Daily Archives: December 10, 2016

RBI asked Banks to carry Technical Audit of Prepaid Payment Instrument issuers

By | December 10, 2016

RBI/2016-17/178 DPSS.CO.OSD.No.1485/06.08.005/2016-17 December 09, 2016 All Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers Dear Sir, Security and Risk Mitigation measure – Technical Audit of Prepaid Payment Instrument issuers With the withdrawal of legal tender characteristics of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank… Read More »

RBI Amendmded Master Direction on KYC

By | December 10, 2016

RBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 December 8, 2016 All Regulated Entities (REs) Dear Sir/Madam, Amendment to Master Direction (MD) on KYC In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949 and section 35A read with section 56 of that Act, Rule 9 (14) of the Prevention of Money Laundering (Maintenance… Read More »

Category: RBI

RBI Amended Master Direction on Know Your Customer

By | December 10, 2016

Amendment to Master Direction on Know Your Customer RBI/2016-17/177 DBR.AML.BC.47/14.01.01/2016-17 December 8, 2016 All Regulated Entities Dear Sir/Madam, Amendment to Master Direction on Know Your Customer In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, it has been decided to make certain amendments to the Master Direction on Know… Read More »

Pay by Digital Mode and Take Discounts from Govt on Specified Payments

By | December 10, 2016

Package for Promotion of Digital and Cashless Economy In the aftermath of the cancellation of the legal tender character of old Rs.500 and Rs.1,000 notes, there has been a surge in the digital transactions through use of credit/debit cards and mobile phone applications/e-wallets etc. To further accelerate this process, the Central Government has decided on… Read More »

Income Tax Unearth Innovative Methods of Laundering & Transportation of Cash

By | December 10, 2016

Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad   Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commission. As part of the operation to nab the culprits,… Read More »

Seizure of Rs. 106.52 crore Cash and 127 kg Gold by Income Tax Department

By | December 10, 2016

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 09 December, 2016. Seizure of Rs. 106.52 crore Cash and 127 kg Gold in the case of Sand mining Contractors at Chennai by the Income Tax Department The Investigation Directorate of Income Tax Department at Chennai conducted searches on… Read More »

Income Tax Refers Large Number of Cases Post De-monetisation to ED & CBI

By | December 10, 2016

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 06 December, 2016. Sub : Income Tax Refers Large Number of Cases with Serious Irregularities Detected Post De-monetisation to ED & CBI The Income Tax Department has carried out swift investigations in more than 400 cases since the de-monetisation… Read More »

Govt waives service tax on card payments up to Rs. 2,000 in a single transaction

By | December 10, 2016

Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction When a customer uses a credit card, debit card, charge card or any other payment card for payment of his purchase of goods… Read More »

Equalization levy of 6 per cent on online advertisers

By | December 10, 2016

Equalization levy of 6 per cent on online advertisers The Government has introduced equalization levy of 6 per cent on online advertisers. The Finance Act, 2016 had inserted a separate Chapter VIII titled ‘Equalization Levy’ in order to tap tax on income accruing to foreign e-commerce companies from India. It was provided that a person… Read More »

Govt withdraws certain exemptions given for use of Rs.500/- old notes w.e.f 09.12.2016

By | December 10, 2016

Government withdraws exemptions given for the use of Rs.500/- old notes, from the mid night of December 9, 2016, for making payments at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses for purchase of tickets; For making payments to catering services on board, during travel by rail; and For making payments… Read More »

GST on books

By | December 10, 2016

GST on books Rajya Sabha Official Debates > Part 1 (Question And Answer) > Session Number: 236 Date of Debate: 30-Jul-2015 Debate Type: Part 1(Question and Answer) Debate Title Subject: WRITTEN ANSWERS TO UNSTARRED QUESTIONS Debate Title: GST on books Question Number: 873 Question Type: Unstarred Questioner Name: NARESH GUJRAL Page Number from to: 717 Ministry: FINANCE… Read More »