Daily Archives: May 19, 2016

UBS AG ceased to be banking company

RBI/2015-16/404 DBR.No.Ret.BC.100/12.07.124A/2015-16 May 19, 2016 All Scheduled Commercial Banks Dear Sir, Cessation of UBS AG as a banking company within the meaning of sub-section (2) of Section 36(A) of the Banking Regulation Act, 1949 We advise that the “UBS AG” has ceased to be a banking company within the meaning of the Banking Regulation Act,… Read More »

Money Transfer Service Scheme -XBRL statement/returns

RBI/2015-16/401 A.P. (DIR Series) Circular No.70 May 19, 2016 To All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme Money Transfer Service Scheme – Submission of statement/returns under XBRL Madam / Sir, Attention of Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to the A.P. (DIR… Read More »

Reporting of frauds by UCBs , RBI Changed Monitoring & Reporting mechanism

RBI/2015-16/399 DCBS.CO.Cir.No.001/12.17.001/2015-16 May 19, 2016 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Frauds in UCBs: Changes in Monitoring and Reporting mechanism Please refer to our Master circular no. DCBR.CO.BPD.MC.No.1/12.05.001/2015-16 on Frauds- Classification and Reporting dated July 01, 2015. 2. On a review, it has been decided to change the… Read More »

Exclusion of UBS AG from Second Schedule to RBI Act 1934

RBI/2015-16/405 DBR.No.Ret.BC.99/12.07.124A/2015-16 May 19, 2016 All Scheduled Commercial Banks Dear Sir, Exclusion of “UBS AG” – from the Second Schedule to the Reserve Bank of India Act, 1934 We advise that the “UBS AG” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.IBD.No.7718/ 23.13.062/2015-16 dated January… Read More »

Investment in Credit Information Companies

RBI/2015-16/400 DBR.CID.BC.No.98/20.16.042/2015-16 May 19, 2016 All Credit Information Companies Investment in Credit Information Companies In exercise of the powers conferred by sub-section (1) of Section 11 of Credit Information Companies (Regulation) Act, 2005, and in supersession of its direction on Investment in Credit Information Companies (CICs) dated November 29, 2013, Reserve Bank of India, being… Read More »

Repo / Reverse Repo Transactions with RBI

RBI/2015-2016/403 FMRD.DIRD. 10 /14.03.002/2015-16 May 19, 2016 All RBI regulated eligible entities Dear Sir, Repo / Reverse Repo Transactions with RBI Please refer to our circular IDMD/4135/11.08.43/2009-10 dated March 23, 2010 on accounting of repo/reverse repo transactions under market repo. As mentioned therein, these accounting norms were not applicable to repo / reverse repo transactions… Read More »

India-Slovenia DTAA to be Amended

India and Slovenia have signed Protocol amending the India-Slovenia Double Taxation Avoidance Convention. India and Slovenia have signed a Protocol amending the existing Convention and Protocol between the two countries for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income on 17th May, 2016 in Ljubljana. The Protocol was… Read More »

Excise duty on jewellery,Trade representatives in Committee

Circular, nominating trade representatives in the Sub-Committee of the High level Committee, on the issue of imposition of Central Excise duty on articles of jewellery in the Union budget 2016-17 F.No. 354/25/2016-TRU 18-05-2016 Read Circular No 1030/18/2016-CX Related Post Govt framed committee for excise duty on Jewellery Govt Committee on issues of excise duty on Jewellery Govt… Read More »

MVAT (Amendment) Rules 2016

Maharashtra Value Added Tax Rules, 2005 NOTIFICATION NO.VAT.1516/C.R. 53/TAXATION-1, DATED 1-4-2016 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 to dispense with the condition of previous publication thereof under the proviso to sub-section (4)… Read More »

Arbitral tribunal Service to business entity taxable under reverse charge mechanism

Reverse charge mechanism for services provided by arbitral tribunals and individual arbitrators on the arbitral tribunal CIRCULAR NO.193/03/2016-ST, DATED 18-5-2016 It has come to the notice of the Board that there is some confusion regarding the legal position with respect to continuance of reverse charge mechanism for services provided by arbitral tribunals and individual arbitrators… Read More »

Corporate Governance for insurers in India :IRDA Guidelines

Ref:IRDA/F&A/GDL/CG/100/05/2016 Date:18-05-2016 The Authority had initially issued Guidelines on Corporate Governance for insurance companies vide circular dt. 5th August, 2009. The Authority had also issued separate guidelines for appointment/ reappointment and remuneration of MD/CEO/ WTD as well as other Key Management Persons (KMPs), as also the Appointment of statutory auditors of insurers through various circulars.… Read More »

IRDA Expenses of Management of Insurers transacting General or Health Insurance business Regulations 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] INSURANCE REGUALTORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 27th April, 2016 Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2016 F.No. IRDAI/Reg./12/124/2016.—In exercise of the powers conferred by clause (je) of sub-section… Read More »

IRDA Assets, Liabilities, and Solvency Margin of Life Insurance Business Regulations 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th April, 2016 Insurance Regulatory and Development Authority of India (Assets, Liabilities, and Solvency Margin of Life Insurance Business) Regulations, 2016 F. No. IRDAI/Reg/9/121/2016.—In exercise of the powers conferred by clauses (y), (z), (za) and (zab)… Read More »

IRDA Appointment of Insurance Agents Regulations 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 15th April, 2016 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (APPOINTMENT OF INSURANCE AGENTS) REGULATIONS, 2016 F. No. IRDAI/Reg/11/123/2016 – In exercise of the powers conferred by section 114A of the Insurance Act, 1938 (4 of… Read More »

DVATMsewa App for registration of dealers under DVAT and CST

CIRCULAR NO.6 OF 2016-17 [NO.F.3(521)/POLICY/VAT/2015/221-26] DATED 17-5-2016 New technological developments, especially in the field of Information Technology have ushered a new era of providing instant, hassle-free services to citizens without human interface. Using the latest technology advancements, the Department of Trade and Taxes has developed a mobile application DVATMsewa to provide various services to traders.… Read More »

IRDA Actuarial Report and Abstract for Life Insurance Business Regulations

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th April, 2016 Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 F. No. IRDAI/Reg/10/122/2016.— In exercise of the powers conferred by clauses (g), (y), (z) and (za) of sub-section (2) of section 114A read with sections… Read More »

Section 435 to 438,440,2(29)(iv) of Companies act comes into force

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 18th May, 2016 S.O.1795 (E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 18th day of May, 2016 as the date… Read More »

Special Courts for trial of Offence u/s 435 of Companies Act 2013

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 18th May, 2016 S.O. 1796 (E).—In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government hereby, after obtaining the concurrence of the respective Chief Justices… Read More »

Presumptive taxation scheme for Professionals : section 44ADA

Presumptive taxation scheme for Professionals Presumptive taxation scheme for Professionals has been introduced in Section 44ADA of Income tax act by Finance Act 2016  Applicability of Presumptive taxation scheme for Professionals :- The scheme will apply to such resident assessee who is an individual, Hindu undivided family or partnership firm , Limited Liability partnership firm ,company,… Read More »

Rule 36 of PVAT Act Amended

NOTIFICATION NO. SO 12 [P.A.8/2005/S.70/2016] DATED 20-2-2016 In exercise of the powers conferred by sub-section (1) of section 70 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following Rules, further to… Read More »

Refrainment from notifying taxpayers concerned in Form — A

Government of India Ministry of Finance Foreign Tax & Tax Research Division Exchange of Information Cell, India F.No.500/20/2013/FT&TR-111(2)    Dated 17th May, 2016 To All the Pr. CCsIT/DGsIT(Inv.)/CCsIT(Central) Sir/Madam, Sub: Request for refrainment from notifying taxpayers concerned in Form — A of Manual on Exchange of Information issued by C.B.D.T. in May, 2015 — Reg. It… Read More »

TDS Rates and Limit revised w.e.f 01.06.2016

Revised TDS Rates and Limit w.e.f 01.06.2016 Finance Act 2016 has revised TDS Rates and limit for Rationalization of tax deduction at Source (TDS) Under the scheme of deduction of tax at source as provided in the Act, every person responsible for payment of any specified sum to any person is required to deduct tax at… Read More »