The Ministry of Finance through Central Board of Direct Taxes has issued notification No.19/2025dated March 11,2025.As per the notification the CBDT has notified the Ten Year Zero Coupon Bond of Power Finance Corporation Ltd  as a Zero Coupon Bond for the purpose of Section 2(48) of the Income Tax Act.

The key features of the Bond are

The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), has issued Notification No. 62/2024-25, dated March 10, 2025, announcing an amendment in the export policy conditions for rice (Basmati and Non-Basmati) under the Harmonized System of Nomenclature (HSN) of Schedule-II (Export Policy), ITC(HS) 2022.

Under this amendment, the requirement for a Certificate of Inspection issued by the Export Inspection Council (EIC) or Export Inspection Agency (EIA) has been revised.

This certificate remains mandatory for rice exports (Basmati and Non-Basmati) to European Union (EU) member states namely the United Kingdom, Iceland, Liechtenstein, Norway, and Switzerland. Exports to other European countries are exempt from this requirement for a period of six months from the date of this notification.

The Ministry of Finance through Notification No. G.S.R. 173(E) dated March 13, 2025, announced the formation of a new Advisory Board under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (COFEPOSA).

The advisory board will have

Justice Prathiba M. Singh as the Chairperson

 Justice Amit Bansal as a Member

 Justice Sachin Datta as a Member.

The board will start its work on March 23, 2025. It replaces an earlier board set up by Notification No. G.S.R. 202(E) dated March 15, 2024, though any past actions under the old board will still be valid.

 Justice Sachin Datta as a Member.

The board will start its work on March 23, 2025. It replaces an earlier board set up by Notification No. G.S.R. 202(E) dated March 15, 2024, though any past actions under the old board will still be valid.

 With effect from April 1,2025 Section 194 T is applicable to all partnership firms and LLPS.

Under this section if the total payments to a partner in a year exceeds Rs.20,000 tax at 10% is to be deducted

  Payments should be in the nature of

• Salary/Remuneration

• Commission

• Bonus

• Interest on Capital/Loan.

   The following payments are excluded from Section 194T

• Drawings

• Capital Repayment

Tax is to be deducted at the time of crediting the sum to the partner’s account or at the time of payment which ever is earlier.

The Central Government has vide Notification No.S.O.1364(E) dated 21.03.2025 amended the definition of MSME .The new definition of micro,small and medium enterprise are

This notification will come into force from 01.04.2025.

 Under RBI Circular DoR.FIN.REC.No.32/2024-25 dated August 8, 2024, lenders must update borrower credit data fortnightly on the 15th and last day of every month. Credit Information Companies (CICs) are also required to process this data faster within 5 calendar days instead of the earlier 7-day window.

And, if a customer’s complaint about incorrect credit reporting is not resolved within 30 calendar days, the lender must compensate them with Rs. 100 per day of delay, as directed by RBI.