Daily Archives: May 27, 2016

Krishi Kalyan Cess rebate in case of export of services

NOTIFICATION NO.29/2016-ST, DATED 26-5-2016 In exercise of the powers conferred by rule 6A of the Service Tax Rules, 1994, the Central Government, hereby makes following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue),No. 39/2012- Service Tax, dated the 20th June, 2012, published in the Gazette of… Read More »

E filing of appeals in Form 35 : CBDT extended time

Circular No 20/ 2016 F.No 279/Misc/M-54/2016/ITI Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Subject :E filing of Appeals : Extension of Time limit- Reg Related Post EVC for efiled Form 35 to CIT (appeals) EVC for electronically filed Form of Appeal to CIT (Appeals) Online filing of Appeal… Read More »

Section 12AA Registration cancellation : CBDT Clarification

Circular No 21/2016 F.No.197/17/2016-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes DATED 27-5-2016 Subject :Clarification regarding cancellation of registration u/s 12AA of the Income tax act 1961 in certain Circumstances -regarding  Sections 11 and 12 of the Income-tax Act, 1961 (‘Act’) exempt income of charitable trusts or institutions,… Read More »

Mission 11 Million relating to Football in India

“Mission 11 Million” to engage more than 11 million children in activities relating to Football to be launched in October, 2016 The Union Ministry of Youth Affairs and Sports has urged the states and Union Territories to take necessary steps to popularize and promote the sport of Football in their territory in order to make… Read More »

Unique Disability Identity Card : coming soon

Unique Disability Identity Card will be soon made Available – Shri Thaawarchand Gehlot Shri Thaawarchand Gehlot, Union Minister for Social Justice & Empowerment today felicitated the beneficiaries of its various schemes in a special function held at Vigyan Bhawan, here. Speaking on the occasion after felicitating the beneficiaries Shri Gehlot said that it is the… Read More »

Net Zero Energy Buildings in India

Portal launched to promote Net Zero Energy Buildings Ministry of Power  and the United States Agency for International Development (USAID) today launched India’s first integrated web portal designed to promote and mainstream Net Zero Energy Buildings (NZEB) in India. The portal (www.nzeb.in) was launched by Shri Pradeep Kumar Pujari, Secretary, Ministry of Power, and Ambassador… Read More »

GAAR ; Govt invites comments

Ministry of Finance 27-May, 2016 Government Invites Comments and Inputs of the Stakeholders on Implementation of General Anti Avoidance Rule Provisions-Issuance of Guidance Note The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR provisions shall be effective from assessment year 2018-19 onwards,… Read More »

Clarification on implementation of FATCA and CRS

Ministry of Finance 27-May, 2016 Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)   An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of… Read More »

Self Help Group Credit information reporting

RBI/2015-16/409 DCBR.BPD.Cir.No.17/16.74.000/2015-16 Jyeshtha 5, 1938 (saka) May 26, 2016 The Chief Executive Officers All Primary (Urban) Co-operative Banks, State / Central Co-operative Banks Dear Sir/Madam Credit information reporting in respect of Self Help Group (SHG) members Please refer to the instructions contained in paragraph (v) of the Annex II/III to our circulars UBD.CO.BPD.PCB.Cir.No.4/16.74.000/2014-15 and RPCD.RRB.RCB.… Read More »

Banks allowed own policy on merchant acquisition for card transactions

RBI/2015-2016/410 DPSS.CO.PD.No./2894/02.14.003/2015-2016 May 26, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Sir, Merchant Acquisition for Card transactions Please refer to our circular RBI/2011-12/194.DPSS.PD.CO No 513/02.14.003/2011-2012 dated September 22, 2011 wherein various… Read More »

channeling transactions through Asian Clearing Union (ACU)

RBI/2015-16/411 A.P. (DIR Series) Circular No.72 May 26, 2016 To All Authorised Dealer Category-I Banks Madam / Sir, Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU) Attention of Authorised Dealer Category-I Banks is invited to the Memorandum containing detailed procedural instructions for channeling transactions through the Asian Clearing Union (ACU) (Memorandum ACM)… Read More »

EMV Chip and PIN cards enabled ATMs

RBI/2015-2016/413 DPSS.CO.PD.No./2895/02.10.002/2015-2016 May 26, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Authorised ATM Network Operators / Card Payment Network Operators/White Label ATM Operators Madam / Sir, ATMs – Security and Risk Mitigation Measures… Read More »

Revitalising Distressed Assets : RBI Review

RBI/2015-16/408 DNBR.CC.PD.No.081/03.10.01/2015-16 May 26, 2016 To All Non-Banking Financial Companies (NBFCs) Madam/Sir, Review of Framework for Revitalising Distressed Assets in the Economy and Strategic Debt Restructuring Mechanism The Reserve Bank of India (the Bank) has issued various guidelines aimed at revitalising the stressed assets in the economy. The measures taken by the Bank include Strategic… Read More »

Public disclosure of Compounding Orders under FEMA

RBI/2015-16/412 A.P. (DIR Series) Circular No.73 May 26, 2016 To All Category – I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999 Attention of Authorised Dealers is invited to paragraph number 7 and 8 of the… Read More »

Financial Services provided by Banks ; RBI Master Direction

RBI/DBR/2015-16/25 Master Direction/DBR.FSD.No.101/24.01.041/2015-16 May 26, 2016 Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016 In exercise of the powers conferred by Sections 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do,… Read More »