The weekly messenger | Edition 05.20

Regulatory News

Guide to CA Certificates in GST – 13 February 2020

The GST & Indirect Taxes Committee of the ICAI has issued a publication namely ‘Guide to CA Certificates in GST’, which contains various Certificates required under GST regime to be issued by the Chartered Accountants along with corresponding checklist.

For more information, click here.

The IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020 – 12 February 2020

The Insolvency and Bankruptcy Board of India (IBBI) has amended the ‘IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016’, with the ‘IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020’, wherein in sub-regulation (4) of Regulation 40B ‘Filing of Forms’ of the aforesaid Regulations, the due date of filing of a form under the said regulation after which the late fee would be levied has been extended from 1 January 2020 to 1 April 2020.
 
These rules shall come into force on the date of their publication in Official Gazette i.e. 13 February 2020.
 
For more information, click here.

The Banning of Unregulated Deposit Schemes Rules, 2020 – 12 February 2020

The Ministry of Finance has issued the Banning of Unregulated Deposit Schemes Rules, 2020, which inter-alia includes:

• Information and particulars to be considered;
• Manner of provisional attachment and administration of provisionally attached property;
• Impounding and retention of records;
• Central Database;
• Form and manner of intimation;
• Application for confirmation of provisional attachment;
• Procedure to be adopted by Designated Court;
• Authorisation for search and seizure;
• Retraction of advertisement.

These Rules shall come into force w.e.f. 13 February 2020. Though these Rules have become effective; however, the governing authority is yet to be prescribed.
 
For more information, click here.