Daily Archives: February 17, 2016

Eligibility Norms for selection of Statutory Auditors in Public Banks from year 2016-17 and onwards

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks from the year 2016-17 and onwards Source : Reserve Bank of India (i) The audit firm shall have a minimum of 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated* with the firm.… Read More »

Eligibility for Selection of Auditors in Public Sector Banks for FY 2015-16

Norms on eligibility, empanelment and selection of Statutory Central Auditors and Statutory Branch Auditors in Public Sector Banks for the year 2015-16 Statutory Central Auditors as Annex I and Statutory Branch Auditors as Annex II Annex I Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks (i) The audit firm… Read More »

Last date for Empanelment with C&AG Extended

Source ICAI Last date for submission of online application form for empanelment with O/o C&AG for the year 2016-17 is extended to 22nd February, 2016. – (15-02-2016) The last date for submission of online application form for Empanelment with O/o C&AG for the year 2016-17 for audit of PSUs is extended to 22nd February, 2016… Read More »

Amendment in notification No. 12/2012-Customs, dated 17.03.2012

Seeks to further amend notification No. 12/2012-Customs, dated 17.03.2012 [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 10/2016-Customs  New Delhi, the 17th February, 2016      G.S.R.     (E).- In exercise of the powers conferred by sub-section (1)… Read More »

Customs duty on electricity imported/cleared from SEZ to DTA

[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. 9 /2016-Customs New Delhi, the 16th February, 2016 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52… Read More »

Notification No. 05/2016 – Service Tax

[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 CENTRAL BOARD OF EXCISE AND CUSTOMS  Notification No. 05/2016 – Service Tax   New Delhi, the 17th February, 2016> 28 Magha, 1937 Saka    G.S.R.    (E).- In exercise of the powers… Read More »

Clarifications on IRDAI (Registration of Corporate Agents) Regulations, 2015

Source Insurance Regulatory and Development Authority of India Ref:IRDA/CAGTS/CIR/LCE/029/02/2016 Date:16-02-2016 The Authority has notified the IRDAI (Registration of Corporate Agents) Regulations, 2015 on 20.08.2015 and has issued instructions for obtaining Certificate of Registration under IRDAI (Registration of Corporate Agents) Regulations, 2015 vide Ref. No. IRDAI/CAGTS/GDL/LCE/ 202/ 11/ 2015 dt 18.11.2015. We have to inform you… Read More »

6.8% growth in Foreign Tourist Arrivals in India in January 2016

6.8% growth in Foreign Tourist Arrivals in January 2016 over the same period in 2015 USA accounts for highest share of Tourist Arrivals in January 2016 Rs. 13,669 crores Foreign exchange earned through Tourism in January 2016 Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of Nationality-wise, Port-wise data… Read More »

ITAT Guidelines for assesses and their representatives

The Appellate Tribunal has, vide F. No. 114-Ad(AT)/69, dated 13-4-1970, laid down the following guidelines for the guidance of the assessees and their representatives : 1. In all communications addressed to the Tribunal by the parties with regard to appeals or applications or cross-objections the number thereof, or, if the number is not known, the… Read More »

Big Boost to the Railway Sector ,Govt Approved Construction of 6 Railway Lines and a Railway bridge

Big Boost to the Railway Sector: CCEA approves construction of additional Railway lines       The Cabinet Committee of Economic Affairs, chaired by the Prime Minister Shri NarendraModi, has approved construction of six Railway Lines and a Railway bridge to cater to both increased passenger and freight needs in various areas of the country. The proposals… Read More »

Delimitation of Constituency in the Cooch Behar District of West Bengal

Amendment to the Delimitation Act, 2002 and the Representation of the People Act, 1950 regarding delimitation of constituencies in West Bengal consequent upon exchange of the territories between India and Bangladesh The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to amend section 11 of the Delimitation Act, 2002… Read More »

E-tolling in all 360 toll plazas in India by April 2016

All 360 toll plazas in India to have e-tolling system by April 2016 Union Minister for Shipping, Highways and Road Transport Shri Nitin Gadkari today announced that e-Tolling system on all the 360 toll plazas in the country will be operational by April this year. “We have already put this project on fast track and… Read More »

Govt made changes in Small Saving Schemes

Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016 on a Quarterly Basis to align the small saving interest rates with the market rates of the relevant Government securities; Interest rate on savings schemes based on laudable Social Development or Social Security Goals including Sukanya Samriddhi Yojana, the Senior Citizen Savings Scheme and… Read More »

Cabinet approves Trade Facilitation Agreement (TFA)

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Proposal for Notification of Commitments under the Trade Facilitation Agreement (TFA) of World Trade Organization (WTO), ratification and acceptance of the Instrument of Acceptance of Protocol of TFA to the WTO Secretariat and constitution of the National Committee on Trade Facilitation… Read More »

Govt gave approval for LIGO -India mega science proposal

Cabinet grants ‘in-principle’ approval to the LIGO-India mega science proposal The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ‘in principle’ approval to the LIGO-India mega science proposal for research on gravitational waves. The proposal, known as LIGO-India project (Laser Interferometer Gravitational-wave Observatory in India) is piloted by Department of… Read More »

Website of Maritime India Summit 2016 launched

Shri Nitin Gadkari launches website of Maritime India Summit 2016 Shri Nitin Gadkari,  Minister of Shipping, Road Transport and Highways launched the Website for Maritime India Summit 2016 www.maritimeinvest.in at the Ports and Shipping seminar at Make in India (MII) Summit today. The Maritime India Summit is scheduled to be  held in Mumbai in April this… Read More »

Soil Health Card (SHC) scheme

What is Soil Health Card (SHC) scheme? It is a Government of India‟s scheme promoted by the Department of Agriculture & Co-operation under the Ministry of Agriculture. It will be implemented through the Department of Agriculture of all the State and Union Territory Governments. A SHC is meant to give each farmer soil nutrient status… Read More »

Environment Information System( ENVIS )portal Launched by Govt

Environment Minister launches envis portal National interaction-cum-evaluation workshop for Environment Information System inaugurated The Government has reiterated the need to reach out to the people on environmental issues and creating more awareness among them.  Speaking after launching the Environment Information System (ENVIS) portal at the inauguration of the national interaction-cum-evaluation workshop for ENVIS system here… Read More »

CBDT resolves disputes of Rs 5000 crore under MAP

CBDT resolves disputes to the tune of Rs 5000 crore under Mutual Agreement Procedure (MAP) of Tax Treaties Since 1st April, 2014 till date, the Central Board of Direct Taxes (CBDT) has resolved 180 cases through a Mutual Agreement Procedure (MAP). The total amount of income locked- up in dispute in these cases is approximately… Read More »