Monthly Archives: August 2016

Insolvency and Bankruptcy code 2016 : certain provision to come into force w.e.f 19.08.2016

By | August 31, 2016

SECTION 1 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 – ACT – ENFORCEMENT OF – NOTIFIED DATE ON WHICH PROVISIONS OF SPECIFIED SECTIONS OF SAID CODE SHALL COME INTO FORCE NOTIFICATION NO. SO 2746(E) [F.NO.30/8/2016-INSOLVENCY SECTION], DATED 19-8-2016 In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy… Read More »

Govt. and embassies exempt from TCS on cash purchase of specified goods or services

By | August 31, 2016

INCOME-TAX (TWENTY FIRST AMENDMENT) RULES, 2016 – INSERTION OF RULE 37CB NOTIFICATION NO. SO 2747(E) [NO.75/2016 (F.NO.370142/19/2016-TPL)], DATED 19-8-2016 In exercise of the powers conferred by sub-section (1E) of section 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further… Read More »

IRDAI (Investment) Regulations 2016

By | August 31, 2016

IRDAI (INVESTMENT) REGULATIONS, 2016 NOTIFICATION F.NO.IRDAI/REG/22/134/2016, DATED 1-8-2016 In exercise of the powers conferred by clause (i) sub-section (2) of Section 114A read with Sections 27, 27A, 27B, 27C, 27D and 28 of the Insurance Act, 1938 (4 of 1938), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following Regulations. Short… Read More »

Streamlining the Process of NOC, Port Clearance Certificate in case of Foreign Shipping Companies

By | August 31, 2016

Streamlining the Process of No Objection Certificate (NOC), Port Clearance Certificate (PCC), Voyage Return and Voyage Assessment in case of Foreign Shipping Companies (FSCs) The Central Board of Direct Taxes (CBDT) has issued a Circular bearing number 30/2016 on 26th August, 2016 for the purpose of streamlining the process of issue of No Objection Certificate… Read More »

Industry pitches for GST rate of 18 %

By | August 31, 2016

Companies on Tuesday pitched for a standard goods and services tax (GST) rate of 18 per cent and sought time to switch over to the new regime at a meeting with the empowered committee of state finance ministers chaired by West Bengal Finance Minister Amit Mitra on Tuesday. States, which are seeking a higher tax… Read More »

Category: GST

Trading Hours/Trading Holidays on Commodity Derivatives Exchanges

By | August 31, 2016

Securities and Exchange Board of India CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2016/75 August 30, 2016 To, The Managing Directors / Chief Executive Officers All Commodity Derivatives Exchanges Sir / Madam, Sub: Trading Hours/Trading Holidays on Commodity Derivatives Exchanges 1. As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by… Read More »

Closure of financial accounts u/r 114H (8) under alternative procedure of FATCA

By | August 31, 2016

Closure of financial accounts under Rule 114H (8) of the Income-Tax Rules, 1962 under alternative procedure of FATCA The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August, 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain the… Read More »

Govt approves grant of Permanent Residency Status to Foreign Investors

By | August 31, 2016

Cabinet approves grant of Permanent Residency Status to Foreign Investors The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors subject to the relevant conditions as specified in the FDI Policy notified by the Government from time to time.… Read More »

Govt approves simplification and liberalisation of Foreign Direct Investment Policy 2016

By | August 31, 2016

Cabinet approves simplification and liberalisation of the Foreign Direct Investment Policy, 2016 in various sectors The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post-facto approval for the FDI policy amendments announced by the Government on 20th June, 2016. The FDI policy amendments are meant to liberalise and simplify the… Read More »

Category: FDI

Basic Minimum Wages for Central Sphere Workers Revised

By | August 31, 2016

Basic Minimum Wages for Central Sphere Workers Revised Minimum Wages to be Rs.350/- Per Day for Unskilled Non-Agricultural Workers for ‘C’ Category Areas Shri Arun Jaitely, the Union Finance Minister, the Union Minister of State(IC) for Labour and Employment Shri Bandaru Dattatreya and Shri Piyush Goyal, Union Minister of State (IC) for Power, Coal and… Read More »

Government to issue 5thTranche of Sovereign Gold Bonds from 1st sept to 9th sept

By | August 31, 2016

Government to issue Fifth Tranche of Sovereign Gold Bonds: Applications for the Bonds will be accepted from 1st September to 9th September, 2016 and Bonds will be issued on 23rd September,2016.  The Government of India, in consultation with the Reserve Bank of India (RBI), has decided to issue 5th Tranche of Sovereign Gold Bonds. Applications… Read More »

CBDT signs 20 Unilateral Advance Pricing Agreements with Indian taxpayers

By | August 31, 2016

CBDT signs 20 Unilateral Advance Pricing Agreements with Indian taxpayers The Central Board of Direct Taxes (CBDT) entered into twenty (20) Unilateral Advance Pricing Agreements (APAs) yesterday and today, i.e., 29th August, 2016 and 30th August, 2016, with Indian taxpayers. Many of these agreements also have a “Rollback” provision in them. The APA Scheme was… Read More »

Scheme of Rebate of State Levies on Export of Garments 2016

By | August 31, 2016

DIRECTORATE GENERAL OF SYSTEMS CUSTOMS & CENTRAL EXCISE, C.R.BUILDING, I.P.ESTATE, NEW DELHI-110 109 F.No. IV(23)/14/2016-Systems Dated: 26.08.2016 To, All Principal Commissioner of Customs, All Principal Commissioner of Customs and Central Excise, All Commissioner of Customs, All Commissioner of Customs and Central Excise. Subject: – Scheme of Rebate of State Levies on Export of Garments 2016… Read More »

Transportation of passengers embarking from or terminating in Regional Connectivity Scheme airports

By | August 31, 2016

Seeks to amend Notification No. 26/2012- Service Tax dated 20.06.2012, by inserting of entry “5A” for transportation of passengers embarking from or terminating in a Regional Connectivity Scheme (RCS) airports, with abatement of 90%,for a period of one year from the date of commencement of operations of the Regional Connectivity Scheme (RCS) airport, with condition… Read More »

Rules restricting appearance of outside lawyer in court without local lawyer are valid: SC

By | August 31, 2016

SUPREME COURT OF INDIA Jamshed Ansari v. High Court of Allahabad A.K. SIKRI AND N.V. RAMANA, JJ. CIVIL APPEAL NO. 6120 OF 2016 AUGUST  26, 2016 JUDGMENT A.K. Sikri, J. – The appellant has challenged the judgment dated 28.04.2015 passed by the High Court of Judicature at Allahabad whereby writ petition filed by the appellant… Read More »

West Bengal blows hot and cold on GST

By | August 31, 2016

The plan to roll out the goods and services tax (GST) hit a rough patch over the weekend after a last-minute show of brinkmanship by West Bengal. The state, without putting forth any specific reason, abruptly decided to defer its plan to ratify the constitutional amendment enabling roll-out of GST. While this is unlikely to… Read More »

Category: GST

Financial Literacy Centres – Revised reporting format

By | August 31, 2016

RBI/2016-17/40 FIDD.FLC.BC.No.12/12.01.018/2016-17 August 25, 2016 To Chairman/MD & CEO Scheduled Commercial Banks (Including RRBs) Dear Sir/Madam, Financial Literacy Centres – Revised reporting format Please refer to our circular FIDD.FLC.BC.No.18/12.01.018/2015-16 dated January 14, 2016 on Financial Literacy Centres (FLCs)-Revised guidelines enclosing therewith the reporting Mechanism (Annex III- Part A, B, and C) for FLCs and rural… Read More »

Category: RBI

Pradhan Mantri Fasal Bima Yojna-Non-feeding of data by bank branches in the Crop Insurance Portal of MoA&FW

By | August 31, 2016

RBI/2016-17/41 FIDD.CO.FSD.BC.11/05.10.007/2016-17 August 25, 2016 The Chairman/Managing Director/Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam/Dear Sir Pradhan Mantri Fasal Bima Yojna-Non-feeding of data by bank branches in the Crop Insurance Portal of MoA&FW. Please refer to our circular FIDD.No.FSD.BC20/05.10.007/2015-16 dated March 17, 2016 advising you to ensure strict compliance of the… Read More »

Category: RBI

Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) – Aajeevika – Interest Subvention Scheme

By | August 31, 2016

RBI/2016-17/42 FIDD.GSSD.CO.BC.No.13/09.01.03/2016-17 August 25, 2016 The Chairman / Managing Director Public and Private Sector Banks Dear Sir / Madam, Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) – Aajeevika – Interest Subvention Scheme Please refer to our circular FIDD.GSSD.CO.BC.NO. 19/09.01.03/2015-16 dated January 21, 2016 on interest subvention scheme under National Rural Livelihoods Mission (NRLM).… Read More »

Category: RBI

Master Direction – Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016

By | August 31, 2016

RBI/DNBR/2016-17/38 Master Direction DNBR.PD.002/03.10.119/2016-17 August 25, 2016 Master Direction – Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016. The Reserve Bank of India (the Bank), having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage… Read More »

Category: RBI

Master Direction – Exemptions from the provisions of RBI Act, 1934

By | August 31, 2016

RBI/DNBR/2016-17/40 Master Direction DNBR.PD. 001/03.10.119/2016-17 August 25, 2016 Master Direction – Exemptions from the provisions of RBI Act, 1934 The Reserve Bank of India (the Bank), being satisfied that, in the public interest, and to enable the Bank to regulate the financial system of the country to its advantage, in exercise of the powers conferred… Read More »

Category: RBI

Master Direction – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016

By | August 31, 2016

RBI/DNBR/2016-17/41 Master Direction DNBR. PD. 005/03.10.119/2016-17 August 25, 2016 Master Direction – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016 The Reserve Bank of India (the Bank), having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the… Read More »

Category: RBI

Master Direction – Standalone Primary Dealers (Reserve Bank) Directions, 2016

By | August 31, 2016

RBI/DNBR/2016-17/42 Master Direction DNBR.PD.004/03.10.119/2016-17 August 25, 2016 Master Direction – Standalone Primary Dealers (Reserve Bank) Directions, 2016 The Reserve Bank of India (the Bank), having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Bank to regulate the financial system to the advantage of the country and… Read More »

Category: RBI

Master Direction – Residuary Non-Banking Companies (Reserve Bank) Directions, 2016

By | August 31, 2016

RBI/DNBR/2016-17/43 Master Direction DNBR. PD.006/13.10.119/2016-17 August 25, 2016 Master Direction – Residuary Non-Banking Companies (Reserve Bank) Directions, 2016 The Reserve Bank of India (the Bank), having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the country,… Read More »

Category: RBI

Review of Prudential Norms –Risk Weights for Exposures to Corporates, AFCs and NBFC-IFCs

By | August 31, 2016

RBI/2016-17/44 DBR.No.BP.BC.6/21.06.001/2016-17 August 25, 2016 All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Dear Sir/Madam, Review of Prudential Norms –Risk Weights for Exposures to Corporates, AFCs and NBFC-IFCs Please refer to para 5.8 of Master Circular on Basel III capital regulations dated July 1, 2015 on exposures to the captioned entities.… Read More »

Category: RBI

Prudential Norms for Off-balance Sheet Exposures of Banks – Restructuring of derivative contracts

By | August 31, 2016

RBI/2016-17/45 DBR.No.BP.BC.7/21.04.157/2016-17 August 25, 2016 All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Dear Sir/Madam, Prudential Norms for Off-balance Sheet Exposures of Banks – Restructuring of derivative contracts Please refer to circular DBOD.No.BP.BC.57/21.04.157/2008-09 dated October 13, 2008 on the captioned subject. Para 2.2 of the circular requires that in cases where… Read More »

Category: RBI

Partial Credit Enhancement (PCE) to Corporate Bonds

By | August 31, 2016

RBI/2016-17/43 DBR.BP.BC.No.5/21.04.142/2016-17 August 25, 2016 All Scheduled Commercial Banks (excluding RRBs) Partial Credit Enhancement (PCE) to Corporate Bonds Please refer to the circular DBR.BP.BC.No.40/21.04.142/2015-16 dated September 24, 2015 on the captioned subject. 2. In terms of para II.6 of the above-mentioned circular, the aggregate exposure limit of all banks towards the PCE for a given… Read More »

Category: RBI

Repo/Reverse repo in Corporate Debt Securities

By | August 31, 2016

Repo/Reverse repo in Corporate Debt Securities RBI/2016-17/48 FMRD.DIRD.5/14.01.009/2016-17 August 25, 2016 To All Market Participants Dear Sir/Madam, Repo / Reverse repo in Corporate Debt Securities A reference is invited to our circular FMRD.DIRD.04/14.03.002/2014-15 dated February 3, 2015 enclosing the Repo in Corporate Debt Securities (Reserve Bank) Directions, 2015. 2. It has now been decided to… Read More »

Category: RBI

Market Repo Transactions in Government Securities Market

By | August 31, 2016

Market Repo Transactions in Government Securities Market RBI/2016-17/49 FMRD.DIRD.6/14.03.002/2016-17 August 25, 2016 All Market Participants Dear Sir/Madam, Market Repo Transactions in Government Securities Market Please refer to paragraph 34 of the fourth Bi-monthly Monetary Policy Statement 2015-16 dated September 29, 2015 wherein it was stated that the Reserve Bank will review restrictions placed on repo… Read More »

Category: RBI

Sovereign Gold Bonds 2016-17 – Series II

By | August 31, 2016

RBI/2016-17/53 IDMD.CDD.No.462/14.04.050/2016-17 August 29, 2016 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds 2016-17 – Series II Government of India has, vide its Notification F.No. 4(7)-W&M/2016 dated… Read More »

Category: RBI

Sovereign Gold Bonds 2016-17 Series II – Operational Guidelines

By | August 31, 2016

Sovereign Gold Bonds 2016-17 Series II – Operational Guidelines RBI/2016-17/54 IDMD.CDD.No.463/14.04.050/2016-17 August 29, 2016 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.( SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds 2016-17 Series II –… Read More »

Category: RBI

Chambers to seek clarity on GST provisions

By | August 31, 2016

Chambers to seek clarity on GST provisions The empowered committee of state finance ministers for goods and services tax (GST), headed by West Bengal finance minister Amit Mitra, will meet industry bodies on Tuesday to deliberate on the concerns regarding the proposed unified indirect tax regime, expected to be rolled out during the next financial… Read More »

Category: GST

Maharashtra Ratifies GST Bill

By | August 31, 2016

Maharashtra Legislature Ratifies GST Bill, Chief Minister Thanks All Parties The Maharashtra Legislature today unanimously ratified the Goods and Services Tax Constitutional Amendment Bill, joining a clutch of states which have already approved the legislation that will pave the way for roll-out of a single and unified tax system in the country. Both Houses of… Read More »

Category: GST

Haryana ratifies GST Bill

By | August 31, 2016

Haryana Assembly ratifies GST Bill Haryana Vidhan Sabha Monday unanimously ratified the Constitution Amendment Bill on Goods and Services Tax amendment during the ongoing monsoon session. A motion to this effect was moved by Haryana Finance Minister Capt Abhimanyu. The resolution moved in the House read: “This House ratifies the amendment to the Constitution of… Read More »

Category: GST

Telangana ratifies GST

By | August 31, 2016

Telangana ratifies GST A special session of the Telangana Legislature (Legislative Assembly and Legislative Council) has ratified the Constitutional amendment Bill for the Goods and Services Tax on Tuesday. While the Legislative Council passed the Bill unanimously, The Legislative Assembly debated on the Bill. MLAs for Opposition parties, especially AIMIM and Congress sought clarifications on… Read More »

Category: GST

GST will make consumer goods cheaper, boost jobs: CBEC

By | August 31, 2016

GST will make consumer goods cheaper, boost jobs: CBEC Spelling out benefits of the Goods and Services Tax (GST), the revenue department on Monday said it will make consumer goods cheaper, increase consumption and generate more employment by enhancing economic activity. “… (GST will) create a unified common national market for India, giving a boost… Read More »

Category: GST

RBI Guidelines on Enhancing Credit Supply for Large Borrowers through Market Mechanism

By | August 29, 2016

RBI/2016-17/50 DBR.BP.BC.No.8/21.01.003/2016-17 August 25, 2016 All Scheduled Commercial Banks (excluding RRBs) Guidelines on Enhancing Credit Supply for Large Borrowers through Market Mechanism Please refer to the Discussion Paper on the captioned subject issued on May 12, 2016 for comments of the stakeholders. The Discussion Paper proposed a framework for addressing the concentration risk of the… Read More »

Category: RBI

RBI allowed retired officials for assisting in internal audit

By | August 29, 2016

RBI/2016-17/46 DBS.CO.PPD.05/11.01.005/2016-17 August 25, 2016 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Risk- based Internal Audit Please refer to our circular DBS.CO.PP.BC.10/11.01.005/2002-03 dated December 27, 2002 on Risk-based Internal Audit setting out the scope and coverage of Risk-based Internal Audit (RBIA) system in commercial banks. In this connection some banks have represented to… Read More »

Category: RBI

RBI withdraw Master Circular – Collection of Direct Taxes – OLTAS

By | August 29, 2016

Master Circular – Collection of Direct Taxes – OLTAS RBI/2016-17/47 DGBA.GAD.No.458/42.01.034/2016-17 August 25, 2016 To All agency Banks Dear Sir / Madam Master Circular – Collection of Direct Taxes – OLTAS Please refer to our Master Circular DGBA.GAD.No.3/42.01.034/2015-16 dated July 1, 2015 on the above subject. 2. Instructions regarding Online Tax Accounting System (OLTAS) and… Read More »

Category: RBI

Income Declaration Scheme (Third Amendment) Rules 2016

By | August 29, 2016

INCOME DECLARATION SCHEME (THIRD AMENDMENT) RULES, 2016  AMENDMENT IN RULE 3 AND FORM-1 NOTIFICATION NO. SO 2728(E) [NO.74/2016 (F.NO.142/8/2016-TPL)], DATED 17-8-2016 In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further… Read More »

5th FAQ on Income Declaration Scheme 2016

By | August 29, 2016

INCOME DECLARATION SCHEME, 2016 – CLARIFICATIONS ISSUED TO FURTHER QUERIES RECEIVED FROM PUBLIC RELATING TO SAID SCHEME CIRCULAR NO.29 OF 2016 [F.NO.142/8/2016-TPL], DATED 18-8-2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued three… Read More »

Avoid plastic made National Flag, display paper flags, dispose with dignity

By | August 14, 2016

Avoid plastic made National Flag, display paper flags, dispose with dignity: MHA Advisory Ahead of the Independence Day, the Ministry of Home Affairs has issued an Advisory to the Chief Secretaries / Administrators of all State Governments / UT Administrations, Secretaries of all Ministries / Departments of Govt. of India to ensure strict compliance of… Read More »

Companies (Share Capital and Debentures) Fourth Amendment Rules 2016

By | August 14, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 12th August, 2016 G.S.R. 791(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely:— 1. (1)… Read More »