The export of coir and coir products has shown an increase to the tune of 37 percent in terms of value and 17.6 percent in terms of quantity during the year 2020-21, compared to 2019-20. February 4th, 2022 Posted By: Team-MMTaxClub News & Updates
Auction for Sale (re-issue) of (i) ‘7.33% GS 2026’, (ii) ‘7.23% GS 2039’ and (iii) ‘7.34% GS 2064’ CBDT Amendment of Notification dated 06.09.2018 raising the pecuniary jurisdiction of DRT. CCI approves subscription to compulsory convertible debentures of Napino Auto and Electronics Limited by IFC Auction for Sale (re-issue) of (i) ‘7.10% GS 2034’ and (ii) ‘7.46% GS 2073’ RBI imposes monetary penalty on The Nakodar Hindu Urban Co-operative Bank Limited, Nakodar Launching of 41st Round of Quarterly Services and Infrastructure Outlook Survey (SIOS) Q1:2024-25 RBI imposes monetary penalty on Jogindra Central Co-operative Bank Ltd., Solan, Himachal Pradesh Payroll Data: EPFO adds 15.48 lakh net members during February 2024 CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24 Authorisation of Chairperson of DRAT, Chennai regarding discharging the functions of Chairperson, DRAT, Mumbai. Auction for Sale (issue/ re-issue) of (i) ‘7.37% GS 2028’ and (ii) ‘New GS 2064’ RBI announces Decision on two applications received under Guidelines for ‘on tap’ Licensing of Small Finance Banks 7th round of the India-Peru Trade Agreement Negotiations concludes in New Delhi Sixteenth Finance Commission (XVIFC) invites applications for Young Professionals (YPs)/Consultants on contract basis DGFT notified timelines and Procedures for registration under the Import Monitoring System (MS-IMS) for import of Melon Seeds Auction for Sale (issue/ re-issue) of (i) ‘7.32% GS 2030’, (ii) ‘New GS 2039’ and (iii) ‘7.30% GS 2053’ Second highest monthly Gross GST Revenue collection in March at ₹1.78 lakh crore; Records 11.5% y-o-y growth (18.4% on net basis) Government’s Borrowing plan for first half of FY 2024-25 Rate of interest on Government of India Floating Rate Bond 2033 Omnibus Framework for recognition of Self-Regulatory Organisations for Regulated Entities of the Reserve Bank RBI imposes monetary penalty on Karad Urban Co-operative Bank Ltd., Karad RBI imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Sehore, Madhya Pradesh Premature redemption of a part of outstanding stock of Non-interest bearing Government of India IDBI Special Security, 2024. General Elections to Legislative Assemblies of Arunachal Pradesh and Sikkim, 2024 -Deployment of Expenditure Observers RBI imposes monetary penalty on Tamilnad Mercantile Bank Limited Central Govt. further amended notification no. 50/2017-Customs, dated the 30th June, 2017 for EV’s Central Government reconstitutes an Advisory Board for a period of one year under Foreign Exchange and Prevention of Smuggling Activities Act Government approves E- Vehicle policy to promote India as a manufacturing destination for EVs Government approves E- Vehicle policy to promote India as a manufacturing destination for EVs Highest monthly merchandise exports, in the current FY so far, recorded in February 2024 DRI’s busts major gold smuggling syndicate; seizes over 61 kg gold worth Rs. 40 crore in a Pan-India Operation ‘Rising Sun’ MHA decides to extend financial support of 50% on GST on purchase of goods from Kendriya Police Kalyan Bhandar as a welfare measure Ghaziabad Restaurant Fined for Illegally Imposing Extra Service Charge on Doon Resident India-EFTA Trade and Economic Partnership Agreement Income Tax Department to mount e-campaign for Advance Tax e-campaign for F.Y. 2023-24 MCA revises threshold limits for value of Assets and Turnover for purposes of combination filings under Competition Act, 2002 CBIC Encouraged Women participation in International Trade CCI notifies three distinct regulations on determination of turnover, settlement, commitment and penalty guidelines in relation to an enterprise PFRDA inaugurates app to widen financial inclusion through fintech and to boost NPS DGFT amends the import policy condition for Duck Meat in Chapter 2 of ITC (HS) 2022, Schedule–I (Import Policy) Revised Registration Timelines and Procedures for Import of Yellow Peas under YP-IMS Post-March 31, 2024 at Indian Ports Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Pune Sahakari Bank Ltd., Shivajinagar, Pune, Maharashtra DGFT notifies Export of Onions (under HS code 0703 10 19) to Bhutan, Bahrain and Mauritius through NCEL Reconstitution of Central Advisory Board under PITNDPS Act 1988 Government transfer of five cases from DRAT Delhi to DRAT Mumbai Repayment of 8.35% SBI RTS ISU GOI SPL Bond 2024 CBI has arrested six persons including two NHAI Officers, in bribery of Rs.20 lakh; recovers Rs 1.1crore Filed bank officer arrested to taking Rs.7000/- bribe in UP RBI received 97.62% of the ₹2000 banknotes as on February 29, 2024, ₹8470 crore yet to come back Progress of NEFT and RTGS Systems, highest number of transactions processed in a day so far DGFT Notified the Export of Onions (under HS code 0703 10 19) to Bangladesh. Financial Intelligence Unit-India (FIU-IND) imposes penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd with reference to violations of its obligations under PMLA Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman virtually launches seven infrastructure projects worth over Rs, 1,000 crore from New Delhi Union Finance Minister Smt. Nirmala Sitharaman virtually presides over handing-over ceremony of 101 antiquities seized by Customs to the Archaeological Survey of India (ASI) Union Finance Minister Smt. Nirmala Sitharaman virtually presides over handing-over ceremony of 101 antiquities seized by Customs to the Archaeological Survey of India (ASI) Implementation of Electronic Cash Ledger (ECL) for payment of Import duties Union Finance Minister Smt. Nirmala Sitharaman launches Electronic Data Interchange (EDI) at remote Land Customs Stations in North Eastern States ED Conducted search operations under PMLA at 10 locations in Mumbai, Chennai and Kochi ED has attached immovable property in the form of land of Kesari Satish, an employee of Department of Posts, to the extent of Rs. 3.26 Lakh under the provisions of Prevention of Money Laundering Act (PMLA), 2002. Customs Commissionerate, Indore (Bhopal Zone) disposes off 40.86 lakhs sticks of Smuggled foreign origin Cigarettes, Cigars and Rolling Paper, valued at Rs. 3.89 Crores at Raipur Download ICAIs 2024 Bank Branch Audit Excel Utility for Streamlined Auditing Designated court sentences then branch manager of UCO bank to 05 years’ rigorous imprisonment Designated courts at Ahmedabad and Madurai sentence five accused including then income tax officer to three years rigorous imprisonment with fine PFRDA notifies amendments to Retirement Adviser (RA) regulations for Good Governance and ease of compliance PFRDA notifies amendments to Retirement Adviser (RA) regulations for Good Governance and ease of compliance Financial Literacy Week 2024 and Financial Literacy Ideathon Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra – Extension of Period RBI imposes monetary penalty on G P Parsik Sahakari Bank Ltd., Thane RBI imposes monetary penalty on Transport Co-operative Bank Ltd., Indore, Madhya Pradesh RBI imposes monetary penalty on Janseva Co-operative Bank Limited, Nashik, Maharashtra RBI imposes monetary penalty on Hanamasagar Urban Co-operative Bank Ltd., Hanamasagar, Karnataka Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949 – Additional Steps Directions under Section 35A read with Section 56 of the BR Act 1949 (AACS) - Thodupuzha Urban Co-operative Bank Ltd, Kerala - Extension of period DGFT suspends inactive Standard Input-Output Norms (SIONs) from April 1, 2024 Government proposes to increase Multi sector SEZ at panapakkam village, Ranipet District, Tamil Nadu CBIC notified Public Tech Platform for Frictionless Credit for Enhanced Credit Ecosystem Sharing What is Public Tech Platform for Frictionless Credit CBI arrests an enforcement officer, EPFO for accepting a bribe of rupees Two lakh PFRDA notifies amendments to National Pension System Trust (NPST) and Pension Fund Regulations for Good Governance Cabinet approves amendment in the Foreign Direct Investment (FDI) policy on Space Sector MoF notified reporting entities to perform aadhar authentication service under PMLA APEDA formulates roadmap to push organic exports from Uttarakhand and Sikkim CBIC removes the end date on export duty on Parboiled Rice and prescribes specific conditions on imports of Yellow Peas India’s demographic dividend to spur economic partnerships with European countries: Sh. Goyal Union Finance Minister chairs 28th meeting of Financial Stability and Development Council (FSDC) in New Delhi PFRDA notifies amendments to National Pension System Trust (NPST) and Pension Fund Regulations for Good Governance MCA issued circular on Deployment and usage of Change Request Form (CRF) on MCA-21 MCA notified enforcement date of section 33 of Competition (Amendment) Act, 2023 CBIC amended Custom Notification No11/2021 to include goods under heading 5201 Key Highlights of the Assam Budget 2024-25 India on track to become $35 trillion, fully developed economy by 2047: Shri Piyush Goyal Government will appoint Member to the 16th Finance Commission in lieu of Dr. Niranjan Rajadhyaksha APEDA facilitates export of Bananas from India to Moscow, Russia via Sea DFS Secretary chairs conference of heads of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery of Tribunals (DRTs) in New Delhi APEDA catapults agricultural exports from modest USD 0.6 billion exports in FY1987-88 to USD 26.7 billion in FY 2022-23 Supreme Court issued new procedure for Adjournment Request Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949 Payment Intermediary by Card Network – Restraining of Unauthorized Payment System Terms of Reference signed between Reserve Bank of India and Nepal Rastra Bank on Integration of Unified Payments Interface (UPI) of India with National Payments Interface (NPI) of Nepal for cross-border remittances India’s merchandise exports in Jan 2024 registers 3.12 % growth at USD 36.92 Billion over USD 35.80 Billion in Jan 2023 Ministry of Defence records ₹1 lakh crore total order value on Government e-Marketplace since portal’s inception 16th Finance Commission holds first meeting under Chairmanship of Dr. Arvind Panagariya in New Delhi Ministry of Defence records ₹1 lakh crore total order value on Government e-Marketplace since portal’s inception Index Numbers of Wholesale Price in India for the Month of January, 2024 (Base Year: 2011-12) Medical Benefits to be extended to superannuated Insured Persons with relaxed norms under ESIC The Central Board Trustees (CBT) EPF recommends 8.25 % rate of interest to EPF subscribers for FY2023-24 Nine NBFCs and One HFC surrender their Certificate of Registration to RBI RBI cancels Certificate of Registration of Three NBFCs Department of Telecom blocks about 1.4 lakh mobile handsets linked to financial frauds Total approved funding of Rs 802.98 crore as on 31st December 2023 provided to startups DPIIT coordinates initiatives for Ease of Doing Business creating a conducive business environment The Government of India is committed to promote Agri-startups by providing financial and technical support Govt. releases states of increase in income of farmers on implementation of various schemes Capacity Building Maldivian Civil Servants: The NCGG achieves the milestone of training 1000 civil servants of Republic of Maldives Publication for notifying manufactured drugs, psychotropic substances and their small and commercial quantities Contribution of MSME Sector in GDP in last five years RBI releases the results of Forward Looking Surveys RBI imposes monetary penalty on The Nakodar Hindu Urban Cooperative Bank Ltd., Nakodar, Dist. Jalandhar, Punjab RBI imposes monetary penalty on Zoroastrian Co-operative Bank Ltd., Mumbai RBI imposes monetary penalty on Bombay Mercantile Co-operative Bank Ltd RBI imposes monetary penalty on The Navnirman Co-operative Bank Ltd., Ahmedabad, Gujarat 65th Meeting of Network Planning Group under PM GatiShakti evaluates five infrastructure projects RBI Governor’s Statement on Monatory Policy: February 8, 2024 Monetary Policy Statement, 2023-24 Resolution of the Monetary Policy Committee (MPC) February 6 to 8, 2024 DPIIT coordinates initiatives for Ease of Doing Business creating a conducive business environment Reserve Money for the week ended February 02, 2024 and Money Supply for the fortnight ended January 26, 2024 APEDA promotes export of agricultural products, including millets, from India Govt. cognizant of importance of supply chain and effective logistics for improved resilience in domestic production and trade Credit for Micro Small and Medium Enterprises Development of MSME in the country Authorisation of Chairperson of DRAT Mumbai discharging the functions of Chairperson DRAT Delhi Indian Toy Makers receive huge orders at Germany’s Nuremberg International Toy Fair Shri Goyal emphasizes on importance of production of high-quality goods ensuring benefits extend to both businesses and consumers RBI cautions against frauds in the name of KYC updation Premature redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for premature redemption due on February 05, 2024 (Series I of SGB 2016-17) Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-I due on February 08, 2024 Filing of the MCA eForm may be impacted from 3rd February 2024, 14:00 PM to 5th February 2024, 06:00 AM Download PDF copy of interim budget 2024 Finance Minister Speech HIGHLIGHTS OF THE INTERIM UNION BUDGET 2024-25 SUMMARY OF THE INTERIM UNION BUDGET 2024-25 Budget 2024: Budget Proposes to Establish a Corpus of Rupees One Lakh Crore For Youth Empowerment of Women Through Entrepreneurship, Ease of Living, And Dignity For Them Has Gained Momentum: Finance Minister Interim Budget 2024: Average Monthly Gross GST Collection Doubles To ₹1.66 Lakh Crore Government Committed to Empower Amrit Peedhi - The Yuva : Union Finance Minister Poor, Women, Youth And Farmer are the Four Major Castes of Focus For The Government: Union Finance Minister Rs. 75,000 Crore Worth 50-Year Interest Free Loan to States to Realise Vision Of ‘Viksit Bharat Interim Budget 2024: Government Focused on More Comprehensive GDP - Governance, Development and Performance Interim Budget 2024: Government Committed to Strengthen and Expand Economy With High Growth Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949 Lending and Deposit Rates of Scheduled Commercial Banks – January 2024 Commemorative Coin on 125th Birth Anniversary of Shri Ram Chandraji of Shahjahanpur DPIIT organizes nationwide ‘One District One Product Sampark’ events to spur local e-commerce growth, promote artisans and farmers Government appoints Members of the Sixteenth Finance Commission DGFT organizes National Conference on Strategic Trade Controls RBI imposes monetary penalty on Bhilai Nagrik Sahakari Bank Maryadit, Bhilai, Chhattisgarh RBI imposes monetary penalty on Dr. Panjabrao Deshmukh Urban Co-operative Bank Limited, Amravati, Maharashtra Standing Liquidity Facility for Standalone Primary Dealers ED has provisionally attached assets worth Rs. 58.82 Crore belonging to Padam Singhee, and M/s Max Tech Oil & Gas Services Pvt Ltd ED investigation press release on Lalu Yadav family in Land for Job Scam CBIC amended Notification No. 50/2017-Customs, dated the 30th June, 2017 Govt. of India working in mission mode to develop robust quality ecosystem in India CBIC celebrates International Customs Day-2024 with theme of ‘Customs engaging traditional and new partners with purpose’ in New Delhi In the Aadhaar (Sharing of Information) Regulations, DGFT to discuss trade regime of dual-use goods, software and technology on Jan 30 Final stage of preparations for Interim Union Budget 2024 commences with Halwa Ceremony Government allows direct listing of securities by public Indian companies on International Exchanges of GIFT IFSC CBIC notified Non-Levy of Customs Duty on the import of hearables Goods for the period February 01, 2022 to April 27, 2023 u/s 28A of the Customs Act CBIC notified Non-Levy of Customs Duty on the import of wearables Goods for the period February 01, 2022 to April 27, 2023 u/s 28A of the Customs Act CBIC imposes Additional Duty on import of gold or silver falling under entry 7112, 7113 and 7118 Department of Revenue Notify reporting entity to perform aadhar authentication KVIC launches Khadi Sanatan Vastra from its flagship store in Connaught Place PFRDA notifies PoP Regulations requiring only one registration for National Pension System Department of Revenue, invites suggestions on draft Indian Stamp Bill, 2023 ED has conducted follow up search operations on 16.01.2024 at 8 locations in Jaipur & Banswara districts of Rajasthan under the Provisions of Money Laundering Act, 2002 (PMLA) in the Jal Jeevan Mission Scam. ED has provisionally attached properties worth Rs. 5 Crore approx. under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of Mohammad Akbar Bhat and others in relation to terrorist activities. ED has arrested Md Ezhar Ansari on 16/01/2024 under the provisions of Prevention of Money Laundering Act (PMLA), 2002 being found guilty of offence of Money laundering in coal linkage misuse case. ED has arrested Sadhu Singh Dharamsot, Ex. Forest Minister of Punjab under the provisions of the Prevention of Money Laundering Act (PMLA), PFRDA notifies Point of Presence (PoP) Regulations requiring only one registration for National Pension System India’s merchandise exports in December 2023 registered 0.96% growth at USD 38.45 Billion over USD 38.08 Billion in December 2022. PM inaugurates new campus of National Academy of Customs, Indirect Taxes & Narcotics at Palasamudram, Sri Sathya Sai District, Andhra Pradesh Advisory on introduction of new Tables 14 & 15 in GSTR-1 ED has arrested Nitin Tibrewal and Amit Agrawal on 12.01.2024 under the provisions of Prevention of Money Laundering Act (PMLA ), 2002 for their role in the operations of Mahadev Online Book ED has arrested 05 persons under the provisions of Prevention of Money Laundering Act (PMLA),2002 on 11.01.2024 in the matter of Paper Leak Case of Senior Teacher 2nd Grade Competitive Examination, 2022 in Rajasthan ED has conducted searches on 13.01.2024 under the provisions of Prevention of Money Laundering Act (PMLA), 2002 at 8 premises in Madhya Pradesh (ED) has provisionally attached 62 immovable properties worth Rs.30.28 Crore approx. belonging to M/s Heera Construction Co. Pvt. Ltd. DPIIT organises Startup India Innovation Week from 10th-18th January 2024 Joint Statement on India - United States Trade Policy Forum 14th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) held in New Delhi Auction of State Government Securities RBI imposes monetary penalty on Sakthi Finance Limited, Coimbatore, Tamil Nadu RBI imposes monetary penalty on ESAF Small Finance Bank Limited RBI imposes monetary penalty on Punjab and Sind Bank RBI imposes monetary penalty on Dhanlaxmi Bank Ltd RBI imposes monetary penalty on Dhanlaxmi Bank Ltd Reserve Bank of India cancels the licence of The Hiriyur Urban Co-operative Bank Ltd., Hiriyur, Karnataka Reserve Bank of India cancels the license of Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, Gujarat India Post Payments Bank enter into MoU with Hindustan Zinc to offer financial inclusion services GIFT City to be the gateway for India’s vision to become developed nation by 2047 Direct Tax collections at 80.61% of total Budget Estimates of Direct Taxes for F.Y. 2023-24 upto 10.01.2024 Performance of DGGI in the year 2023 CBIC’s Instructions on requirement of quality control or inspection or both, prior to export as per Milk and Milk Products (Quality Control, Inspection & Monitoring) Rules, 2020 India-UAE Business Summit held as part of Vibrant Gujarat Global Summit 2024 to strengthen bilateral ties DPIIT organises Startup India Innovation Week 2024 from 10th-18th January 2024 PM GatiShakti is India s revolutionary offering to the world and future planning tool for infrastructure globally: Sh. Piyush Goyal Seminar on PM GatiShakti: Informed Decision-Making for Holistic Development at 10th Vibrant Gujarat Summit CCI approves acquisition of remaining 30% equity stake in Signet Excipients Private Limited by IMCD India Private Limited Chairperson of DRAT Mumbai authorises to discharging the functions of Chairperson DRAT Delhi Auction for Sale (re-issue) of (i) ‘7.37% GS 2028’, (ii) ‘7.18% GS 2033’ and (iii) ‘7.30% GS 2053’ New HSN Code Requirement for E-way Bills effective feb1 -2024; 6Digites for AATO >Rs.5crores, 4Digites for AATO>Rs.5crores Government of India constitutes Sixteenth Finance Commission with Dr. Arvind Panagariya as its Chairman Govt to extend RoDTEP scheme benefits to e-commerce exports through post and courier Union Commerce and Industry Minister Shri Piyush Goyal releases ‘E-Commerce Exports Handbook for MSMEs’ Entire amount of pre-deposit not to be paid from Electronic Cash Ledger for filing appeal under Amnesty Scheme Delhi Customs Preventive seizes more than 3 kg smuggled gold worth Rs. 1.96 crore at IGI Airport, 2 arrested DFS Secretary Dr. Vivek Joshi chairs meeting to review progress made in financial fraud cases Centre extends date of inviting fresh applications under PLI Scheme Textiles upto 31st December 2023 Why DRC -01C Error coming Again? Is it will continue to be every month? Important Update: Mandatory 6-Digit HSN Code in E-Invoices for Taxpayers with AATO of 5 Cr and above from December 15, 2023 Delhi Customs Preventive registers case of illegal import of foreign-origin cigarettes worth over Rs.55 lakh Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before March 31, 2023 Ministry of Finance, hosts APG Annual Typologies Workshop in association with Asia Pacific Group on Money Laundering (APG) and the World Bank DFS Secretary chairs meeting on Cyber Security in Financial Services Sector and Online Financial Frauds National Academy of Customs, Indirect Taxes and Narcotics (NACIN) and National Academy of Direct Taxes (NADT) sign a Memorandum of Understanding (MoU) for sharing of resources Vice-President describes Chartered Accountants as finance form of MRI and CT scan Central Government appointed Shri Prakash Kumar, as Deputy Managing Director of SIDBI MoF authorises Chairperson of the DRAT, Mumbai to discharge function of DRAT Delhi for Ashok Kumar Mehta MoF authorises Chairperson of the DRAT, Mumbai to discharge function of DRAT Delhi for Golf Technologies Publication of amendments in the Notification under PMLA 2002 Ministry of Finance Notified Amendment in the Insurance Ombudsman Rules, 2017 DGGI Meerut Officials bust a massive syndicate involving 102 fake entities with a staggering turnover of Rs. 1,481 crore, four held DGFT circular regarding the subsequent re-import of unsold jewellery EPFO records highest payroll addition with 18.75 lakh net members during the month of July, 2023 All-India Consumer Price Index Numbers for Agricultural and Rural Labourers – August, 2023 NEW Time limit for Reporting of Invoices on the IRP Portal w.e.f 1st Nov, 2023. India extends curbs on rice exports with 20% duty on parboiled variety Finance Minister urges Finance Ministry and MCA to Focus on Process Simplification List of Banks authorised by RBI to import Gold/Silver for FY 2023-24 Authorization of Booking Post Offices and their corresponding Foreign Post Offices in terms of the Postal Export Relief to 137 MSMEs provided under “Vivad Se Vishwas I - Relief to MSMEs” scheme Revenue saved through Direct Benefit Transfer (DBT) subsidy schemes Union Finance Minister Smt.Nirmala Sitharaman presides over the 164th Income Tax Day celebrations at New Delhi Banks get ₹5,729 crore from “Depositor Education and Awareness” (DEA) Fund towards refund of settling unclaimed deposits CBIC issued Instructions on the Suspension of Licence of Customs Broker CBIC Instructions on Notification of Authorized Officers for Food Imports Amendment in import policy condition of Cigarette lighters