Tri-Weekly Summarized #Statutory News By Team, Join @HubofCA f | TaxLiner | Summarizing Laws

Tri-Weekly Summarized #Statutory News By Team, Join @HubofCA for Regular Updates:

• Banks were required to upload the data in respect of the number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme) on Online Return Filing System (ORFS). The RBI has decided to collect information through XBRL system instead of the ORFS. Accordingly, AD Category – I banks shall upload the requisite information on XBRL system on or before the fifth of the succeeding month from July 01, 2021 onwards.

• The Directorate General of Foreign Trade Policy has issued revised checklist for submission of anti-dumping duty and countervailing duty applications to DGTR for initiation of investigations.

• The Ministry of Finance has said that the figures of Direct Tax collections for the Financial Year 2021-22, as on 15.06.2021 have shown that net collections are Rs.1,85,871 crore as compared to Rs. 92,762 crore over the corresponding period of the preceding year. It represents an increase of 100.4% over the collections of the preceding year.

• The SEBI has issued norms for settlement of running account of client’s funds' lying with Trading Member. The settlement of running account of funds of the client shall be done by the TM after considering the End of the day (EOD) obligation of funds as on the date of settlement across all the Exchanges, at least once within a gap of 30 / 90 days between two settlements of running account as per the preference of the client.

• The SEBI has decided to include the listed debt securities of equity listed companies under the purview of the System Driven Disclosures for the entities. In this regard, the Depositories and Stock Exchanges shall make necessary arrangements such that the disclosures pertaining to listed Debt Securities along with equity shares and equity derivative instruments are disseminated on the websites of respective stock exchanges with effect from July 01, 2021