Master Circular for Mutual Funds

Dated : 10^th July, 2018

SEBI Circular No. SEBI/HO/IMD/DF5/CIR/P/2018/109

For effective regulation of the Mutual Fund Industry, SEBI has been issuing various circulars from time to time. In order to enable the industry and other users to have an access to all the applicable circulars at one place, Master Circular for Mutual Funds has been prepared.

This Master Circular shall supersede the previous Master Circular SEBI/HO/IMD/DF3/CIR/P/2016/84 dated September 14, 2016.

This Master Circular is a compilation of all the circulars issued by SEBI on the above subject, which are operational as on date of this circular

Topics Covered under this Master Circular :

1. OFFER DOCUMENT FOR SCHEMES
2. CONVERSION AND CONSOLIDATION OF SCHEMES AND LAUNCH OF ADDITIONAL PLAN
3. NEW PRODUCTS
4. RISK MANAGEMENT SYSTEM
5. DISCLOSURES & REPORTING NORMS
6. GOVERNANCE NORMS
7. SECONDARY MARKET ISSUES
8. NET ASSET VALUE
9. VALUATION
10. LOADS, FEES AND EXPENSES
11. DIVIDEND DISTRIBUTION PROCEDURE
12. INVESTMENT BY SCHEMES
13. INVESTMENT BY FOREIGN INVESTORS IN MF SCHEMES
14. ADVERTISEMENTS
15. INVESTOR RIGHTS & OBLIGATIONS
16. CERTIFICATION AND REGISTRATION OF INTERMEDIARIES
17. TRANSACTION IN MUTUAL FUNDS UNITS
18. MISCELLANEOUS

Please read full Circular @ https://www.sebi.gov.in/legal/master-circulars/jul-2018/master-circular-for-mutual-funds_39491.html

GST payers can approach jurisdictional tax officer to change username & password

GST Update :

Change of email and mobile number of the authorized signatory by taxpayers with assistance from the jurisdictional tax officer under GST system

Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with the taxpayer on whose behalf they had done the registration in the first place and the taxpayer is at their mercy.

With a view to address this difficulty of the taxpayer, a functionality to update email and mobile number of the authorized signatory is available in the GST System.  The email and mobile number can be updated by the concerned Jurisdictional tax authority of the taxpayer as per the following procedure:

Steps to be followed:-

• Taxpayer is required to approach the concerned jurisdictional Tax Officer to get the password for the GSTIN allotted to the business.
• <Jurisdiction can be checked through Search Taxpayer option available on https://www.gst.gov.in,>. Allotted jurisdiction is displayed in red text>
• Taxpayer would be required to provide valid documents to the tax officer as proof of his/her identity and to validate the business details related to his GSTIN.
• Tax officer will check if the said person is added as a Stakeholder or Authorized Signatory for that GSTIN in the system.
• Tax officer will upload necessary proof on the GST Portal in support to authenticate the activity.
• Tax officer will enter the new email address and mobile phone number provided by the Taxpayer.
• After upload of document, Tax officer will reset the password for the GSTIN in the system.
• Username and Temporary password reset will be communicated to the email address as entered by the Tax Officer.
• Taxpayer need to login on GST Portal https://www.gst.gov.in/ using the First time login Link.
• After first time login with the Username and Temporary password that was emailed to him, system would prompt the taxpayer to change username and password. The said username and password can now be used by the taxpayer.

             Link : http://pib.nic.in/PressReleseDetail.aspx?PRID=1535436

Revised Income Tax Informants Reward Scheme, 2018

Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018 

With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007.

Income Tax Informants Reward Scheme, 2018  : full Scheme Link :

https://www.incometaxindia.gov.in/news/letter-it-informants-rewards-scheme-1-5-18.pdf

Under the revised scheme, a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.

Further, Government of India had earlier introduced Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in order to investigate and assess income and specific assets kept in foreign countries by people taxable in India, recover tax on it and take other actions like penalty and prosecution. With the objective of attracting and encouraging people to give information about such income and assets actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, reward up to Rs. 5 crore has been introduced in the new reward scheme. The amount has been kept high to make it attractive to potential sources in foreign countries. Under this Scheme, a person can get reward for giving specific information in prescribed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Information under this scheme has to be given in prescribed manner to the Director General of Income Tax (Investigation) or an officer whom he may authorize in this behalf. Foreigners will also be eligible for reward under this scheme. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.

Details of the revised reward scheme are available in the Income Tax Informants Reward Scheme, 2018, copy of which is  available  in Income Tax offices and on the official website of Income Tax Department www.incometaxindia.gov.in .

Link : http://pib.nic.in/PressReleseDetail.aspx?PRID=1534070

E - waybill update _ 31.05.2018 for intra-State movement of goods

Roll out of e-Way Bill system for intra-State movement of goods in Chhattisgarh, Goa, Jammu & Kashmir, Mizoram, Odisha, Punjab, Tamil Nadu and West Bengal

As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01^st April, 2018. As on 30^th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Nagaland, Rajasthan, Sikkim, Telangana, Tripura, Uttarakhand and Uttar Pradesh along with the Union Territories of Andaman & Nicobar Islands, Chandigarh, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep and Puducherry. E-Way Bills are getting generated successfully and till 30^th May, 2018 more than six crore and thirty lakh e-Way Bills have been successfully generated which includes more than two crore e-Way Bills for intra-State movement of goods.

It is informed that e-Way Bill system for intra-State movement of goods would be implemented in the following States :-

S. No.	State	Date of Implementation
1	Chhattisgarh, Goa, Jammu & Kashmir, Mizoram, Odisha  & Punjab	01st June, 2018
2	Tamil Nadu	02nd June, 2018
3	West Bengal	03rd June, 2018

It may be mentioned that e-Way Bill system for intra-State movement of goods will be implemented throughout the country latest by 03^rd June, 2018. It has now been two months since the e-Way Bill system was implemented and the same is working smoothly and without any glitches. On an average more than twelve lakh e-Way Bills are being generated every day. Trade and industry may approach their respective tax authority for any guidance in this matter. Further, it is informed that trade should get well versed with respect to the provisions of the e-Way Bill rules in order to avoid any difficulty. The provisions of rule 138D of Central / State GST Rules, 2017 may be referred to for any grievance redressal.

Link : http://pib.nic.in/PressReleseDetail.aspx?PRID=1533995

Attention _ LAST DATE TO DO THE COMPLIANCE _ 31.05.2018

31^st May, 2018

Last date to do the following Compliances

I. MCA Compliances :

1.      Last date for LLP ROC FILING-

-      penalty for non - filing  Rs. 100 per day

2.      Due date for XBRL filing for Ind AS compliant companies without additional fees.

II.GST Compliances :

1.      Return in GSTR-6 for period of July 2017 to April 2018 for the Input service   Distributor  (Notification No. 19/2018 – Central Tax)

2.      Monthly GST return in GSTR-1for April-2018 for registered person with aggregate turnover exceeding Rs.1.50 Cr.

 III. FSSAI (Food License) Annual Return

                 1.    Last date to file FSSAI (Food License) Annual Return

-      PENALTY - INR 100 Per Day.

IV. Income Tax Compliances

1.      TDS Return for the Quarter ended on March 2018

2.   Return of Tax deduction from contributions paid by the trustees of an approved superannuation fund

3.      Statement of Financial Transactions (SFT) to be furnished by person specified  in rule 114E in Form No. 61A in respect of Financial Year 2017-18

4.  Statement of reportable account to be furnished by reporting financial institution referred in rule 114G in Form No. 61B in respect of Financial Year 2017-18

Two more states, five UTs to roll out intra-state e-way bill from Today, 25.05.2018

Roll out of e-Way Bill system for intra-State movement of goods in the Maharashtra, Manipur and Union Territories (without legislature)

As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 1^st April, 2018. As on 23^rd May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Meghalaya, Nagaland, Rajasthan, Sikkim, Telangana, Tripura, Uttarakhand, Uttar Pradesh and Union Territory of Puducherry. E-Way Bills are getting generated successfully and till 23^rd May, 2018 more than five crore and thirty lakh e-Way Bills have been successfully generated which includes more than one crore and sixty lakh e-Way Bills for intra-State movement of goods.

It is informed that e-Way Bill system for intra-State movement of goods would be implemented from 25^th May, 2018 in the following States / Union Territories :-

• Maharashtra
• Manipur
• Andaman & Nicobar Islands
• Chandigarh
• Dadra & Nagar Haveli
• Daman & Diu
• Lakshadweep

Twenty seven States / Union Territories would have implemented the e-Way Bill system for intra-State movement of goods with the roll-out of the same on 25^th May, 2018. Registration/enrolment on e-Way Bill portal namely https://www.ewaybillgst.gov.in may be taken at earliest in the remaining States as well since the same would soon be rolled out in these States also. The system is working smoothly and without any glitches. On an average twelve lakh e-way bills are being generated every day. Trade and industry may approach their respective tax authority for any guidance in this matter. Further, it is informed that trade should get well versed with respect to the provisions of the e-Way Bill rules in order to avoid any difficulty. The provisions of rule 138D of Central / State GST Rules, 2017 may be referred to for any grievance redressal.

Link : http://pib.nic.in/PressReleseDetail.aspx?PRID=1533406

GROWTH IN FOREIGN EXCHANGE EARNINGS

Ministry of Tourism Updates

10.2% growth rate in Foreign Exchange Earnings (FEEs) in Rupee terms in April 2018 over April 2017

Notification Below :

Ministry of Tourism estimates monthly Foreign Exchange Earnings (FEEs) through tourism in India, both in rupee and dollar terms based on the credit data of Travel Head from Balance of Payments of RBI for the previous year.

The highlights of the estimates of FEEs from tourism in India for April 2018 are as below:

Foreign Exchange Earnings (FEEs) through tourism (in Rs. terms)

• FEEs during the month of April 2018 were Rs. 15,713 crore as compared to Rs. 14,260 crore in April 2017.
• The growth rate in FEEs in rupee terms in April 2018 over April 2017 was 10.2%.
• FEEs during the period January- April 2018 were Rs. 68,629 crore with a growth of 14.2%, as compared to the FEE of Rs. 60,079 crore in January-April 2017.

Foreign Exchange Earnings (FEEs) through tourism (in US $ terms)

• FEEs in US$ terms during the month of April 2018 were US$ 2.393 billion as compared to FEEs of US$ 2.211 billion during the month of April 2017.
• The growth rate in FEEs in US$ terms in April 2018 over April 2017 was 8.2%.
• FEEs during the period January-April 2018 were US$ 10.621 billion with a growth of 17.4% as compared to the FEE of US$ 9.044 billion in January- April 2017 with a growth of 17.5% over January- April 2016.

Link : http://pib.nic.in/PressReleseDetail.aspx?PRID=1533096

GST update : on E-waybill dated 14.05.2018

Roll out of e-Way Bill system for intra-State movement of goods in the States of Assam & Rajasthan

As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01^st April, 2018. As on 13^th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States/ Union Territory of Andhra Pradesh, Arunachal Pradesh, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Meghalaya, Nagaland, Sikkim, Telangana, Tripura, Uttarakhand, Uttar Pradesh and Puducherry. E-Way Bills are getting generated successfully and till 13^th May, 2018 more than four crore and fifteen lakh e-Way Bills have been successfully generated which includes more than one crore e-Way Bills for intra-State movement of goods.

It is hereby informed that e-Way Bill system for intra-State movement of goods would be implemented in Assam from 16^th May, 2018 & Rajasthan from 20^th May, 2018.

With the roll-out of e-Way Bill system in these States/ Union Territory, it is expected that trade and industry will be further facilitated insofar as the transport of goods is concerned, thereby eventually paving the way for a nation-wide single e-Way Bill system. Trade and industry and transporters located in these States/ Union Territory may obtain registration/ enrolment on e-Way Bill portal namely https://www.ewaybillgst.gov.in at the earliest without waiting for the last date.

Full Press release can be access at : http://pib.nic.in/PressReleseDetail.aspx?PRID=1532077   issued by Ministry of finance dated 14th May, 2018..

MCA UPDATES

MCA UPDATES :

1. PAS-3,DPT-3,MGT-6,MGT-15,MGT-14,ADT-1,ADT-2,SH-7 and URC-1 e-forms are likely to be revised and deployed shortly. Stakeholders may plan accordingly.

2. All names which were reserved through INC-1 form for which no incorporation forms were filed before 17th January , have now been expired, as per the notice posted earlier on this portal, and cannot be used for incorporation any more. Stakeholders are advised to use either RUN service for reserving a name afresh or use SPICe form for integrated process of name reservation and incorporation of a company.

3. It is proposed to re - engineer the process of allotment of DIN by allotting DIN to individuals only at the time of their appointment as Directors (If they do NOT possess a DIN) in companies. DIR-3 (Application for Director Identification Number) would be applicable for the allotment of DIN to individuals in respect of existing companies only and shall be filed by the existing company in which the proposed Director is to be appointed. Further, DINs to the proposed first Directors in respect of new companies would be mandatorily required to be applied for in SPICe forms (subject to a ceiling of 3 new DINs) only.

4. It is also proposed to modify DIR-3 to permit allotment of upto 2 new DINs (since SPICe provides for upto  new DINs) only in respect of ‘Producer Companies’. A separate notification would be issued for the same and stakeholders may plan accordingly.

NO EXTENSION _ GSTR-1 FOR JULY, 2017

Goods and services tax

Updates / Press releases :

Dated : 09^th October, 2017

cbec Press Release :

No extension of last date for filing GSTR-1 for July, 2017

1. The last date for filing GSTR-1 for the month of July, 2017 is 10^th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately.

2. Once a taxpayer files GSTR-1 by 10th October, the corresponding entries in GSTR-2A of his buyer shall get auto populated. The buyer shall finalize his GSTR-2 after making modifications (additions, corrections or deletions), if required, in GSTR-2A. The Input Tax Credit (ITC) shall be availed by the buyer based on his GSTR-2. If a taxpayer does not file GSTR-1 by 10th of October, then his buyer may face difficulty in availing ITC of the tax paid on his supplies. It is therefore advised that all suppliers of goods or services, especially B2B suppliers, furnish their outward supply details in GSTR-1 by the due date so that no difficulty is faced by their buyers in availing ITC and the return cycle can be completed in due course.

Full Circular can be access at : http://www.cbec.gov.in/resources//htdocs-cbec/press-release/CBEC_Press_Release_dt_09.10.17.pdf

EXTENSION OF DATE FOR FILING OPTION FOR COMPOSITION SCHEME

Goods and services tax

Updates

Ministry of Finance , Department of Revenue:

Dated : 21st July, 2017

F. No. 345/114/2017-GST

Order No. 01/2017-GST

Extension of date for filing option for composition scheme

Extension of time limit for filing intimation for composition levy under sub rule (1) of rule 3 of the CGST Rules, 2017

In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017, the Board hereby extends the period for filing an intimation in FORM GST CMP-01 under sub-rule (1) of rule (3) of the Central Goods and Services Tax Rules, 2017 upto 16th August, 2017.

order can be access at :   http://www.cbec.gov.in/resources//htdocs-cbec/gst/order-1-gst.pdf  

CENTRAL MONITORING COMMITTEE CONSTITUTED TO MONITOR GST IMPACT

Goods and services tax

Updates / Press releases :

Dated : 21^st July, 2017

Press Release :

Ministry of Finance

Central Monitoring Committee constituted to monitor GST Impact

Government has constituted a Central Monitoring Committee headed by the Cabinet Secretary to monitor the impact of GST 

The Government of India has setup a Central Monitoring Committee headed by the Cabinet Secretary.

Three meetings of the Central Monitoring Committee have been held on 2nd July, 11th July and 18th July. The reports include the details of feedback received from various Ministries and Departments regarding the following issues:

• Steps taken by department to disseminate knowledge about GST.
•  Stakeholders still not registered.
• Position of Prices of Products pre-GST and post-GST.
• Queries received, solved by GST Cell in every department.
•  Department wise FAQs made, disseminated among its stakeholders.
• Success stories which could be publicized.
• Sector Specific training on GST required by the Ministry.
• Shortages of products, if any.

Further, the Government vide DoPT OM dated 4th July 2017 and 6th July 2017 [F.NO.36/30/2017-EO(SM I)] has appointed 209 Joint/Additional Secretary Level Officers to monitor the implementation and effects of GST across the country through District Level Clusters and submit weekly reports. A Nodal Feedback Centre has been setup under the Ministry of Finance to collect, collate and analyze the feedback being received from the district level Nodal Officers.

Further, GST Feedback and Action Room (FAR) was constituted by CBEC w.e.f.26 June, 2017 with the purpose of reviewing the information received from Ministries, State governments, field formations and social media, newspapers, news channels, e-mail, etc. and report it on Real Time basis to the Revenue Secretary, CBEC, GSTN and other concerned authorities. A team of officers monitor various media reports for any GST related news/issues and also take further necessary action. FAR has multi-line telephone numbers which are available in the control room and these numbers have been informed to the Central and State GST officers. The emails received from the Ministries, State Governments and field formations are forwarded to the respective sections for information and feedback purpose.

The immediate and long term benefits of GST are as under:

• Transparency and accountability in business transactions
• Reduction in the cascading effect of taxation and increased input tax credit utilization
• Rationalization of tax rates
• Improvement in the ease of doing business

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Lok Sabha today.

press release can be access at : http://pib.nic.in/newsite/erelease.aspx   issued by Ministry of finance dated 21^st July, 2017.

NO TDS ON GST PAID OR PAYABLE ON SERVICES IN CASE GST IS SEPARATELY SHOWN IN THE INVOICE _ CBDT CLARIFICATION

Ministry of Finance _ Department of Revenue_ CBDT

F. No. 275/59/2012-IT (B)

Dated : 19^th July, 2017.

No tds on gst paid or payable on services in case gst is separately shown in the invoice _ CBDT Clarification

CIRCULAR No. 23 /2017.

Subject: Modification of Circular No.1 of 2014 in view of substitution of Service Tax by Goods and Services Tax (GST).

1. The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 1/2014 dated 13.01.2014 clarifying that wherever in terms of the agreement or contract between the payer and the payee, the Service Tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Income tax Act, 1961 (the Act) on the amount paid or payable without including such Service Tax component.

2. References have been received in the Board seeking clarification as to what treatment would be required to be given to the component of Goods and Services Tax (GST) on services, which has been introduced by the Government with effect from 1" of July, 2017 and into which the erstwhile Service Tax has been subsumed.

3. The matter has been examined. It is noted that the Government has brought in force a new Goods and Services Tax regime with effect from 01.07.2017 replacing, an10ngst others, the Service Tax which was being charged prior to this date as per the provisions of Finance Act, 1994. Therefore, there is a need to harmonize; the contents of Circular No. 1/2014 of the Board with the new system for taxation of services under the GST regime.

4. In the light of the fact that even under the new GST regime, the rationale of excluding the tax component from the purview of TDS remains valid, the Board hereby clarifies that wherever in terms of the agreement or contract between the payer and the payee, the component of 'GST on services' comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid or payable without including such 'GST on services' component. GST for these purposes shall include Integrated Goods and Services Tax, Central Goods and Services Tax, State Goods and Services Tax and Union Territory Goods and Services Tax.

5. For the purposes of this Circular, any reference to 'service tax ' in an existing agreement or contract which was entered prior to 01.07 .2017 shall be treated as 'GST on services' with respect to the period from 01.07.20 17 onward till the expiry of such agreement or contract.

6. Hindi version shall follow.

Circular  can be access at : 

http://www.incometaxindia.gov.in/communications/circular/circular_23_2017.pdf  .

CONSTITUTION AND SET UP OF IAC & EFD BY RBI

 Corporate update _ RBI :

Press Release :

Dated : 18^th July, 2017

Ministry of Finance

1. Constitution of IAC by RBI

Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). 

Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). In particular, the IAC recommended for IBC reference all accounts with fund and non-fund based outstanding amount greater than Rs.5000 crore, with 60% or more classified as non-performing by banks as of March 31, 2016.

Accordingly, Reserve Bank of India has issued directions to certain banks for referring 12 accounts, qualifying under the aforesaid criteria, to initiate insolvency process under the Insolvency and Bankruptcy Code, 2016.  As regards the other non-performing accounts which do not qualify under the above criteria, the IAC recommended that banks should finalize a resolution plan within six months. In cases where a viable resolution plan is not agreed upon within six months, banks should be required to file for insolvency proceedings under the IBC.

However, the names and details of borrowers are not disclosed as prescribed under section 45E of the Reserve Bank of India (RBI) Act, 1934 and Banking Laws, which provide for the obligation of a bank or financial institution to maintain secrecy about the affairs of its constituents.

In respect of the above-mentioned 12 accounts, Reserve Bank of India has advised the banks to make provisions as under:

“The minimum provisions required to be maintained against the said accounts would be the higher of the following:

(a) 50 per cent for secured portion of the outstanding balance plus 100 percent for the unsecured portion.

 (b) Provisions required to be maintained as per the extant Asset classification norms.”

The additional provisions, as required in each case, should be proportionately spread over the remaining quarters of the current financial year, starting Q2, so that the required provisions are fully in place by March, 2018.

The effect of the provisioning requirement prescribed in respect of the said 12 accounts would vary for each account and for the respective banks depending upon the current asset classification, current provisions held, security coverage, etc.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today.

press release can be access at :  http://pib.nic.in/newsite/erelease.aspx   issued by Ministry of finance dated 18^th July, 2017.

2.  RBI has set up an Enforcement Department (EFD)

RBI has set up an Enforcement Department (EFD) which would serve as a centralised department to speed up regulatory compliance; EFD has been entrusted with the responsibility of enforcement action on commercial banks 

Reserve Bank of India (RBI) has informed that they have set up an Enforcement Department (EFD). EFD would serve as a centralised department to speed up regulatory compliance. EFD has been set up to separate those who oversee the possible rule breaches and those who decide on punitive actions so that enforcement process operates fairly and is evidence based.

The EFD has become functional with effect from April 03, 2017. The EFD has been entrusted with the responsibility of enforcement action on commercial banks.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today. 

press release can be access at :  http://pib.nic.in/newsite/erelease.aspx   issued by Ministry of finance dated 18^th July, 2017.