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Premature redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for premature redemption due on February 05, 2024 (Series I of SGB 2016-17)
February 4th, 2024
Posted By: Team-MMTaxClub

In terms of GOI Notification F. No. 4(7) - W&M/2016 dated July 14, 2016 (SGB 2016-17, Series I - Issue date August 05, 2016) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable.  Accordingly, the next due date of premature redemption of the above tranche shall be February 05, 2024.

2. Further, the redemption price of SGB shall be based on the simple average of closing gold price of 999 purity, of the week (Monday-Friday) preceding the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for the premature redemption due on February 05, 2024 shall be ₹6271/- (Rupees Six thousand two hundred and seventy-one) only per unit of SGB based on the simple average of closing gold price for the week January 29-February 02, 2024.

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Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-I due on February 08, 2024
February 4th, 2024
Posted By: Team-MMTaxClub

In terms of GOI Notification F.No.4(19) - W&M/2014 dated January 14, 2016 (SGB 2016-I - Issue date February 08, 2016) on Sovereign Gold Bond Scheme, the Gold Bond shall be repayable on the expiration of eight years from the date of the issue of the Gold Bond. Accordingly, the final redemption date of the above tranche shall be February 08, 2024.

2. Further, the redemption price of SGB shall be based on the simple average of closing price of gold of 999 purity of the week (Monday-Friday), preceding the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for the final redemption due on February 08, 2024 shall be ₹6271/- (Rupees Six thousand two hundred and seventy-one only) per unit of SGB based on the simple average of closing price of gold for the week January 29-February 02, 2024.

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Credit Guarantee Fund Trust for Micro & Small Enterprises has achieved a significant milestone of surpassing Rs. 1.50 lakh crore worth of guaranteed amount
February 4th, 2024
Posted By: Team-MMTaxClub

During the current Financial Year 2023-24, Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE) has achieved a significant milestone of surpassing Rs. 1.50 lakh crore worth of guaranteed amount as against a figure of Rs. 1.04 lakh crore in 2022-23, increasing sharply by 50%. This milestone has been an outcome of various strategic initiatives taken by SIDBI, the Ministry of MSME and CGTMSE to facilitate collateral free lending to Micro & Small Enterprises (MSEs).

CGTMSE was set up in the year 2000 by the Ministry of Micro, Small and Medium Enterprises (MSME) and SIDBI to provide credit guarantee support to Member Lending Institutions for credit facilities sanctioned by them to MSEs, especially in the absence of collateral.

The widespread adoption of the guarantee mechanism by lenders has come about due to a number of initiatives taken by CGTMSE like reduction in guarantee fee, raising the eligibility limit of loans for guarantee, relaxing the pre-condition for claim settlement, end-to-end digitisation of the operations leading to “ease of doing business” by the lenders, etc. The continuously increasing use of guarantee as a credit enhancement tool instils optimism for the future of entrepreneurship in the country, fostering collateral-free lending.

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RBI imposes monetary penalty on Bajaj Housing Finance Limited, Pune
February 4th, 2024
Posted By: Team-MMTaxClub

The Reserve Bank of India (RBI) has, by an order dated January 29, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Bajaj Housing Finance Limited, Pune (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021’ issued by the RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 52A read with clause (aa) of sub-section (3) of section 49 of the National Housing Bank Act, 1987.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.

Background

The statutory inspection of the company was conducted by the National Housing Bank with reference to its financial position as on March 31, 2022 and examination of the Inspection Report, supervisory letter and all related correspondence pertaining to the same revealed, inter alia, that the company did not take prior written permission of RBI for change in management resulting in change in more than 30% of the directors, excluding independent directors. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions, as stated therein.

After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid statutory directions was substantiated and warranted imposition of monetary penalty on the company.

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Shri Piyush Goyal holds interaction with PLI beneficiaries at Bharat Mandapam
February 4th, 2024
Posted By: Team-MMTaxClub

Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal held an interaction with Product-Linked Incentive (PLI) beneficiaries at Bharat Mandapam, New Delhi on Saturday. During the opening interaction, the minister welcomed constructive criticism from the various industrial sectors for better facilitation and manufacturing growth in the country.

In a bid to facilitate better functioning and synergy between the Government and the sector, the minister asked for constructive criticism and consultation but at the same time cooperation from the beneficiaries who were in attendance at the meeting. Shri Goyal, further, emphasised that the government has its own constraints and restraints as they also face CAG Audit and expressed his belief in the transparency of paperwork where there is no scope for irregularities neither from any minister nor any government officials. Emphasising about maintaining collaboration between the Government and the beneficiaries and also amongst them, Shri Goyal said that supporting each other will benefit the country and help make India into a manufacturing powerhouse.

The minister clarified that the PLI scheme is not to make the beneficiaries dependent on government services but can be utilised as a boost in the manufacturing sector, an initial support for the long journey ahead. “Ultimately competition will prevail”, emphasised the minister as he urged them to be more outward looking in terms of scaling their businesses and not only be catering to the domestic market. The minister said that to become a global player is important for businesses in India to be recognised and for that they have scale their volume which would also help them to be cost-effective.

Shri Goyal, during his interaction, said that he believes that every PLI beneficiaries present at the meeting have the potential to become success stories.

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