Monthly Archives: April 2016

Real Estate Act comes into force w.e.f 01.05.2016

Real Estate Act comes into force tomorrow after 8 year long efforts Countdown for making operational rules, setting up Regulatory Authorities, Appellate Tribunals begins Rules to be made within a maximum period of 6 months; Authorities and Tribunals in one year     Ministry of HUPA begins work on preparation of model Rules under the… Read More »

Agusta Westland : Indian Government clarification

Government clarification on issues regarding M/S Agusta Westland International Limited (AWIL) In the matter pertaining to acquisition of Agusta Westland helicopters, the undisputed central issue that stands out is corruption, especially bribery. Any other line of assumption, approach and effort, as is being attempted in some quarters, is misleading, tries to hide the wrong-doers and… Read More »

Real Estate Act : some provisions notified w.e.f 01.5.16

SECTION 1 OF THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 NOTIFIED DATE ON WHICH SPECIFIED PROVISIONS OF SAID ACT SHALL COME INTO FORCE NOTIFICATION NO. SO 1544(E) [F.NO.0-17034/18/2009-H], DATED 26-4-2016 In exercise of the powers conferred by sub-section (3) of section 1 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016),… Read More »

Bullet Train between Ahmedabad and Mumbai: Cost

Bullet Train between Ahmedabad and Mumbai The Mumbai-Ahmedabad high speed rail project has been sanctioned at total completion cost of ₹ 97,636 crore as per details below (in ₹):   Construction cost                                                            :  44,621 crore (Track/Station/Depot/Electric/ Signalling & Telecom)   Rolling Stock                                                                    :   5,255 crore Land                                                                                  :   9,863 crore Miscellaneous                            … Read More »

Cancellation of PRS counter tickets through IRCTC website

Railway Minister announces two more passenger friendly services namely (i) Cancellation of PRS counter tickets through IRCTC website and 139 (ii) Acceptance of International Debit and Credit Cards for payment for e-ticketing through IRCTC website Working on the fast track to implement Rail Budget Announcements of 2016-17 ranging from improving passenger amenities to infrastructure development,… Read More »

Busy Season Charge withdrawn by Indian Railways

Indian Railways Withdraws Busy Season Charges Ministry of Railways has decided to withdraw Busy Season Charge levied on all commodities loaded in Covered Stock for two months. This will be applicable from 1st May 2016 to 30th June 2016. This was announced by the Railway Minister Suresh Prabhakar Prabhu in a programme today. BACKGROUNDER :… Read More »

Mega Food Parks Scheme

Success Rate of Mega Food Parks Scheme The Mega Food Parks Scheme aims at creating modern infrastructure facilities for food processing in the country along the value chain from farm to market based on hub and spokes model. It includes creation of infrastructure for primary processing and storage near the farm at Primary Processing Centres… Read More »

Informers of Tax Evasion ,Guidelines for Grant of Rewards

Guidelines for Grant of Rewards to Informers of Tax Evasion The details with regard to guidelines in respect of rewards to informers of tax evasion are: Direct Taxes:- Any person who provides specific information with respect to evasion of direct taxes and such information helps in detection of undisclosed income and/or seizure of undisclosed cash,… Read More »

Indian Customs- Guide to Travellers Mobile App launched

Mobile App namely ‘‘Indian Customs- Guide to Travellers’ launched to inform Traders/Exporters/Importers about Customs Rules Central Board of Excise and Customs (CBEC) has launched mobile app, namely, ‘Indian Customs- Guide to Travellers’. The mobile App has been developed by Bengaluru Customs to inform international travelers who may, inter-alia, be traders/exporters/importers about Customs Baggage rules. The… Read More »

Time Series Data Released by Income Tax Department

Release of Data by Income Tax Department Income Tax Department has released Time Series Data for Financial Year 2000-01 to 2014-15 based on internal reporting/ MIS of the Income Tax Department or figures reported by Controller General of Accounts or data published by other Government agencies along with PAN Allotment Statistics pertaining to Financial Year… Read More »

Swabhiman Campaign of Banks

Swabhiman Campaign Under the Swabhimaan campaign, the banks were advised to provide appropriate banking facilities to habitations having a population in excess of 2000 (as per 2001 census) by March 2012. The banks identified approximately 74000 habitations across the country having a population of over 2000 for providing banking facilities. As per reports received from… Read More »

Bank Board Bureau stared functioning with effect from 1.4.2016

Bank Board Bureau With the approval of Appointments Committee of the Cabinet (ACC), the Government has set-up an autonomous Banks Board Bureau (BBB), which has stared functioning with effect from 1.4.2016. The Bureau will search and select heads of public Sector Banks/Financial Institutions and help them in developing differentiated strategies and capital raising plans through… Read More »

Atal Pension Yojana Amendment

Amendment in the existing Atal Pension Yojana The Government has made following amendment in the existing Atal Pension Yojana (APY) vide Government Notification F. No. 16//1/2015 PR dated 22nd March, 2016. Option to the spouse of the subscriber to continue contribution to APY on death of subscriber before the age of 60 years: “If the… Read More »

Registered office of companies needs to be physically verified

Financial Transactions of Companies The Companies Act, 1956/2013 mandate that only individuals having Director Identification Number, which is allotted on verification of ID and address proof can become directors of a company. Further, the law requires physical verification of registered office addresses of companies by practicing professionals and intimation to the Registrar of Companies in… Read More »

Indian Accounting Standards implementation Road Map

Indian Accounting Standards The Road Map for implementation of Indian Accounting Standards (Ind AS) for commercial Banks (Banks), Insurance Companies (Insurers) and Non-Banking Financial Companies (NBFCs) was announced on 18/01/2016 and implementation schedule is drawn as follows: (i) Banks (excluding Urban Cooperative Banks and Regional Rural Banks), All-India Term-lending Refinancing Institutions (i.e. Exim Bank, NABARD,… Read More »

Prdhan Mantri Fasal Bima Yojana (PMFBY ) Salient Features

Implementation of Modified Crop Insurance Scheme The salient features of the Prdhan Mantri Fasal Bima Yojana (PMFBY) approved recently for its implementation from current Kharif 2016 season are annexed. In addition to Agriculture Insurance Company of India Ltd. (AIC), 10 private general insurance companies namely, ICICI-Lombard, IFFCO-Tokio, HDFC-ERGO, Cholamandalam-MS, Reliance General, Future-Generali, Tata-AIG, SBI General,… Read More »

Delhi restaurants & Halwais, migrating to new composition scheme, need not to pay tax on opening stock

DELHI VALUE ADDED TAX ACT, 2004  NEW COMPOSITION SCHEME FOR RESTAURANTS AND HALWAIS CIRCULAR NO.01 OF 2016-17 [NO.F.3(664)/POLICY/VAT/2016/106-112], DATED 27-4-2016 A new composition scheme has been recently notified by the Government vide notification dated 18/03/2016 in exercise of powers conferred in section 16(12), wherein the registered dealers whose annual turnover is upto Rs. 50 Lakhs… Read More »

Risk Weight of investments in Corporate Bonds by Standalone Primary Dealers (SPDs)

RBI/2015-16/388 DNBR.CO.PD.No.080/03.10.01/2015-16 April 28, 2016 All Standalone Primary Dealers Madam/ Sir, Risk Weight in respect of investments in Corporate Bonds by Standalone Primary Dealers (SPDs) In terms of the Capital Adequacy Standards and Risk Management Guidelines for SPDs, risk weight of 100% has been stipulated in respect of investments in corporate bonds, for the purpose… Read More »

F-TRAC – Counterparty Confirmation

RBI/2015-16/387 FMRD.FMID.8/14.01.02/2015-16 April 28, 2016 All RBI regulated entities Madam/Sir, F-TRAC – Counterparty Confirmation A reference is invited to RBI circular FMRD.FMID.01/14.01.02/2014-15 dated December 19, 2014 waiving the requirement of exchange of physical confirmation of trades matched on the Financial Market Trade Reporting and Confirmation Platform (“F- TRAC”) of the Clearcorp Dealing Systems (India) Ltd.… Read More »

No requirement of maintenance of collateral or cash deposits by the Exchange Houses with whom banks have entered into the Rupee Drawing Arrangement.

RBI/2015-16/386 A.P. (DIR Series) Circular No.66 April 28, 2016 To, All Authorised Dealer Category-I Banks Madam / Sir, Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non- Resident Exchange Houses: Rupee Drawing Arrangement Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph (C) 3 vii of the A. P.… Read More »

Category: RBI

Import Data Processing and Monitoring System

RBI/2015-16/385 A.P. (DIR Series) Circular No.65 April 28, 2016 To All Category-I Authorised Dealer Banks Madam / Sir, Import of Goods: Import Data Processing and Monitoring System (IDPMS) Attention of Authorised Dealers is invited to Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Government of India Notification No. G.S.R.… Read More »

Category: RBI

Remittance of Assets regulations 2016 Features

RBI/2015-16/384 A.P. (DIR Series) Circular No. 64/2015-16 [(1)/13(R)] April 28, 2016 To All Category – I Authorised Dealer and Authorised Banks Madam/ Sir Foreign Exchange Management (Remittance of Assets) Regulations, 2016 Attention of Authorised Dealers (ADs) is invited to (a) A.D. (M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs… Read More »

compliance to Jilani Committee recommendations need not be reported to the ACB

RBI/2015-16/383 Ref.DBS.CO.PPD.BC.No.10/11.01.005/2015-16 April 28, 2016 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Compliance with Jilani Committee Recommendations We invite attention to our circular DBS.CO.PPD.BC.No.39/11.01.005/99-2000 dated June 28, 2000 on Jilani Committee recommendations relating to frauds and malpractices in banks. Attention is also drawn to our circular DBS.ARS.BC.No.4/08.91.020/2010-11 dated November 10, 2010… Read More »

Apply amended Accounting Standards from F.Y. 2016-17 onwards: MCA

COMPANIES (ACCOUNTING STANDARDS) AMENDMENT RULES, 2016  GENERAL CIRCULAR NO.4/2016 [F.NO.01/01/2009-CL-V], DATED 27-4-2016 Stakeholders have sought clarifications with regard to the accounting period for which the accounts would need to be prepared using the Accounting Standards, as amended through the Companies (Accounting Standards) Amendment Rules, 2016. The matter has been examined in the Ministry and it… Read More »

Public Private Partnership : Report of Committee for Revitalising

REPORT OF THE COMMITTEE ON REVISITING AND REVITALISING PUBLIC PRIVATE PARTNERSHIP MODEL OF INFRASTRUCTURE Nov 2015 by Department of Economic Affairs Ministry of Finance Public Private Partnerships (PPPs) in infrastructure refer to the provision of a public asset and service by a private partner who has been conceded the right (the “Concession”) for the purpose, for… Read More »

Black Money curbing measure of Indian Govt

The Measures taken by the Government to Curb Black Money in the Country The Government has taken several measures to effectively deal with the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, more effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems… Read More »

Panama Papers Leaks , SIT consituted by Indian Govt

Constitution of SIT on Panama Papers Leaks The Government has constituted a Multi-Agency Group on 4th April 2016, inter alia, for facilitating co-ordinated and speedy investigation in the cases of Indian persons allegedly having undisclosed foreign assets and whose names are reportedly included in Panama Papers leaks. The Group consist of the officers of Investigation… Read More »

Civil Services and Indian Forest Service Examination 2016

Civil Services Examination and Indian Forest Service Examination – 2016 Common Preliminary Examination The Union Public Service Commission will hold the Civil Services (Preliminary) Examination, 2016 on August 07, 2016. This Preliminary Examination will be common for the candidates applying for Civil Services Examination and Indian Forest Service Examination, and will act as a screening… Read More »

Vacations and working Hours in the Judiciary

Vacations and working Hours in the Judiciary The duration of Vacation is governed by the Rules/Regulations framed by the concerned High Court and the Supreme Court. The vacation/working days/working hours in the District/ Subordinate courts are regulated by the respective High Court. The 230th Report of the Law Commission of India submitted in August, 2009… Read More »

International safety standards for new vehicles

International safety standards for new vehicles Government has already introduced several safety standards, which are very similar to international regulation. All such requirements are notified under CMVR from time to time. The following are the latest requirements which are in-line with international standards. These standards are already notified effective from the dates indicated. Date of… Read More »

Comments on MAT-Ind AS Commitee Report Invited

Comments/suggestions invited on Report of the Committee (MAT-Ind AS) on the framework for computation of book profit for the levy of MAT. On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of  the Finance… Read More »

Civil Services Examination Rules Notified by Govt

THE GAZETTE OF INDIA: EXTRAORDINARY [PART I—SEC. 1] MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (Department of Personnel and Training) NOTIFICATION New Delhi, the 27th April, 2016 RULES F. No. 13018/3/2016-AIS(I).—The rules for a competitive examination—Civil Services Examination—to be held by the Union Public Service Commission in 2016 for the purpose of filling vacancies in… Read More »

Import of commercial dogs for breeding Banned by Govt

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION New Delhi, the 25th April, 2016 No. 3/2015-2020 Subject: Introduction of policy conditions on import of dogs in Chapter 01 of ITC (HS), 2012–Schedule–1 (Import Policy). S.O. 1496(E).—In exercise of powers conferred… Read More »

XBRL filing ? MCA exempt certain companies

COMPANIES (FILING OF DOCUMENTS AND FORMS IN EXTENSIBLE BUSINESS REPORTING LANGUAGE)  AMENDMENT IN RULE 3 NOTIFICATION NO. GSR 397(E) [F.NO.1/19/2013-CL-V], DATED 4-4-2016 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with section 398 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following… Read More »

CBDT Defined : taxpayer ,tax-base , stop-filer ,non-filer

REPORT OF COMMITTEE FOR RECOMMENDING STANDARD DEFINITION OF CERTAIN TERMS RELATING TO DIRECT TAX ADMINISTRATION OFFICE MEMORANDUM F.NO.309/11/2016-OT, DATED 22-4-2016 A Committee was constituted by the Board, vide OM of even number dated 22nd January 2016, under the chairmanship of Shri Avadhesh Kumar Mishra, CIT (TDS)-2, Delhi to recommend standard definitions of certain commonly used… Read More »

Interest on refund of excess TDS Depoisted u/s 195 can’t be denied : CBDT

SECTION 244A, READ WITH SECTION 195, OF THE INCOME-TAX ACT, 1961  PAYMENT OF INTEREST ON REFUND OF EXCESS TDS DEPOSITED UNDER SECTION 195 CIRCULAR NO.11/2016 [F.NO.279/MISC./M-140/2015-ITJ], DATED 26-4-2016 The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax is delineated in… Read More »

S. 271D AND 271E Penalty initiation not below rank of JCIT : CBDT

SECTION 271D, READ WITH SECTION 271E, OF THE INCOME-TAX ACT, 1961  FAILURE TO COMPLY WITH PROVISIONS OF SECTION 269SS COMMENCEMENT OF LIMITATION FOR PENALTY PROCEEDINGS UNDER SECTIONS 271D AND 271E CIRCULAR NO.9/DV/2016 [F.NO.279/MISC./M-116/2012-ITJ], DATED 26-4-2016 It has been brought to the notice of the Central Board of Direct Taxes (hereinafter referred to as the Board)… Read More »

Steps to prevent misuse of reserved ticketing system

Passenger Reservation System in Indian Railways At present, computerised reservation facility is available at approximately 3337 reservation centers, which are working satisfactorily. Till March 2016, 134 Yatri Ticket Suvidha Kendra (YTSK) licensees have been engaged. They are also working satisfactorily. Next Generation e-Ticketing (NGET) which was launched on 28.04.2014, now has a capacity of booking… Read More »

Steps to increase speed of trains

Steps to increase speed of trains Recently, a specific Directorate i.e. Mobility Directorate has been set up of which one of the primary objectives is to initiate measures for increasing the speed of trains. Besides, in Railway Budget 2016-17, a new category of train service for the reserved passengers ‘Tejas’ has been announced with the… Read More »

New Catering Policy in Indian Railways

New Catering Policy in Indian Railways The Catering Policy 2010, presently in force for management of catering services over Indian Railways was issued in July 2010. The salient features of this Policy include (i) Shifting management and monitoring of all catering services (except Food Plaza, Food Courts and Fast Food Units) from Indian Railways Catering… Read More »

Merry-Go-Round System in Railways

Merry-Go-Round System in Railways In order to provide an economical and reliable alternative short lead traffic, a rationalized scheme with lump-sum rates for Merry-Go-Round has been notified with effect from 01.04.2016. Some of the features of this scheme are as under: • The MGR Terminals at both ends shall be privately owned. • Rail track… Read More »

Minorities Development schemes of Govt

Funds for Development of Minorities   The Ministry of Minority Affairs  is implementing a number of programme/schemes for the development of minorities through Institutions/Non Government Organizations (NGOs)/State Governments in various States all over the country. These are given below: Schemes of area development – The Multi-sectoral Development Programme (MsDP) was launched in the year 2008-09… Read More »

Foreign contribution to be reported in 48 hour by Banks

Changes in FCRA As per Foreign Contribution (Regulation) Amendment Rules, 2015 notified in Gazette of India on 14.12.2015, the Bank shall report to the Central Government within forty-eight hours any transaction in respect of receipt and utilization of any foreign contribution by any person whether or not such person is registered or granted prior permission… Read More »