Daily Archives: December 29, 2016

Financial Data Management Center Committee Report

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 »

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

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

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

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

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 »

Empanelment for Concurrent/Internal Auditors of SMVDU

Expression of Interest (EOI) for Internal/Concurrent Audit of SMVDU Shri Mata Vaishno Devi University (SMVDU), Kakryal (Katra) invites Expression of Interest (EOI) from reputed Chartered Accountant, firms to take up job of “Internal Audit of SMVDU for One year (12 Months)”. To be eligible, the firm should have its Head Office in Jammu & possess… Read More »

Central database of encumbrances on property rights -Power Delegated to RBI by Govt

MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 27th December, 2016 S.O. 4185(E).—Whereas the provisions contained in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) relating to registration of transaction of securitisation and reconstruction of financial assets and creation of security interests over… Read More »

Surrender of EPF Exemption – EPFO Guidelines

For Web Circulation Only Employees’ Provident Fund Organisation (Ministry of Labour, Govt. Of India) Bhavishya Nidhi Bhawan, 14- Bhikaji Cama Place, New Delhi – 110066 www.epfindia.gov.in,www.epfindia.nic.in No. C-Ex/32(6)13/Cancellation Order/24832 Date: 27 Dec 2016 To All Addl. Central P.F. Commissioner (Zones), All Regional P.F. Commissioner/OIC of Regional Offices, All Regional P.F. Commissioner/OIC of Sub Regional Offices. Subject… Read More »

Credit & debit notes under Revised Model GST Law -Only Supplier can Issue not recipient?

Credit and debit notes under Revised Model GST Law Section 31 of revised Model GST Law states that credit or debit notes will be raised by the supplier who has supplied such goods and / or services. Thus in case where  Vendor – supplier –  has supplied material & debit note is raised by recipient for short… Read More »

Consumers may get direct subsidy on electricity

After cooking gas, consumers may now get direct subsidy on electricity. An expert panel comprising senior officials from states and industry is studying the matter and will present its report to the power ministry next month. The expert committee, set up by the ministry to suggest ways to increase electricity demand and consumption, is examining… Read More »

Companies (Removal of Names of Companies from the Register of Companies) Rules 2016.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Corporate Affairs Notification New Delhi, the 26th December, 2016 G.S.R. ….(E).- In exercise of the powers conferred by sub-sections (1), (2) and (4) of section 248 read with section 469 of the Companies Act, 2013… Read More »

Availability of Form STK on MCA-21 portal

General Circular No 16/2016 F. No. 1/28/2013-CLV Government of India Ministry of Corporate Affairs 5th floor, A’ wing, Shastri Bhavan, Dr. R.P.Road, New Delhi – 110001. Dated 26th December, 2016 To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject : Removal of names of companies from the Register of Companies – clarification regarding… Read More »

Section 248 to 252 of Companies Act 2013 Commencement w.e.f 26.12.2016

(To be published in the Gazette of India, Extra-ordinary, Part II, Section 3, Sub-Section (ii)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 26th December, 2016 S.O. (E),-in exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints… Read More »

Kept cases in Call Book where SCN is issued prior to or post 06.07.2011 : CBEC

F.No.276/104/2016-CX.8A (Pt.) Ministry of Finance Department of Revenue Central Board of Excise & Customs (Legal Cell)  ******** `C’ Wing, 5th Floor, HUDCO-VISHALA Building Bhikaji Cama Place, R.K. Puram, New Delhi-66: dated the 28.12.2016. Instruction  To, All Principal Chief Commissioners/Chief Commissioners of Customs, Central Excise and Service Tax; The Director General of Revenue Intelligence/ Central Excise… Read More »

Full time Employment – No certificate of practice to advocate can be granted : HC

Held In view of the conditions of the service contract of the 1st respondent with the Gujarat Industrial Development Corporation, we are convinced that the service of the 1st respondent is full-time employment and she is not entitled for grant of an temporary certificate HIGH COURT OF GUJARAT Bar Council of Gujarat v. Jalpa Pradeepbhai… Read More »

Rights of Persons with Disabilities Act 2016 Notified

THE RIGHTS OF PERSONS WITH DISABILITIES ACT 2016 The Rights of Persons with Disabilities Act 2016 act will come into force from date to be notified by Central Government. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 28th December, 2016/Pausha 17, 1938 (Saka) The following Act of Parliament received the assent of the… Read More »

Govt Amended Black Money (Undisclosed Foreign Income and Assets) Rules 2016

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 28th December, 2016 G.S.R. 1180(E).—In exercise of the powers conferred by section 85 read with section 32, section 74 and section 77 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015), the Central Board of Direct… Read More »

Dr. Viral V. Acharya Appointed Deputy Governor of RBI

Dr. Viral V. Acharya Appointed Deputy Governor, Reserve Bank of India Date : Dec 28, 2016 The Central Government has, through notification F No. 7/1/2012-BO-I (Pt.) dated December 28, 2016, appointed Dr. Viral V. Acharya, currently C.V. Starr Professor of Economics, Department of Finance, New York University – Stern School of Business, (resume enclosed) as… Read More »

RBI given additional time for Classification of standard asset as substandard

RBI/2016-17/198 DBR.No.BP.BC.49/21.04.048/2016-17 December 28, 2016 All Regulated Entities Madam / Dear Sir, Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Please refer to circular DBR.No.BP.BC.37/21.04.048/2016-17 dated November 21, 2016. 2. On a review, it has been decided to: (i) Provide 30 days, in addition to the 60 days provided vide the… Read More »