Daily Archives: April 21, 2016

RBI Reference Rate-Revised Methodology

Computation and Dissemination of RBI Reference Rate-Revised Methodology The Reserve Bank of India (RBI) compiles and publishes on a daily basis the Reference Rate for Spot USD/INR. Under the existing methodology, the rate is arrived at through a polling process involving rates obtained from select banks. RBI had constituted a Committee on Financial Benchmarks (Chairman:… Read More »

Amalgamation of Private Sector Banks : RBI Master Directions 2016

RBI/DBR/2015-16/22 Master Direction DBR.PSBD.No. 96/16.13.100/2015-16 April 21, 2016 Master Direction – Amalgamation of Private Sector Banks, Directions, 2016 In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and pursuant to the Section 44A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is… Read More »

RBI caution public against placing deposits in dubious schemes

RBI/2015-16/378 DBR.No.Leg.BC.93/09.07.005/2015-16 April 21, 2016 The Chairman/Chief Executives of All Scheduled Commercial Banks including Regional Rural Banks/ Local Area Banks Dear Sir, Publicity in the bank branches cautioning public against placing deposits in dubious schemes You may be aware that in the recent years there have been several incidents of unscrupulous entities duping general public… Read More »

Category: RBI

Exchange Rate of Foreign Currency Notified

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 (CBEC) No.48/2016-CUSTOMS (N.T.), dated 07th  April, 2016, except as respects… Read More »

Indian Domestic Airlines Performance for March 2016

Performance of Domestic Airlines for the Year 2016 Traffic data submitted by various domestic airlines has been analysed for the month of March 2016. Following are the salient features: Passengers carried by domestic airlines during Jan-Mar 2016 were 230.03 lakhs as against 185.46 lakhs during the corresponding period of previous year thereby registering a growth… Read More »

Foreign Tax Credit , Draft Rules of CBDT

DRAFT RULES FOR GRANTING RELIEF OR DEDUCTION UNDER SECTION 90/90A/91 OF THE INCOME-TAX ACT, 1961 LETTER [F.NO.142/24/2015-TPL], DATED 18-4-2016 Clause (ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes (CBDT) may prescribe rules specifying the procedure for the granting of relief or… Read More »

Alimony received from Husband on Divorce Not taxable

Issue Whether 50% of the sale consideration received by the assessee with respect to the matrimonial house situated at 25, Mandeville Gardens, Calcutta was taxable in the hands of the assessee despite the fact that the Tribunal arrived at a finding that the said amount was paid on account of alimony?” Held It was on… Read More »