Daily Archives: May 5, 2016

No need to send individual notices to Directors u/s 138 of Negotiable Instruments Act

Held In our view, Section 138 of the Act does not admit of any necessity or scope for reading into it the requirement that the directors of the Company in question must also be issued individual notices under Section 138 of the Act. Such directors who are in charge of affairs of the Company and… Read More »

Driver Training Institute

Fitness and Pollution Centres Road accident black spots are identified and notified based on fatalities on National Highways.  Road Safety audits are carried out as part of the development project or separately.  Safety concerns identified through Audits and identified road accident black spots are rectified as an ongoing process. No separate target of 3000 km… Read More »

Banihal-Baramulla Fast Passenger and Budgam-Baramulla in J & K

Shri Suresh Prabhu Flags Off Fast Passenger Carrying Train namely Banihal-Baramulla Fast Passenger (DEMU) and Budgam-Baramulla DEMU in the State of Jammu & Kashmir The Union Minister of Railways Shri Suresh Prabhakar Prabhu in the presence of Minister of State for Development of North Eastern Region (I/C), Prime Minister’s Office, Personnel, Public Grievances & Pensions,… Read More »

High speed Wi-Fi hotspot at 3 Railway Stations

Minister of Railways Shri Suresh Prabhakar Prabhu dedicated to the nation a high speed Wi-Fi hotspot at the three Railway Stations namely, Kacheguda, Raipur and Vijayawada In a further move to implement Prime Minister’s Digital India Prgoramme, Minister of Railways Shri Suresh Prabhakar Prabhu in a programme held today at Railway Bhawan dedicated to the… Read More »

14 New Airports in India

Setting up of New Airports Government of India (GoI) has granted ‘in-principle’ approval for setting up of 14 Greenfield airports namely, Mopa in Goa; Navi Mumbai, Shirdi and Sindhudurg in Maharashtra; Shimoga, Gulbarga,Hassan and Bijapur in Karnataka; Kannur in Kerala; Pakyong in Sikkim; Datia/Gwalior (Cargo) in Madhya Pradesh; Kushinagar in Uttar Pradesh; Karaikal in Puducherry;… Read More »

Acid or Yellow Rain in Kerala investigation

A multi-disciplinary team comprising of experts is being set-up to visit the affected areas in Kerala for making further investigation with regard to reports of Acid or Yellow Rain; Initial tests report no Acidity, Fungus or Spores or any Toxic effect in Plants. Attention of the Government has been drawn to some reports of acid… Read More »

CIL steps to improve Coal Production from Underground Mines

Steps taken by CIL to improve Coal Production from Underground Mines Coal India Limited (CIL) has envisaged following steps to improve coal production from underground mines include: • Planning new underground mines adopting mass production systems like continuous miner technology and longwall technology wherever feasible. • Entering into risk / gain sharing arrangements with the… Read More »

34 Satellites under operation in India

Satellites under operation in Country Currently, 34 satellites are operational in the country comprising of :- (i) 13 Communication Satellites namely, INSAT-3A, INSAT-3C, INSAT-4A, INSAT-4B, INSAT-4CR, GSAT-6, GSAT-7, GSAT-8, GSAT-10, GSAT-12, GSAT-14, GSAT-15 and GSAT-16. (ii) 12 Earth Observation Satellites namely, Resourcesat-2, RISAT-1, RISAT-2, Cartosat-1, Cartosat-2, Cartosat-2A, Cartosat-2B, Oceansat-2, SARAL, Kalpana-1, Megha-Tropiques and INSAT-3D. (iii)… Read More »

Landing Certificates not required w.e.f 04.05.2016

As part of ease of doing business and reduction of Transaction Cost of the exporters, the Government decides to do away with the Landing Certificates required under Merchandise Export from India Scheme (MEIS) with effect from 4th May, 2016. Read Also Notification on :Landing Certificate shall not required under MEIS Government with the approval of… Read More »

insurers to strictly comply General Insurance-Reinsurance Regulation

CIRCULAR NO.IRDA/NL/CIR/RIN/078/04/2016, DATED 26-4-2016 The Authority has recently received requests from some insurers seeking waiver of certain provisions of IRDA (General Insurance-Reinsurance) Regulation 2013, citing inability to comply with the stipulations, as they were executing Reinsurance treaties on a global basis where the Indian Insurer along with their foreign promoter entity/subsidiaries/group companies enter into a… Read More »

RISK WEIGHT FOR INVESTMENTS IN CORPORATE BONDS BY SPDs

RISK WEIGHT IN RESPECT OF INVESTMENTS IN CORPORATE BONDS BY STANDALONE PRIMARY DEALERS (SPDs) CIRCULAR DNBR.CO.PD.NO.080/03.10.01/2015-16, DATED 28-4-2016 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 of calculating capital adequacy. 2. On a… Read More »

Regional Directors to appoint Inspectors for inspection of books and papers of a company u/s 206(5)

NOTIFICATION [F.NO.3/516/2015-CL.II], DATED 29-4-2016 In exercise of the power, conferred by sub-section (1) of section 458 of the Companies Act (18 of 2013), the Central Government being satisfied that circumstances warrant, hereby delegates the powers to appoint Inspectors for inspection of books and papers of a company under sub-section (5) of section, 206 as ordered… Read More »

RSA Token Policy 2016 of Income Tax Department

Directorate of Income Tax (Systems) RSA Token Policy (2016) (1) What is a RSA Token? RSA Token is a secure user’s authentication system. RSA Token is a unique, time-synchronous solution that automatically Changes the user’s password every 60 seconds. This makes the solution more secured than event-synchronous systems (like presently followed User id and User… Read More »

Return with digital signatures in Delhi Vat w.e.f 01.04.2016

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN: I.P. ESTATE: NEW DELHI-110 002 No. F3(643)/Policy/VAT/2016/157-169 Dated 03/05/2016 NOTIFICATION In exercise of the powers conferred on me under the fourth proviso to sub-rule (3) of rule 28 of the Delhi Value Added Tax Rules, 2005 and in partial modification to… Read More »

Investment Policy and Liquid Assets fo Net Worth of Clearing Corporation and Transfer of Profits

Security & Exchange Board of India CIRCULAR SEBI/HO/MRD/DRMNP/CIR/P/2016/54                           Dated: May 04, 2016 All recognized Clearing Corporations and Stock Exchanges Dear Sir / Madam Subject: Investment Policy, Liquid Assets for the purpose of Calculation of Net Worth of a Clearing Corporation and Transfer… Read More »

Landing Certificate shall not required under MEIS

(To be published in the gazette of India extraordinary part-1 section-1) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 06/2015-2020 New Delhi, dated: 4th May 2016 Subject: Merchandise Exports from India Scheme (MEIS)—Amendments in Table 2 [containing ITC (HS) code wise list of products… Read More »

Taxpayers day is every Wednesday : CBEC

Dear Professional Colleague, Greetings from Indirect Taxes Committee! We are pleased to inform you that CBEC vide Letter F. No. DGST/19/2015 dated 12.04.2016 to ICAI  has informed that every Wednesday would be taxpayers day wherein heads of all offices in the field will meet the taxpayers/ other stakeholders from 9 AM to 1 PM without… Read More »

Vat Registration electronically in Mahatrashtra Vat

FINANCE DEPARTMENT Madam Cama Road, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 22nd April 2016 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT.1516/CR-52/Taxation-1.— Whereas the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and… Read More »