Statutory updates

Master Circular on Guarantees and Co-acceptances

This master circular consolidates instructions on guarantees and co-acceptances issued by the Reserve Bank of India to scheduled commercial banks up to March 31, 2024.

Master Circular on Guarantees, Co-Acceptances and Letters of Credit for UCBs

Primary Urban Co-operative Banks must follow consolidated guidelines for issuing guarantees, co-acceptances, and letters of credit.

Master Circular on Lead Bank Scheme

The Reserve Bank of India consolidates guidelines on the Lead Bank Scheme to coordinate financial and developmental activities across districts and states.

Master Circular on Board of Directors for Urban Co-operative Banks

Primary urban co-operative banks must maintain at least two professional directors on their boards and must not create non-statutory honorary positions.

Master Circular on Payment of Agency Commission by Agency Banks

The Reserve Bank of India issues a master circular that consolidates instructions on the conduct of government business by agency banks and the payment of agency commission.

Master Circular on SHG-Bank Linkage Programme

Prudential Norms on Capital Adequacy for Urban Co-operative Banks

Primary Urban Co-operative Banks must maintain minimum net worth requirements and capital adequacy ratios based on their tier classification.

Master Direction on Counterfeit Notes, 2024 – Detection, Reporting and Monitoring

CDES Framework of Incentives for Currency Chests and Bank Branches

The Reserve Bank of India issues the master direction for the Currency Distribution and Exchange Scheme.

Master Direction on Penal Provisions in reporting of transactions / balances at Currency Chests

Scheme of Penalties for Bank Branches and Currency Chests

The Reserve Bank of India issues a master direction on the scheme of penalties for bank branches and currency chests.

Amended License Agreement for Unified License

Amended Unified License (VNO) Agreement including M2M service

This agreement establishes the regulatory framework for Unified License (VNO) holders, covering general, financial, technical, and security conditions.

Time Limit for Verification of Return of Income After Uploading

This notification specifies the time limit and rules for verifying income tax returns after uploading them on the e-filing portal.

25/2024-Customs (N.T) : Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

26/2024-Customs (N.T) : Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018

Amendment in Appendix 4B of Handbook of Procedures, 2023

The Directorate General of Foreign Trade amends Appendix 4B of the Handbook of Procedures, 2023.

Servicing to Policyholders - Special Measure for Financial Year 2023-24

The Insurance Regulatory and Development Authority of India (IRDAI) has advised all insurers to keep their offices open during normal working hours on March 30, 2024, and March…