The weekly messenger | Edition 13.19

Accounting News

RBI further defers the implementation of Ind AS for Banks – 22 March 2019
The Reserve Bank of India (RBI) vide its press release dated 05 April 2018 had decided to defer the implementation of Ind AS for Scheduled Commercial Banks excluding Regional Rural Banks (RRBs) by one year. Accordingly, the aforesaid banks were supposed to implement the Ind AS w.e.f. 1 April 2019 with comparatives for the periods ending 31 March 2019. The reason for such deferment was the pending necessary legislative amendments to the Banking Regulation Act, 1949 as also the level of preparedness of many banks.
Now, the RBI has issued a further notification, wherein it has clarified that since the legislative amendments recommended by the RBI are under consideration of the Government of India. Therefore, it has been decided to defer the implementation of Ind AS till further notice.
For more information, click here.

Regulatory News

SEBI signs a MOU with the IBBI – 19 March 2019
The Securities and Exchange Board of India (SEBI) has signed a MOU with the Insolvency and Bankruptcy Board of India (IBBI) for the effective implementation of Securities laws and Insolvency and Bankruptcy Code, 2016. The MoU, inter alia, provides the following:

• Sharing of information between SEBI and IBBI subject to the limitations imposed by the applicable laws;
• Panel of Insolvency Professionals to be appointed as Administrators under Administrator Regulations;
• Periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact their responsibilities, research and data analysis, information technology and data sharing;
• Cross-training of staff; 
• Capacity building of insolvency professionals and financial creditors etc.

For more information, click here.
Consultation Paper on Issuance of shares with Differential Voting Rights – 20 March 2019
The SEBI has issued a ‘Consultation Paper on Issuance of shares with Differential Voting Rights’, pursuant to the report submitted by a SEBI constituted group on Differential Voting Rights (DVR) which proposes to structure the regulation of DVR issuance under two broad heads i.e. issuance by listed companies and by the companies with equity shares not listed but proposed to be offered to the public.
Comments are to be provided by 20 April 2019.
For more information, click here.

Further GST Updates
The Central Board of Indirect Taxes and Customs has issued certain updates w.r.t. Goods and Services (GST) whose links are as follows:    

• For more information w.r.t decisions taken by the GST Council in the 34th meeting held on 19 March 2019 regarding GST rate on real estate sector,click here; and
• For more information w.r.t the details of the provisions of GST that are effective from 1 April 2019 as compiled by the ICMAI, click here