Daily Archives: November 17, 2016

RBI expanded investment basket for FPIs under corporate bond route

By | November 17, 2016

RBI/2016-17/138 A.P. (DIR Series) Circular No.19 November 17, 2016 To, All Category – I Authorised Dealer banks Madam / Sir, Investment by Foreign Portfolio Investors (FPI) in corporate debt securities Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to paragraph 1 of Schedule 5 to the Foreign Exchange Management… Read More »

RBI Modified FEM Regulations relating to General/Health Insurance & Life Insurance in India

By | November 17, 2016

Foreign Exchange Management (Insurance) Regulations 2015 RBI/2016-17/137 A.P. (DIR New Series) Circular No.18 [(1)/12 (R)] November 17, 2016 To All Category – I Authorised Dealer Banks Madam/ Sir Foreign Exchange Management (Insurance) Regulations, 2015 Attention of Authorised Dealers (ADs) is invited to A.D (M.A. Series) Circular No. 11 dated May 16, 2000 in terms of… Read More »

Foreign Deputation – Action against officials not coming back to Office after Foreign Deputation

By | November 17, 2016

Action against officials not coming back to Original Office after Foreign Deputation The Department of Personnel & Training had issued instructions/guidelines under AIS (Leave) Rules vide letter No. 11019/05/2015-AIS-III dated 3/11/2015 to process deemed resignation in respect of AIS officers, for being unauthorisedly absent after expiry of leave/study leave/foreign assignment etc. and completion of one… Read More »

Withdraw/Exchange Cash from Bank : Govt of India 7 Key Decisions w.e.f 18.11.2016

By | November 17, 2016

The Central Government takes several decisions to facilitate farmers, small traders, Group ‘C’ Employees of Central Government including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises in the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes; Also decides… Read More »

Online Website for facilitating trade between India and Iran

By | November 17, 2016

online portal for facilitating trade between India and Iran An Online Portal for facilitating trade between India and Iran was launched today by Dr. Inder Jit Singh, Additional Secretary, Department of Commerce in the presence of H.E. Mr. Gholamreza Ansari, Ambassador of Islamic Republic of Iran, Mr. Khaleel Rahim, CMD, STC, and other Directors of… Read More »

Eleventh Schedule of Insolvency and Bankruptcy Code, 2016

By | November 17, 2016

Eleventh Schedule, Insolvency and Bankruptcy Code, 2016 THE ELEVENTH SCHEDULE (See section 255) AMENDMENTS TO THE COMPANIES ACT, 2013 (18 OF 2013) 1. In section 2,— (a) for clause (23), the following clause shall be substituted, namely: — “(23) “Company Liquidator” means a person appointed by the Tribunal as the Company Liquidator in accordance with… Read More »

Ninth Schedule of Insolvency and Bankruptcy Code, 2016

By | November 17, 2016

Ninth Schedule, Insolvency and Bankruptcy Code, 2016 THE NINTH SCHEDULE (See section 253) AMENDMENT TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 (51 OF 2007) 1. In section 23, in sub-sections (4), (5) and (6), after the words and figures “the Banking Regulation Act, 1949” “the Companies Act, 2013”, the words and figures “or the Insolvency… Read More »

Seventh Schedule of Insolvency and Bankruptcy Code, 2016

By | November 17, 2016

Seventh Schedule, Insolvency and Bankruptcy Code, 2016 THE SEVENTH SCHEDULE (See section 251) AMENDMENT TO THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (54 OF 2002) In section 13, in sub-section (9), for the words “In the case of”, the words and figures “Subject to the provisions of the… Read More »

Section 220 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 220 of Insolvency and Bankruptcy Code 2016 (Notified  S.O. 3453(E) Dated 15.11.2016) Appointment of disciplinary committee. 220. (1) The Board shall constitute a disciplinary committee to consider the reports of the investigating Authority submitted under sub-section (6) of section 218: Provided that the members of the disciplinary committee shall consist of whole-time members of the… Read More »

Section 219 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 219 of Insolvency and Bankruptcy Code 2016 (Notified  S.O. 3453(E) Dated 15.11.2016) Show cause notice to insolvency professional agency or its member or information utility. 219. The Board may, upon completion of an inspection or investigation under section 218, issue a show cause notice to such insolvency professional agency or insolvency professional or information… Read More »

Section 218 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 218 of Insolvency and Bankruptcy Code 2016 (Notified  S.O. 3453(E) Dated 15.11.2016) Investigation of insolvency professional agency or its member or information utility. 218. (1) Where the Board, on receipt of a complaint under section 217 or has reasonable grounds to believe that any insolvency professional agency or insolvency professional or an information utility… Read More »

Section 217 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 217 of Insolvency and Bankruptcy Code 2016 (Notified  S.O. 3453(E) Dated 15.11.2016) CHAPTER VI INSPECTION AND INVESTIGATION Complaints against insolvency professional agency or its member or information utility. 217. Any person aggrieved by the functioning of an insolvency professional agency or insolvency professional or an information utility may file a complaint to the Board… Read More »

Section 208 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 208 of Insolvency and Bankruptcy Code 2016 (Notified  S.O. 3453(E) Dated 15.11.2016 :- sub-section (1) of section 208 (i) clause (c);(ii) clause (e); (3) sub-section (2) of section 208;) Functions and obligations of insolvency professionals. 208. (1) Where any insolvency resolution , fresh start, liquidation or bankruptcy process has been initiated, it shall be the… Read More »

Section 207 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 207 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) Registration of insolvency professionals. 207. (1) Every insolvency professional shall, after obtaining the membership of any insolvency professional agency, register himself with the Board within such time, in such manner and on payment of such fee, as may be specified by regulations.… Read More »

Section 206 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 206 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) CHAPTER IV INSOLVENCY PROFESSIONALS Enrolled and registered persons to act as insolvency professionals. 206. No person shall render his services as insolvency professional under this Code without being enrolled as a member of an insolvency professional agency and registered with the Board.

Section 205 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 205 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) Insolvency professional agencies to make bye-laws. 205. Subject to the provisions of this Code and any rules or regulations made thereunder and after obtaining the approval of the Board, every insolvency professional agency shall make bye-laws consistent with the model bye-laws specified… Read More »

Section 204 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 204 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) Functions of insolvency professional agencies. 204. An insolvency professional agency shall perform the following functions, namely:— (a) grant membership to persons who fulfil all requirements set out in its bye-laws on payment of membership fee; (b) lay down standards of professional conduct… Read More »

Section 203 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 203 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) Governing Board of insolvency professional agency. 203. The Board may, for the purposes of ensuring that every insolvency pro-fessional agency takes into account the objectives sought to be achieved under this Code, make regulations to specify— (a) the setting up of a… Read More »

Section 202 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 202 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) Appeal to National Company Law Appellate Tribunal. 202. Any insolvency professional agency which is aggrieved by the order of the Board made under section 201 may prefer an appeal to the National Company Law Appellate Tribunal in such form, within such period,… Read More »

Section 201 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 201 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) Registration of insolvency professional agency. 201. (1) Every application for registration shall be made to the Board in such form and manner, containing such particulars, and accompanied by such fee, as may be specified by regulations: Provided that every application received by… Read More »

Section 200 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 200 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) Principles governing registration of insolvency professional agency. 200. The Board shall have regard to the following principles while registering the insolvency professional agencies under this Code, namely:— (a) to promote the professional development of and regulation of insolvency professionals; (b) to promote… Read More »

Section 199 of Insolvency and Bankruptcy Code 2016

By | November 17, 2016

Section 199 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) HAPTER III INSOLVENCY PROFESSIONAL AGENCIES No person to function as insolvency professional agency without valid certificate of registration. 199. Save as otherwise provided in this Code, no person shall carry on its business as insolvency professional agencies under this Code and enrol… Read More »

Insolvency & Bankruptcy Code 2016 : Certain Sections notified w.e.f 15.11.2016

By | November 17, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 15th November, 2016 S.O. 3453(E).— In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 15th November, 2016 as the date on which the provisions of the following sections… Read More »

Prescribed authority u/s 143(2) Notified -New Rule 12E of Income Tax Rules

By | November 17, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th November, 2016 G.S.R. 1073(E).—In exercise of the powers conferred by section 295 read with sub-section (2) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further… Read More »

Daily Reporting by Banks in Annex 6A before 2300 hrs ;RBI

By | November 17, 2016

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Daily Reporting RBI/2016-17/136 DCM (Plg) No.1291/10.27.00/2016-17 November 16, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir Withdrawal of… Read More »

Take PAN and comply Rule 114B of Income Tax Rules 1962 : RBI to Banks

By | November 17, 2016

RBI/2016-17/135 DCM (Plg) No.1287/10.27.00/2016-17 November 16, 2016 The Chairman / Managing Director/Chief Executive Officer Public Sector Banks / Private Sector Banks/ Foreign Banks Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks Dear Sir, Withdrawal of Legal Tender Character of Specified Bank Notes – Compliance with provisions of 114B of the Income Tax… Read More »