2021-06-28 11:30:04
Tri-Weekly Summarized #Statutory News By Team, Join @HubofCA for Regular Updates:
• On a review based on representations received, the RBI has revised the prudential borrowing limits for transactions in Call, Notice and Term Money Markets. For SCB (including Small Finance Banks) prudential limit for Call and Notice Money shall be 100% of capital funds, on a daily average basis in a reporting fortnight, and 125% of capital funds on any given day. In case of Term money, prudential limit shall be internal board approved limit within prudential limits for inter-bank liabilities.
• RBI has issued directions for appointment of MDs and WTDs in primary urban co-operative banks, RBI further mentioned that MPs, MLAs and representatives of municipal firms won’t be eligible to carry such positions within the major urban cooperative banks (UCBs). RBI prescribed that MD/WTD must be a publish graduate or have qualifications in finance self-discipline. These directions are applicable to all Primary (Urban) Co-operative Banks (UCBs).
• SEBI vide Circular no. SEBI/HO/IMD/IMD-I/DOF5/P/CIR/2021/553 dated April 28, 2021, specified provisions with regard to ‘Alignment of interest of Key Employees of Asset Management Companies (AMCs) with the Unit holders of the Mutual Fund Schemes’. The aforesaid circular was to be applicable with effect from July 01, 2021. However, based on the feedback received from stakeholders, SEBI has decided to extend the date of implementation of the circular to October 01, 2021.
• SEBI has come out with a circular on prudential norms for liquidity risk management for open ended debt schemes wherein Association of Mutual Funds in India (AMFI) is advised to prescribe a suitable framework, in consultation with SEBI, for liquidity risk management for open ended debt schemes (except Overnight Fund, Gilt Fund and Gilt Fund with 10-year constant duration) within a period of 1 month from the date of issuance of this circular. The framework shall be adopted by all AMCs.
• The Central Board of Direct Taxes (CBDT) has granted further extension of timelines of compliances under Income Tax Act. Due date for linking PAN with Aadhaar has been extended to 30-09-2021. The board has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.
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