Daily Archives: April 29, 2016

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Busy Season Charge withdrawn by Indian Railways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 »