Daily Archives: June 23, 2016

Reporting Requirements under Basel III Capital Regulations- RBI Review

By | June 23, 2016

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

By | June 23, 2016

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

By | June 23, 2016

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 »

RBI Permited writing of options against contracted exposures by Indian Residents

By | June 23, 2016

RBI/2015-16/431 A.P. (DIR Series) Circular No. 78 June 23, 2016 To All Category – I Authorised Dealer Banks Madam / Sir, Permitting writing of options against contracted exposures by Indian Residents Attention of Authorised Dealer Category – I (AD Cat – I) banks is invited to Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000… Read More »

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

By | June 23, 2016

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

By | June 23, 2016

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

By | June 23, 2016

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

By | June 23, 2016

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

By | June 23, 2016

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 »

No unfettered powers to CIT to revise every order u/s 263 as per new Explanation 2

By | June 23, 2016

Held  clause (a) of Explanation states that an order shall be deemed to be erroneous, if it has been passed without making enquiries or verification, which should have been made. In our considered view, this provision shall apply, if the order has been passed without making enquiries or verification which a reasonable and prudent officer… Read More »

Dispensation of GMCS-I Course by ICAI

By | June 23, 2016

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

By | June 23, 2016

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 »

Empanelment as Examiners for CA Examinations and Earn honorarium

By | June 23, 2016

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

By | June 23, 2016

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

By | June 23, 2016

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 »

Tax & Production Incentives for Job Creation in Garment Manufacturing Sector

By | June 23, 2016

Cabinet approves Tax and Production Incentives for Job Creation in Garment Manufacturing Sector Cabinet approves Special Package for Job Creation & Export Promotion in Textile & Apparel Sector Special Package to create 1 Crore Jobs in 3 Years in Textile and Apparel Sector The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has… Read More »

Special Package for Job Creation & Export Promotion in Textile & Apparel Sector

By | June 23, 2016

Cabinet decides to bring in more Flexibility in Labour Laws to increase Productivity Cabinet approves Special Package for Job Creation & Export Promotion in Textile & Apparel Sector Special Package to create 1 Crore Jobs in 3 Years in Textile and Apparel Sector The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has… Read More »

Additional Incentives under Duty Drawbacks for Garments approved by Govt

By | June 23, 2016

Cabinet approves Additional Incentives under Duty Drawbacks for Garments Cabinet approves Special Package for Job Creation & Export Promotion in Textile & Apparel Sector Special Package to create 1 Crore Jobs in 3 Years in Textile and Apparel Sector The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has decided to provide additional… Read More »

Amendment in Rule 114H of Income-tax Rules 1962

By | June 23, 2016

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

By | June 23, 2016

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

By | June 23, 2016

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 »

Withdrawal of the Drugs and Cosmetics (Amendment) Bill 2013

By | June 23, 2016

Withdrawal of the Drugs and Cosmetics (Amendment) Bill, 2013 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has decided to withdraw the Drugs and Cosmetics (Amendment) Bill, 2013, which had been introduced in the Rajya Sabha on 29.08.2013. The Bill had been examined by the Standing Committee of Parliament which had made… Read More »

Govt approve special package for Textile and Apparel sector

By | June 23, 2016

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 »

No TDS on income of securitisation Trust from securitisation

By | June 23, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINSTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th June, 2016 No. 46 /2016 INCOME-TAX S.O. 2142(E).—In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to… Read More »