Daily Archives: February 3, 2016

IRDA Draft on Loans or Temporary advances to Full-time Employees of the Insurers

By | February 3, 2016

Source IRDA Date:03-02-2016 Insurance Regulatory and Development Authority of India (Loans or Temporary advances to the Full-time Employees of the Insurers) Regulations, 2016 Insurance Laws (Amendment) Act 2015 has carried out amendments to the section 29. The amended Section 29 (3)(a) empowers the Authority to frame regulations on the loans or temporary advances to the… Read More »

Inflation Expectations Survey of Households December 2015

By | February 3, 2016

Source RBI Date : Feb 03, 2016 The Inflation Expectations Survey of Households for December – 2015 (42nd round) captures the inflation expectations of 4,828 urban households across 16 cities, for the next three month period and the next one year period. These expectations are based on their individual consumption baskets and hence these rates… Read More »

Consumer Confidence Survey December 2015

By | February 3, 2016

Source RBI Date : Feb 03, 2016 Consumer Confidence Survey: December 2015 The Consumer Confidence Survey provides an assessment of respondents’ perceptions on general economic conditions and own financial situation during the current period and a year ahead. The survey captures qualitative information on a three point scale i.e., improve, remain same or worsen, from… Read More »

CBEC circular on Indian Customs Single Window project , NOC Module and Lab Module

By | February 3, 2016

Extending the Indian Customs Single Window to other locations and other Participating Government Agencies Circular No. 03/2016-Cus F.No.450/147/2015-Cus-IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) ****** New Delhi, dated the 3 rd February, 2016 To, All Chief Commissioners of Customs / Customs (Preventive), All Chief Commissioners of… Read More »

Amend notification No. 12/2012- Customs

By | February 3, 2016

Seeks to further amend notification No. 12/2012- Customs dated 17.03.2012. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 7/2016-Customs New Delhi, the 2 nd February, 2016 G.S. R. (E).—In exercise of the powers conferred by sub-section (1)… Read More »

Govt allow refund of Swachh Bharat Cess paid on specified services used in an SEZ

By | February 3, 2016

Seeks to amend notification No. 12/2013- ST, dated the 1st July, 2013 so as to allow refund of Swachh Bharat Cess paid on specified services used in an SEZ. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION(i)]  GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)  NOTIFICATION No. 02/2016-Service… Read More »

Govt allow refund of service tax on services used beyond any other place or premises

By | February 3, 2016

Seeks to amend notification No. 41/2012- ST, dated the 29th June, 2012 so as to allow refund of service tax on services used beyond the factory or any other place or premises of production or manufacture of the said goods for the export of the said goods and to increase the refund amount commensurate to… Read More »

MAGIC process lab at CSIR-National Chemical Laboratory, Pune

By | February 3, 2016

Dr. Harsh Vardhan inaugurates the “ MAGIC ” process lab at CSIR-National Chemical Laboratory, Pune The Union Minister for Science & Technology & Earth Sciences, Dr Harsh Vardhan, inaugurated a unique MAGIC [Modular, Agile, Intensified & Continuous] Process Lab at CSIR-National Chemical Laboratory (CSIR-NCL) Pune last evening. While inaugurating the facility he announced that “The… Read More »

Rs.1 lakh Crore for development of road infrastructure in Karnataka

By | February 3, 2016

Centre to contribute Rs. 1 lakh Crore for the development of road infrastructure in Karnataka. The Central Government will contribute Rs one lakh crore for the development of road infrastructure in Karnataka. In addition Rs. 200 crore will be spent on developing four light houses in the state in PPP mode. Shri Nitin Gadkari, Union… Read More »

Appointment and Transfer of High Court Judges

By | February 3, 2016

Appointment and Transfer of High Court Judges Shri Justice Vivek Kumar Birla, Shri Justice Attau Rahman Masoodi, Shri Justice Ashwani Kumar Mishra, Shri Justice Rajan Roy, Smt. Justice Ranjana Pandya, Smt. Justice Vijay Lakshmi, Shri Justice Arvind Kumar Mishra-I, Shri Justice Anant Kumar, Shri Justice Harsh Kumar, Shri Justice Shashi Kant, Shri Justice Om Prakash-VII… Read More »

One Rank One Pension implementation tables issued

By | February 3, 2016

One Rank One Pension (OROP) implementation tables issued The Government of India had taken the historic decision to implement OROP in November, 2015. This fulfilled the long standing demand of the Defence Forces personnel after 42 years and benefited over 18 lakh ex-servicemen and war widows. In pursuance of the order issued on 07/11/2015, detailed… Read More »

Govt approves JV with state for rail infrastructure projects

By | February 3, 2016

Cabinet approves formation of Joint Venture Companies with State Governments to mobilize resources for undertaking various rail infrastructure projects in the State The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for allowing the Ministry of Railways to form Joint Venture Companies with the State Governments to mobilize… Read More »

Govt approved coal linkages/LoAs for non-regulated sector

By | February 3, 2016

Auction of linkages of Non-Regulated Sector The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval that all allocations of linkages/Letter of Assurance (LoAs) for non-regulated sector viz. Cement, Steel/Sponge Iron, Aluminium, and Others [excluding Fertilizer (urea) sector], including their CPPs, shall henceforth be auction based.   The… Read More »

Govt Increased Minimum Support Price for Copra

By | February 3, 2016

MSP for Copra for 2016 season The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the Minimum Support Prices (MSPs) for Copra for 2016 season. The decision is based on recommendations of Commission for Agricultural Costs and Prices (CACP). CACP, which is an expert body,… Read More »

If Assessee failed to explain source of Gift from Wife , it is unexplained credit

By | February 3, 2016

Held The concept of receiving gift from wife is acceptable. However, onus is upon the assessee, to establish the identity of the person and also the creditworthiness of the person giving the gift. The first aspect of the issue is that the gift received by any person should be irrevocable. However, in the case of… Read More »

RBI announces Regulatory Relaxations for Startups

By | February 3, 2016

In paragraph 14 of the Sixth Bi-monthly Monetary Policy Statement for 2015-16 released today, the Governor highlighted the steps being taken by the Reserve Bank of India, in keeping with the Government’s initiatives to promote the ease of doing business and contribute to an eco-system conducive for growth of entrepreneurship, particularly in respect of the… Read More »

Govt setups Tax Policy Research Unit and Tax Policy Council

By | February 3, 2016

Government sets-up Tax Policy Research Unit and Tax Policy Council to bring consistency, multidisciplinary inputs, and coherence in Tax Policy        The Tax Administration Reform Commission (TARC) have in their First Report, identified handling of tax policy and related legislation as one of the areas which needs structural modifications. Observing that currently, this is handled… Read More »

CVD on vessels imported by ship breaking units : CBEC issued Circular

By | February 3, 2016

Circular No.-1014/2/2016-CX Dated the 1st February, 2016 F. No. 6/14/2014-CX.I (Pt.) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Custom *********** New Delhi, dated the 1st February, 2016 To Principal Chief Commissioner/ Chief Commissioner / Principal Commissioner of Central Excise and Customs (All) Web-master,CBEC Madam/Sir, Subject: Inclusion of show… Read More »

1.15 Crore Subscribers for National Pension System

By | February 3, 2016

1.15 Crore Subscribers for National Pension System (NPS) as on 23.1.2016 National Pension System (NPS) had 11,459,555 subscribers with a total corpus of Rs. 90, 327 crore as on 23rd January, 2016. The total Assets under Management are worth Rs. 109,140 crore while Assets under Management per subscriber is Rs. 95,000 on an average. The… Read More »

FAQ’s on Jeevan Pramaan or Digital Life certificate

By | February 3, 2016

What is Jeevan Pramaan? Jeevan Pramaan is computer generated digital life certificate for pensioner. Jeevan Pramaan Certificate is produced for individual pensioner using his Biometric Credentials. How is this different from traditional Life Certificate issued by Govt Officers/ Agencies? For this certificate individual pensioner has not to present himself/ herself in front of seniors authorised… Read More »

Jeevan Pramaan , Pensioner can now digitally provide Annual Life Certificate

By | February 3, 2016

Jeevan Pramaan- A Hit With Pensioners Jeevan Pramaan (https://jeevanpramaan.gov.in/) provides a big relief to all pensioners. A pensioner can now digitally provide Annual Life Certificate to the authorities for continuity of pension instead of presenting himself physically or through a Life Certificate issued by specified authorities every year. Lakhs of pensioners on various schemes are… Read More »

RBI to issue of ₹ 100 banknotes with inset letter ‘R’

By | February 3, 2016

The Reserve Bank of India will shortly issue ₹ 100 denomination banknotes with three additional/revised features in the Mahatma Gandhi Series-2005, with inset letter ‘R’ in both the numbering panels, bearing the signature of Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and the year of printing ‘2015’ printed on the reverse of the… Read More »