Notifications (March 2021)

The Finance Ministry has proposed a new format for SEBI’s annual report.

The Finance Ministry has proposed the new format of the Security and Exchange Board of India’s “Annual Report” on Friday. The Securities and Exchange Board of India (Annual Report) Rules, 2021, have been amended to change the current format, which includes rearranging the contents to be presented. Also, income and expenditure will be required to be part of the annual report as against the existing provision of presenting annual account statements separately.

In light of the recent spat between the government and the routine over-transfer of surplus funds, the amended rules and format make some major changes to the income and expenditure portion. Officials, on the other hand, refer to the mentioning of accounts as a regular exercise, and they say that they are working to include more and more information in the annual report.

According to the new rules, the new format has 13 chapters. Each chapter provides a thorough examination and analysis of the current financial market, including the primary and secondary markets. Norms for fund management operations are also included in the rules (Mutual Fund, Alternative Investment Funds, Collective Investment Schemes, Real Estate Investment Trusts and Infrastructure Investment Trusts). Foreign portfolio investors and foreign venture capital investors are also covered by the rules.

TO READ OFFICIAL NOTIFICATION CLICK HERE.

The RBI plans to extend the cheque truncation system to all bank branches.

The Reserve Bank of India (RBI) has agreed to carry out the cheque truncation system (CTS) to all bank branches by September 2021 in order to speed up and smooth out the country’s cheque clearances.

To take advantage of CTS’s availability and provide a consistent customer experience regardless of the location of the bank branch, it was agreed to extend CTS to all bank branches in the country.  By September 30, 2021, banks must ensure that all of their branches are participating in image-based CTS under their respective grids. They are free to use any model they want, such as deploying appropriate infrastructure in every branch or using a hub-and-spoke model, and concerned banks should work with RBI Regional Offices to put the system in place, according to the central bank.

Since 2010, CTS has been in use and now includes nearly 1,50,000 branches. After September 2020, all 1,219 non-CTS clearing houses (ECCS centres) have been migrated to CTS. There are, however, bank branches that operate outside of any formal clearing arrangement, and their customers suffer as a result of the longer time and expense involved in processing cheques presented by them.

TO READ OFFICIAL NOTIFICATION CLICK HERE.

Contributions of Employee and Employer

The Aatmanirbhar Bharat Rozgar Yojana (ABRY) was launched to encourage employers to create new jobs while also providing social security benefits and restoring lost jobs during the COVID-19 pandemic. Under the scheme;

  • An employee with a monthly salary of less than Rs. 15000/- who was not employed in any EPFO-registered establishment prior to October 1, 2020, and who did not have a Universal Account Number or EPF Member account number prior to October 1, 2020, is eligible for the benefit.
  • Any EPF member with a Universal Account Number (UAN) and a monthly salary of less than Rs. 15000/- who left their job during the Covid pandemic from 01.03.2020 to 30.09.2020 and did not return to work in an EPF-covered institution before that date is also entitled to receive benefits.

This scheme, which is being introduced through the EPFO, relieves employers of financial burdens and encourages them to recruit more staff. The Government of India is crediting both the employees’ share (12 percent of wages) and the employers’ share (12 percent of wages) of contribution payable for a period of two years under ABRY, or only the employees’ share, depending on the employment intensity of EPFO registered establishments. The scheme has began on October 1, 2020, and will be available for registration of qualified employers and new hires until June 30, 2021. From the date of registration, the government will pay the subsidy for two years.

TO READ OFFICIAL NOTIFICATION CLICK HERE.

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