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Regulator Watch

A look at recent rulings which can affect you -
Print Edition: January 2014

A look at recent rulings which can affect you -

BANKING

>> In order to bring consistency and induce transparency, RBI has asked banks to treat a credit card account as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the next statement date. The gap between two statements should not be more than a month.

>> Urban co-operative banks (UCBs) have been asked to to put in place a system of online alerts for all types of transactions irrespective of the amounts involving usage of cards at various channels.

>> Urban co-operative banks have been asked to provide to their customers from whose deposit accounts income tax has been deducted at source, TDS certificate in Form 16A within the prescribed time frame.

COMMODITIES

>> Forward Markets Commission has allowed commodity exchanges and their members to use the Central KYC Registry, a unified electronic data base that helps faster verification of clients and investors.

TAXATION


>> CBDT has extended the time limit to send intimation under Section 143(1) for return of tax refund. It has said that for returns for which the date of sending intimations lapsed before 1 April 2013 due to reasons for which the assessee is not responsible, the return must be processed and the intimation should be sent to the assessee irrespective of the time limit.

**Rs 10,500 cr was the total foreign exchange earnings from tourism in November 2013**


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