RBI Updates on 8th January 2019

RBI Updates:

• After a great run in building a liquor business of Vijay Mallya is became the poster boy of India in the 21st century. If Banks is blamed partly for the magnitude of the losses in Kingfishers Airlines Default But which remains is present on the doorstep of RBI.
• It Increased the Corporate Debt Restructuring Scheme to the services sector too as it attempted to save an airline that was about to run aground instead of flying. Instead of presenting the noble intentions, it was his fate that during the Extension of that restructuring provision might be justified in the absence in the Law of Bankruptcy, its still Reflecting the regulatory weakness which remains itself to be attracted in the direction of vested intrest Desire.
• It leads some inflating up to ‘Kingfisher Airlines’ Debt and Default. Depositors Money Got Waste and vanished in the air and this fallout was also worse for the bankers also and Also have to Face the jail either they deserve and are responsible of the doing or not. As the Jet Airways, the second biggest domestic carrier, has Defaulted. A few years ago, No one knows about its default. Before some years Its default was not even public. Transparency has increased and the regulator has learnt from mistakes to plug the gaps that borrowers gamed at will. At least on paper, ‘this time is different. The company is now Focusing on the bankruptcy law.
• The governor of RBI shaktikanta Das said this on Monday dealing with issues of liquidity was one of the central bank’s biggest priorities. However, any infusion would be strictly based on the need to ensure that it was not seen as “easy money” by the markets. This Happened when Das meets the representative of NBFCs in Mumbai.
• RBI constantly monitoring on the situation and will take step whenever a liquidity deficit is Noticed. The RBI will not like a situation where liquidity becomes a kind of loose money. Sometime excess liquidity has adverse consequences.

FAQ’s on financial sector:

Ques. Does Banks needs to record the details of ATMs as a place of business in the certificate of Registration?

Ans.   Banks are not required to provide all the details of ATMs during applying for the registration. In registration, ATMs on its on do not constitute a place of Business as per the CGST Act, 2017.

Ques. According to the RBI guidelines, third parties ATMs, Business Correspondents (BC), Customer Service Points (CSP) or third party warehouses can be used By the Banks. Does Banks required to include these third party places in their GST Registration?

Ans. No, Third party places are neither places of Business nor Fixed establishment from where Banks usually carry on their Business. These are Independent service provider to the banks which are subject to GST hence it’s not necessary to declare these places as the place of business by the banks.

Key Due Dates:

• E-Payment of Pf for December is 15th January 2019.
• Payment of TDS for purchase of property for December is 30th January 2019.
• Quarterly Return for registered person for aggregate turnover 1.5 crore is 31st January 2019.

“Believe passionately in what you do, and never knowingly compromise your standards and values. Act like a true professional, aiming for true excellence, and the money will follow.”