Corporate Updates – 02-09-2016


CBDT has extended the due dates for quarterly furnishing of Forms 15G and 15H declarations. Pursuant to receiving representations, the Board has extended the due date to 31.10.2016 for Form 15G/15H received during the period 01.10.2015-31.03.2016 and 01.04.2016-30.06.2016. In respect of Forms received during the period 01.07.2016-30.09.2016, the due date has been extended to 31.12.2016. Further, it has been notified that the due date for furnishing the said Forms for the 3rd & 4th Quarter of FY 2016-17 will remain the same.


The Committee to Recommend Data Format for Furnishing of Credit Information to Credit Information Companies, constituted by the Reserve Bank of India (RBI) had recommended that each customer of a credit institution should be provided one base level consumer Credit Information Report (CIR) free of cost every year by each Credit Information Company (CIC). Given the importance of the credit report in an individual’s financial matters, he/she is entitled to have a copy of the report upon request. Further, the objective of providing the free credit report would not be fully met unless this report includes details that figure in the full credit report that is accessed by the credit institutions while considering the request for fresh credit facilities. The contents of the FFCR shall be the same as appearing in the most detailed version of the reports on the individual provided to credit institutions, including the credit score. All CICs shall put in place necessary systems to provide access to the above described FFCR once, at any time, during a year, upon request, to individuals whose credit data they hold, from the year commencing January 1, 2017.

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