Daily Archives: July 28, 2016

Excise Duty on Jewellery- Gist of all notifications issued

By | July 28, 2016

Simplified Central Excise norms for Jewellery Sector notified In this year’s Budget, central excise duty of 1% without input and capital goods tax credit or 12.5% with credit was imposed on articles of jewellery falling under heading 7113 of the First Schedule to the Central Excise Tariff 1985. Subsequent to that, the Government had set… Read More »

TRAI issues Consultation Paper on “Complaints/Grievance Redressal in Telecom Sector”

By | July 28, 2016

TRAI issues Consultation Paper on “Complaints/Grievance Redressal in Telecom Sector” The telecom sector in India has grown rapidly in the last decade and subscriptions have crossed 1 billion. These subscribers are filing large numbers of complaints with the Telecom Service Providers [TSPs]. The complaints are on account of wrong billing, indifferent or poor quality of… Read More »

Excise Duty on Jewellery –Key Takeaway

By | July 28, 2016

Excise Duty on Jewellery –Key Takeaway The Central Government proposed to impose excise duty on manufacturing of jewellery except silver jewellery (other than studded with diamond and precious stones) in the Union Budget. However, the jewellers protested against such levy of excise duty. They went on strike across the Country demanding withdrawal of excise duty… Read More »

Companies (Accounts) Amendment Rules 2016 Notified

By | July 28, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 27th July,2016 G.S.R. 742(E).— In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub section (3) of section 129, section 133, section 134 and section 138 read with section 469 of the Companies… Read More »

Special Court for Delhi for speedy trial of offences punishable under Companies Act, 2013

By | July 28, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 27th July, 2016 S.O. 2554(E).—In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government hereby, with the concurrence of the Chief Justice of the High… Read More »

Retail Participation by Demat Account Holders in Govt. Securities Market: Access to NDS-OM Platform

By | July 28, 2016

RBI/2016-17/30 Ref No. FMRD.DIRD.3/14.03.07/2016-17 July 28, 2016 To All eligible market participants Retail Participation by Demat Account Holders in the Government Securities Market: Access to NDS-OM Platform As announced in the First Bi-monthly Monetary Policy Statement, 2015-16, an Implementation Group with representation from all the stakeholders was constituted to recommend specific measures to enable seamless… Read More »

Category: RBI

RBI revised reporting format for Half yearly/Quarterly Review of Public Sector Banks

By | July 28, 2016

RBI/2016-17/29 Ref.DBS.ARS.No.BC.2/08.91.001/2016-17 July 28, 2016 All Public Sector Banks Dear Sir/Madam, Half yearly/Quarterly Review of Accounts of Public Sector Banks Please refer to our circular DBS.ARS.No.BC.17/08.91.001/2002-03 dated June 5, 2003 on conduct of Half yearly/Quarterly Review of Accounts of Public Sector Banks. 2. The reporting format has been revised as per the annex. You may,… Read More »

Guidelines for areas affected by Natural Calamities extended to NBFCs

By | July 28, 2016

RBI/2016-17/28 DNBR (PD) CC.No.083/03.10.001/2016-17 July 28, 2016 All Non-Banking Financial Companies Madam/ Sir, Guidelines for Relief Measures by NBFCs in areas affected by Natural Calamities The Reserve Bank has issued guidelines to banks in regard to matters relating to relief measures to be provided in areas affected by natural calamities videFIDD.No.FSD.BC.52/05.10.001/2014-15 dated March 25, 2015,… Read More »

Category: RBI

Revised loan limit for Micro Finance Institutions by NBFC

By | July 28, 2016

RBI/2016-17/27 FIDD.CO.Plan.BC.No.8/04.09.001/2016-17 July 28, 2016 The Chairman/ Managing Director/ Chief Executive Officer [All Scheduled Commercial Banks (excluding RRBs)] Dear Sir/ Madam, Priority Sector Lending –Targets and Classification- Bank loans to MFIs for on-lending – Qualifying asset – Revised loan limit Please refer to paragraph 19 (b) (iv) of the Master Direction on Priority Sector Lending… Read More »

Category: RBI

Chilling of milk not liable for Service Tax

By | July 28, 2016

CESTAT, NEW DELHI BENCH Vinayak Industries v. Commissioner of Central Excise & Service Tax, Jaipur-I S.K. MOHANTY, JUDICIAL MEMBER AND R.K. SINGH, TECHNICAL MEMBER FINAL ORDER NO. 52122/2016 APPEAL NO. ST/60635/2013-CU(DB) JUNE  9, 2016 Ms. Rinky Arora, Adv. for the Appellant. Amresh Jain, DR for the Respondent. ORDER R.K. Singh, Technical Member – Appeal is… Read More »

Personal properties of directors can’t be attached to recover sales tax due of company : HC

By | July 28, 2016

HIGH COURT OF GUJARAT Different Solution Marketing (P.) Ltd. v. Assistant Commissioner of Commercial Taxes AKIL KURESHI AND A.J. SHASTRI, JJ. SPECIAL CIVIL APPLICATION NO. 19949 OF 2015 JUNE  30, 2016 Sikandar M. Pathan, Advocate for the Petitioner. Jirga Zaveri, Asstt. Govt. Pleader for the Respondent. JUDGMENT Akil Kureshi, J. – Leave to delete petitioner… Read More »

Cash Credit or term loan account can’t be attached to recover taxes

By | July 28, 2016

Held Bank accounts were in the nature of either the cash credit account or term loan account. In other words, the accounts were opened to enable the assessee to borrow the money from the bank for the purpose of its business. Any money, therefore, that the bank may make available to the assessee would necessarily… Read More »

UCO Bank Empanelment of Concurrent Auditors

By | July 28, 2016

UCO BANK AUDIT & INSPECTION DEPARTMENT HEAD OFFICE, KOLKATA NOTIFICATION [FOR EXPRESSION OF INTEREST FOR EMPANELMENT OF CONCURRENT AUDITORS] 21st July, 2016 UCO Bank invites online applications from practicing firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank. The CA firms already… Read More »

Provisional attachment of property under Service Tax : CBEC Instructions

By | July 28, 2016

CIRCULAR No. 196/06/2016-ST F.No. 137/15/2015-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Service Tax Wing) **** New Delhi, Dated: 27th July, 2016. To All Principal Chief Commissioners of Central Excise and Service Tax/ Customs All Chief Commissioners, Central Excise and Service Tax / Customs. Principal Directors General… Read More »

Born on 1st April, attaining age of 60 /80 years on 31st March : CBDT clarify

By | July 28, 2016

Clarification regarding attaining prescribed age of 60 years/80 years on 31st March itself, in case of Senior/Very Senior Citizens whose date of birth falls on 1st April, for purposes of Income-tax Act, 1961 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No. 28/2016-Income Tax North Block, New Delhi… Read More »

Features of Talgo Coaches of Talgo Train

By | July 28, 2016

Trial of Talgo Train The trials with Talgo Coaches started with effect from 24.05.2016. The trials on main line track have been completed. The trials on Rajdhani track are under progress. The main features of Talgo Coaches are:- (i) Natural tilting leading to higher speed on curves. (ii) Independent Axle-less wheels. (iii) Lightweight Aluminium body… Read More »

Impact of Ban on 2000 CC Diesel Cars

By | July 28, 2016

Impact of Ban on 2000 CC Diesel Cars The interim ban on sale of new Diesel Cars of 2000 cc and above in the National Capital Region (NCR) has been directed by the Hon’ble Supreme Court of India on 16th December 2015. Department of Heavy Industry, Government of India has submitted an affidavit to Hon’ble… Read More »

Govt approves setting up of new AIIMS in Bhatinda

By | July 28, 2016

Cabinet approves setting up of new AIIMS in Bhatinda The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the establishment of a new AIIMS at Bhatinda in Punjab under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY). The institution shall have a hospital with capacity of 750 beds which will include Emergency/Trauma… Read More »

Policy for award of Waterfront land to port dependent industries

By | July 28, 2016

Cabinet approves Policy for award of Waterfront and associated land to port dependent industries in major ports The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Policy for award of waterfront and associated land to port dependent industries in major ports and its operationalization. The Policy will result in uniformity… Read More »

Govt approves abolition of Separate Guidelines for establishing Joint Venture Companies by Defence PSUs

By | July 28, 2016

Cabinet approves abolition of Separate Guidelines for establishing Joint Venture Companies by Defence PSUs The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved abolition of existing “Guidelines for establishing Joint Venture Companies by Defence Public Sector Undertakings (DPSUs)”. These guidelines which were notified in February, 2012 will not be required for… Read More »

Govt increased limit for foreign investment in Stock Exchanges from 5% to 15%

By | July 28, 2016

Cabinet increases the limit for foreign investment in Stock Exchanges from 5% to 15% The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for raising foreign shareholding limit from 5% to 15% in Indian Stock Exchanges for a stock exchange, a depository, a banking company, an insurance company, a… Read More »