July 2021 – Page 93 – IFSCCodeof.in

Reserve Bank of India – Press Releases

July 5, 2021 root Press Releases

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Manual Filing of Tax Forms 15CA/15CB for Foreign Remittance Extended

July 5, 2021 root Personal Finance

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Taxes

oi-Sneha Kulkarni

|

Published: Monday, July 5, 2021, 18:20 [IST]

The CBDT extended the deadline for completing tax papers for international remittances on Monday. The tax agency stated in a statement that filing Form 15CA/15CB electronically is required under the Income Tax Act of 1961.

Before sending the copy to the authorised dealer for any international transfer, taxpayers must first upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, if applicable, to the e-filing platform.

Due to issues reported by taxpayers with electronic filing of Forms 15CA/15CB on the web www.incometax.gov.in, the CBDT had previously decided that taxpayers could submit Forms 15CA/15CB in manual format to an authorised dealer until June 30th.

It has now been decided to push out the deadline to July 15th. As a result, taxpayers can now submit the aforementioned Forms to authorised dealers in manual format until July 15th.

Authorized merchants are encouraged to accept such Forms for foreign remittances until July 15th. On the new e-filing platform, there will be an option to upload these forms at a later time for the purpose of generating the Document Identification Number.

Form 15CA is a declaration of remitter that is used to collect information on payments that are taxable in the hands of non-resident recipients. Form 15 CB is a form that requires a Chartered Accountant’s signature. This is a document that certifies your tax rates and the type of tax you paid. When filing Form 15CA, certain details from Form 15CB are necessary.

Story first published: Monday, July 5, 2021, 18:20 [IST]

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HDFC Bank loans rise over 14 % to Rs 11.47 lakh crore in June, BFSI News, ET BFSI

July 5, 2021 root Banking & Finance

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NEW DELHI: HDFC Bank on Monday said it has registered 14.4 per cent growth in its advances to over Rs 11.47 lakh crore as of June 30 this year.

“The bank’s advances aggregated to approximately Rs 11,475 billion as of June 30, 2021, a growth of around 14.4 per cent over Rs 10,033 billion as of June 30, 2020, and a growth of around 1.3 per cent over Rs 11,328 billion as of March 31, 2021,” HDFC Bank said in a regulatory filing.

The private sector lender said it’s domestic retail loans by the end of the first quarter of the current fiscal moved up by 10.5 per cent year-on-year, while the domestic wholesale loans grew by around 17 per cent.

Among loan categories, retail loans grew by around 9 per cent over June 30, 2020, and were lower by around 1 per cent as compared to March 31, 2021.

Commercial and rural banking loans grew by around 25 per cent over June 30, 2020, and around 4 per cent over March this year. Other wholesale loans grew by around 10.5 per cent over June last year and around 1.5 per cent over March 2021.

Retail disbursements during Q1 FY22 stood at about Rs 43,600 crore (Rs 436 billion), 202 per cent up from the year-ago period. However, it was down by 30 per cent from Rs 62,500 crore (Rs 625 billion) during the quarter ended March 2021.

These retail disbursements included the home loans sourced from parent company HDFC Ltd.

On the deposit front, the bank witnessed 13.2 per cent growth at Rs 13.46 lakh crore (Rs 13,460 billion) as of June 30, 2021. It was up by 0.8 per cent from Rs 13.35 lakh crore (Rs 13,351 billion) in March 2021.

Retail deposits grew by around 16.5 per cent year-on-year and around 3.5 per cent over March, and wholesale deposits remained stable as compared to June last year, but were lower by around 10 per cent from March this year, the bank said.

“During the quarter ended June 30, 2021, the bank purchased loans aggregating Rs 5,489 crore (Rs 54.89 billion) through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation Limited,” it added.

Shares of HDFC Bank were trading at Rs 1500.95 apiece on BSE, up 1.35 per cent from its previous close.

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Consultant for Review of Supervisory Models – Issuance of RFP to shortlisted consultants

July 5, 2021 root Tenders

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It is hereby notified that pursuant to the advertisement dated April 30, 2021 regarding submission of EOI for engagement of External Consultant to undertake review of supervisory models, the responses received from several consultants have been evaluated in accordance with the procedure laid down in the EOI and shortlisting of consultants for issuance of Request for Proposal (RFP) has been carried out.

The RFP has been issued to shortlisted consultants through a separate email communication.

Chief General Manager-in-Charge
Department of Supervision, Central Office

Mumbai

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Reserve Bank of India – Press Releases

July 5, 2021 root Press Releases

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April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

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Reserve Bank of India – Press Releases

July 5, 2021 root Press Releases

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(Amount in ₹ crore, Rate in Per cent)

Volume
(One Leg) Weighted
Average Rate Range

A. Overnight Segment (I+II+III+IV) 0.00 – –

     I. Call Money 0.00 – –

     II. Triparty Repo 0.00 – –

     III. Market Repo 0.00 – –

     IV. Repo in Corporate Bond 0.00 – –

B. Term Segment

     I. Notice Money** 0.00 – –

     II. Term Money^@@ 0.00 – –

     III. Triparty Repo 0.00 – –

     IV. Market Repo 0.00 – –

     V. Repo in Corporate Bond 0.00 – –

Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate

C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)

I. Today’s Operations

1. Fixed Rate

    (i) Repo

    (ii) Reverse Repo Sun, 04/07/2021 1 Mon, 05/07/2021 8,623.00 3.35

    (iii) Special Reverse Repo^~

    (iv) Special Reverse Repo^ψ

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF Sun, 04/07/2021 1 Mon, 05/07/2021 5.00 4.25

4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£

5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]* -8,618.00

II. Outstanding Operations

1. Fixed Rate

   (i) Repo

    (ii) Reverse Repo Sat, 03/07/2021 2 Mon, 05/07/2021 39,103.00 3.35

Fri, 02/07/2021 3 Mon, 05/07/2021 4,66,876.00 3.35

    (iii) Special Reverse Repo^~ Fri, 02/07/2021 14 Fri, 16/07/2021 1,881.00 3.75

    (iv) Special Reverse Repo^ψ Fri, 02/07/2021 14 Fri, 16/07/2021 61.00 3.75

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo Fri, 02/07/2021 14 Fri, 16/07/2021 2,00,018.00 3.46

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF Sat, 03/07/2021 2 Mon, 05/07/2021 1,202.00 4.25

Fri, 02/07/2021 3 Mon, 05/07/2021 121.00 4.25

4. Long-Term Repo Operations^# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15

Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15

Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15

Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15

5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40

Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40

Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40

Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40

6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40

7. On Tap Targeted Long Term Repo Operations^€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00

Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00

8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00

Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00

D. Standing Liquidity Facility (SLF) Availed from RBI^$ 19,187.82

E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* -6,04,136.18

F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* -6,12,754.18

G. Cash Reserves Position of Scheduled Commercial Banks

     (i) Cash balances with RBI as on 04/07/2021 6,12,893.32

     (ii) Average daily cash reserve requirement for the fortnight ending 16/07/2021 6,19,975.00

H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥ 02/07/2021 0.00

I. Net durable liquidity [surplus (+)/deficit (-)] as on 18/06/2021 9,04,119.00

^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

– Not Applicable / No Transaction.

** Relates to uncollateralized transactions of 2 to 14 days tenor.

^@@ Relates to uncollateralized transactions of 15 days to one year tenor.

^$ Includes refinance facilities extended by RBI.

^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.

* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.

^# As per the Press Release No. 2020-2021/287 dated September 04, 2020.

^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.

^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.

^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.

^£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.

^~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.

^ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.

Ajit Prasad
Director

Press Release: 2021-2022/488

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PhonePe ties with Flipkart to digitise Cash-on-Delivery payments, BFSI News, ET BFSI

July 5, 2021 root Banking & Finance

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PhonePe, digital payments platform today partnered with Flipkart to launch contactless Scan and Pay for Flipkart’s pay-on-delivery orders.

PhonePe’s dynamic QR code solution will enable customers who earlier opted for cash on delivery to pay digitally through any UPI app at the time of delivery. This will help reduce personal contact while ensuring safety, and drive contactless payments for customers who are traditionally more comfortable with cash on delivery.

Ankit Gaur, Director of Business, PhonePe said, “Digital payments adoption has become widespread over the past few years thanks to UPI. However, there still continues to be a preference for cash on delivery among some customers at the time of delivery. Digitising these cash-based payments would give a major boost to not just e-commerce but also contribute to the larger goal of Digital India. Our partnership with Flipkart to enable contactless and safe payments for its Pay on Delivery customers is a big step in that direction. Our solution not just offers a seamless and contactless payment experience to customers but also helps to reduce cash handling costs for e-commerce and logistics companies.”

Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart said, “As the lines between e-commerce marketplace and digital payments continue to converge, it becomes imperative to solve for customers’ evolving needs and attitudes. While the pandemic has urged several consumers to make a shift to online shopping, some trust deficit during checkout remains in pockets. With ‘pay-on-delivery’ technology, we want to ensure that customers have peace of mind with their payments and at the same time can shop within the safety of their homes.”

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PFRDA Revises Premature Exit Rules For NPS Lite Swavalamban Subscribers, Details Inside

July 5, 2021 root Personal Finance

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Investment

oi-Vipul Das

|

Updated: Monday, July 5, 2021, 14:53 [IST]

The premature exit regulation for NPS Lite Swavalamban scheme subscribers has been changed by the Pension Fund Regulatory and Development Authority (PFRDA). NPS Lite subscribers can now exit before the statutory 25-year period if their accumulated pension corpus is less than Rs 1 lakh and if they are not eligible to migrate to the Atal Pension Yojana, according to a new law set by the regulator.

According to the Circular. No. PFRDA/2021/21/SUP-NPST/1 issued on July 02, 2021, PFRDA has clarified that “as per the 6th Amendment of Exit Regulations, the Swavalamban Subscribers whose accumulated pension wealth do not exceed one lakh rupees and if they are not eligible to migrate to Atal Pension Yojana (APY), can opt to prematurely exit with lump sum payment.”

The regular further added that “those eligible Subscribers as mentioned above are not required to continue in the Swavalamban scheme for minimum period of twenty-five years irrespective of the receipt of Govt of India (GoI) co-contribution under Swavalamban by them. However, if GoI’s co-contribution was availed by those eligible Subscribers and the same shall be deducted along with the returns generated from the corpus at the time of their exit.”

NPS: Check Conditions To Withdraw Entire Accumulated Pension Without Purchasing Annuity

For calculating the overall corpus for premature exit from NPS Lite, PFRDA has also stated with an example that “the accumulated corpus of those Swavalamban Subscribers is to be calculated after deducting Government’s co-contribution, if any, and the returns thereon. For example, a Swavalamban Subscriber who is aged 43 Years (who could not be migrated to APY) has a corpus of Rs 1,04,000 in his Swavalamban PRAN and out of which, GoI’s co-contribution and returns constitute Rs 4500. The Subscriber shall be eligible for premature exit since the accumulated corpus in the PRAN would be Rs 99500 (Rs 104000-Rs 4500=Rs 99500).”

For the submission of withdrawal claims, PFRDA has disclosed that “those Swavalamban Subscribers who fulfill the above criteria, and if they wish to prematurely exit, can submit their withdrawal claims to the associated POPs/Aggregators. Central Record Keeping Agency (CRA) is advised to communicate to the eligible Swavalamban Subscribers and POP/Aggregators about the clarification thus provided above.”

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Reserve Bank of India – Press Releases

July 5, 2021 root Press Releases

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(Amount in ₹ crore, Rate in Per cent)

Volume
(One Leg) Weighted
Average Rate Range

A. Overnight Segment (I+II+III+IV) 8,098.45 3.16 2.29-3.30

     I. Call Money 947.95 2.90 2.70-3.30

     II. Triparty Repo 7,150.50 3.19 2.29-3.30

     III. Market Repo 0.00 –

     IV. Repo in Corporate Bond 0.00 –

B. Term Segment

     I. Notice Money** 8.85 2.75 2.75-2.75

     II. Term Money^@@ 0.00 – –

     III. Triparty Repo 0.00 – –

     IV. Market Repo 0.00 – –

     V. Repo in Corporate Bond 0.00 – –

Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate

C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)

I. Today’s Operations

1. Fixed Rate

    (i) Repo

    (ii) Reverse Repo Sat, 03/07/2021 2 Mon, 05/07/2021 39,103.00 3.35

    (iii) Special Reverse Repo^~

    (iv) Special Reverse Repo^ψ

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF Sat, 03/07/2021 2 Mon, 05/07/2021 1,202.00 4.25

4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£

5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*
-37,901.00

II. Outstanding Operations

1. Fixed Rate

   (i) Repo

    (ii) Reverse Repo Fri, 02/07/2021 3 Mon, 05/07/2021 4,66,876.00 3.35

    (iii) Special Reverse Repo^~ Fri, 02/07/2021 14 Fri, 16/07/2021 1,881.00 3.75

    (iv) Special Reverse Repo^ψ Fri, 02/07/2021 14 Fri, 16/07/2021 61.00 3.75

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo Fri, 02/07/2021 14 Fri, 16/07/2021 2,00,018.00 3.46

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF Fri, 02/07/2021 3 Mon, 05/07/2021 121.00 4.25

4. Long-Term Repo Operations^# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15

Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15

Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15

Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15

5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40

Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40

Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40

Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40

6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40

7. On Tap Targeted Long Term Repo Operations^€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00

Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00

8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00

Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00

D. Standing Liquidity Facility (SLF) Availed from RBI^$ 19,187.82

E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* -5,66,235.18

F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* -6,04,136.18

G. Cash Reserves Position of Scheduled Commercial Banks

     (i) Cash balances with RBI as on 03/07/2021 6,20,971.09

     (ii) Average daily cash reserve requirement for the fortnight ending 16/07/2021 6,19,975.00

H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥ 02/07/2021 0.00

I. Net durable liquidity [surplus (+)/deficit (-)] as on 18/06/2021 9,04,119.00

^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

– Not Applicable / No Transaction.

** Relates to uncollateralized transactions of 2 to 14 days tenor.

^@@ Relates to uncollateralized transactions of 15 days to one year tenor.

^$ Includes refinance facilities extended by RBI.

^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.

* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.

^# As per the Press Release No. 2020-2021/287 dated September 04, 2020.

^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.

^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.

^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.

^£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.

^~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.

^ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.

Ajit Prasad
Director

Press Release: 2021-2022/487

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Reserve Bank of India – Tenders

July 5, 2021 root Tenders

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E-Tender Notice No. – RBI/Kanpur/Estate/02/21-22/ET/02

Please refer to the notice corresponding to the captioned subject published on the Bank’s website www.rbi.org.in on June 23, 2021 inviting E-Tender for “– Electrical Renovation of 16 nos. of class III flats in KNSQ, Reserve Bank of India, Kanpur

2. The following sections of the tender document have been revised and the modified provisions are as under:

Section Existing Provision Revised Provision

Section III – Special condition of the contract

Sr No-3.16
The successful tenderer shall furnish an amount equal to 5% (five percent) of the contract value of the work in the form of Bank Guarantee (BG) from any scheduled Bank, valid till the date of completion of work, within fourteen days from date of work order, in the form prescribed by the Bank as per Annexure II, valid for the entire work duration of work, towards security deposit for the due fulfilment of the terms and obligations the contract. The Bank has the right to invoke the PBG to compensate any kind of loss to the Bank due to the fault of the contractor during the execution of the work. The successful tenderer shall furnish an amount equal to 3% (three percent) of the contract value of the work in the form of Bank Guarantee (BG) from any scheduled Bank, valid till the date of completion of work, within fourteen days from date of work order, in the form prescribed by the Bank as per Annexure II, valid for the entire work duration of work, towards security deposit for the due fulfilment of the terms and obligations the contract. The Bank has the right to invoke the PBG to compensate any kind of loss to the Bank due to the fault of the contractor during the execution of the work.

3. The Corrigendum shall form part of the Tender Documents. Duly signed and stamped copies of the same have to be uploaded by the bidders along with the Tender. Any bid received without sign and stamp is liable to be rejected.

4. It is clarified that all other terms and conditions mentioned in the e-tender shall remain unchanged.

5. All concerned may please take note of the above.

Regional Director
Reserve Bank of India
Kanpur

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