15th March 2K21
Ø Bank credit grows by 6.63%, deposits by 12.06%
Ø ONGC's share in India's oil, gas production jumps to 70% from 53% 10 years back
Ø Need to limit, streamline independent directors' liability: CII to govt
Ø Bharti Realty to operate two million sq ft under asset management model
Ø Agri financing picks up pace in fourth quarter as procurement begins
Ø Drastic changes in monetary policy framework can upset bond market: Rajan
Ø India FX reserves surpass Russia's to become world's 4th biggest
Ø DPIIT to hold meetings with industry, trader bodies on FDI in ecommerce
Ø Govt to sell remaining stake in Delhi, Mumbai, B'lore, Hyderabad airports
Ø Axis Bank to acquire 9.9% stake in Max Bupa Health's promoter entity
Ø Sun Pharma, Dr Reddy's, Aurobindo recall products in the US market
Ø Bank credit is seen growing by 400-500 bps to 9-10% in FY22: Report
Ø For better resource management, ONGC is ‘on track’ to merge MRPL and HPCL
Ø Power consumption grows 16.5 per cent in first 12 days of March
Ø Adani Ports wins Rs310 crore dredging deal from Deendayal Port Trust
Ø Govt plans independent entity under NIIF to act as investment manager for InvITs, REITs
Ø UltraTech Cement takes over 3B Binani Glassfibre
Ø BlackOpal group gets RBI's nod to start NBFC, raises $1.5 million
Ø RBI rejects Yes Bank's proposal to set up ARC
Ø Virgin Atlantic set to raise 160 million pounds in new financing
Ø No AMC has over 10% exposure to debt funds, says Crisil
Ø Thirty-six MF debt fund schemes in breach of Sebi's cap on riskier bonds
Ø Google will allow third party developers to build Tiles for Wear OS
Ø CAIT demands restoration of MSME status for 8 cr traders
Ø Power discoms in national capital seek progressive tariff rationalisation
Ø 30 per cent teaching staff in tech institutes may lose job
Ø Apple starts assembly of iPhone 12 in India
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⚫India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a potential blow to millions of investors piling into the red-hot asset class.
The bill, one of the world's strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto assets.
⚫Power consumption in the country grew 16.5 % in the first 12 days of this month at 47.67 billion units over the same period an year ago, showing a revival in the economic activities.
⚫The Govt aims to sell its residual stake in four airports of Delhi, Mumbai, Bengaluru and Hyderabad as part of the Rs 2.5 lakh crore asset monetisation pipeline.
⚫Investors see more sheen in paper gold this year amid lower prices. FY21 has seen sale of 32.4 tonnes worth of sovereign gold bonds and 13 tonnes of ETF's
⚫A total of 2,97,38,409 vaccine doses have been administered.On Sunday, new 25,320 cases reported, the most in a day since December 20.
⚫15 March is last date for 4th installment of Advance Income tax.
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👉🏻Tax rules amended to step up tax payer data collection
(Banks, stock exchanges and companies will have to share data on large investor transactions with the Income Tax Dept as frequently as sought by a designated official, according to rule change notified by the Income Tax Department)
👇🏻 👇🏻 👇🏻
http://bit.ly/30FCQVq
👉🏻100% Deduction allowed to Individual / Companies by Donation to Political Parties
(100% Deduction allowed to Individual / Companies by Donation to Political Parties under section 80GGB / 80GGC of the Income Tax Act, 1961 discussed by CA. Shivangi Mittal)
👇🏻 👇🏻 👇🏻
https://bit.ly/3rPjyZB
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⚫PM with the true spirit of 'Vasudhaiva Kutumbakam' ( the world as one family) has initially supported with supply of medicines to over 150 countries besides COVID-19 vaccine supply to over 75 nations from India. This is the true spirit and strength of the people of India that we ever care for the world while protecting ourself.
⚫The Govt would lay down principles for usage of data for the development of any industry, where such norms do not already exist, and put in place adequate safeguards to prevent misuse and access of data by unauthorized persons, according to a draft national e-commerce policy.
⚫The MOF suggested several changes in the SEBI's annual report format seeking “true and full account of its activities”, policies and programmes of the whole year. The new format demands greater disclosure and in-depth analysis of each segment ranging from corporate governance to regulatory action taken by the market regulator.
⚫To ensure strict adherence to COVID-19 protocols by air travellers, aviation regulator DGCA asked airlines to deboard passengers who do not wear their mask properly despite warnings.
⚫The AAP Govt's decision to install a charging point at every 3 kms will pave the way for making Delhi the "electric vehicle" capital. The Delhi govt has taken a lead across India in creating charging infrastructure for a smooth transition to electric vehicles.
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👉Check Your Membership status and region. https://www.icai.org/traceamember.html
You can update your region by SSP portal change professional address.
https://www.icai.org/post.html?post_id=16559
You will be eligible to cast your vote in the region as per your professional address in ICAI records as on 31st March 2021.
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✅ Extension of Condonation Scheme to regularize UDINs
It is informed by the Central Board of Direct Taxes (CBDT) that UDINs have not been updated at the e-filing portal for around 2.68 lakh IT forms uploaded by the Chartered Accountants on behalf of their assessees which would result in invalidation of such IT forms. The members are hereby advised to update the UDINs at the portal immediately.
It is also given to understand that owing to several reasons, generation of the UDINs for the documents signed during 1st February 2019 to 31st January 2021 could not be done by the members upto 28th February 2021.
Accordingly, in order to mitigate the likely hardships that would be faced by the tax payers due to non-compliance owing to such invalidation, the Condonation Scheme to regularize UDINs provided by the ICAI vide its announcement dated 31st January 2021 which ended on 28th February 2021 is *now being extended upto 31st March 2021.* Whereby, all the missed UDINs between the period 1st February 2019 to 10th March 2021 can now be generated upto 31st March 2021 and this is in continuation to the Condonation Scheme announced previously.
However, it may be noted that for all the documents signed from 11th March 2021 onwards, the original guidance for generation of UDIN, i.e. within 15 days of signing the documents will be applicable.
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Discontinuation of Cheques of Merged Banks
Dear All,
This is to alert you that the cheques & passbooks of the following merged banks will be invalid and will not be accepted in the banking system with effect from 01-Apr-2021.
1. Dena Bank
2. Vijaya Bank
3. Corporation Bank
4. Andhra Bank
5. Oriental Bank of Commerce (OBC)
6. United Bank
7. Syndicate Bank
8. Allahabad Bank
Your one or more bank account details, viz. account number, IFSC Code, MICR Code, branch address etc. have been changed due to merger of above listed banks.
To avoid inconvenience in future, I advice you to take the following action immediately:-
*_Please contact your bank and get the new cheque book and passbook at the earliest. Keep your old passbooks & cheque books safely._* Avoid last minute rush!!
Also, if your details like registered mobile number/ address/ nominee etc. are not added/updated, then do update the same too.
Once you receive your new passbook &/or cheque book, please update your bank details in all your financial instruments, i.e. Mutual Fund folios, Demat & trading accounts, Life Insurance policies, Income Tax account, FDs/RDs, PF accounts & other deposit accounts, Lockers, Gas agencies (if you are receiving subsidies) and all other places where your bank account needs to be updated. All these are beneficial, especially in cases like claiming survival benefits, maturity proceeds, redemptions etc.
Please share your old bank's cheque leaf name with account holder's name(s) & new bank's cheque leaf with account holder's name(s), both in original to get bank details updated in mutual funds folios.
The mergers are as follows:-
1. Dena Bank with Bank of Baroda
2. Vijaya Bank with Bank of Baroda
3. Corporation Bank with Union Bank of India
4. Andhra Bank with Union Bank of India
5. Oriental Bank of Commerce (OBC) with Punjab National Bank
6. United Bank with Punjab National Bank
7. Syndicate Bank with Canara Bank
8. Allahabad Bank with Indian Bank
This message is for your information only. For further details please contact your bank.
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Income tax Alert : Message is received by SMS through Income Tax Department : Attention XYZ Assesee (PAN XXXXX1234X), Income Tax Department has received information about certain high value financial transactions relating to FY 2020-21. Please view transactions under e-Campaign tab on Compliance Portal (CP) and remember to pay appropriate advance tax. Access CP by logging into e-filing portal and clicking on 'Compliance Portal' link under 'My Account' tab - ITD 2. Now on Compliance Portal is giving data of Annual Return Statement, E Campaign > High Volume Transaction, Signification Transaction in Fy 19-20 GSTR-1 Turnover is showing . Now professional have to reply for response for the same. More over in Fy 2020-21 data of not only GSTR-1 but data of GSTR-2A- Purchases , Transportation Data, Data of TCS Purchase are coming. Take Care in filling of Income Return and visit Compliance Portal also.
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⚫India’s industrial production declined by 1.6% in January on a YoY basis, as against 1.56% growth in the previous month because of the dismal performance of consumer goods, capital goods and mining sectors.
⚫Banks, NBFC, all India financial institutions, and microfinance institutions will have a new catalogue called ‘Restructured due to Covid-19’ in their reporting format to credit information co's. The RBI has said restructuring due to Covid-19 related stress won’t be categorised as bad debt and their credit score won’t be affected.
⚫The MOF is likely to infuse Rs 14,500 crore mainly in the banks that are under the RBI's prompt corrective action framework in the next few days to improve their financial health.
⚫Debt worth Rs 30,000 crore for wind power projects may face stress due to payment risks from power distribution co's.The problem predominantly pertains to four key states – Madhya Pradesh, Maharashtra, Rajasthan and Andhra Pradesh.
⚫India reported 27,512 fresh Covid-19 cases on Friday. Maharashtra recorded this year's highest one day spike with 15,817 new infections coming to light. The five most affected states are Maharashtra, Kerala, Karnataka, Andhra Pradesh, and Tamil Nadu.
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👉 Module wise new functionalities deployed on the GST Portal for taxpayers
https://www.gst.gov.in/newsandupdates/read/455
👉 GSTN Webinar on e-invoicing for taxpayers
https://www.gst.gov.in/newsandupdates/read/456
👉 Announcement - Preliminary Expression of Interest for Digital Library - (10-03-2021)
https://resource.cdn.icai.org/63466cmp-digitallibrary.pdf
👉 Announcement - Seeking Preliminary Expression of Interest for Audit Tool - (10-03-2021)
https://resource.cdn.icai.org/63465cmp-audittool.pdf
👉 Announcement regarding Amendment in Companies (Management and Administration) Rules, 2014 w.e.f 05.03.2021 by CL&CGC, ICAI - (10-03-2021)
https://www.icai.org/post/announcement-regarding-amendment-in-companies
👉 Announcement regarding Introduction of Aadhar authentication facility for GSTIN Registration in Form INC-35 AGILE-PRO by CL&CGC, ICAI - (10-03-2021)
https://www.icai.org/post/announcement-regarding-introduction-of-aadhar-authentication
👉 Announcement regarding Commencement notification of the provisions of Companies (Amendment) Act, 2017 w.e.f. 05th March, 2021 in respect of provisions relating to Annual Return by CL&CGC, ICAI - (10-03-2021)
https://www.icai.org/post/announcement-regarding-commencement-notification-of-the-provisions
👉 RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51249
👉 Prompt Corrective Action Framework – IDBI Bank Limited
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51251
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