CS Lalit Rajput | Jun 2, 2021 |
Corporate Compliance Calendar June, 2021
This article contains various Compliance requirements for the Month of June, 2021 under various Statutory Laws.
1 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
2. Income Tax Act, 1961
3. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
4. Other Statutory Laws and Updates
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
10. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
11. Insolvency and Bankruptcy Board of India (IBBI) Updates
12. NCLT & NCLAT Updates
13. MSME Key Updates
| Applicable Laws/Acts | Due Dates | Compliance Particulars | Forms / (Filing mode) |
| FEMA ACT 1999 | 15 July every year | Annual Return on Foreign liabilities and assets. The FLA return is required to be submitted by the companies who have received Foreign direct investment (FDI) and/or made Foreign direct investment abroad in the previous year(s) including the current year | FLA Return through Flair Portal: Click here |
| FEMA ACT 1999 | Monthly Basis | External Commercial Borrowings Borrowers are required to report all ECB transactions to the RBI on a monthly basis through an AD Category – I Bank in the form of ‘ECB 2 Return’. | ECB 2 Return |
| FEMA ACT 1999 | Not later than 30 days from the date of issue of Capital instrument | FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India. | Form FC-GPR |
| FEMA ACT 1999 | With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier. | Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee. | Form FC-TRS. |
| FEMA ACT 1999 | within 30 days from the date of receipt of the amount of consideration. | A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1 | Form FDI LLP-I |
| FEMA ACT 1999 | within 60 days from the date of receipt of funds in | A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa) | Form FDI LLP-II |
| FEMA ACT 1999 | within 30 days from the date of allotment of capital instruments | The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts | Downstream statement -Form DI & reporting at FIFP too |
All applicants before raising any queries to RBI, may contact the respective AD bank as per the contact details provided under Contact Us. It may be noted that all Business user registrations as well as forms in SMF are processed at AD level. AD shall always be the first point of contact. All AD banks shall ensure that the queries from the applicants are answered correctly and in the timely manner.
1. RBI Guides Banks On Due Diligence For Crypto Dealings Of Customers
The Reserve Bank of India has guided banks to continue doing due diligence on any crypto currency related dealings of their customers. The regulator has, however, said a 2018 circular from the RBI, that was set aside by the Supreme Court in March last year, cannot be cited as a reason to curb customer dealings in these tokens.
“Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from. – Text from RBI Circular.
2. KYC details can be updated by Dec 31; select limited KYC A/Cs can be made fully compliant: RBI
This announcement was part of the RBI governor, Shakthikantha Das’ unscheduled speech on May 5, 2021 to announce measures to tackle the ongoing second wave of the novel coronavirus pandemic.
RBI eases KYC compliance, no punitive actions till Dec 2021; extends video KYC to new customers. RBI also announced that limited KYC accounts opened on the basis of Aadhaar e-KYC authentication in non-face-to-face mode can be converted to fully KYC-compliant accounts.
Those who have to update their KYC details of their bank accounts can breathe a little easy. The Reserve Bank of India (RBI) announced today that banks should not take punitive action against those customer accounts where periodic KYC updating is due/pending. RBI has given time until December 31, 2021 for customers to update their KYC details.
| Sl. | Particulars of the Circulars | Link |
| 1 | Customer Due Diligence for transactions in Virtual Currencies (VC) | Click here |
| 2 | Cabinet approves strategic disinvestment and transfer of management control in IDBI Bank Limited | Click here |
| 3 | Exim Bank’s Government of India supported Line of Credit (LoC) of USD 250 million to the Government of the Republic of Mozambique | Click here |
| 4 | Priority Sector Lending (PSL) – On-lending by Small Finance Banks (SFBs) to NBFC-MFIs | Click here |
| 5 | Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance | Click here |
| 6 | Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses | Click here |
| 7 | Committee on Asset Reconstruction Companies invites views and suggestions from stakeholders | Click here |
| 8 | RBI joins Network for Greening the Financial System | Click here |
| 9 | RBI Governor meets MD & CEOs of Small Finance Banks over Video Conference | Click here |
| 10 | RBI Governor meets MD & CEOs of Non-Banking Financial Company- Micro Finance Institutions (NBFC-MFIs) over VC | Click here |
| 11 | Reserve Money for the week ended April 30, 2021 | Click here |
| 12 | Priority Sector Lending (PSL) – On-lending by Small Finance Banks (SFBs) to NBFC-MFIs | Click here |
| 13 | Utilisation of Floating Provisions/Counter Cyclical Provisioning Buffer | Click here |
| 14 | Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance | Click here |
| 15 | Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses | Click here |
| 16 | Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs) | Click here |
| 17 | Exim Bank’s Government of India supported Line of Credit (LoC) of USD 7.35 million to the Government of the Republic of Nicaragua | Click here |
| 18 | Amendment to the Master Direction (MD) on KYC | Click here |
| 19 | Government Agency Business Arrangement – Appointment of Scheduled Private Sector Banks as Agency Banks of Reserve Bank of India (RBI) | Click here |
| 20 | Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs | Click here |
| 21 | 36th Half Yearly Report on Management of Foreign Exchange Reserves: October-March 2020-2021 | Click here |
| 22 | RBI appoints Shri Jose J. Kattoor as new Executive Director | Click here |
| 23 | Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs) | Click here |
| 24 | Sovereign Gold Bond Scheme 2021-22 | Click here |
| 25 | Tariff Notification No. 47/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver | Click here |
| 26 | Finance Minister Smt. Nirmala Sitharaman hands over possession to homebuyers through virtual meet | Click here |
| 27 | Prepaid Payment Instruments (PPIs) – (i) Mandating Interoperability; (ii) Increasing the Limit to ₹2 lakh for Full-KYC PPIs; and (iii) Permitting Cash Withdrawal from Full-KYC PPIs of Non-Bank PPI Issuers | Click here |
| 28 | Relaxation in timeline for compliance with various payment system requirements | Click here |
| 29 | Overseas Direct Investment for April 2021 | Click here |
| 30 | RBI Bulletin – May 2021 | Click here |
| 31 | RBI Governor meets MD & CEOs of Public Sector Banks over Video Conference | Click here |
| 32 | RBI imposes monetary penalty on Daimler Financial Services India Private Limited, Pune, Maharashtra | Click here |
| 33 | 589th Meeting of Central Board of the Reserve Bank of India | Click here |
| 34 | Sovereign Gold Bond Scheme 2021-22 Series II – Issue Price | Click here |
| 35 | RBI surplus transfer to Centre likely to impact economy, markets, banks: Experts | Click here |
| 36 | CII protests RBI rules on auditors, says will cause ‘enormous difficulties’ | Click here |
| 37 | Enhancement of facilities under the Customs(Import of Goods at Concessional Rate of Duty) Rules,2017 | Click here |
| 38 | Extension of Validity of Registration Certificates issued under The Foreign Contribution (Regulation) Act, (FCRA) 2010 Expiring/Expired during period between 29.09.2020 and 30.09.2021 | Click here |
| 39 | Existing FCRA Account Holders given more time till 30.06.2021 to open “FCRA Account” in designated New Delhi Branch of State Bank of India | Click here |
| 40 | India attracted highest ever total FDI inflow of US$ 81.72 billion during 2020-21, 10% more than the last financial year | Click here |
| 41 | Constitution of an Expert Committee on Investment Funds | Click here |
| 42 | Sovereign Gold Bond Scheme 2021-22 Series II – Issue Price | Click here |
| 43 | DRG Study No. 45: Threshold Level of Inflation – Concept and Measurement | Click here |
| 44 | Reserve Bank of India imposes monetary penalty on HDFC Bank Limited | Click here |
| 45 | Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract | Click here |
| Sl. | Compliance Particulars | Due Dates | Due Dates |
| 1 | Deposits of TDS /TCS for the month of May 21. | 07/06/2021 | 07/06/2021 |
| 2 | Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of April, 2021 | 14/06/2021 | 14/06/2021 |
| 3 | Due date for First Installment of advance tax for the AY 2022-23 | 15/06/2021 | 15/06/2021 |
| 4 | Form 3BB is the monthly statement to be furnished by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of May 2021 | 15/06/2021 | 15/06/2021 |
| 5 | Due date for issuance of TCS Certificate for Q4 of FY 2020-21 | 15/06/2021 | 15/06/2021 |
| 6 | Certificate of TDS in respect of tax deducted for payments other than salary. | 15/06/2021 | 15/06/2021 |
| 7 | Extended Due date of filing of TDS return for TDS deducted during Q4 of FY 2020-21. The due date for furnishing of quarterly statement of TDS has been extended from May 31, 2021 to June 30, 2021 vide Circular no. 9/2021, dated 20-05-2021 | 31/05/2021 | 30/06/2021 |
| 8 | Due date of furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May, 2021 has been paid without the production of a challan (Extended date Circular no. 9/2021, dated 20-05-2021) | 15/06/2021 | 30/06/2021 |
| 9 | Return of tax deduction from contributions paid by the trustees of an approved superannuation fund (Extended date) | 31/05/2021 | 30/06/2021 |
| 10 | Furnishing of Statement of financial transactions for person mentioned u/s 285BA (Extended date) | 31/05/2021 | 30/06/2021 |
| 11 | Statement of Reportable Account where Information is required to be maintained and reported by reporting Financial Institutions with respect to reportable account. | 31/05/2021 | – |
| 12 | Linking of PAN with AADHAAR number is mandatory from 1st april 2019 (due date Extended from 31 March 2021 to 30th June 2021 vide notif. S.O. 1432(E), dated 31-03-202) (if not linking the PAN with AADHAAR number then the PAN will be inoperative and a person will not be able to conduct financial transactions) | – | 30/06/2021 |
| 13 | Vivad se Vishwas Scheme – Settling tax disputes between individuals and the income tax department. Its declaration last date was 31st march though its payment last date without additional interest is 30th April 2021, these dates have been Extended to 30th June 2021 vide Notification S.O. 1704 (E), dated 27-04-2021 | – | 30/06/2021 |
| 14 | furnishing challan cum statement of TDS in respect of tax deducted u/s 194IA,194M, 194-IB | – | 30/06/2021 |
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