RBI Notifies Changes in Market Hours due to COVID-19 outbreak

RBI Notifies Changes in Market Hours due to COVID-19 outbreak

RBI Notifies Changes in Market Hours

The unprecedented situation created by the COVID-19 outbreak has necessitated lockdowns, social distancing, restrictions on movement of people and non-essential activities, work from home arrangements and business continuity plans. The resultant dislocations have adversely impacted the functioning of financial markets. Staff and IT resources have been severely affected, posing operational and logistic risks. The thinning out of activity is impacting market liquidity and increasing volatility of financial prices.

RBI, in order to minimise these risks and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring safety of personnel, has decided to revise trading hours for various markets as under:

*: other than those traded on recognised stock exchanges

 

These arrangements will become effective from April 7, 2020 (Tuesday) and continue up to April 17, 2020 (Friday) [both days inclusive].

 

All regular banking services for customers, including RTGS, NEFT, e-kuber and other retail payments systems will continue to be available as per extant timings.

 

• AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
• Shareholders can’t be taxed for income from properties owned by the company – HC
• Jurisdictional error in reassessment approval can’t be shielded by the law of limitation
• ITAT ought to remanded whole matter of bogus purchases instead of profit determination
• Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A