per cent
Ø China says India's FDI restrictions against WTO rules, G-20 consensus
Ø BPCL-Kochi Refinery ensures optimised fuel supply
Ø Covid-19 inflicts a daily loss of ₹224 crore to India’s fishery sector
Ø Alembic gets USFDA nod for generic ophthalmic solution
Ø Strides gets USFDA approval for Flucytosine capsules
Ø Novartis, US drug regulator agree to malaria drug trial against Covid-19
Ø Zydus explores biologicals route to treat COVID-19 with Interferon alpha-2b
Ø Aegon Custody sells HDFC Bank shares worth over ₹72 crore
Ø Grofers to invest $15 million in private labels as demand grows
Ø Domestic sales of electric vehicles jump 20% in FY20
Ø India has all rights to protect industry; no WTO violation in FDI decision: Experts
Ø RBI’s next Monetary Policy Committee meet scheduled for June 3-5; repo rate decision awaited
Ø CIL raises trigger level to 80%, coaxes power plants to use more domestic fuel
Ø Insurance regulator IRDAI asks health insurers to settle claims within two hours
Ø Vijay Mallya loses UK High Court appeal in extradition case
Ø India's steel demand expected to drop to multi-year lows due to covid lockdown
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👉🏻ED attaches assets worth Rs.175.29 Cr in bank fraud case
(ED has attached 124 immovable properties worth more than Rs 175 CR of a Company in connection with a money laundering probe linked to an alleged bank fraud case)
👇🏻 👇🏻 👇🏻
https://bit.ly/3cxYpel
👉🏻SEBI extends trading curbs to contain market volatility till May end
(SEBI said the measures aimed at containing the wild swings in stock prices would continue till the end of next month.)
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https://bit.ly/2RTr05U
👉🏻Amendments in TDS Provisions by Finance Act 2020 | Changes in TDS Provisions
(Amendments in TDS Provisions by Finance Act 2020 discussed by CA.Saloni Varshney.)
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https://bit.ly/2VoMl9F
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👉🏻 Form PMT - 09 is available on GST portal.
👉🏻 Now, taxpayer can transfer the cash balance available under one head to another head of tax i.e. from CGST to SGST or interest or penalty or vice versa which means GST deposited under wrong head can be corrected now...👍🏻
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Delhi High Court has directed for maintenance of status quo with respect to the repayment to be made by Indiabulls Housing Finance to its Non-Convertible Debenture holders. (Indiabulls Housing Finance vs SEBI). The ad interim order was passed by a Single Judge Bench of Justice C Hari Shankar.
Prime Minister’s Office (PMO) has received an urgent call for help from medium and small industries who fear possible hostile takeovers from Chinese investors at a time when they are facing survival issues and their valuations have taken a beating amid the Covid crisis. small-sized industries want the Centre to temporarily halt FDI through automatic route, which is currently possible for over 1,000 industries, with just 16 sectors, including defence and telecom, requiring government scrutiny.
Punjab & Sind Bank said it has declared the non-performing account of Golden Jubilee Hotels, involving an outstanding amount of over Rs 86 crore, as "fraud". It is informed that an NPA account viz Golden Jubilee Hotels Pvt Ltd with book outstanding of Rs 86.40 crore and 100 per cent provisioning has been declared as fraud and reported to the RBI as per regulatory requirement.
High Court denies request for bail in a case of GST evasion to the tune of Rs. 20 crores (approx.) under section 132 of GST Act 2017, in light of the prevelant conditions of spread of COVID-19 virus, in a case of Rajinder Bassi and others vs. State of Punjab dated April 17, 2020. The spirit of directions as issued by Supreme Court vide order dated 23.02.2020 and as clarified vide order dated 13.4.2020
AAR gave an important ruling regarding classification and taxability of Flavoured milk GST @ 12% in case of Tirumala Milk Products (P.) Ltd. [2019] 111 taxmann.com 495 (AAR-ANDHRA PRADESH)
Supreme Court has held that open spaces left for garden areas in approved building layout plans cannot be allowed for construction.
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👉 The insolvency regulator IBBI has now ruled that the 40-day nationwide lockdown imposed by the Centre in the wake of COVID-19 outbreak will not be counted for the purpose of computation of timeline for any tasks under liquidation process.
It may be recalled that the Insolvency and Bankruptcy Board of India (IBBI) had in end March , announced that the national lockdown period will not be counted for the purpose of timeline of completion of any activity under the Corporate Insolvency Resolution Process (CIRP) regulations.
Describing the latest IBBI move on liquidation regulations as a proactive and positive step, Aditya Nayyar, Partner, Ortis Law Offices said that this amendment is only indicative of the fact that the insolvency regulator/ Government is reacting and implementing the various suggestions being received by it, although in a phased manner.
“The amendment would allow the liquidator to exclude the entire time period of COVID-19 lockdown from all the timelines provided under the liquidation regulations of the IBC, thereby ensuring that unnecessary defaults do not occur in the future. This move would also ensure that the NCLT is not flooded with procedural applications seeking extensions and or con donation of delay in meeting timelines, once the lockdown is relaxed and the NCLT finally reopens and even anytime thereafter, during the liquidation process”, he said.
👉 The Institute of Chartered Accountants of India ( ICAI ) has invited suggestions from CA Members on Draft Valuers Bill, 2020.
The Ministry of Corporate Affairs had constituted an eight-member Committee of Experts to examine the need for an institutional framework and development of valuation professions, under the Chairpersonship of Shri M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI) on 30th August 2019 wherein ICAI has also been a member.
Based on 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 31st March 2020 along with Draft Valuers Bill, 2020, recommending to establish a National Institute of Valuers.
Considering the above, ICAI invites suggestions/comments from members on various questions framed in this regard by 12.00 Noon on 10th May, 2020.
The Draft Valuers Bill, 2020 is available in the Volume I of the Report of the Committee of Experts.
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