Daily Archives: December 4, 2015

Anti-dumping duty on import of all kinds of plastic processing or injection moulding machines,

By | December 4, 2015

Seeks to levy definitive anti-dumping duty on import of all kinds of plastic processing or injection moulding machines, also known as injection presses used for processing or moulding of plastic materials, having clamping force not less than 40 tonnes and not more than 1000 tonnes for a period of five years. [TO BE PUBLISHED IN… Read More »

Agreement between Google and Railways for Providing Wi-Fi Facilities to Passengers

By | December 4, 2015

RailTel Corporation of India Limited (RCIL), one of the Public Sector Undertakings of Railways, has entered into an agreement with M/s. Mahataa Information India Private Limited (MIIPL) a group company of M/s. Google Inc. for providing high speed Wi-Fi facility at Railway stations. Wi-Fi project shall be undertaken in two phases to cover 75 Class… Read More »

RBI Cancels registration certificate of 56 NBFC

By | December 4, 2015

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

By | December 4, 2015

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

By | December 4, 2015

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

By | December 4, 2015

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

By | December 4, 2015

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

By | December 4, 2015

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 »

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

By | December 4, 2015

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 »

Address for Service of notice / summons by Income tax Department

By | December 4, 2015

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd December, 2015 Income-tax G.S.R. 923(E).—In exercise of the powers conferred by section 282 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct… Read More »

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

By | December 4, 2015

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 »