Daily Archives: December 19, 2015

When remittance are not required to be reported to Income tax Dept w.e.f 01.4.2016

By | December 19, 2015

As per new Rule 37BB of Income tax rule  which shall come into force with effect from April 1, 2016. No need to report remittance  in Forms 15CA and 15CB :- When remittance is made by an individual and prior approval of the RBI is not required due to liberalized remittance Scheme;  When payments  are of the… Read More »

Mobile Banking Registration through ATMs

By | December 19, 2015

RBI/2015-16/269 DPSS.CO.PD.No./1265/02.23.001/2015-2016 December 17, 2015 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / White Label ATM Operators Madam /Dear Sir Mobile Banking Transactions in India – Operative Guidelines for Banks – Customer Registration for… Read More »

RBI guidelines for pricing advances by Banks using Marginal Cost of Funds based Lending Rate

By | December 19, 2015

Reserve Bank of India RBI/2015-16/273 DBR.No.Dir.BC.67/13.03.00/2015-16 December 17, 2015 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Interest Rates on Advances A reference is invited to paragraph 22 of the first Bi-monthly Monetary Policy Statement 2015-16 announced on April 7, 2015 which stated that in order to improve the efficiency of monetary policy transmission,… Read More »

Income of unit holder of investment fund shall be intimated to Income tax department

By | December 19, 2015

[Statement under sub-section (7) of section 115UB. Rule 12CB inserted by the Income-tax (Twentieth Amendment) Rules, 2015, w.e.f. 11-12-2015. vide Notification No. 92/2015/ F.No.142/22/2015-TPL 12CB . (1) The statement of income paid or credited by an investment fund to its unit holder shall be furnished by the person responsible for crediting or making payment of… Read More »

Alteration of memorandum and Article of Companies, MCA notified the date

By | December 19, 2015

MINISTRY OF CORPORATE AFFAIRS  vide NOTIFICATION No [F. No. 1/6 /2015-CL. V] Dated , 14th December, 2015 notified 14th day of December, 2015 as the date on which the provisions of section 13 and 14 of the said Act shall come into force. Section 13 of Companies act 2013 Alteration of memorandum (1) Save as provided in… Read More »

Omnibus approval for related party transactions on annual basis

By | December 19, 2015

MINISTRY OF CORPORATE AFFAIRS  vide NOTIFICATION  [F. No. 1/32/2013-CL-V-Part]  Dated 14th December, 2015  notified  Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015. and inserted rule 6A . What are related party transactions for which approval is required from Audit Committee ? Omnibus approval for related party transactions on annual basis.- All related party transactions… Read More »

Govt notify rules for Fair compensation in Land Acquisition

By | December 19, 2015

Land Acquisition Govt of India vide THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)],Notification No  [F.No. 13011/01/2015- LRD]  Dated  18th December, 2015.  notified  Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Compensation, Rehabilitation and Resettlement and Development Plan) Rules, 2015 When will Right to Fair Compensation and Transparency in Land… Read More »