Daily Archives: January 21, 2016

RBI makes Gold Monetization Scheme customer friendly

By | January 21, 2016

The Reserve Bank of India has today made a few amendments to its Master Direction on Gold Monetization Scheme. The modifications have been made in consultation with Central Government to make the Scheme more customer-friendly. The depositors will be able to withdraw medium term and long term government deposits pre-maturely after the minimum lock-in period… Read More »

RBI allow currency chest holding banks to enhance service charge

By | January 21, 2016

Source :Reserve Bank of India RBI/2015-16/293 DCM (NPD) No. 2564/09.40.02/2015-16 January 21, 2016 The Chairman & Managing Director Managing Director / Chief Executive Officer All Banks having currency chests Dear Sir / Madam, Incentive for improving service to non-chest branches under Linkage Scheme Please refer to our circular DCM (NPD) No. 6316 / 09.40.02 /… Read More »

RBI clarify Payment of Agency Commission on pension accounts

By | January 21, 2016

Source: Reserve Bank of India RBI/2015-16/294 DGBA.GAD.No. 2278/31.12.010/2015-16 January 21, 2016 The Chairman & Managing Director/ The Chief Executive Officer All Agency Banks Dear Sir/Madam Payment of Agency Commission on pension accounts As you may be aware, agency banks are being compensated at Rs. 65 per transaction for handling pension computation, payment and related services… Read More »

RBI revised Fraud Reporting and Monitoring norms by Banks

By | January 21, 2016

Source : Reserve Bank of India RBI/2015-16/295 DBS.CO.CFMC.BC.No.007/23.04.001/2015-16 January 21, 2016 The Chairmen / Chief Executive Officers All Scheduled Commercial Banks (excluding RRBs) / Local Area Banks / select Financial Institutions Dear Sir / Madam Fraud Reporting and Monitoring 1. Operationalisation of Central Fraud Registry 1.1 As you are aware, Governor had announced in his… Read More »

Interest Subvention Scheme under National Rural Livelihoods Mission (NRLM) – Aajeevika

By | January 21, 2016

RBI/2015-16/296 FIDD. GSSD. CO. BC .No. 19/09.01.03/2015-16 January 21, 2016 The Chairman / Managing Director All Public Sector Banks Dear Sir / Madam, National Rural Livelihoods Mission (NRLM) – Aajeevika – Interest Subvention Scheme Please refer to our circular FIDD.GSSD.CO.BC.NO.45/09.01.03/2014-15 dated December 09, 2014 on interest subvention scheme under National Rural Livelihoods Mission (NRLM). 2.… Read More »

RBI allows acceptance of cheques with date as per National Calendar (Saka Samvat) for payment

By | January 21, 2016

Acceptance of cheques bearing a date as per National Calendar (Saka Samvat) for payment Source : Reserve Bank of India RBI/2015-16/297 DCBR.BPD.(PCB/RCB). Cir. No. 9 /12.05.001/2015-16 January 21, 2016 The Chief Executive Officers All Primary (Urban) Co-operative Banks/ State and Central Co-operative Banks (StCBs / CCBs) Dear Sir/Madam Acceptance of cheques bearing a date as… Read More »

RBI allows Sale of India Gold Coin (IGC) by Banks

By | January 21, 2016

Source : Reserve Bank of India RBI/2015-16/298 DBR.IBD.BC.75/23.67.001/2015-16 January 21, 2016 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam, Sale of India Gold Coin (IGC) As you are aware, MMTC has been authorized by the Central Government to manufacture India Gold Coins (IGC) with Ashok Chakra and supply these coins to the domestic… Read More »

RBI Amended circular on Gold Monetisation Scheme 2015

By | January 21, 2016

Source : Reserve Bank of India RBI/2015-16/300 DBR.IBD.BC.74/23.67.001/2015-16 January 21, 2016 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India hereby directs that the Reserve Bank of India (Gold Monetisation Scheme, 2015) Master Direction No.DBR.IBD.No.45/ 23.67.003/… Read More »

Milestone of Distribution of 5 Crore LED Bulbs Achieved

By | January 21, 2016

EESL Achieves Milestone of Distribution of 5 Crore LED Bulbs Energy Efficiency Services Limited (EESL) completed distribution of 5 crore LED bulbs under Domestic Efficient Lighting Programme (DELP) on Thursday morning. Shri Piyush Goyal, Minister of State (IC) for Power, Coal and New & Renewable Energy, congratulated EESL on achieving this milestone by tweeting, “Congratulations… Read More »

Govt approved New Prison Manual 2016

By | January 21, 2016

Union Home Minister approves New Prison Manual 2016 The Union Home Minister Shri Rajnath Singh has approved the new Model Prison Manual consisting of 32 chapters which aims at bringing in basic uniformity in laws, rules and regulations governing the administration of prisons and the management of prisoners all over the country. The key revisions… Read More »

250 Million for Jhelum and Tawi Flood Recovery Project

By | January 21, 2016

India Signs Financing Agreement with World Bank for US$ 250 Million for Jhelum and Tawi Flood Recovery Project The Financing Agreement for World Bank (IDA) assistance of US$ 250 million for Jhelum and Tawi Flood Recovery Project was signed between Government of India and the World Bank here today. The Financing Agreement was signed by… Read More »

Exchange Rate of Foreign Currency Notified

By | January 21, 2016

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified             In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise & Customs No.02/2016-CUSTOMS (N.T.), dated 07th January, 2016, except as respects things done… Read More »

Govt Decentralized of Environmental Clearance for Sustainable sand Mining and Mining of Minor Minerals

By | January 21, 2016

‘Decentralization of Environmental Clearance for Sustainable sand Mining and Mining of Minor Minerals Introduced’: Javadekar   The Government has announced that the process of granting Environmental Clearance for sustainable sand mining and mining of minor minerals has been decentralized.   The Ministry has created District Environment Impact Assessment Authority (DEIAA) for proper monitoring of sand mining. … Read More »

Depreciation on ROC Fees Capitalised allowed : High Court

By | January 21, 2016

Issue :- Allowance of depreciation under Section 32(1) of the Act @ 15% on Rs. 10,00,000/- paid by the assessee as fees to the Registrar of Companies for the expansion of capital base and capitalized towards plant and machinery. HELD Since the fees paid to Registrar of Companies for enhancing the authorized share capital for expansion… Read More »

Scheduled Castes and the Scheduled Tribes Amendment Act 2015 Comes into force from 26.01.2016

By | January 21, 2016

The Gazette of India EXTRAORDINARY PART II—Section 3—Sub-section (ii) MINISTRY OF SOCIAL JUSTICE AND EMPOWERMENT (Department of Social Justice and Empowerment) NOTIFICATION New Delhi, the 18th January, 2016 S.O. 152(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Amendment Act, 2015… Read More »

HUF/ Karta can not become partner of LLP

By | January 21, 2016

General Circular No 2/2016 F No 1/13/2012/CL-V Government of India Ministry of corporate Affairs Subject Whether Hindu Undivided Family (HUF) / its Karta can become partner /designated partner (DP) in Limited Liability partnership  It is hereby clarified that HUF or irs Karta can not become partner /designated partner (DP) in Limited Liability partnership Click for Complete… Read More »

CBEC clarify valuation of flats for levy of Service Tax

By | January 21, 2016

F.No.354/311/2015-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) 20th January, 2016 To, Principal Chief Commissioners of Customs and Central Excise (All) Principal Chief Commissioners of Central Excise & Service Tax (All) Principal Director Generals of Goods and Service Tax/System/CEI Director General of Audit/Tax Payer Services, Principal Commissioners/ Commissioners of Customs… Read More »

ICAI Suggested Arbitration Clause for various Legal Documents

By | January 21, 2016

Suggested Arbitration Clause for various Legal Documents – (18-01-2016) Announcement For the Members of the ICAI The Committee on Economic, Commercial Laws & WTO of the ICAI has recommended to issue an Advisory to Members for incorporating the Standard Arbitration Clause in the various legal documents/deeds/contracts/ agreements etc. in order to achieve the objective to… Read More »

SEBI invites comments on report of Alternative Investment Policy Advisory Committee

By | January 21, 2016

SEBI had constituted a standing committee ‘ Alternative Investment Policy Advisory Committee ‘ (AIPAC) under chairmanship of Shri. N. R. Narayan Murthy in March 2015.AIPAC has submitted its first report to SEBI with various recommendations stated therein. In order to take into consideration the views of various stakeholders, public comments are solicited on the said… Read More »

US$ 250 million assistance for Bihar Kosi Basin Development Project

By | January 21, 2016

India signs Financing Agreement with World Bank for US$ 250 million for Bihar Kosi Basin Development Project The Financing Agreement for World Bank (IDA) assistance of US$ 250 million for Bihar Kosi Basin Development Project was signed between Government of India and the World Bank on January 20, 2016 at New Delhi. The Financing Agreement… Read More »

Significant Reduction in Industral Pollution in Ganga

By | January 21, 2016

Significant Reduction in Industral Pollution in Ganga: Environment Ministry ‘Closure Orders Issued to 150 Grossly Polluting Units not Responding to Installation of Ocems’: Javadekar   The Government has underlined that there has been a significant reduction in industrial pollution in River Ganga.  The problem of black liquor discharge and spent wash has been largely controlled. … Read More »

Election commission guidelines on Media Coverage during Bye-elections

By | January 21, 2016

Bye-elections to fill casual vacancies in the State Legislative Assemblies of Uttar Pradesh, Madhya Pradesh, Karnataka, Bihar, Telangana, Maharashtra, Punjab and Tripura – Media Coverage during the period referred to in Section 126 of RP Act, 1951. The schedule for bye-elections to fill casual vacancies in the State Legislative Assemblies of Uttar Pradesh, Madhya Pradesh,… Read More »

ISRO and Kuwait signs MOU for research in outer space

By | January 21, 2016

Memorandum of Understanding between Department of Space / Indian Space Research Organization and Kuwait Institute of Scientific Research on cooperation in the area of outer space The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) between Department of Space / Indian Space Research Organization… Read More »

PSLV-C31 Successfully Launches India’s 5th Navigation Satellite IRNSS-1E

By | January 21, 2016

PSLV-C31 Successfully Launches India’s Fifth Navigation Satellite IRNSS-1E ISRO’s Polar Satellite Launch Vehicle, PSLV-C31, successfully launched the 1425 kg IRNSS-1E, the fifth satellite in the Indian Regional Navigation Satellite System (IRNSS) today morning (January 20, 2016) from Satish Dhawan Space Centre SHAR, Sriharikota. This is the thirty second consecutively successful mission of PSLV and the… Read More »

Imposition of MAT/DDT on SEZs dented investor friendly image

By | January 21, 2016

EPCES Delegation of SEZs Meet Commerce Minister A Delegation of Export Promotion Council for EOUs and SEZs (EPCES) led by Shri P.C. Nambiar, Chairman, EPCES had met Mrs. Nirmala Sitharaman, Hon’ble Minister of State for Commerce & Industry on January 19, 2016 for resolving the issues of EOUs and SEZs. EPCES delegation comprised of senior… Read More »

TRAI releases draft Direction on delivering broadband services

By | January 21, 2016

TRAI releases draft Direction on delivering broadband services in a transparent manner for comments from stakeholders The Telecom Regulatory Authority of India (TRAI) today released the draft Direction on delivering broadband services in a transparent manner for comments from stakeholders. Department of Telecommunication vide its Notification No. 4/4/2009-Policy-I dated the 18th July, 2013, amended the definition… Read More »