Monthly Archives: November 2016

Govt approved simplification of Visa regime in India

Cabinet approves liberalization, simplification and rationalization of Visa regime in India The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for liberalization, simplification and rationalization of the existing visa regime in India, and incremental changes in the visa policy decided by the Ministry of Home Affairs in consultation with… Read More »

National Anthem Mandatory for all cinema theatres to play before movie

S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS Writ Petition(s)(Civil) No(s). 855/2016 SHYAM NARAYAN CHOUKSEY Petitioner(s) VERSUS UNION OF INDIA Respondent(s) Dated 30.11.2016 Summary of Judgment “Time has come for people to realise that the national anthem is a symbol of… Read More »

Less Cash Economy -Committee of Chief Ministers constituted by NITI Aayog

Committee of Chief Ministers to examine and implement measures to implement digital payment systems NITI Aayog has constituted a Committee of Chief Ministers representing different political parties to examine and promote the use of digital payment systems across the country. The move is in line with the Government’s thinking to promote transparency, financial inclusion and… Read More »

54 EC Capital Gains Bonds of NHAI for year 2016-17 -Details

 Details of 54 EC Capital Gains Bonds of NHAI for the year 2016-17 Credit Rating “CRISIL AAA/Stable” by CRISIL Ltd Face Value Rs. 10000/- per Bond Issue price Rs. 10000/- per Bond Minimum application size One Bond of Rs. 10,000/- Maximum application size 500 Bonds of Rs.10,000/- each (Rs.50,00,000) subject to fulfillment of other conditions… Read More »

Helpline for Women in Railways

Helpline for Women in Railways To provide round the clock security related assistance to passengers, including women passengers, a three digit security helpline number 182 has already become functional through Divisional Security Control Rooms of Railway Protection Force (RPF) over Indian Railways. This helpline is manned by RPF personnel and can be accessed by passengers,… Read More »

Notification of Minimum Wages

Minimum Wages The Government has issued draft notification on 01.09.2016 to revise the Basic minimum wages for Agriculture, Construction, Non-Coal Mines, Stone-Mines, Sweeping and Cleaning, Watch & Ward and Loading/ Unloading workers, after consultation with the Minimum Wages Advisory Board.  The proposed amendments to the Minimum Wages Act, 1948,  inter-alia, includes applicability of minimum wages… Read More »

OIDAE Services excluded from telecommunication services under Place of Provision of Services Rules 2012

Seeks to amend Place of Provision of Services Rules, 2012 so as to exclude ‘online information and database access or retrieval services’ from the definition of ‘telecommunication services’. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 51/2016-Service… Read More »

Chest Balance Limit / Cash Holding Limit -SBNs deposited not to be considered -RBI

RBI/2016-17/164 DCM (Plg) No. 1459/10.27.00/2016-17 November 29, 2016 The Chairman / Managing Director/ Chief Executive Officer, (All banks maintaining currency chests) Dear Sir, Deposit of Specified Bank Notes (SBNs) – Chest Balance Limit / Cash Holding Limit Please refer to our circular. DCM (CC) No. 2598/03.02.05/2009-10 dated October 27, 2009, which inter alia stated that… Read More »

Anti-dumping duty on Axle for Trailers originating from China

Seeks to levy definitive anti-dumping duty on Axle for Trailers originating in, or exported from People’s Republic of China [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 54 /2016-Customs (ADD) New Delhi, the 29th November, 2016 G.S.R.… Read More »

Insurers can’t accept Old Notes of Rs 500/1,000 note towards premium

Ref:IRDA/ACTL/CIR/MISC/238/11/2016 Date:29-11-2016 Clarification on “Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization To All the CEOs of the Life Insurance Companies   Re: Clarification on “Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization” Reference is… Read More »

Extended grace period for payment of life insurance policies renewal premium

Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization Ref:IRDA/ACTL/CIR/ULIP/236/11/2016 Date:25-11-2016 To All the CEOs of the Life Insurance Companies   Re: Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization We are in receipt of a… Read More »

Continuous disclosures & compliances by InvITs -SEBI specified format

Securities and Exchange Board of India CIR/IMD/DF/127/2016 November 29, 2016 To All Infrastructure Investment Trusts (InvITs) All Parties to InvITs All Stock Exchanges Dear Sir / Madam, Sub: Continuous disclosures and compliances by InvITs 1. Regulation 23 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014 prescribe disclosures to be made by an InvIT to the… Read More »

Renewal of Vehicle Fitness certificate -Amended Central Motor Vehicles Rules,

MINISTRY OF ROAD TRANSPORT AND HIGHWAYS NOTIFICATION New Delhi, the 28th November, 2016 G.S.R. 1096(E).—Whereas the draft rules further to amend the Central Motor Vehicles Rules, 1989, were published, as required under sub-section (1) of section 212 of the Motor Vehicles Act, 1988 (59 of 1988), vide notification of the Government of India in the… Read More »

Allotment of Government Residences -General Pool in Delhi – Rules 2016 Notified

MINISTRY OF URBAN DEVELOPMENT (DIRECTORATE OF ESTATES) NOTIFICATION New Delhi, the 28th November, 2016 G.S.R 1098(E).—In pursuance of the provisions of rule 45 of the Fundamental Rules, the President hereby makes the following further amendments to the Allotment of Government Residences (General Pool in Delhi) Rules 1963, namely :- 1. (1) These rules may be… Read More »

Statement of income distributed by securitisation trust -Income Tax Rules notified

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th November, 2016 INCOME-TAX S.O. 3573(E).—In exercise of the powers conferred by section 295 read with sub-section (4) of section 115TCA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More »

New Tax Rates on undisclosed income in India -Taxation Bill 2016

NEW TAX RATES ON UNDISCLOSED INCOME Lok Sabha Passed Bill to Tax Black Money / Undisclosed Income  on 29.11.2016 . This Bill is called The Taxation Laws (Second Amendment) Bill, 2016 .   Overview of this bill: Tax Rates on Undisclosed Income As per Taxation Laws (Second Amendment) Bill 2016 passed by Lok Sabha on 29.11.2016 Income… Read More »

100% FDI in Scheduled & Regional Air Transport Services via Automatic Route

FEM (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (SECOND AMENDMENT) REGULATIONS, 2016 – AMENDMENT IN REGULATIONS 2, 14, SCHEDULE 1, SCHEDULE 9 AND SUBSTITUTION OF SCHEDULE 11 – CORRIGENDUM TO NOTIFICATION [NO.FEMA.362/2016-RB]/GSR 166(E), DATED 15-2-2016 NOTIFICATION NO. GSR 1089(E) [F.NO.1/3/EM/2016],  DATED 25-11-2016 In the Notification of Reserve Bank of India, Foreign… Read More »

Subsidies of transport, power & interest -Eligible for deduction u/s 80IB – 80IC

Central Board of Direct Taxes Circular No. 39/2016, Dated: November 29, 2016 [F.No.279/Misc./140/2015/ITJ] Subject: Transport, Power and Interest subsidies received by an Industrial Undertaking – Eligibility for deduction under sections 80-IB, 80-IC etc., of the Income-tax Act, 1961- Reg. The issue whether revenue receipts such as transport, power and interest subsidies received by an Industrial Undertaking/… Read More »

Direct Transfer of Fertilizer Subsidy to be introduced

Direct Transfer of Fertilizer Subsidy to be introduced The Government has decided to introduce Direct Benefit Transfer (DBT) system for fertilizer subsidy payments. Under the proposed system, 100% subsidy on various fertilizer grades shall be released to the manufacturers and importers on the basis of actual sales made by the retailer to the beneficiaries. Initially,… Read More »

Various Loan Schemes for Minorities Self-Employment

Various Loan Schemes for Minorities Self-Employment National Minorities Development and Finance Corporation (NMDFC), a Central Public Sector Enterprise under this Ministry provides concessional loans to minorities for self-employment and income generating ventures, through the State Channelising Agencies (SCAs) nominated by the respective State Governments/UT Administration.For availing assistance under NMDFC schemes, the annual family income eligibility… Read More »

ICAI Suggestions Invited for Revised Draft Model GST, IGST & Compensation Law.

Your feedback / concerns and suggestions received on Model GST Law were communicated and as can be seen many amendments are due to the suggestions made by us. CBEC has now released revised draft Model GST Law in the public domain. The same has been hosted at the below link: http://idtc-icai.s3.amazonaws.com/download/draft-model-gst-law-25-11-2016.pdf In this regard, we… Read More »

Category: GST

Registration Form for Insolvency Professional made live

Announcement regarding registration as an Insolvency Professional with the Indian Institute of Insolvency Professionals of ICAI – (29-11-2016) The Indian Institute of Insolvency professionals of ICAI (IIIPI), a section 8 Company formed by the Institute of Chartered Accountants of India to enroll and regulate insolvency professionals as its members in accordance with the Insolvency and… Read More »

Lok Sabha Passed Bill to Tax Black Money / Undisclosed Income

Lok Sabha Passed Bill to Tax Black Money / Undisclosed Income Download The Taxation Laws (Second Amendment) Bill, 2016 as passed by Lok Sabha on 29.11.2016 Related Post The Taxation Laws (Second Amendment) Bill, 2016 Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 New Taxation Bill to tax undisclosed income introduced in Lok… Read More »

FIRs in public domain by CBI

CBI starts to file FIRs in public domain New Delhi: CBI has started publishing FIRs on its website, a step which comes in compliance with the Supreme Court order directing every police force to publish FIR records within 24 hours of registration. CBI Director Anil Sinha The agency, which had been citing exemption from RTI Act, whenever asked… Read More »

Guidelines for functioning of Stock Exchanges & Clearing Corporations in IFSC ( International Financial Services Centre )

CIRCULAR SEBI/HO/MRD/DSA/CIR/P/2016/125 November 28, 2016 All Stock Exchanges and Clearing Corporations in International Financial Services Centre Dear Sir/Madam Guidelines for functioning of Stock Exchanges and Clearing Corporations in International Financial Services Centre (IFSC) 1. Pursuant to announcement in the Union Budget 2015-16 on Gujarat International Finance Tec-City (GIFT), SEBI (International Financial Services Centre) Guidelines, 2015… Read More »

Secretarial Standards on Dividend -Exposure Draft

Exposure Draft SECRETARIAL STANDARD ON DIVIDEND The following is the text of the Secretarial Standard-3 (SS-3) on “Dividend”, issued by the Council of the Institute of Company Secretaries of India. Adherence to this Secretarial Standard is recommendatory for all companies to facilitate uniform practices in distribution of profits by way of “Dividend”. (In this Secretarial… Read More »

Secretarial Standard on Report of Board of Directors -Exposure Draft

Exposure Draft SECRETARIAL STANDARD ON REPORT OF THE BOARD OF DIRECTORS The following is the text of Secretarial Standard on “Report of the Board of Directors”, issued by the Council of the Institute of Company Secretaries of India. Adherence by a company to this Secretarial Standard is recommendatory. (In this Secretarial Standard, the Standard portions… Read More »

Point of Sale (POS) devices exempted from central excise duty till 31st March 2017

Seeks to exempt Point of Sale (POS) devices and goods required for its manufacature from central excise duty till 31st March, 2017 TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 35/2016 – Central Excise New Delhi, the… Read More »

Key Points -Pradhan Mantri Garib Kalyan Yojana 2016 -Tax on Black money

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 Key Points about Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 Disclosure of black money held in banks or cash Background of  Pradhan Mantri Garib Kalyan Yojana 2016 :In the wake of declaring specified bank notes of Rs 500/ Rs 1000 “as… Read More »

Guide to New Model GST Law (November 2016 Edition ) – Book

Guide to New Model GST Law (November 2016 Edition) Paperback – 2016 The ultimate updated ” Guide to New Model GST Law ” as on 26/11/2016. On basis various suggestions received, fresh model laws have been released by GST Council secretariat on 26-11-2016.Following three drafts have been released-Model GST Law, Model IGST Law, Draft Goods… Read More »

Brief summary of new Taxation Laws to Tax undisclosed Income

FM tables The Taxation Laws (Second Amendment) Bill, 2016  in Lok Sabha on 28.11.2016 introducing stringent penalties and PM Garib Kalyan Deposit Scheme 2016. Important features includes: Any income assessed u/s 68/69/69A/69/69C/69D (including share capital, unsecured loans, etc) to be taxed u/s 115BBE, which is to be increased from 30% to 60% plus 25% surcharge… Read More »

New National Steel Policy

New National Steel Policy The Government proposes to revisit the existing National Steel Policy. It is at conceptual stage. Based on the decision taken in the meeting of High Level Committee on Manufacturing held on 09.07.2013 to achieve the ambitious target of 300 Million Tonne Per Annum (MTPA) steel production capacity by 2025, a concept… Read More »

India’s Share in Global Trade

India’s Share in Global Trade   India’s performance in World trade based on the WTO database which provides the data calendar year-wise is given as follows:  India’s Trade Performance: Percentage Share in World Trade Years India’s Share in World Merchandise Exports India’s Share in World Commercial Services Exports India’s Share in World Merchandise Plus Services… Read More »

Import Clearance Certificate for food products into India

Import Clearance Certificate   Import of products like drugs/pharma, food, plant & plant products, livestock & livestock products are governed by their respective legislations and Rules there under. Clearance systems of all these categories of products are in place at ports of entry. The Customs Single Window Interface for Facilitating Trade (SWIFT) enables importers/exporters to… Read More »