Daily Archives: June 23, 2016

RBI Draft Guidelines for Capital for CCR and Exposure to CCPs

RBI releases Draft Guidelines for Capital for CCR and Exposure to CCPs Date : Jun 23, 2016 The Reserve Bank of India has today placed on its website draft guidelines for computing exposure for counterparty credit risk (CCR) arising from derivative transactions and draft guidelines on capital requirements for bank exposures to central counterparties (CCPs)… Read More »

Category: RBI

Reporting Requirements under Basel III Capital Regulations- RBI Review

RBI/2015-16/428 DBR.BP.BC.No.105/21.06.001/2015-16 June 23, 2016 All Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Dear Sir, Reporting Requirements under Basel III Capital Regulations- Review Please refer to the Annexures 3 and 4 of the Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on Basel III Capital Regulations in terms of which banks are permitted… Read More »

Banks shall submit Proforma Ind AS Financial Statements :RBI

RBI/2015-16/429 DBR.BP.BC.No.106/21.07.001/2015-16 June 23, 2016 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Implementation of Indian Accounting Standards (Ind AS) Please refer to circular DBR.BP.BC.No.76/21.07.001/2015-16 dated February 11, 2016 on the captioned subject in terms of which banks have been directed to be in preparedness to submit Proforma Ind AS Financial… Read More »

Indian startup may open foreign currency account outside India : RBI

RBI/2015-16/430 A.P. (DIR Series) Circular No. 77 [(2)/10(R)] June 23, 2016 To All Category – I Authorised Dealers and Authorised Banks Madam / Sir, Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 Attention of Authorised Dealers Banks is invited to the Foreign Exchange Management (Foreign Currency Accounts by a… Read More »

Reporting of Investment in Commercial Papers & Unhedged Foreign Currency Exposures of the Borrowers to Credit Information Companies

RBI/2015-16/432 DBR.CID.BC. 107/20.16.056/2015-16 June 23, 2016 All Scheduled Commercial Banks All India Financial Institutions Credit Information Companies Dear Sir / Madam Reporting of Information on Investment in Commercial Papers and Unhedged Foreign Currency Exposures of the Borrowers to Credit Information Companies Please refer to our circular DBOD.No.CID.BC.127/20.16.056/2013-14 dated June 27, 2014 advising banks to implement… Read More »

Category: RBI

Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs

RBI/2015-16/433 DNBS (PPD) CC.No./04/66.14.001/2015-16 June 23, 2016 To CEOs of All NBFCs (excluding RNBCs) and The President of ICAI Dear Sir/Madam, Format of Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs Please refer to the Notification No. DNBS 192/DG (VL) dated Feb 22, 2007 prescribing Prudential Norms Directions. In terms of the extant instructions,… Read More »

RBI Master Directions on Financial Statements of All India Financial Institutions

RBI/DBR/2015-16/26 Master Direction DBR.FID.No.108/01.02.000/2015-16 June 23, 2016 Master Direction – Reserve Bank of India ( – Presentation, Disclosure and Reporting) Directions, 2016 In exercise of the powers conferred by Section 45 L of the Reserve Bank of India Act, 1934, the Reserve Bank of India being satisfied that it is necessary and expedient in the public… Read More »

Payment and Settlement Systems in India: Vision-2018 of RBI

The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision-2018”. The Vision-2018 aims at building best of class payment and settlement systems for a ‘less-cash’ India. The broad contours of Vision-2018 revolve around 5 Cs – coverage, convenience, confidence, convergence and cost. To achieve these, Vision-2018… Read More »

Income Tax Dept. targets to dispose of 1.33 lakh appeals

The tax department has set an ambitious target to dispose of as many as 1.33 lakh appeals lying before the commissioners-IT (CIT-A), almost double the resolutions achieved last year, with a sharper focus on settling high-value disputes, reports Siddhartha P Saikia in New Delhi. Currently, about 2.6 lakh cases, including about 74,000 high-value ones, are… Read More »

Dispensation of GMCS-I Course by ICAI

Dispensation of GMCS-I by merging its syllabus with Orientation Course for 15 days (90 hours) – (14-06-2016) The Council has decided to dispense with the General Management and Communication Skills (GMCS) – I Course and merge its syllabus with Orientation Programme. Hence forthwith, it will be known as Orientation Course. Accordingly, it has been decided… Read More »

CA IPC Nov 2016 exam applicable amendments

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Intermediate (IPC) Examination Paper 1: Accounting Accounting Standards AS 1 : Disclosure of Accounting Policies AS 2 : Valuation of Inventories AS 3 : Cash Flow Statements AS 6 : Depreciation Accounting AS 7 : Construction Contracts (Revised 2002) AS 9 : Revenue Recognition AS… Read More »

Non-applicability of amendments made by MCA for CA Nov 2016 Exam

15th June, 2016 Non-applicability of Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 for November, 2016 Examination Any new AS or Ind AS or revised version of AS or Ind AS, notified by the MCA, is being made applicable for CA examination only after one… Read More »

Empanelment as Examiners for CA Examinations and Earn honorarium

Invitation for empanelment as Examiners for Chartered Accountants Examinations Applications are invited from eligible members of the Institute and other professionals including academicians of reputed educational institutions, tax and legal practitioners etc., having a flair for academic activities including valuation of answer books and willing to undertake confidential assignments as a dedicated examiner, for empanelment… Read More »

TDS on payment to dealer for servicing of customers vehicle as per Service Coupons u/s 194C

IN THE ITAT MUMBAI BENCH ‘B’ Mahindra Navistar Automotives Ltd. v. Deputy Commissioner of Income-tax, 2 (2), Mumbai JOGINDER SINGH, JUDICIAL MEMBER AND SANJAY ARORA, ACCOUNTANT MEMBER IT APPEAL NOS. 3324 & 4645 (MUM.) OF 2013 [ASSESSMENT YEARS 2007-08 AND 2008-09] MAY  13, 2016 H.P. Mahajani for the Appellant. N.P. Singh for the Respondent. ORDER… Read More »

e-Insurance Policies norms issued by IRDAI

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th June, 2016 Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) Regulations, 2016 F .No. IRDAI/Reg/16/128/2016 – In exercise of the powers conferred by section 14 (2) read with clause (gb) of sub… Read More »

Amendment in Rule 114H of Income-tax Rules 1962

Amendment in Rule 114H of Income-tax Rules, 1962 The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016. In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence procedure in respect of other reportable account referred to in… Read More »

Establishment of Fund for funding support to Start-ups

Establishment of Fund of Funds for funding support to Start-ups The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the establishment of “Fund of Funds for Startups” (FFS) at Small Industries Development Bank of India (SIDBI) for contribution to various Alternative Investment Funds (AIF), registered with Securities and Exchange Board of… Read More »

Govt to amend agreement with Belgium for avoidance of double taxation

Cabinet approves Protocol amending the Agreement for avoidance of double taxation and prevention of fiscal evasion with Belgium The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved today the signing of a Protocol amending the Agreement between India and Belgium for avoidance of double taxation and prevention of fiscal evasion with… Read More »

Govt approve special package for Textile and Apparel sector

Cabinet approves special package for employment generation and promotion of exports in Textile and Apparel sector   The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given approval for a special package for employment generation and promotion of exports in Textile and Apparel sector.  The move comes in the backdrop of… Read More »