Daily Archives: November 26, 2015

Clarification for service tax on Seed Testing w.e.f 01.07.2012

By | November 26, 2015

Clarification regarding leviability of service tax in respect of Seed Testing with effect from 01.07.2012 Circular No.189/8/2015-Service Tax  F. No. 354/279/2015-TRU Government of India Department of Revenue Central Board of Excise & Customs New Delhi New Delhi, the  26th November, 2015 To Principal Chief Commissioners of Customs and Central Excise(All) Principal Chief Commissioners of Central… Read More »

Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks

By | November 26, 2015

Date : Nov 26, 2015 RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: September 2015’ The Reserve Bank of India today released the web publication ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs)’ as on the last Friday of the quarter ending September 2015 (i.e. September 25, 2015).… Read More »

Category: RBI

Survey on International Trade in Banking Services 2014-15 Data Release

By | November 26, 2015

Date : Nov 26, 2015 The Reserve Bank of India today released, on its website, the data related to the 2014-15 round of Survey on International Trade in Banking Services. The annual survey on International Trade in Banking Services (ITBS) provides information on the branches/subsidiaries of Indian banks operating abroad and foreign banks operating in… Read More »

Online Returns to be submitted by NBFCs- Revised by RBI

By | November 26, 2015

RBI/2014-15/246 DNBS (PD).CC.No.03/03.02.02/2015-16 November 26, 2015 All Non Banking Financial Companies Dear Sir, Online Returns to be submitted by NBFCs- Revised Please refer to our Master Circular no DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015 on Returns to be submitted by NBFCs. 2. It has been decided to rationalize the returns’ to be submitted online through COSMOS… Read More »

Bank Finance to Factoring Companies criteria revised by RBI

By | November 26, 2015

RBI/2015-16/247 DBR.BP.BC.No.55/21.04.172/2015-16 November 26, 2015 All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Bank Finance to Factoring Companies Please refer to our circular DBOD.BP.BC.No.40/21.04.172/2012-13 dated September 11, 2012 on “Bank Finance to Factoring Companies”, in terms of which banks were advised that they can extend financial assistance to support the factoring business of Factoring Companies complying with… Read More »

Advance Remittance for Import of aircrafts /helicopters / other aviation related purchases

By | November 26, 2015

RBI/2015-16/249 A.P. (DIR Series) Circular No.30 November 26, 2015 To, All Authorised Dealer Category – I Banks Madam/ Sir Advance Remittance for Import of aircrafts /helicopters / other aviation related purchases Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to clause 3(f) of A. P. (DIR Series) Circular No.77… Read More »

NBFC Revision of the loan amount with tenure not less than 24 months

By | November 26, 2015

RBI/2015-16/250 DNBR.CC.PD.No. 071/03.10.038/2015-16 November 26, 2015 To All NBFC-MFIs Madam/ Sir Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) – Directions DNBS.PD.No. 234/CGM (US)-2011 dated December 2, 2011 and DNBR.CC.PD.No. 027/03.10.01/2014-15 dated April 08, 2015 – Revision of the loan amount with tenure not less than 24 months In the light of the representations received from the… Read More »

Category: RBI

Central KYC Records Registry -template for Know Your Customer (KYC)

By | November 26, 2015

RBI/2015-16/251 DBR.AML.BC.No.60/14.01.001/2015-16 November 26, 2015 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks/ All India Financial Institutions/ all NBFCs/ All Primary (Urban) Co-operative Banks /State and Central Co-operative Banks (SCBs / CCBs) /All Payment System Providers/ System Participants and Prepaid Payment Instrument Issuers/ All authorised persons Dear Sir/ Madam… Read More »

RBI Limit on Expatriate Officers in Indian Offices of Foreign Banks

By | November 26, 2015

Engagement of Services of Expatriate Officers in Indian Offices of Foreign Banks RBI/2015-16/252 DBR.IBD.BC. 61/23.07.001/2015-16 November 26, 2015 All Foreign Banks operating in India Dear Sir/Madam, Engagement of Services of Expatriate Officers in Indian Offices of Foreign Banks Please refer to our D.O.No.DBOD.Ref.1318/C.319-70 August 31, 1970 and Circulars DBOD.No.1033/23.07.001/94 dated March 11, 1994 and DBOD.IBS.BC.No.109/… Read More »

NCDs/bonds maturity period 3 year for Investment by Foreign Portfolio Investors (FPI) in Corporate Bonds

By | November 26, 2015

RBI/2015-16/253 A.P. (DIR Series) Circular No.31 November 26, 2015 To All Authorised Persons Madam/ Sir, Investment by Foreign Portfolio Investors (FPI) in Corporate Bonds Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000… Read More »

Urban infra investment plans for 102 cities approved under AMRUT

By | November 26, 2015

Ministry of Urban Development, Govt of India on 26-November, 2015 Basic urban infra investment plans for 102 cities approved under AMRUT 5 states to spend Rs.3,120 cr in improving water supply, sewerage networks, storm water drains, urban transport and parks State Annual Action Plans for 2015-16 for Haryana, Chattisgarh, Telanagana, Kerala, W.Bengal cleared Total investment… Read More »

‘ Bhavishya ’ :online Pension Sanction and Payment Tracking System

By | November 26, 2015

Ministry of Personnel, Public Grievances & Pensions of Govt of India on 26-November, 2015 Dr. Jitendra Singh inaugurates Workshop on online Pension Sanction and Payment Tracking System ‘Bhavishya’ Digital life certificates for continuation of pensions to be scrapped soon: Dr. Jitendra Singh Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER),… Read More »

‘ 3-Cities ’ Fame India Eco Drive

By | November 26, 2015

Ministry of Heavy Industries & Public Enterprises Govt of India 26-November, 2015 Anant Geete Flags Off  ‘ 3-Cities ’ Fame India Eco Drive in the Capital To promote electrification of automobile transportation to achieve objectives laid in the National Mission for Electric Mobility (NMEM), Shri Anant G Geete, Union Minister, Ministry of Heavy Industries &… Read More »

Govt invite comments on Income Computation and Disclosure Standards

By | November 26, 2015

Ministry of Finance Govt of India on 26-November, 2015 Stake Holders and General Public requested to bring-out Issues/Points by 15th December, 2015 which in their opinion require further Clarification/Guidance for proper Implementation of the Provisions of the Income Computation and Disclosure Standards (ICDS) Sub-section (1) of Section 145 of the Income-tax Act, 1961 provides that… Read More »

Non application of AS 30, AS 31 and AS 32 in the Final Course Paper 1 of ICAI

By | November 26, 2015

The Institute of Chartered Accountants of India Announcement regarding Non-application of AS 30, AS 31 and AS 32 in the Final Course Paper 1: Financial Reporting – (23-11-2015) The entire IAS 39 “Financial Instruments: Recognition and Measurement”, on which AS 30 “Financial Instruments: Recognition and Measurement” was based, has been replaced by IFRS 9 “Financial… Read More »

ICAI dedicated helpdesk for chartered Accountants /students abroad

By | November 26, 2015

New dedicated Chapter helpdesk for queries related to members/students based abroad 24 November 2015 The Institute of Chartered Accountants of India is committed to provide the best services to its members. Considering the same, the International Affairs Committee of the Institute has reactivated its logistic framework through a dedicated email foreigndesk@icai.in at ICAI HO level, to coordinate… Read More »

Allotment of Berths under Physically Handicapped Quota by Railway

By | November 26, 2015

Ministry of Railways of Govt of India on 26-November, 2015 Rationalization of Allotment of Berths under Physically Handicapped Quota with a View To Ensure Optimum Utilization As per extant instructions, handicapped quota of 2 berths in sleeper class (one lower and one middle) is earmarked for physically handicapped persons travelling on concession. There are two… Read More »

Govt Indirect Tax Incentives to Domestic Shipbuilding Industry

By | November 26, 2015

Ministry of Finance of Govt of India on 26-November, 2015 Government decides to provide further Indirect Tax Incentives to Domestic Shipbuilding Industry The Government has decided to provide further indirect tax incentives for domestic shipbuilding industry. Accordingly, the Central Government has issued Notification Nos. 44/2015-Central Excise, 45/2015-Central Excise, 54/2015-Customs and 55/2015-Customs all dated 24.11.2015 so… Read More »

Exempted goods and Exempted units are different : Supreme Court

By | November 26, 2015

Law : Rajasthan Vat Act Facts of the case The assessee-company is engaged in the business of manufacturing Asbestos Cement Pressure Pipe and Asbestos Cement Sheets and it had availed ITC on the purchase of raw material used in the manufacture of A.C. Sheets. Issue The assessing authority issued notice to the assessee for the… Read More »

smart cards not assessable to VAT

By | November 26, 2015

Facts of the case The Transport Department of Karnataka through a competitive bidding process invited proposals from interested parties for supply, installation and maintenance of computer systems, supply and printing of smart cards, provision of data entry services and to carry out other activities incidental thereto.The proposal submitted by the assessee was accepted by the… Read More »

commercial expediency examined by Supreme Court

By | November 26, 2015

Commercial Expediency Facts of the Case  The present appeal preferred by the assessee pertains to the Assessment Year 1988-1989. In the income tax return filed by the assessee for the aforesaid Assessment year, the assessee, inter alia, claimed deduction of interest paid on borrowed sums from Bank under the provisions of Section 36(1)(iii) of the… Read More »

FAQ’s on Right to Information Act 2005

By | November 26, 2015

When did the Right to Information Act, 2005 come into force? The Right to Information Act came into force fully on the 12th October, 2005 (120th day of its enactment i.e., 15th June, 2005). Some provisions came into force with immediate effect viz. obligations of public authorities [Section 4(1)], designation of Public Information Officers and… Read More »

FAQ’s on National Pension System for retirement planning

By | November 26, 2015

1. What is retirement planning and how to ensure an independent life even when one retires from active work life? Retirement planning involves disciplined saving, vigilant investment to build a sufficient retirement corpus and its judicious drawdown in the post-retirement phase.  This is achieved by joining a pension/retirement plan at an early stage in one’s life… Read More »

Childline Kiosk at New Delhi Railway Station

By | November 26, 2015

Ministry of Women and Child Development of Govt of India on 25-November, 2015 Maneka Sanjay Gandhi & Suresh Prabhu Launch Railway Posters for Child Protection and Inaugurate Childline Kiosk at New Delhi Railway Station The Minister of Women and Child Development, Smt. Maneka Sanjay Gandhi and Minister of Railway, Shri Suresh Prabhakar Prabhu today jointly… Read More »