Daily Archives: March 3, 2016

Govt to exempt Capital gain and interest on Gold Monetization Scheme 2015

By | March 3, 2016

Finance Bill 2016 Tax Treatment of Gold Monetization Scheme, 2015 Under the existing provisions of section 10, interest on Gold Deposit Bonds issued under Gold Deposit Scheme, 1999 is exempt. Further, these bonds are excluded from the definition of capital asset and therefore exempt from tax on capital gains. The Gold Monetization Scheme, 2015 has… Read More »

RBI Master Directions 2016 on Interest Rate on Deposits

By | March 3, 2016

RBI/DBR/2015-16/19 Master Direction DBR. Dir. No.84/13.03.00/2015-16 March 03, 2016 Master Direction – Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 In exercise of the powers conferred by conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient… Read More »

Category: RBI

RBI Master Direction 2016 on Interest Rate on Advances

By | March 3, 2016

RBI/DBR/2015-16/20 Master Direction DBR.Dir.No.85/13.03.00/2015-16 March 03, 2016 Master Direction – Reserve Bank of India (Interest Rate on Advances) Directions, 2016 In exercise of the powers conferred by conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the… Read More »

Govt abolished Interview for Group C and D Services

By | March 3, 2016

Abolition of Interview for Group C and D Services The Central Government has decided to dispense with the interview for all Group C (including Group D) and non-gazetted Group B category in Central Government by 31.12.2015. Accordingly, instructions have been issued to the Staff Selection Commission mandated with the recruitment of mainly Group B (Non-Gazetted)… Read More »

Exchange Rate of Foreign Currency relating To Imported and Export Goods notified

By | March 3, 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 and Customs No.29/2016-CUSTOMS (N.T.), dated 18th February, 2016, except as respects things done or… Read More »

CBDT clarifies provisions of the Income tax for reducing litigation and easing burden of compliance

By | March 3, 2016

CBDT clarifies various provisions of the Income-tax Act for reducing litigation and easing burden of compliance   The Central Board of Direct Taxes (CBDT) has taken a number of decisions to clarify the applicability of various provisions of the Income-tax Act with the objective of easing the burden of compliance and reducing litigation. It has… Read More »

CBDT issues Revised Guidelines for stay of demand at CIT (Appeals)

By | March 3, 2016

CBDT issues Revised Guidelines for stay of demand at the First Appeal Stage; Decision of the Board to provide significant relief to the taxpayers in matters relating to grant of stay and recovery of demand by reducing arbitrariness in the disposal of stay petitions where the tax demand is contested at the First Appellate stage.… Read More »

New Advance tax Provisions of Income tax as per Finance Bill 2016

By | March 3, 2016

Advance Tax as proposed by Finance Bill 2016 Advance Tax Payments date for  Corporate and Non Corporate Assessee (All Assessee’s) The Finance Bill, 2016 now treats the non-corporates at par with corporates by mandating advance tax payments in four instalments viz. 15% of the tax on the returned income, on or before 15th June; 45%… Read More »

CUSTOMS Amendments Proposed by Budget 2016

By | March 3, 2016

CUSTOMS Amendments Proposed by Budget 2016 Section 2(43) has been amended so as to include Special Warehouse licensed under Section 58A for enabling storage of specific goods under physical control of the department, as control over the other types of warehouses would be only record based. Section 25 is being amended so as to omit… Read More »

Amendment in Service Tax by Budget 2016

By | March 3, 2016

Amendment in Service Tax Amendments effective from 01.03.2016 Exemption withdrawn Exemption with respect to construction, erection, commissioning or installation of original works pertaining to monorail or metro in respect of contracts entered into on/after 01.03.2016, has been withdrawn. New Exemptions Following services have been exempted: Services by way of construction, erection, commissioning, etc. in respect… Read More »

Income-tax (Fourth Amendment) Rules 2016

By | March 3, 2016

INCOME-TAX (FOURTH AMENDMENT) RULES, 2016  AMENDMENT IN NEW APPENDIX I NOTIFICATION NO. SO 650(E) [NO.13/2016 (F.NO.142/33/2015-TPL)], DATED 3-3-2016 In exercise of the powers conferred by section 295 read with section 32 of the Income‐tax Act, 1961 (43 of 1961), the Central Board of Direct Taxeshereby makes the following rules further to amend the Income‐tax Rules,… Read More »

RBI Master Circular on Basel III Capital Regulations – Revision

By | March 3, 2016

Source Reserve Bank of India RBI/2015-16/331 DBR.No.BP.BC.83/21.06.201/2015-16 March 1, 2016 All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Madam / Sir, Master Circular – Basel III Capital Regulations – Revision Please refer to Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on ‘Basel III Capital Regulations’. The treatment of certain balance sheet… Read More »

New website of National Commission for Scheduled Tribes

By | March 3, 2016

Jual Oram Launches New Website of NCST Union Minister for Tribal Affairs Shri Jual Oram launched the revamped website “http://www.ncst.gov.in” of National Commission for Scheduled Tribes (NCST) in New Delhi today. Speaking on the occasion the Minister appreciated the efforts put in by NCST officials in the preparation of the new website. The Minister said… Read More »

Govt Online Initiative for LPG Distribution

By | March 3, 2016

Online Initiative for LPG Distribution The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that online services to LPG consumers are provided through www.Mylpg.in which provides various services under single umbrella such as Web Booking with online payments, Online application for New… Read More »

Govt Initiatives for Enhancing Indigenous Production of Oil and Gas

By | March 3, 2016

Policy Initiatives for Enhancing Indigenous Production of Oil and Gas               The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that in order to accelerate the pace of exploration and enhance production of oil and gas in the country, the Government… Read More »

Govt steps for Monitoring of Grievances of Public

By | March 3, 2016

Monitoring of Grievances The total number of grievances received on the online Centralized PublicGrievance Redress and Monitoring System(CPGRAMS) in respect of Central GovernmentMinistries/ Departments during the last four years are as under:- _ Year No. of Grievances received 2012 176126 2013 209637 2014 270255 2015 881132   The increase is due to a number of… Read More »

Reservation in Promotion

By | March 3, 2016

Reservation in Promotion The instructions issued by Department of Personnel & Training provide for reservation in promotion to persons belonging to Scheduled Castes (SCs) and Scheduled Tribes (STs) in posts in the Central Government upto the lowest rung of Group ‘A’. These instructions are also being implemented by Central Public Sector Undertakings, wherever reservation in… Read More »

Laser Walls along riverine stretches of India-Pakistan Border

By | March 3, 2016

Laser Walls along riverine stretches of India-Pakistan Border Border Security Force (BSF) has taken various measures to check the infiltration of the terrorists along Indo-Pakistan border. Installing laser walls is one of the integrated measures taken by BSF. The laser technology developed by BSF has been designed to cover all the shortcomings experienced in the… Read More »

Passports to Children

By | March 3, 2016

Passports to Children The Government has already put in place a liberal policy for issue of passports to children of single parents whereby they can obtain passports for their minor children by furnishing an affidavit in the form of Annexure ‘C’ in case of children disowned by other parent or children born out of wedlock;… Read More »

Emigration clearances granted during last 3 years

By | March 3, 2016

Migration of Indians Data about global migration of Indian nationals is not maintained / available in this Ministry. Data about the number of Indian workers who emigrated through Emigration Clearance to 18 notified Emigration Clearance Required (ECR) countries is available with this Ministry. Data for emigration clearances granted during the last three years is as… Read More »

Indo-Iran Ties

By | March 3, 2016

Indo-Iran Ties India welcomed the announcement of lifting of nuclear-related sanctions against Iran in January 2016. External Affairs Minister, in a letter to her Iranian counterpart, stated that the milestone represented triumph of diplomacy and signalled a new chapter of peace, progress and prosperity for Iran and our region opening up vast opportunities for our… Read More »

Adoption of Monuments by Corporate Houses

By | March 3, 2016

Adoption of Monuments by Corporate Houses The Government of India encourages Public Private Partnership (PPP) for conservation, restoration and environmental development of protected monuments and sites under the aegis of National Culture Fund (NCF), a Trust under the Ministry of Culture. A few Corporate Houses and public sector units have come forward for the maintenance… Read More »

Conversion of Heritage Sites into Tourist Spots in Maharashtra

By | March 3, 2016

Conversion of Heritage Sites into Tourist Spots in Maharashtra The Archaeological Survey of India (ASI) is responsible for protection, conservation and maintenance of monuments/sites in the country which have been declared as of National importance. Besides this, providing basic facilities/amenities (e.g. drinking water, toilet blocks, facilities for physically challenged, pathways, cultural notice boards/signage, vehicle parking,… Read More »

Govt Steps to remove Obstacles of startup India Mission

By | March 3, 2016

Steps to Address Obstacles Under’startup India’ Mission   Local Circles is a social media site which keeps conducting informal surveys on various issues.  Government policies cannot be framed on the basis of such informal surveys.  The Government, however, has identified regulatory reforms which aim at reducing inefficiencies and corruption as its top most priority. A number… Read More »

India to be developed as MRO hub of Asia

By | March 3, 2016

Civil Aviation Minister says Budget 2016-17 has paved the way for developing India the MRO hub of Asia. The Minister of Civil Aviation Shri P Ashok Gajapathi Raju has said that the Budget 2016-17 has paved the way for developing India as a Maintenance, Repair and Overhauling (MRO) hub of Asia. Speaking to media persons … Read More »

India signs Nuclear Agreements for peaceful uses of nuclear energy

By | March 3, 2016

Nuclear Agreements The Government has recently signed the following agreements in the field of peaceful uses of nuclear energy: (i). Agreement between the Government of India and the Government of Australia on Cooperation in the Peaceful Uses of Nuclear Energy, signed on 05.09.2014 and entered into force with effect from 13.11.2015. (ii). Agreement between the… Read More »

India signs MOU with Japan and Russia for Railway Projects

By | March 3, 2016

MoUs with Japan and Russia in the various fields of Railways The Union Cabinet chaired by the Prime Minister Shri Narendra Modi was today apprised of the following Memorandum of Cooperation (MoC) and Memorandum of Understanding (MoUs):- (i)      The MoC signed between   Ministry of Railways (MoR) and Ministry of Land, Infrastructure, Transport and Tourism… Read More »