Daily Archives: August 31, 2016

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

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 »

IRDAI (Investment) Regulations 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 »

Change in tariff value of Crude Palm Oil, RBD Palm Oil, others

Change in tariff value of Crude Palm Oil, RBD Palm Oil, others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (all Grades), Poppy Seeds, Areca Nuts, Gold and Silver notified In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52… Read More »

Industry pitches for GST rate of 18 %

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

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 »

Govt approves grant of Permanent Residency Status to Foreign Investors

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 »

Basic Minimum Wages for Central Sphere Workers Revised

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 »

CBDT signs 20 Unilateral Advance Pricing Agreements with Indian taxpayers

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 »

E Carts and E Rickshaws freed from permit requirements

E Carts and E Rickshaws freed from permit requirements The Ministry of Road Transport and Highways has issued a Gazette Notification today that serves to free e rickshaws and e carts from permit requirements. According to the notification, the provisions of the sub-section (1) of section 66 of the Motor Vehicles Act, 1988 will not… Read More »

Scheme of Rebate of State Levies on Export of Garments 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

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 »

West Bengal blows hot and cold on GST

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

5th Tranche of Sovereign Gold Bonds to open on September 01, 2016

Date : Aug 30, 2016 Fifth Tranche of Sovereign Gold Bonds to open on September 01, 2016 The Reserve Bank of India, in consultation with the Government of India, has decided to issue fifth tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from September 01, 2016 to September 09, 2016. The… Read More »

Category: RBI

Sovereign Gold Bonds Scheme 2016 -17 – Series II – Issue Price

Date : Aug 30, 2016 In terms of GoI notification F.No. 4(7)-W&M/2016 and RBI circular IDMD.CDD. No.462/14.04.050/2016-17 dated August 29, 2016, the Sovereign Gold Bond Scheme will be open for subscription for the period from September 01 to 09, 2016. The issue price of the Sovereign Gold Bond for this tranche has been fixed at… Read More »

Category: RBI

Chambers to seek clarity on GST provisions

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

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

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

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

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