Daily Archives: December 1, 2016

No limit on holding of gold jewellery – position of Income Tax Law clarified by govt

By | December 1, 2016

Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance. In order to remove any doubt about the current position of Income Tax Law with respect to gold jewellery and ornaments, the following… Read More »

How to make payment using Mobile Phone (smart phone not required)

By | December 1, 2016

USSD: Unstructured Supplementary Service Data It is as easy as checking your prepaid balance from your phone. It is possible to transact even a normal mobile phone (Without smart Phone) . It Can be used for payments upto Rs 5000 per day per customer Required for Activation you just need ACCOUNT IN A BANK ANY… Read More »

SBI Buddy Mobile App – How to use to make payments- explained

By | December 1, 2016

SBI Buddy Mobile App What is Buddy Mobile Wallet? State Bank Buddy is State Bank of India’s mobile wallet on your smartphone. It is a semi-closed prepaid wallet which can be used to transfer money to other wallet users and bank accounts, anytime, anywhere. What are the features on the State Bank Buddy mobile app?… Read More »

Steps for Migration of Jharkhand VAT dealers to GSTN portal

By | December 1, 2016

Steps for Migration of Jharkhand VAT dealers to GSTN portal State /India GST Material       GST Enrolment Plan State Wise : Announced by Indian Govt   Steps to enrol on GST Common Portal (India) India How to login to GST Common Portal (India)   FAQ on GSTN Migration (English)   GST-Video Tutorial   FAQ on… Read More »

SEBI Infrastructure Investment Trusts Amendment Regulations 2016

By | December 1, 2016

GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, 30th November, 2016 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 30th November, 2016 SECURITIES AND EXCHANGE BOARD OF INDIA (INFRASTRUCTURE INVESTMENT TRUSTS) (AMENDMENT) REGULATIONS, 2016 No. SEBI/LAD/NRO/GN/2016-17/021.-In exercise of the powers conferred by section 30 read with sections… Read More »

SEBI Real Estate Investment Trusts Amendment Regulations 2016.

By | December 1, 2016

THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, 30th November, 2016 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 30th November, 2016 SECURITIES AND EXCHANGE BOARD OF INDIA (REAL ESTATE INVESTMENT TRUSTS) (AMENDMENT) REGULATIONS, 2016 No. SEBI/LAD/NRO/GN/2016-17/022 .─ In exercise of the powers conferred by section… Read More »

Who can Accept old Rs 500 Notes : List

By | December 1, 2016

Who can Accept old Rs 500 Notes Till the December 15, 2016, specified banknotes of only 500 denomination can be used as under:— (a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor’s prescription; (b) at railway ticketing counters, ticket counters of Government or Public… Read More »

Benches of NCLT to be Adjudicating Authority under Insolvency and Bankruptcy Code 2016 w.e.f 01.12.2016

By | December 1, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th November, 2016 S.O. 3591(E).—In exercise of the powers conferred by sub-section (4) of section 419 of the Companies Act, 2013 (18 of 2013), read with clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the Code),… Read More »

GST Workshop in Chandigarh -72 CPE Hours -3rd to 26th Dec. 2016

By | December 1, 2016

WORKSHOP ON GST ORGANISED BY CHANDIGARH BRANCH OF NIRC OF ICAI Dear Members, The Chandigarh Branch is organising a Workshop on GST from 3rd to 26th Dec.,2016 at ICAI Bhawan, Sector-35B,CHD from 3:30pm to 6:30pm. CPE Hours 72Hrs, Fee Rs.2,500/-. Please find attached date-wise list of topics for your kind reference and perusal. We do… Read More »

Infrastructure Lending -Definition – Banks to follow Govt Gazette Notifications -RBI

By | December 1, 2016

RBI/2016-17/168 DBR.BP.BC.No.42/08.12.014/2016-17 December 1, 2016 All Scheduled Commercial Banks (Excluding RRBs) All India Term-Lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Madam/Dear Sir, Financing of Infrastructure – ‘Definition of ‘ Infrastructure Lending ‘ Please refer to our circular DBOD.BP.BC.No.66/08.12.014/2013-14 November 25, 2013 on ‘Definition of Infrastructure Lending’ harmonising the RBI definition of Infrastructure… Read More »

Large Exposure Framework-RBI final guidelines

By | December 1, 2016

RBI/2016-17/167 DBR.No.BP.BC.43/21.01.003/2016-17 December 01, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Large Exposure Framework Please refer to the paragraph 3 of the Statement on Developmental and Regulatory Policies issued by RBI on October 4, 2016 (extract enclosed). It was indicated therein that RBI will issue final guidelines on Large Exposure Framework… Read More »

Banks to abide by only instructions which are either uploaded on RBI website , Not to follow Social media

By | December 1, 2016

Information from Unauthenticated Sources – Advisory to banks RBI/2016-17/166 DCM (Plg) No.1500/10.27.00/2016-17 December 01, 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, Information from Unauthenticated Sources – Advisory to banks In the wake… Read More »

Portal ‘ E-Box ’ to register online complaints of child sexual abuse

By | December 1, 2016

Portal ‘E-Box’ launched by WCD Ministry to register online complaints of child sexual abuse The Ministry of Women and Child Development is providing support for an outreach service under the Integrated Child Protection Scheme (ICPS) for children in distress including children requiring assistance for protection from abuse . This service is available through a dedicated… Read More »

FASTag -Electronic Toll Collection on Toll Plazas -FAQ’s

By | December 1, 2016

FASTag What is Electronic Toll Collection (ETC) / FASTag? NHAI has rolled out program for Electronic Toll Collection on Toll Plazas on National Highways to be called FASTag. FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid account linked to it. It is affixed on… Read More »

Toll Collection to Resume on National Highways from Midnight of 2nd December

By | December 1, 2016

Toll Collection to Resume on National Highways from Midnight of 2nd December Old Rs 500 notes to be accepted till midnight of December 15, but only for purchase of FASTags and where toll fee exceeds Rs 200 Highway users being encouraged to carry adequate change , make use of electronic payment systems The collection of… Read More »

Digital Reforms by Govt of India

By | December 1, 2016

Impact of Administrative Reforms implemented by Government Several administrative reforms are implemented by the Government post 2014 to make administrative process efficient, transparent and accountable.  Some of the major reforms are as under:  (i) e-Samiksha- A real time online system for monitoring and follow up action on the decisions taken by the Government at the… Read More »

Benefit of non-creamy layer to get the benefits of reservation

By | December 1, 2016

Assessment of equivalence of employees It is a fact that evaluation of the equivalent or comparable posts in public sector undertakings, Banks, Insurance companies, Universities, private employment vis-à-vis Government posts could not be established so far. However, the extant instructions of Department of Personnel and Training dated 8.9.1993 read with instructions of 14.10.2004 provide that… Read More »

Taxation of gold & jewellery acquired out of disclosed sources : Govt clarify unfounded & Baseless

By | December 1, 2016

Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired-out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws (Second Amendment) Bill, 2016, is totally unfounded and baseless. In the wake of Taxation Laws (Second Amendment) Bill, 2016 which has been passed… Read More »

Section 238 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 238 of Insolvency and Bankruptcy Code 2016 [ Note : Section 238 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Provisions of this Code to override other laws. 238. The provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for… Read More »

Section 237 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 237 of Insolvency and Bankruptcy Code 2016 [ Note : Section 237  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Appeal and revision. 237. The High Court may exercise, so far as may be applicable, all the powers conferred by Chapters XXIX and XXX of the Code… Read More »

Section 236 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 236 of Insolvency and Bankruptcy Code 2016 [ Note : Section 236 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Trial of offences by Special Court. 236. (1) Notwithstanding anything in the Code of Criminal Procedure, 1973 (2 of 1974), offences under of this Code shall be… Read More »

Section 231 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 231 of Insolvency and Bankruptcy Code 2016 [ Note : Section 231  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Bar of jurisdiction. 231. No civil court shall have jurisdiction in respect of any matter in which the Adjudicating Authority is empowered by, or under, this Code… Read More »

Section 198 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 198 of Insolvency and Bankruptcy Code 2016 [ Note : Section 198  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Condonation of delay. 198. Notwithstanding anything contained in this Code, where the Board does not perform any act within the period specified under this Code, the relevant… Read More »

Section 77 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 77 of Insolvency and Bankruptcy Code 2016 [ Note : Section 77  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for providing false information in application made by corporate debtor. 77. Where— (a) a corporate debtor provides information in the application under section 10 which is… Read More »

Section 76 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 76 of Insolvency and Bankruptcy Code 2016 [ Note : Section 76  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for non-disclosure of dispute or repayment of debt by operational creditor. 76. Where— (a) an operational creditor has wilfully or knowingly concealed in an application under… Read More »

Section 75 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 75 of Insolvency and Bankruptcy Code 2016 [ Note : Section 75  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for false information furnished in application. 75. Where any person furnishes information in the application made under section 7, which is false in material particulars, knowing… Read More »

Section 74 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 74 of Insolvency and Bankruptcy Code 2016 [ Note : Section 74  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for contravention of moratorium or the resolution plan. 74. (1) Where the corporate debtor or any of its officer violates the provisions of section 14, any… Read More »

Section 73 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 73 of Insolvency and Bankruptcy Code 2016 [ Note : Section 73  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for false representations to creditors. 73. Where any officer of the corporate debtor— (a) on or after the insolvency commencement date, makes a false representation or… Read More »

Section 72 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 72 of Insolvency and Bankruptcy Code 2016 [ Note : Section 72  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for wilful and material omissions from statements relating to affairs of corporate debtor. 72. Where an officer of the corporate debtor makes any material and wilful… Read More »

Section 71 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 71 of Insolvency and Bankruptcy Code 2016 [ Note : Section 71  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for falsification of books of corporate debtor. 71. On and after the insolvency commencement date, where any person destroys, mutilates, alters or falsifies any books, papers… Read More »

Section 70 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 70 of Insolvency and Bankruptcy Code 2016 [ Note : Section 70  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for misconduct in courses of corporate insolvency resolution process. 70. (1) On or after the insolvency commencement date, where an officer of the corporate debtor— (a)… Read More »

Section 69 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 69 of Insolvency and Bankruptcy Code 2016 [ Note : Section 69  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for transactions defrauding creditors. 69. On or after the insolvency commencement date, if an officer of the corporate debtor or the corporate debtor— (a) has made… Read More »

Section 68 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 68 of Insolvency and Bankruptcy Code 2016 [ Note : Section 68  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. CHAPTER VII OFFENCES AND PENALTIES Punishment for concealment or property. 68. Where any officer of the corporate debtor has,— (i) within the twelve months immediately preceding the… Read More »

Section 67 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 67 of Insolvency and Bankruptcy Code 2016 [ Note : Section 67  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Proceedings under section 66. 67. (1) Where the Adjudicating Authority has passed an order under sub-section (1) or sub-section (2) of section 66, as the case may… Read More »

Section 66 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 66 of Insolvency and Bankruptcy Code 2016 [ Note : Section 66  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Fraudulent trading or wrongful trading. 66. (1) If during the corporate insolvency resolution process or a liquidation process, it is found that any business of the corporate… Read More »

Section 65 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 65 of Insolvency and Bankruptcy Code 2016 [ Note : Section 65  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Fraudulent or malicious initiation of proceedings. 65. (1) If, any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose… Read More »

Section 64 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 64 of Insolvency and Bankruptcy Code 2016 [ Note : Section 64  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Expeditious disposal of applications. 64. (1) Where an application is not disposed of or an order is not passed within the period specified in this Code, the… Read More »

Section 63 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 63 of Insolvency and Bankruptcy Code 2016 [ Note : Section 63  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Civil court not to have jurisdiction. 63. No civil court or authority shall have jurisdiction to entertain any suit or proceedings in respect of any matter on… Read More »

Section 62 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 62 of Insolvency and Bankruptcy Code 2016 [ Note : Section 62  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Appeal to Supreme Court. 62. (1) Any person aggrieved by an order of the National Company Law Appellate Tribunal may file an appeal to the Supreme Court… Read More »

Section 61 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 61 of Insolvency and Bankruptcy Code 2016 [ Note : Section 61  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Appeals and Appellate Authority. 61. (1) Notwithstanding anything to the contrary contained under the Companies Act, 2013 (36 of 1963), any person aggrieved by the order of… Read More »

Section 60 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 60 of Insolvency and Bankruptcy Code 2016 [ Note : Section 60  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. CHAPTER VI ADJUDICATING AUTHORITY FOR CORPORATE PERSONS Adjudicating Authority for corporate persons. 60. (1) The Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons… Read More »

Section 32 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 32 of Insolvency and Bankruptcy Code 2016 [ Note : Section 32  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Appeal. 32. Any appeal from an order approving the resolution plan shall be in the manner and on the grounds laid down in sub-section (3) of section… Read More »

Section 31 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 31 of Insolvency and Bankruptcy Code 2016 [ Note : Section 31  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Approval of resolution plan. 31. (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of… Read More »

Section 30 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 30 of Insolvency and Bankruptcy Code 2016 [ Note : Section 30  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Submission of resolution plan. 30. (1) A resolution applicant may submit a resolution plan to the resolution professional prepared on the basis of the information memorandum. (2)… Read More »

Section 29 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 29 of Insolvency and Bankruptcy Code 2016 [ Note : Section 29  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Preparation of information memorandum. 29. (1) The resolution professional shall prepare an information memorandum in such form and manner containing such relevant information as may be specified… Read More »