Daily Archives: November 30, 2016

Govt approved simplification of Visa regime in India

By | November 30, 2016

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

By | November 30, 2016

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

By | November 30, 2016

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

By | November 30, 2016

 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 »

Interest on 54EC Capital Gain Tax Exemption Bonds reduced

By | November 30, 2016

Reduction in Coupon Rate on 54 EC Bonds from 6% P.A. to 5.25% P.A.   National Highways Authority of India (NHAI) has been issuing long term Capital Gain Tax Exemption Bonds u/s 54EC of Income Tax Act 1961. The applicable rate of interest for bond series has been amended w.e.f 1stDecember, 2016 as detailed below:… Read More »

Helpline for Women in Railways

By | November 30, 2016

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

By | November 30, 2016

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

By | November 30, 2016

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 »

Cash Withdrawal from Bank- RBI updated FAQ

By | November 30, 2016

Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016) 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even… Read More »

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

By | November 30, 2016

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

By | November 30, 2016

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

By | November 30, 2016

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

By | November 30, 2016

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

By | November 30, 2016

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,

By | November 30, 2016

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

By | November 30, 2016

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

By | November 30, 2016

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

By | November 30, 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

By | November 30, 2016

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

By | November 30, 2016

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 »

Analysis of New Taxation Bill 2016 to Tax Black Money in India

By | November 30, 2016

Legislation aimed at addressing “ black money ” in tax law changes As a step forward to curb “black money,” bank notes of existing series of denomination of the value of Rs.500 and Rs.1000 were recently withdrawn from circulation by the Reserve Bank of India. There have been concerns also that certain existing provisions of the Income-tax… Read More »

No capital gains on transfers in demerger

By | November 30, 2016

No capital gains on transfers in a demerger The Mumbai Income-Tax Appellate Tribunal held that no capital gain tax is to be levied (absent any consideration received / accrued to the taxpayer) for transfers of undertakings under a plan of demerger. The tribunal observed that absent a connection between the transfer of the undertaking and the revaluation… Read More »

Direct Transfer of Fertilizer Subsidy to be introduced

By | November 30, 2016

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 »