Reserve  Bank  of  India  (RBI)  in  its  ‘Statement  on  Developmental  and Regulatory Policies’ dated October 09, 2020 had announced that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days  of  the  year  from  December  2020.  The  National  Electronic  Funds Transfer (NEFT) system is also made available round the clock since December 2019 by RBI. SEBI   vide   Circular   no.    SEBI/HO/CDMRD/DRMP/CIR/P/2019/149   dated November 29, 2019 had mandated that the cut […]

The Securities and Exchange Board of India (SEBI) has come out with a framework for segregation and monitoring of collateral at client level. The regulator said the move is aimed at strengthening the mechanism of protection of client collateral from misuse and default of brokers. There has been several instances in the recent past of brokers defaulting and misusing clients securities and funds. SEBI said clearing corporations should specify a reporting mechanism that would provide […]

Market Access through Authorised Persons :- Attention of Members’ is drawn to Exchange circular NSE/INSP/42448 dated October 18, 2019, which mandates Members to exercise adequate control and due diligence over the activities & transactions of their Authorised Persons (APs) and conduct their periodic inspection in the manner as specified therein. A) All inspections undertaken during a financial year including the quantum should comply with guidelines prescribed in Exchange circular NSE/INSP/42448 dated October 18, 2019. B […]

As we have discussed in our previous article,  GST authorities can seize properties belonging to the defaulter to recover any due amount. To avoid such seizure, the defaulter often creates a charge on his property or immediately transfers it through sale, mortgage, exchange AFTER the amount has become due. The intention is to defraud the government by not paying taxes. In such cases, the transfer of property will become void. However, the transfer will NOT be void when- It is […]

If the taxpayer cannot pay all the GST dues (tax/interest/penalty) in a lump sum or within the stipulated date, then he can file an application to the Commissioner requesting to pay in installments. The Commissioner can extend the due date for payment or allow the taxpayer to pay in installments. The reasons for accepting/rejection of such application have to be provided in writing. When paying in installments, the taxpayer has to remember that: Installments are payable every […]