Privacy Issues with Digital Identification and Verification. Digital identity verification can come with privacy issues.
With increased use of digital and online medium, the obvious question regarding privacy issue has popped up yet again. Section 23 of CGST Act: Persons not liable to take GST registration. For certain businesses, obtaining registration under GST is mandatory.
If the entity carries on business without registering under GST law, it will be an offence under GST and heavy penalties will be imposed. Section 23 of CGST Act 2017 describes the provisions pertaining to the persons who are not liable to be registered under GST. This article aims to explain in a simplified manner, the statutory provisions contained under Section 23 of the CGST Act along with relevant notifications. But prior to diving into this section, it is indispensable to have an understanding ofSection 22 of CGST Act 2017. How are NBFCs different from Banks (NBFC Registration)? Enterslice. A lot of individuals would come across the word NBFC.
Hearing this, they would think that all finance companies established would carry out activities related to a Bank. For example, a layman would not find many differences between a private sector bank such as Kotak Mahindra Bank Limited and Bajaj Finance. However, there are specific differences between a bank and an NBFC. FDI in Digital Media: Progress and Clarifications. Recently the government brought out a clarification regarding the amount of FDI in Digital Media.
Digital Media would comprise all the advertising, publishing processes which are conducted electronically. FDI from Mauritius: Will finance companies be able to invest in India? Mauritius is considered one of the hot spots in the world for tourism.
A major portion of the Mauritian economy depends on the tourism sector. Apart from tourism, finance companies are established in Mauritius for some time. More amount of investment in tourism in Mauritius has developed the economy and improved the number of finance companies in Mauritius. India and Mauritius have developed ties since 2000 for bilateral investment opportunities. AT-1 Bonds: Explained - Enterslice Private Limited. The Reserve bank of India (RBI) has considered an application to write down Additional Tier-I (AT-1) bonds as a part of a package of SBI-led restructuring package for Yes Bank.
So what do AT-1 bonds really mean? The AT-1 bonds are types of perpetual, unsecured bonds that banks issues to shore up their capital base to the Basel-III norms. Lakshmi Vilas Bank Moratorium: Central Government Order. IRDAI suggestions to encourage Micro insurance companies. As in this hard time when the low income families have been hit by the Covid-19 Pandemic the Insurance Regulatory and Development Authority of India (IRDAI) has formed a committee in the month of February 2020 to explore the options to ease up the rules regarding the setting up of the standalone micro insurance companies.
The committee has suggested finding more ways to encourage the micro insurer which will facilitate them in simplifying and promoting products of insurance and further scale up go through across country and segments. However before going further, let’s understand more about a micro insurance company. What is a micro insurance company? Micro insurance corporate extends specified insurance products to the people who are unable to pay for traditional insurance. It can be managed in many numbers of ways—through community organizations, licensed insurance agents, non-governmental organizations, and micro-finance institutions.
Discontinuation of Reports under Foreign Exchange Management Act. The Reserve Bank of India (RBI) brought out a notification related to Discontinuation of Reports and Discontinuation of Returns under the Foreign Exchange Management Act, 1999 (FEMA).
This notification was brought out on 13 November 2020 through RBI/2020-21/66 A.P. (DIR Series) Circular No. 05. What is the impact of GST on IT Sector? - An Overview. Since the Goods and Services Tax (GST) has been implemented in India it has majorly affected every sector in India, for some, it is a boon and for some it is a bane.
Hong Kong Company Formation: Step by Step Process. Hong Kong offers a different form of incentives and benefits to investors around the world.
Hence international companies want to establish their business in Hong Kong. There is a limited amount of government and foreign direct investment restrictions in the country. Therefore, this makes it a famous place for companies to establish themselves. A Complete Assessment of GST on Ocean Freight. The shipping industry is an essential part of global freight transportation, and it manages global trade supply-chain. More than 90% of the world trade is done through oceans because it is affordable and also an efficient mode for transporting goods. Through waterways, a large volume of goods can be carried on vessels for long distances at a cheaper rate, in comparison to other modes of transport like railways, roadways, air, etc. The Central Government has implemented service tax on ocean freight from 22 Jan 2017 and has continued similar provisions under the GST regime.
What is Ocean freight? GST on Marketing and Advertising: Tax Implications. Nowadays marketing and advertising sector plays an important role in the success of any business. In the normal course of business marketing and advertising is a promotional activity generally using mediums to increase the reach of the business. There have been many changes in this industry in previous decade with an increase in concurrent competition, halting lower priced brands and an increase in the expenditure related to the digital ads. Marketing services generally include audio and visual activities including television, digital marketing, radio, social media marketing etc. On the other hand, the advertisement services includes ads in newspapers, magazines, radio, television, direct mail, catalogues etc.
Co-lending model between banks and NBFCs- Key Features. The Reserve Bank of India (RBI) brought out a notification on the co-lending model which has to be incorporated between banks and NBFCs. This notification was brought out through RBI/2020-21/63 FIDD.CO.Plan.BC.No.8/04.09.01/2020-21 on 05 November 2020. RBI Notification: Positive Pay Mechanism for Cheques. The Reserve Bank of India(RBI), while delivering a statement on Development and Regulatory Policies, notified that it is set to introduce an RBI Notification Positive Pay Mechanism for Cheques above 50000 rupees. What is the objective of the RBI notification on the Positive Pay Mechanism? The main objective of this measure is to avert cheque related frauds. RBI stated that this process will increase the safety in cheque payments and will reduce the instances of frauds taking place due to the tampering of cheque leaves.
What is Positive Pay Mechanism for Cheques? According to the RBI policy statement issued on 6 August 2020, the Cheque Truncation System (CTS) -2010 standard specifying minimum security features on cheque leaves acts as a deterrent against cheque frauds, whereas standardization of field placements on cheque forms enables straight-through processing by use of optical/image character recognition technology. What is Cheque Truncation System (CTS)? Conclusion Read our article: