Monthly Archives: December 2016

Text of PMs Modi address to nation ( India) on 31.12.2016 – ( Hindi )

By | December 31, 2016

Text of PMs address to the nation on the eve of New year 2017 मेरे प्यारे देशवासियों,   कुछ ही घंटों के बाद हम सब 2017 के नववर्ष का स्वागत करेंगे। भारत के सवा सौ करोड़ नागरिक नयासंकल्प, नई उमंग, नया जोश, नए सपने लेकर स्वागत करेंगे।   दीवाली के तुरंत बाद हमारा देश ऐतिहासिक… Read More »

State Bank mCASH: Create gift voucher (Hindi and English Video )

By | December 31, 2016

State Bank mCASH: Create  gift voucher State Bank of India has introduced a new facility called mCASH. This facility allows any OnlineSBI or State Bank Anywhere users to send money by the way of funds transfer just by providing Email or Mobile number of the beneficiary. You may also send cash gifts to your friends… Read More »

Income Tax Officer can check Returns & 26AS of Assessee of any Jurisdiction

By | December 31, 2016

Income Tax Investigation Officer can Check Returns & 26AS of assessee of any Jurisdiction. ITD (Income Tax Department ) Users User Manual For Registering as an Investigation Officer in the e-Filing application, an ITD user must have  A valid Employee ID.  A valid PAN.  Role should be only as an Investigation Officer.… Read More »

Govt of India – Cabinet Decisions- Since 27.05.2014 till date (Modi Govt Decisions )

By | December 31, 2016

Cabinet Decisions-Chronological since 27.05.2014 27.05.2014   Constitution of Special Investigation Team in compliance with the judgement of Hon’ble Supreme Court The Union Cabinet today approved constitution of Special Investigating Team (SIT) to implement the decision of the Hon’ble Supreme Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities.… Read More »

Formats of acceptance letters by incoming auditor u/s 139(1) of Companies Act

By | December 31, 2016

Eligibility Letter u/s 139(1) of the Companies Act, 2013 [ Illustrative Formats of acceptance letters to be submitted by the incoming auditor u/s 139(1) of the Companies Act, 2013 (the formats are illustrative only and not mandatory ) : Ethical Standards Board  of ICAI ]  Illustrative Eligibility Letter u/s 139(1) of the Companies Act, 2013… Read More »

Do’s and Dont’s for CA’s – Recent Decisions of Ethical Standards Board of ICAI

By | December 31, 2016

Recent Decisions of Ethical Standards Board of ICAI for Chartered Accountants A chartered accountants in practice cannot become Financial Advisors and receive fees/commission from Financial Institutions such as Mutual Funds, Insurance Companies, NBFCs etc. A chartered accountant cannot exercise lien over the client documents/records for non-payment of his fees. It is not permissible for CA… Read More »

BHIM App ( Bharat Interface for Money ) – Go Cashless India on Mobile

By | December 31, 2016

BHIM App  ( Bharat Interface for Money ) BHIM App –  Bharat Interface for Money is an initiative to enable fast, secure, reliable cashless payments through your mobile phone. BHIM is interoperable with other Unified Payment Interface (UPI) applications, and bank accounts. BHIM is developed by the National Payment Corporation of India (NPCI). BHIM is… Read More »

Govt Extended cut-off date for crop insurance during Rabi 2016-17 under PMFBY

By | December 31, 2016

Press Information Bureau Government of India Ministry of Agriculture 30-December-2016 17:11 IST Ministry of Agriculture & Farmers Welfare decides to extend the cut-off date for crop insurance during Rabi 2016-17 under Pradhan Mantri Fasal Bima Yojana up to 10th January, 2017 The Ministry of Agriculture & Farmers Welfare keeping in view the difficulties faced by… Read More »

Grace period to citizen of India for Depositing old Bank Notes after 30.12.2016

By | December 31, 2016

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 30th December, 2016 S.O. 4251(E).—In exercise of the powers conferred by clause (b) of sub-section (1) of section 2, read with clause (i) of sub-section (1) of section 4, of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 (Ord. 10 of 2016), the… Read More »

Provident Funds Special provision for Employees’ Enrolment Campaign 2017 @ Rs 1 p.a

By | December 31, 2016

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 30th December, 2016 G.S.R. 1190(E).— In exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the… Read More »

No Administrative Expenses of EDLI Scheme for Employees’ Enrolment Campaign 2017

By | December 31, 2016

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 30th December, 2016 S.O. 4250(E).—In pursuance of the powers conferred by clause (a) of sub-section (4) of section 6C of the Employees’ Provident Funds and Miscellaneous Provisions, Act, 1952 (19 of 1952), the Central Government hereby makes the following amendment in the notification of the Government… Read More »

Employees Pension Scheme -Damages Rs 1 p.a for Employees Enrolment Campaign 2017

By | December 31, 2016

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 30th December, 2016 G.S.R. 1191(E).–– In exercise of powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’… Read More »

Damages for default in payment of contribution under EDLI Scheme

By | December 31, 2016

Rule – 8A of Employees’ Deposit-Linked Insurance Scheme 1976 1 Recovery of damages for default in payment of any contribution 8A. 2[(1) Where an employer makes default in the payment of any contribution to the Insurance Fund, or in the payment of any charges payable under any other provisions of the Act or the Scheme,… Read More »

EDLI Damages Charges Rs 1 p.a during Employees Enrolment Campaign 2017

By | December 31, 2016

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 30th December, 2016 G.S.R. 1192(E).—In exercise of powers conferred by section 6C read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Deposit… Read More »

Pre-Paid Payment Instruments Issuance to merchants – RBI exentended Time

By | December 31, 2016

RBI/2016-17/203 DPSS.CO.PD.No.1669/02.14.006/2016-2017 December 30, 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 Payments – Extension of time A reference is invited to circular DPSS.CO.PD.No.1288/02.14.006/2016-17 dated November 22, 2016 advising enhancements in the limits of semi-closed PPIs issued… Read More »

Daily Cash withdrawal Limit from ATMs increased w.e.f 01.01.2017

By | December 31, 2016

RBI/2016-17/204 DCM (Plg) No. 2142/10.27.00/2016-17 December 30, 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 District central Cooperative Banks Dear Sir, Cash withdrawal from ATMs – Enhancement of daily limits Please refer to our circular… Read More »

Download Specified Bank Notes (Cessation of Liabilities) Ordinance 2016

By | December 30, 2016

Demonetization ordinance Govt of India has issued Demonetization ordinance  which will be called  :- Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 The President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today i.e. on 30th December, 2016. The Ordinance is a follow-up to the decision taken… Read More »

Government Suspends Deemed Recognition of Indian Olympic Association

By | December 30, 2016

Government Suspends Deemed Recognition of IOA Government has suspended the deemed recognition, granted by it to the Indian Olympic Association (IOA) until the IOA reverses its decision to appoint Shri Suresh Kalmadi and Shri Abhay Chautala as Life Presidents.   Following the suspension, IOA will cease to enjoy the privileges and prerogatives bestowed on it by… Read More »

Penalty for not depositing Old Bank Notes – President of India approved Ordinance 2016

By | December 30, 2016

The President of India approves the Promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 today;  The President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today i.e. on 30th December, 2016. The Ordinance is a follow-up to the decision taken by the Government of… Read More »

Railways -5% Discount for booking of Retiring Room through digital means

By | December 30, 2016

Indian Railways Measures to Promote Digital Payments In pursuance of this announcement made by Government of India for promotion of  Digital & Cashless Economy, Ministry of Railways has initiated some additional following package of incentives and measures. This shall be made effective from 1st January 2017. 1.      Ministry of Railways has decided to instruct Yatri… Read More »

Railways facility of 10% rebate in Basic Fare on Vacant Berth/Seats after chart Preparation

By | December 30, 2016

Indian Railways Extends the facility of 10% rebate in Basic Fare on Vacant Berth/Seats after Preparation of First Chart In All Kinds of Trains This Facility will be Available With Effect From 1st January 2017 In continuation with its earlier announcement of providing 10% rebate in the basic fare on the vacant berths/seats after preparation… Read More »

India and Singapore Sign Third Protocol for Amending DTAA

By | December 30, 2016

India and Singapore Sign a Third Protocol for Amending the Double Taxation Avoidance Agreement (DTAA) India and Singapore have amended the DTAA for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, by signing a Third Protocol today. This is in line with India’s treaty policy to prevent… Read More »

Reserve Bank of India -RBI offices in India

By | December 30, 2016

The Reserve Bank of India has offices at 31 locations. 1. SRINAGAR Reserve Bank of India, Srinagar office, Amir Manzil, 1-C, Rajbagh, Srinagar(Jammu and Kashmir)190 008 Tel No. 0194-2312685, 2312899 Fax No. 0194- 2454249 2. JAMMU [The Jurisdiction of this RBI office is the State of Jammu & Kashmir ] Rail Head Complex, Jammu –… Read More »

Chandigarh Regional Office Bank Holiday List for 2017

By | December 30, 2016

CHANDIGARH REGIONAL OFFICE HOLIDAY LIST FOR THE YEAR 2017 • Holiday under Negotiable Instruments Act • Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday • RBI’s Annual Closing of Accounts • Banks’ Closing of Accounts and Real Time Gross Settlement Holiday January 5 Guru Govind Singh’s Birthday • 26 Republic Day •… Read More »

Procedure for claiming Duty Credit Scrips for shipments where LEO date is upto 31.03.2015 but export is on or after 01.04.2015

By | December 30, 2016

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) PUBLIC NOTICE New Delhi, the 29th December, 2016 No. 48/2015-2020 Subject: Procedure for claiming Duty Credit Scrips under Chapter 3 of FTP 2009 -14 for shipments where LEO date is upto 31.03.2015 but date of export is on or after 01.04.2015. F. No. 01/61/180/88/AM16/PC-3.—In exercise of powers… Read More »

Direct Tax Dispute Resolution Scheme 2016 extended up to 31st January 2017

By | December 30, 2016

Direct Tax Dispute Resolution Scheme- 2016 extended up to 31st January, 2017 In view of the representations received from various stakeholders and for the convenience of the taxpayers, the last date for availing the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme)  has been extended up to 31st January, 2017. The scheme was to close… Read More »

RBI alowed White Label ATM Operators for Sourcing of cash from retail outlets

By | December 30, 2016

RBI/2016-17/202 DPSS.CO.PD. No.1621/02.10.002/2016-17 December 30, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Authorised ATM Network Operators /Card Payment Network Operators/ White Label ATM Operators Dear Madam/ Sir, White Label ATM Operators (WLAOs)… Read More »

Indian Economy continues to gains during Financial Year 2016-17

By | December 30, 2016

During the current Financial Year 2016-17, the Indian Economy continues to consolidate the gains achieved in restoring macro-economic stability; Despite the continuing global sluggishness and recent pick-up in petroleum prices, the macro-economic indicators continue to be robust in the current Year                                                                                                                     Year End Review – 2016 Department of Economic Affairs, Ministry of Finance During… Read More »

Investment pattern for Provident Money revised by Govt of India – Notification

By | December 30, 2016

Govt of India has revised the Investment pattern of moneys contributed to a provident fund under Rules 67(2) of Income tax Rules . Read following Notification. ( relevant Extract of Rule 67 are also produced) ] PART XII   RECOGNISED PROVIDENT FUNDS Rule 67 of Income Tax Rules read as under Investment of fund moneys. 67 .… Read More »

Old Bank Notes cannot form part of banks cash balances on 31.12.2016 : RBI

By | December 30, 2016

RBI/2016-17/201 DCM (Plg) No.2103/10.27.00/2016-17 December 30, 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 / District Central Co-op Banks Dear Sir, Closure of the scheme of exchange of Specified Bank Notes… Read More »

Multi-lingual helpdesk number in India for tourists

By | December 30, 2016

LAUNCH OF INCREDIBLE INDIA HELPLINE: The Ministry of Tourism has launched the 24×7 Toll Free Multi-Lingual Tourist Helpline in 12 International Languages including Hindi & English on 8.2.2016. This service is available on the toll free number 1800111363 or on a short code 1363 and operational 24×7 (all days) in a year offering a “multi-lingual… Read More »

GST #Issue1-GST Tax Credit of Capital Goods received on or after Appointed Date ?

By | December 30, 2016

GST TRANSITIONAL PROVISIONS GST on Input or Input Service During Transit as per Revised Model GST Law, GST Issue Series -1 : Credit of Taxes paid on Capital Goods received on or after Appointed Date ?  There is possibility that capital goods purchased before the appointed day are received by the assessee on or after… Read More »

Law of Notices with Electronic Notices -Book Nov 2016

By | December 30, 2016

Law of Notices with Electronic Notices Hardcover – 1 Nov 2016 by Rajesh Gupta (Author) Buy Law of Notices with Electronic Notices Hardcover: 1188 pages Publisher: Universal Law Publishing – An imprint of Lexis Nexis; Third edition (1 November 2016) Language: English This work, besides making a threadbare analysis of technical provisions of law and their… Read More »

How to file Form V – PMGK Deposit Scheme 2016-User Manual

By | December 30, 2016

Form V (PMGK Deposit Scheme, 2016) – User Manual Table of Contents Introduction……………………………………………………………………………………………………. Pre-Requisites for Uploading Form V ………………………………………………………………..  Steps to generate ITDREIN for Form V……………………………………………………………. Steps to add Authorised Person …………………………………………………………………………. Steps to Upload Form V ………………………………………………………………………………………… Steps to View Form V……………………………………………………………………………………………. Introduction. As per the Notification No.[F.No.3(1)-W&M/2016] / so 4061, dated 16-12-2016, the… Read More »

Download Form V – Pradhan Mantri Garib Kalyan Deposit Scheme 2016

By | December 30, 2016

Download Form V – Pradhan Mantri Garib Kalyan Deposit Scheme, 2016  [ zip file] As per the Notification No.[F.No.3(1)-W&M/2016] / so 4061, dated 16-12-2016, the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 has been notified. The deposits under this Scheme shall be made by any person who intends to declare undisclosed income under sub-section (1) of… Read More »

Date Extended for Direct Tax Dispute Resolution Scheme 2016

By | December 30, 2016

Central Government had extended  the date to “31st day of January, 2017” on or before which a person may make a declaration to the designated authority in respect of tax arrear or specified tax under the Direct Tax Dispute Resolution Scheme, 2016 . Earlier the date was 31st day of December, 2016. Read Following Notifications… Read More »

117 Advance Pricing Agreements signed by CBDTl

By | December 30, 2016

Ministry of Finance 29-December, 2016 Two More Advance Pricing Agreements signed by the Central Board of Direct Taxes. With this, the total number of APAs entered into by the CBDT reaches 117             The Central Board of Direct Taxes (CBDT) has closed the year 2016 by entering into two more unilateral Advance Pricing Agreements… Read More »

Financial Data Management Center Committee Report

By | December 29, 2016

Report of the Committee to study the Financial Data Management Legal Framework in India Department of Economic Affairs Ministry of Finance October 25, 2016 Submitted to Ministry of Finance Government of India 1. Introduction 1.1 The Financial Sector Legislative Reforms Commission (FSLRC) has, inter-alia, recommended the creation of a statutory Financial Data Management Centre (FDMC),… Read More »

ICAI formed Group of Digital Transformation for providing self- service portal to CA/ Students

By | December 29, 2016

Council Affairs/M-626/2016 28th December, 2016 ALL MEMBERS OF THE COUNCIL Madam/Dear Sir, The President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016, has constituted a Group of Digital Transformation and Process Reengineering Committee with the following members:- CA. Sanjay Kumar Agarwal, (Convenor) CA.… Read More »

Sanction Additional Working Capital Limits to Micro and Small Enterprises : RBI

By | December 29, 2016

RBI/2016-17/200 FIDD.MSME & NFS.BC.No.20/06.02.31/2016-17 December 29, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir / Madam, Sanction of Additional Working Capital Limits to Micro and Small Enterprises (MSEs) Please refer to our circular FIDD.MSME & NFS.BC.No.60/06.02.31/2015-16 dated August 27, 2015 on ‘Streamlining flow of credit to Micro and Small Enterprises (MSEs) for… Read More »

RBI issued Interest Rate Options Directions 2016 in India

By | December 29, 2016

RBI/2016-17/199 FMRD.DIRD.12/14.01.011/2016-17 December 29, 2016 To All eligible market participants Dear Sir/Madam Introduction of Interest Rate Options in India As announced in the fourth bi-monthly Monetary Policy Statement 2016-17, it has been decided to introduce Interest Rate Options in India. 2. The Reserve Bank of India has accordingly issued a Notification No. FMRD.DIRD. 11/2016 dated… Read More »

High level committee to review Institutionalization of Arbitration Mechanism in India

By | December 29, 2016

Constitution of high level committee to review Institutionalization of Arbitration Mechanism in India Source : Ministry of Law & Justice 29-December, 2016 Justice Dispensing System in India has come under great stress for various reasons including huge pendency of cases in various courts. The injustice is particularly egregious in commercial disputes, where cases remain pending for… Read More »

Remonetisation and its impact :- Arun Jaitley Statement

By | December 29, 2016

Statement made by the Union Finance Minister Shri Arun Jaitley on Remonetisation and its impact. Following is the transcription of the Statement made by the Union Finance Minister Shri Arun Jaitley on ‘Remonetisation and its impact’ to media today.  “On the November 8, the Prime Minister had asked for the country to support him notwithstanding… Read More »

ICICI Bank Revised FDR Interest Rate w.e.f 28.12.2016

By | December 29, 2016

ICICI Bank FDR Interest Rate The spree of reduction in interest rates on term deposits continued, with ICICI Bank on Tuesday cutting rates on one- and two-year retail deposits by 10 basis points (bps) to 6.9% and 7%, respectively. The bank also slashed the rate on three-year deposits by 25 bps to 6.75%. ICICI Bank’s… Read More »