1. CBIC fixes one-year time limit to complete investigation on cases of GST evasion and fraudulent Input Tax Credit (ITC).
- Central Board of Indirect Taxes & Custom (CBIC) has fixed the one-year time limit to complete investigation on cases of GST evasion and fraudulent Input Tax Credit (ITC).
- GST Investigation Wing has asked top tax officials within their jurisdiction to take stock of the pending investigation cases and take appropriate action to ensure the timely completion of investigations.
- It has also asked them to take stock of cases that warrant the issuance of show cause notices and take appropriate action to ensure the timely completion of investigations.
- The last date to file the annual return for the first three years (2017-18, 2018-19 and 2019-20) of GST is already over.
Central Board of Indirect Taxes & Customs (CBIC):
It was established on 1 January 1964. It is headquartered in New Delhi. It is headed by Muttoli Ajit Kumar (M. Ajit Kumar) since 03 February 2020.
It is a part of the Department of Revenue under the Ministry of Finance.
It formulates and implements policies for Central GST, Central Excise Duty and Custom/Import Duty. It also deals with Narcotics in India.
Topic: Banking System
2. IndusInd Bank acquires 4.79% stake in McLeod Russel.
- IndusInd Bank has acquired a 4.79% stake in bulk tea manufacturer McLeod Russel India.
- The bank invoked pledged shares for the recovery of its dues. Equity shares of McLeod Russel India held by lchamati Investments were pledged with the bank for securing dues of Mcleod Russel India.
- The company started facing liquidity issues in early 2018. The board of company disposed some of its estates to repay debt.
- In June, IndusInd Bank had acquired 70, 67, 500 equity shares of McLeod.
- Indian Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, UCO Bank, Punjab National Bank, Yes Bank, RBL Bank and Standard Chartered Bank are some other financial creditors of the company.
It is a Pune-based bank. It was started in 1994.
Sumant Kathpalia is its CEO. Its tagline is we make you feel richer.
Topic: Indian Economy
3. Limit of ₹5 crore per entity imposed on total entitlement under Services Export from India Scheme (SEIS).
- Limit of ₹5 crore per entity has been imposed on total entitlement under Services Export from India Scheme (SEIS).
- Commerce & Industry Ministry’s notification says that facility to claim benefits under SEIS on payments in Indian rupees will not be available for services rendered in 2019-20.
- December 31, 2021 will be the deadline for submission of SEIS applications for 2019-20.
- Services Export Promotion Council (SEPC) has sought an extension of timeline to March 31, 2022.
- In SEIS Scheme, exporters of selected services are entitled to a 3-5% incentive on the Net Foreign Exchange earned in the form of duty credit scrips.
- Services Export from India Scheme (SEIS) is under implementation since 1 April 2015.
Topic: Banking System
4. Federal Bank partners with OneCard for mobile-first credit card.
- Federal Bank has partnered with OneCard for the mobile-first credit card.
- The card targets young working professionals aged 23-35. It will be powered by Visa.
- It offers in-app on-boarding. Credit card will be issued through the OneCard app in under three minutes.
- Virtual card can be activated and used instantly. The metal card is delivered to the customer in three to five days. Users can control their cards through the app.
- Federal Bank is an Indian private sector bank. It is headquartered in Kochi.
Topic: Banking System
5. DICGC asks depositors of 21 UCBs to submit the declaration of willingness to enable DICGC to make payments.
- Deposit Insurance and Credit Guarantee Corporation (DICGC) has asked depositors of 21 urban co-operative banks (UCBs) to submit the declaration of willingness to enable DICGC to make payments.
- It has also asked the depositors of 21 UCBs to contact their banks and update any other documents, including KYC. All the 21 UCBs are currently under RBI’s All Inclusive Directions (AID).
- This is to make sure that depositors’ claims can be included in the list being prepared by UCBs for submission to DICGC by October 15, 2021.
- The 21 UCBs include 11 UCBs from Maharashtra, 5 UCBs from Karnataka, one UCB each from Kerala, Punjab, Uttar Pradesh, Rajasthan and Madhya Pradesh.
- DICGC (Amendment) Act, 2021 has become effective from September 1, 2021. DICGC will pay certain amount to depositors of the insured banks placed under AID and with restrictions on withdrawal of deposits.
- This amount will be equivalent to the deposits outstanding (up to a maximum of Rs 5 lakh). The amount would be paid within a period not exceeding 90 days.
Deposit Insurance & Credit Guarantee Corporation (DICGC):
It is a fully owned subsidiary of RBI. It was established in July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
It insures deposits in public and private sector banks, local area banks, small finance banks, regional rural banks, cooperative banks, and Indian branches of foreign banks and payments banks.
6. Uday Kotak's term as IL&FS Chairman extended by six months.
- Uday Kotak's term as Infrastructure Leasing and Financial Services Ltd (IL&FS) Chairman has been extended by Finance Ministry by six months.
- Department of financial services (DFS) in the Finance Ministry has given an extension from October 3, 2021 to April 2 next year.
- On December 14, 2020, RBI had approved a three-year tenure extension to Kotak as CEO of Kotak Mahindra Bank till December 31, 2023.
- Banking Regulation Act 1949 prohibits a bank from being managed by a person who is a director of any other company.
- However, central government can provide exemptions to this norm for a specified period based on the recommendation of the RBI.
- Government had in 2018 appointed Kotak to the Board of IL&FS. His term as Chairman of the Board of IL&FS was due to end on October 2 this year.
7. 99.94 % of RBL Bank shareholders approve reappointment of Vishwavir Ahuja.
- 99.94 % of RBL Bank shareholders have approved the reappointment of Vishwavir Ahuja as managing director and chief executive for the fourth term.
- He joined RBL Bank in 2010 from Bank of America. The board had approved his fourth three-year term till June 2024.
- RBI had only approved his reappointment for only one year from June 2021.
RBL Bank is a Mumbai based Indian private sector bank. It was earlier known as Ratnakar Bank.
8. Freshworks becomes first Indian Software as a Service (SaaS) provider to get listed on US stock markets.
- Freshworks has become the first Indian Software as a Service (SaaS) provider to get listed on US stock markets.
- On 22 September, It became a publicly traded company and got listed on Nasdaq.
- The company raised $1.02 billion as it set the IPO at $36 per share and taking its valuation to over $10 billion.
- Girish Mathrubootham is the founder and CEO of Freshworks. He is a former employee of Zoho. Sridhar Vembu, the founder of Zoho, is known as the "Father of the SaaS Industry."