Daily Archives: November 23, 2016

Service Tax on services such as content downloading from Google Play Store, I Tunes etc. by the Individual customer

“Online Information and Database Access or Retrieval Services” – Change in the Taxability and Procedural Compliance Recently, Central Government has brought changes in the Taxability, Place of Provision and Procedural compliances in respect of “Online Information and Database Access or Retrieval Service” with the intent to broaden the Service tax net by 1st December 2016.… Read More »

Government plans GST Bills as money Bills

To speed passage, Government plans GST Bills as money Bills The government is considering bringing the three GST-related Bills as money Bills disregarding the Congress’s demand seeking their introduction as financial bills, sources said. The introduction of the GST Bills as money Bills will ensure faster passage as these are required to be voted only… Read More »

Real Estate Rules for Delhi finalized by Govt

Ministry of Urban Development finalizes Real Estate Rules for Delhi Delhi Government, municipal bodies, other stakeholders consulted Rules same as notified earlier for Union Territories without Legislatures Ministry of Urban Development has finalized the Real Estate General Rules and Rules for Agreement for Sale for the National Capital Territory of Delhi as required under the… Read More »

ice-Chairman of DDA designated as Real Estate Regulatory Authority for Delhi

Vice-Chairman of DDA designated as Real Estate Regulatory Authority for Delhi Vice-Chairman of Delhi Development Authority (DDA) has been designated as Regulatory Authority for National Capital Territory of Delhi under the Real Estate (Regulation & Development) Act,2016. Ministry of Urban Development, Government of India, the competent authority in respect of Delhi under the Act, has… Read More »

No Service Charge in internet booking of Railway tickets through IRCTC

Relaxation from payment of Service Charge in internet booking of Railway tickets through IRCTC Ministry of Railways has decided that in order to help passengers and incentivise the payment through credit/debit/cash cards instead of cash payment for booking of reserved tickets, Service Charge shall not be collected on booking of e-tickets/ i-tickets from 23rd November… Read More »

Anti-Corruption Legislation

Anti-Corruption Legislation The Fight against corruption is an ongoing process. The Central Government is fully alive and committed to implement its policy of ‘zero tolerance against corruption’ and has already taken several measures to combat corruption and improve the functioning of Government. These include:- i. Enactment of the Lokpal & Lokayuktas Act, 2013; ii. Enactment… Read More »

Online Submission of Complaints and Appeals

Online Submission of Complaints and Appeals As informed by the Central Information Commission, complaints and appeals can be filed online through Central Information Commission’s website portal at www.cic.gov.in. This was stated by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space,… Read More »

Withholding Annual Increments of Non-performers after 20 Years

Pay Hike The 7th Central Pay Commission in its Report contained in Para 5.1.46 titled ‘Withholding Annual Increments of Non-performers after 20 Years’ has inter-alia recommended for withholding of annual increments in the case of those employees who are not able to meet the benchmark either for Modified Assured Career Progression (MACP) or a regular… Read More »

Threshold Limit for Coverage under ESIC

Threshold Limit for Coverage under ESIC The Government, in principle, decided to enhance the threshold limit of wage for coverage under the Employees’ State Insurance (ESI) Act, 1948 from existing Rs.15,000/- pm to Rs. 21,000/- pm. For this purpose, a Notification had been issued on 06.10.2016 inviting suggestion/objections from all stakeholders. As on 31.03.3016, the… Read More »

Indian Govt steps for farmers and to promote digital payments in the economy

The Central Government takes various decisions for the benefit of farmers in the current Rabi Season and to promote digital payments in the economy. Following the cancellation of legal tender character of old Rs. 500 and Rs.1000 notes, a number of measures have been announced by the Union Government, taking into consideration the requirements of… Read More »

CBDT Signs Four Unilateral Advance Pricing Agreements

CBDT Signs Four Unilateral Advance Pricing Agreements pertaining to various sectors of the economy including pharmaceuticals, Information Technology and Construction. The Central Board of Direct Taxes (CBDT) has entered into four more unilateral Advance Pricing Agreements (APAs) on 22nd and 23rd November, 2016. Some of these agreements also have a “Rollback” provision in them. With… Read More »

Chairperson of Insolvency and Bankruptcy Board of India w.e.f 1st October, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st October, 2016 S.O. 3111(E).—In exercise of the powers conferred by section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints Sh. Madhu Sudan Sahoo, as Chairperson of the Insolvency and Bankruptcy Board of India with effect from 1st October,… Read More »

Insolvency and Bankruptcy Board of India w.e.f 01 oct 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st October, 2016 S.O. 3110(E).-In exercise of the powers conferred by sub-section (1) and (3) of section 188 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints 01st October, 2016 as the date of establishment of Insolvency and Bankruptcy Board of… Read More »

Insolvency and Bankruptcy Board of India notifies two Regulations

Insolvency and Bankruptcy Board (IBBI) of India notifies two Regulations; The IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and IBBI (Insolvency Professional Agencies) Regulations, 2016. The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under section 240 of the Insolvency and Bankruptcy Code, 2016, has… Read More »

Insolvency Professional Regulations notified by Govt w.e.f 29 Nov 2016

Insolvency and Bankruptcy Board (IBBI) of India notifies (Insolvency Professional) Regulations, 2016; Regulations inter alia provide for registration, regulation and oversight of insolvency professionals under the Code; These regulations to come into effect from 29th November, 2016. The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under Section 240 of… Read More »

Airtel Payments Bank commences operations

Airtel Payments Bank Limited commences operations Date : Nov 23, 2016 Airtel Payments Bank Limited has commenced its operations as a payments bank with effect from November 23, 2016. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of… Read More »

Deposit of Old Bank Notes ( Rs 500/ 1000) in Small Savings Schemes not allowed : RBI

Deposit of specified banknotes (SBN) in Small Savings Schemes RBI/2016-17/151 DCM (Plg) No.1351/10.27.00/2016-17 November 23, 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, Deposit of specified banknotes (SBN) in Small Savings… Read More »

Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill 2016.

THE ADMIRALTY (JURISDICTION AND SETTLEMENT OF MARITIME CLAIMS) BILL, 2016 AS INTRODUCED IN LOK SABHA on 21.11.2016 Bill No. 258 of 2016 to consolidate the laws relating to admiralty jurisdiction, legal proceedings in connection with vessels, their arrest, detention, sale and other matters connected therewith or incidental thereto. STATEMENT OF OBJECTS AND REASONS The present… Read More »

The Surrogacy (Regulation) Bill 2016

The Surrogacy (Regulation) Bill 2016 (India) AS INTRODUCED IN LOK SABHA ON 21.11.2016 Bill No. 257 of 2016  BILL  to constitute National Surrogacy Board, State Surrogacy Boards and appointment of appropriate authorities for regulation of the practice and process of surrogacy and for matters connected therewith or incidental thereto. Key Feature of Surrogacy (Regulation) Bill… Read More »

Registration of Insolvency professional Agency

Registration of Insolvency professional Agency [as per Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 ] Eligibility for registration of Insolvency professional Agency No person shall be eligible to be registered as an insolvency professional agency unless it is a company registered under section 8 of the Companies Act, 2013, and – a) its… Read More »

Salary advance for Nov 16 to Non Gazetted employees of Central Government.

No. 25(30)/E.Coord/2016 Ministry of Finance Department of Expenditure New Delhi the 17th November 2016 OFFICE MEMORANDUM Subject: Salary advance for the month of November 2016 to be paid to NonGazetted employees of Central Government. In terms of Rule 64 (2) of Central Government Account (Receipt & Payment) Rules, 1983, the President is pleased to release… Read More »

Small Saving Schemes not allowed to deposit Old currency notes of Rs 500-1000

Small Saving Schemes not allowed to deposit Old currency notes of Rs 500-1000 Ministry of finance has conveyed vide F.No. 1/04/2016-NS, dated: 22.11.2016 that subscribers of small scheme may not be allowed to deposit old demonetised currency notes of Rs. 500 and Rs. 1000, in Small Saving Schemes. Small Saving Schemes include Post Office Savings… Read More »

Keyman Insurance Policy Premium of partner paid by Firm is allowable exp : CBDT

CIRCULAR NO. 38/2016 F.No.279/Misc./ 140/2015-ITJ Government of India Ministry of Finance Central Board of Direct Taxes New Delhi, Dated 22nd November, 2016 Subject: Admissibility of expenditure incurred by a Firm on Keyman Insurance Policy in the case of a Partner- Reg. The issue relating to admissibility of expenditure incurred by a firm on Keyman Insurance… Read More »

Brand rate fixation claim- Revised simplified procedure

F.No.609/84/2016-DBK Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Drawback Division, New Delhi Circular No. 54/2016-Customs, Dated: November 22, 2016 To, Principal Chief Commissioners/ Directors General Chief Commissioners/ Directors General Principal Commissioners/Commissioners, all under CBEC Subject: Further rationalization of revised simplified procedure for fixation of brand rates It… Read More »

Insolvency Professional Agencies Regulations 2016 Notified

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 21st November, 2016 Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 IBBI/2016-17/GN/REG002..— In exercise of the powers conferred by sections 196, 201, 202, 219, and 220 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board… Read More »

Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations 2016

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 21st November, 2016 Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 IBBI/2016-17/GN/REG001.— In exercise of the powers conferred by sections 196, 203 and 205 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31… Read More »

Vice Chairman, Delhi Development Authority as Regulatory Authority under Real Estate (Regulation and Development) Act, 2016

MINISTRY OF URBAN DEVELOPMENT (DELHI DIVISION) ORDER New Delhi, the 21st November, 2016 S.O. 3494(E).—Whereas, the third proviso to sub-section (1) of section 20 of the Real Estate (Regulation and Development) Act, 2016 stipulates that until the establishment of a Regulatory Authority, the appropriate Government shall designate any Regulatory Authority or any officer as the… Read More »

Power to recover arrears of penalty under FEMA w.e.f 22.11.2016 – Notifcation

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 21st November, 2016 G.S.R. 1080(E).— In exercise of the powers conferred by section 228 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 22nd day of November, 2016, as the date on which the provision of section 229 of the… Read More »

OIDAR service – Power of Officers under Chapter-V of the Finance Act Notified

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 22nd November, 2015 No. 50/2016-Service Tax G.S.R. 1082(E).—In exercise of the powers conferred by clause (b) of section 2 of the Central Excise Act, 1944 (1 of 1944), read with clause (55) of section 65B of the Finance Act 1994 (32 of 1994), rule 3… Read More »

RBI incentivise Electronic Payments – increased limit for Pre-Paid Payment Instruments

Special measures to incentivise Electronic Payments – (i) Enhancement in issuance limits for Pre-Paid Payment Instruments (PPIs) in India (ii) Special measures for merchants RBI/2016-17/150 DPSS.CO.PD.No.1288/02.14.006/2016-17 November 22, 2016 All Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers Dear Madam / Sir, Special measures to incentivise Electronic… Read More »

Cash Withdrawal for Marriage – RBI Modified Condition

RBI/2016-17/149 DCM (Plg) No.1346/10.27.00/2016-17 November 22, 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 existing ₹ 500/- and ₹ 1000/- Specified Bank Notes (SBNs) – Cash withdrawal… Read More »

Making cash available for Rabi Crop Season – RBI Advisory to banks

Making cash available for Rabi Crop Season – Advisory to banks RBI/2016-17/148 DCM (Plg) No.1345/10.27.00/2016-17 November 22, 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, Making cash available for Rabi Crop… Read More »

Category: RBI

RBI asked Banks to take stern action against branch officials indulging in fraudulent practices in exchanging Old Bank Notes

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Specified Bank Notes (SBNs) – Fraudulent Practices RBI/2016-17/147 DCM (Plg) No.1341/10.27.00/2016-17 November 22, 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… Read More »

Category: RBI