Daily Archives: December 4, 2015

Rs 2838 crore collected under Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana The number of accounts opened upto 31.10.2015 under Sukanya Samriddhi Yojana across the country is 76, 19,668. The amount collected under these accounts is Rs. 2838.73 crore. The scheme was notified on 2.12.2014 and the maturity period of accounts opened under the scheme is 21 years. The scheme has completed one year.… Read More »

RBI Cancels registration certificate of 56 NBFC

04.12.2015 The Reserve Bank of India (RBI) has cancelled the certificate of registration of the 56 (fifty six) non-banking financial companies (NBFCs) as shown in Annex, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Following the cancellation of registration certificate, these companies cannot… Read More »

Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit

Source : Reserve Bank of India RBI/2015-16/259 DBR.Dir.BC.No.62/04.02.001/2015-16 December 4, 2015 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit The Government of India has announced the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit to eligible exporters. The scheme is effective… Read More »

Instructions/Guidelines on Credit Card/Debit Card/Pre-Paid Card

Reserve Bank of India (RBI) through its Master Circular dated 1.12.2015 (available on its website www.rbi.org.in) has issued consolidated instructions/guidelines on credit card, debit cards/pre-paid card operations of banks. The said instructions contain detailed terms under which a debit card may be issued, inter-alia, advising banks as under: The terms shall put the cardholder under… Read More »

Amendment in CBEC Prosecution System

The Government has noted that the Central Board of Excise and Customs (CBEC) has reviewed the monetary limits for assets and its guidelines for prosecution in matters relating to offences punishable under CBEC. Revised guidelines for arrest and bail and for launching prosecution, in relation to offences punishable under the Customs Act, 1962, the Central… Read More »

Tax rates under GST: Executive Summary

Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under GST submits its Report to the Finance Minister; On the Revenue Neutral Rate (RNR), the Committee recommends the same in the range between 15 percent and 15.5 percent (Centre and states combined) with a preference for the lower end of… Read More »

Registered Companies with ROC

Companies registered with Registrar of Companies (ROCs), State/UT-wise as on 26.11.2015 is at Annexure – I. Number of closed companies, State/UT-wise during the last three years and current financial year is at Annexure – II. Section 560 of the Companies Act, 1956 (corresponding provision in Companies Act, 2013 is Section 248, which is not yet… Read More »

Govt Amends FEMA Transfer or Issue of Any Foreign Security

RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) NOTIFICATION Mumbai, the 2nd December, 2015 No. FEMA. 359/2015-RB Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2015

SEBI issued Consultation paper for debt offering through private placement on electronic book

Consultation paper Primary market debt offering through private placement on electronic book (Brief Extract from above consultation paper) It has been observed from the available data that the majority of the issuances in India take place through private placement route, which are subsequently listed on stock exchange. During financial year 2014-15, private placement accounted for… Read More »

Cash Payment Exceeding 20000 can be made if genuineness of transactions and payment and identity of the receiver are established

Held Tribunal has not disbelieved the transactions or the genuineness thereof. Nor has it disbelieved the fact of payments having been made. More important, the reasons furnished by the appellant for having made the cash payments, which we have already adverted to, have not been disbelieved. In our view, assuming these reasons to be correct,… Read More »

Bad debts need not be proved irrecoverable

As per Section 36(1)(vii) of the Act is concerned, it is a settled position in law that after 1st April, 1989, it is not necessary that the debt itself must be proved to be irrecoverable. The only requirement is that the amounts claimed as bad debts should be written off as irrecoverable in the account… Read More »