Daily Archives: April 28, 2016

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 »