Daily Archives: June 30, 2016

Retirement adviser application format for Registration

By | June 30, 2016

FORM A Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016 [See Regulations 3 and 11] Application for Grant of Certificate of Registration/Renewal as Retirement adviser Pension Fund Regulatory and Development Authority, B-14/A,Chhatrapati Shivaji Bhawan, Qutab Institutional Area, Katwaria Saria, New Delhi-110016 INSTRUCTIONS 1. This form is meant for use by the applicant for… Read More »

Retirement Adviser regulations by Pension Fund Regulatory and Development Authority

By | June 30, 2016

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION New Delhi, the 13th June, 2016 Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016 No. PFRDA/12/RGL/139/1.—In exercise of the powers conferred by sub-section (1) of Section 52 read with clause (w) of sub-section (2) thereof and clause (d) of sub-section (2) of section 14 of the Pension… Read More »

Clarification regarding grandfathering of ODI issuers

By | June 30, 2016

Securities and Exchange Board of India CIR/IMD/FPI&C/61/2016 June 29, 2016 To, All Foreign Portfolio Investors Through their Custodians of Securities/DDPs Dear Sir/Madam, Sub: Clarification regarding grandfathering of ODI issuers and modification of replies of FAQ 70 and FAQ 71 of SEBI FAQs to SEBI (FPI) Regulations, 2014. In terms of the SEBI (Foreign Portfolio Investors)… Read More »

Writ petition can be filed in case of question of Law involved even if alternative remedy of filing an appeal was available

By | June 30, 2016

Held The questions that have been raised by the appellant being absolutely pure questions of law, the High Court should have decided these matters. SUPREME COURT OF INDIA Aircel Ltd. v. Commercial Tax Officer DIPAK MISRA AND SHIVA KIRTI SINGH, JJ. WRIT PETITION (CIVIL) NOS. 1055 & 1057 OF 2013 & OTHERS APRIL  22, 2016… Read More »

Gujarat Vat : mandatory e- filing of VAT registration application

By | June 30, 2016

GUJARAT VALUE ADDED TAX (THIRD AMENDMENT) RULES, 2016 – AMENDMENT IN RULE 5 NOTIFICATION NO.(GHJ-36) VAR-2016 (30/TH, DATED 31-5-2016 WHEREAS the Government of Gujarat is satisfied that circumstances exist which render it necessary to take immediate action to make rules and to dispense with the previous publication thereof under the proviso to sub-section (4) of… Read More »

Writ Petition not maintainable when appellate remedy is available

By | June 30, 2016

Held In A. Venkatasubbiah Naidu v. S. Chellappan [2000] 7 SCC 695 (vide para 22), the Supreme Court deprecated the practice of exercising the writ jurisdiction when an efficacious alternative remedy is available. HIGH COURT OF MADRAS Socomec Innovative Power Solutions (P.) Ltd. v. Commissioner of Customs (Appeals), Chennai S. MANIKUMAR AND D. KRISHNAKUMAR, JJ.… Read More »

Discontinuance of Quarterly reporting system- Foreign branches/ subsidiaries/ of Indian banks

By | June 30, 2016

RBI/2015-16/435 DBS.CO.PPD.15123/11.01.021/2015-16 June 30, 2016 The Chief Executives of Scheduled Commercial Banks Dear Sir/ Madam, Quarterly reporting system- Foreign branches/ subsidiaries/ joint ventures/ associates of Indian banks Kindly refer to our circular DBS.CO.PP.BC 11/11.01.005/2007-08 dated March 24, 2008 on Quarterly reporting system- foreign branches/ subsidiaries/ joint ventures/ associates of Indian banks in terms of which… Read More »

Category: RBI

Guidelines for relief measures by banks in areas affected by natural calamities- utilisation of insurance proceeds

By | June 30, 2016

Guidelines for relief measures by banks in areas affected by natural calamities-utilisation of insurance proceeds RBI/2015-16/436 FIDD.No.FSD.BC.27/05.10.001/2015-16 June 30, 2016 The Chairman/ Managing Director /Chief Executive Officer [All Scheduled Commercial Banks, (excluding Regional Rural Banks)] Madam / Sir Guidelines for relief measures by banks in areas affected by natural calamities- utilisation of insurance proceeds In… Read More »

Lien clause in the rules of PMJJBY w.e.f June 1, 2016

By | June 30, 2016

RBI/2015-16/437 DCBR.BPD (PCB) Cir.No.20/12.05.001/2015-16 Ashadha 9, 1938 June 30, 2016 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir/ Madam, Amendment in rules for implementation of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Please refer to our circular DCBR. BPD(PCB)Cir.No.8/12.05.001/2014-15 dated May 5, 2015 on modalities for Implementation of Pradhan Mantri Jeevan Jyoti… Read More »

Licensed UCBs can open one controlling office without RBI approval

By | June 30, 2016

Issue of authorization for opening Controlling Offices (Regional/Zonal/Administrative Offices) u/s 23 of the Banking Regulation Act, 1949 (AACS) RBI/2015-16/438 DCBR.CO.LS (PCB) Cir.No.19/07.01.000/2015-16 June 30, 2016 Chief Executive Officers of all Primary (Urban) Co-operative Banks Dear Sir / Madam, Issue of authorization for opening Controlling Offices (Regional/Zonal/Administrative Offices) u/s 23 of the Banking Regulation Act, 1949… Read More »

Rupee value of the Special Currency Basket w.e.f 23.06.2016

By | June 30, 2016

Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR RBI/2015-16/439 A.P. (DIR Series) Circular No. 79 June 30, 2016 To All Category – I Authorised Dealer Banks Madam/ Sir, Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile… Read More »

ECB proposals under approval route to be placed before Empowered Committee

By | June 30, 2016

RBI/2015-16/440 A.P. (DIR Series) Circular No. 80 June 30, 2016 To All Authorised Dealer Category-I Banks Madam / Sir External Commercial Borrowings (ECB) – Approval Route cases Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph no. D.15 of Annex to A.P. (DIR Series) Circular No.32 dated November 30, 2015 and paragraph… Read More »

Temporarily suspend operations in ACU Euro w.e.f July 01, 2016

By | June 30, 2016

RBI/2015-16/441 A.P. (DIR Series) Circular No. 81 June 30, 2016 To All Authorised Dealer Category-I Banks Madam / Sir, Settlement System under Asian Clearing Union (ACU) Attention of Authorised Dealer Category-I Banks is invited to the A.P. (DIR Series) Circular No. 43 dated December 26, 2008, giving participants in ACU mechanism the option to settle… Read More »

Performance Audit of Crop Insurance Schemes

By | June 30, 2016

RBI/2015-16/442 FIDD.No.FSD.BC.28/05.10.007/2015-16 June 30, 2016 The Chairman/Managing Director/Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Sir, Performance Audit of Crop Insurance Schemes The Comptroller and Auditor General is conducting a performance audit of agricultural crop insurance schemes to examine the efficacy of crop insurance in providing succour to farmers who… Read More »

Pre-2005 banknotes can be exchanged at selected office of RBI

By | June 30, 2016

RBI/2015-16/443 DCM (Plg) No.G-12/4297/10.27.00/2015-16 June 30, 2016 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks Primary (Urban) Co-operative Banks / RRBs /State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, Pre-2005 series of Banknotes – Revision of exchange facility Please refer to our circular DCM (Plg) No.G-8/2331/10.27.00/2015-16… Read More »

Indirect transfer of Shares ; Govt notify Rules

By | June 30, 2016

Government Notifies Rules regarding Fair market value and reporting requirement for Indian concern – Indirect transfer provisions – section 9(1) of the Income-tax Act, 1961 Under section 9 of the Income-tax Act, 1961 (the Act), any income arising from transfer of any share of or interest in a foreign company or entity that derives its… Read More »

Acceptance of deposit by company increased from 25% to 35%

By | June 30, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3 SUB_SECTION (i) ] Government of India Ministry of Corporate Affairs Notification Dated 29.06.2016 G.S.R. _ (E). – In exercise of the powers conferred by sections 73 and 76 read with sub_ section (1) of section 469 of the Companies Act, 2013 (18 of… Read More »

FAQ on deemed cost of Property, Plant and Equipment under Ind AS 101

By | June 30, 2016

Source : ICAI FAQ on deemed cost of Property, Plant and Equipment under Ind AS 101, First-time Adoption of Indian Accounting Standards* Issue: Ind AS 101 provides that the net carrying amounts of all of its Property, Plant and Equipment as per previous GAAP can be used as deemed cost on the date of transition… Read More »

Foreign Tax Credit rules notified by CBDT

By | June 30, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Income-tax Notification No. 54/2016 New Delhi, the Dated: 27th June, 2016 S.O.2213(E).─ In exercise of the powers conferred by clause(ha) of sub-section (2) of section 295… Read More »

Rules for FMV of assets held by company registered outside India notified

By | June 30, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th June, 2016 INCOME-TAX [Notification No. 55 /2016/F. No. 142/26/2015-TPL] S.O. 2226(E).—In exercise of the powers conferred by section 9 and section 285A, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct… Read More »

Ragging defined by University Grants Commission

By | June 30, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] UNIVERSITY GRANTS COMMISSION NOTIFICATION New Delhi, the 29th June, 2016 No. F. 1-15-/2009 (ARC).—In exercise of powers conferred under clause (g) of sub-section (1) of section 26 of the University Grants Commission Act, 1956 (3 of 1956), the University Grants Commission hereby makes the following… Read More »

Prime Minister speaks on Income Declaration Scheme in Mann ki Baat

By | June 30, 2016

Prime Minister speaks on Income Declaration Scheme in Mann ki Baat The Honourable Prime Minister, Shri Narendra Modi, in his radio programme, Mann ki Baat aired on Sunday, 26th June, 2016, advised his countrymen about the benefits of declaring hitherto undeclared assets under this scheme.  He asked people to declare their undisclosed income and assets,… Read More »

Govt considers Model Shops and Establishments bill 2016

By | June 30, 2016

Cabinet considers Model Shops and Establishments (Regulation of Employment and Conditions of Service) Bill, 2016 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has considered the Model Shops and Establishment (Regulation of Employment and Conditions of Service) Bill, 2016. The Bill will now be sent to States/UTs to enable them to modify… Read More »

Govt approves National Mineral Exploration Policy

By | June 30, 2016

Cabinet approves National Mineral Exploration Policy The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the National Mineral Exploration Policy (NMEP). The NMEP primarily aims at accelerating the exploration activity in the country through enhanced participation of the private sector. There is a need for comprehensive mineral exploration of the country… Read More »

Govt approved recommendations of 7th Central Pay Commission

By | June 30, 2016

Cabinet approves Implementation of the recommendations of 7th Central Pay Commission    The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits.   It will come into effect from 01.01.2016. In the past, the employees had to… Read More »