Daily Archives: July 22, 2016

Speedy disposal of all refund claims under Delhi Vat

DEPARTMENT OF TRADE & TAXES GOVT. OF NATIONAL CAPITAL TERRITORY OF DELHI, (Policy Branch) VYAPAR 1311AWAN,I.P.ESTATE, NEW DELHI —110 002. No.F.3(378)/Policy/VAT/2016/489-494 Dated  21.07.2016 Order Sub: Speedy disposal of all refund claims. Whereas Refunds are required to be processed strictly in accordance with the provisions as laid down u/s 38 of DVAT Act and Rule 34… Read More »

The Benami Transactions (Prohibition) Amendment Bill 2015

THE BENAMI TRANSACTIONS (PROHIBITION) AMENDMENT BILL, 2015 Introduced in Lok Sabha on 13.05.2015 FINANCIAL MEMORANDUM This Bill seeks to amend the law prohibiting benami transactions, holding property in benami and restricting right to recover or transfer property held benami, and providing mechanism and procedure for confiscation of property held benami. The Benami Transaction (Prohibition) Amendment… Read More »

Regulation of legal profession in India : Comments invited

Ministry of Law & Justice 22-July, 2016 Press Note Hon’ble the Supreme Court of India, in criminal appeal No.63 of 2006, Mahipal Singh Rana V. State of U.P., has asked the Law Commission of India “to go into all relevant aspects relating to regulation of legal profession in consultation with all concerned” at an early date. … Read More »

Now PAN and TAN allotment in One Day !

New application process to fast track the allotment of PAN and TAN    For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL.  Under the new process PAN and TAN will… Read More »

National Company Law Tribunal Rules 2016 and NCLAT Rules 2016 Notified by MCA

{To be published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i)} MINISTRY OF CORFORATE AFFAIRS Notification New Delhi, the 21st July 2016 G.S.R…….(E).- In exercise of the powers conferred by section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely;- 1. Short… Read More »

Central KYC Registry Operating Guidelines 2016

CENTRAL REGISTRY OF SECURITISATION ASSET RECONSTRUCTION AND SECURITY INTEREST OF INDIA (CERSAI) CENTRAL KYC REGISTRY OPERATING GUIDELINES 2016 Version 1.1 d) “Reporting Entity” means an entity defined under sub-section (wa) of section 2 of the Act. e) “Customer” means a client as defined under sub-section (ha) of sub­section 2 of the Act. f) “KYC” means… Read More »

Central KYC Records Registry (CKYCR) Operationalisation

Securities and Exchange Board of India CIRCULAR No. CIR/MIRSD/66/2016 Dated: July 21, 2016 1. All Recognized Stock Exchanges 2. Stock Brokers through Recognized Stock Exchanges 3. All recognised Depositories 4. Depository Participants through Depositories 5. Association of Mutual Funds in India 6. Mutual funds through AMFI 7. Portfolio Managers 8. KYC Registration Agencies (KRAs) 9.… Read More »

Closure of EPCG authorizations in case of supplies to SEZ units

Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Dated 20th July, 2016 Trade Notice No 10/2016 To All RA’s Members of Trade Subject: Closure of EPCG authorizations in case of supplies to SEZ units which have been made prior to 01.4.2015 and where… Read More »

Deductions of Taxes to calculate foreign earnings of SFIS/SEIS Schemes

Government of India Ministry of Commerce & Industry Department of Commerce (Directorate General of Foreign Trade) Udyog Bhawan, New Delhi Trade Notice No. 11/2015-20 Dated 21stJuly, 2016 To All Regional Authorities/All Customs Authorities/FIEO/EPCs/All Concerned Subject : Deduction of State /Central Taxes collected from the customers while calculating foreign earnings for SFIS/SEIS Schemes. The CAG audit… Read More »

Online Medical Report Facility in 4 hospitals

Online Medical Report Facility Online Registration System (ORS) is being implemented in various hospitals in States/UTs to provide online registration, online appointment services to citizens along with online viewing of medical test report on ORS portal by citizens. So far, it has been implemented in 43 hospitals. However, the module for online viewing of reports… Read More »

How Bill becomes Act

PASSAGE OF LEGISLATIVE PROPOSALS IN PARLIAMENT The basic function of Parliament is to make laws. All legislative proposals have to be brought in the form of Bills before Parliament. A Bill is a statute in draft and cannot become law unless it has received the approval of both the Houses of Parliament and the assent… Read More »

The Citizenship (Amendment ) Bill 2016

Bill No. 172 of 2016 THE CITIZENSHIP (AMENDMENT) BILL, 2016 Date of Introduction in Lok Sabha 19.07.2016 STATEMENT OF OBJECTS AND REASONS The Citizenship Act, 1955 was enacted to provide for the acquisition and determination of Indian citizenship. Under the existing provisions of the Act, persons belonging to the minority communities, such as Hindus, Sikhs,… Read More »

RBI Master Direction – Lending to Micro, Small & Medium Enterprises (MSME) Sector

RBI/FIDD/2016-17/37 Master Direction FIDD.MSME & NFS.3/06.02.31/2016-17 July 21, 2016 The Chairman/Managing Director/Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir / Madam Master Direction – Lending to Micro, Small & Medium Enterprises (MSME) Sector As you are aware, the Reserve Bank of India has, from time to time, issued a number… Read More »

Cancellation Fee of Airlines

Cancellation Fee of Airlines Under the provision of prevailing regulation (Sub Rule (1) of Rule 135 of Aircraft Rules, 1937), every air transport undertaking engaged in scheduled air services is required to establish tariff having regard to all relevant factors, cost of operation, characteristics of service, reasonable profit and the generally prevailing tariff including the… Read More »