Daily Archives: March 12, 2016

SEBI Clarify Aadhaar Based E-KYC Process

FREQUENTLY ASKED QUESTIONS ON SEBI CIRCULAR NO.CIR/MIRSD/29/2016, DATED 22-1-2016 ON KNOW YOUR CLIENT REQUIREMENTS CLARIFICATION ON VOLUNTARY ADAPTATION OF AADHAAR BASED E-KYC PROCESS PRESS RELEASE, DATED 11-3-2016 1. Whether intermediaries are required to carry out in-person verification (IPV) of the client, if KYC verification of the client is carried out through Aadhaar based e-KYC service… Read More »

RBI Review of risk weights assigned to sovereign debt

RBI/2015-16/336 DNBR (PD) CC.No.076/03.10.001/2015-16 March 10, 2016 All Non-Banking Financial Companies (excluding RNBCs) Madam/ Sir, Review of risk weights assigned to sovereign debt In terms of the extant directions, deposit accepting NBFCs, systemically important non-deposit taking NBFCs, all NBFC-MFIs and all NBFC-IFCs shall maintain a minimum capital ratio consisting of Tier I and Tier II… Read More »

Operationalizing Mega Food Parks

Operationalizing Mega Food Parks Government had sanctioned setting up of 30 Mega Food Parks in three phases during 11th Five Year Plan for creation of modern infrastructure for food processing industries in the country. Out of 10 projects approved in the 1st Phase by the Ministry, 6 Mega Food Park projects have become operational, 2… Read More »

Norms for Startup MSMEs Relaxed

Norms for Startup MSMEs Relaxed Awareness Campaign to Ensure Better Implementation of Quality Standards in MSME Sector Government has decided to relax the norms for Startup MSMEs. According to the decision, if the MSMEs can deliver the goods and services as per prescribed technical & quality specifications, the norms on prior experience and prior turnover… Read More »

EPFO incentive scheme for employers to encourage UAN

EPFO launches an incentive scheme for employers to encourage partnership in allotment of universal account number (UAN) to their employees Employers can get refund upto 10% of administrative charges payable to EPFO under a new incentive scheme EPFO, Head Office, New Delhi:  In order to boost the process of seeding the Universal Account Number (UAN)… Read More »

India ranked 22nd in the Best Countries Report 2016

India ranked 22nd of 60 Countries in the Best Countries Report 2016 India has been ranked 22nd out of 60 counties in the Best Countries Report 2015, summary of which is available at http://www.usnews.com/ness/best-countries/articles/methodology. The countries were ranked based on the data from a proprietary perception survey developed by U.S. News, BAV Consulting and the… Read More »

Rationalization of Interest Rates of Small Savings Scheme

Rationalization of Interest Rates of Small Savings Scheme The Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015 has been formulated and notified on 19th May, 2015. PFRDA regulations have not specifically stipulated any fixed investment management fee. However, Regulation 20 of the Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015 states… Read More »

No MAT on foreign company if does not have PE in India

Levy of Minimum Alternate Tax Section 115JB of the Income-tax Act, 1961 (the Act) provides that in case of a company, if the tax payable on the total income as computed under the Act in respect of any previous year relevant to the assessment year commencing on or after 1.4.2012, is less than eighteen and… Read More »

Online Application for Withdrawal under New Pension Scheme

Online Application for Withdrawal under New Pension Scheme The Pension Fund Regulatory and Development Authority (PFRDA) had issued a Circular dated February 25, 2015, making it mandatory for all the Nodal Offices to process the withdrawal claims of their underlying subscribers on the online platform made available on the Central Recordkeeping Agency (CRA) system from… Read More »

Judgments of Company Law Board

Online Rulings/ Judgments of Company Law Board Orders of the Company Law Board pronounced from the year 2010 onwards under various sections of the Companies Act, 1956 & 2013, are available through on-line access on its website namely www.clb.gov.in.  At present, there is no plan to include Company Law Board under the e-courts as the… Read More »