Category Archives: other Acts

ITC (HS) 2017 – Schedule-1 (Import Policy) notified by DGFT

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan Notification No. 36/2015-2020 New Delhi, Dated: 17 January, 2017 Subject: Notification of ITC (HS), 2017 – Schedule-1 (Import Policy) S.O. (E): In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,… Read More »

RBI Master Directions on Access Criteria for Payment Systems

Master Directions on Access Criteria for Payment Systems RBI/DPSS/2016-17/51 Master Direction DPSS.CO.OD.No.1846/04.04.009/2016-17 January 17, 2017 The Chairman/ Managing Director/ Chief Executive Officer All Scheduled Commercial Banks including RRBs/ Urban Co-operative Banks/ State Co-operative Banks/ District Central Co-operative Banks/ Payment Banks/ Small Finance Banks/ Primary Dealers/ Authorised Payment System Providers Dear Sir, Master Directions on Access… Read More »

Comments Invited on Consolidated FDI Policy we.f 07.june.2016

Consolidated Foreign Direct Investment Policy Circular of 2017 – inviting comments from stakeholders Department of Industrial Policy & Promotion issued a ‘Consolidated FDI Policy Circular (Circular 1 of 2010)‘ on 31/03/2010, compiling all the information on FDI policy at one place. The Circular subsumed all the earlier Press Notes/ Press Releases/ Clarifications regarding Government’s policy… Read More »

CA Final November 2016 Pass Percentage

CA Final November 2016 Pass Percentage ttempt Group No. Of Candidate Appeared No. of candidates cleared pass percentage CA Final November 2016 Pass Percentage Both 36768 4256 11.57% CA Final Nov 2016. Group – 1. 37200 2655 07.14% CA Final Nov 2016. Group – 2. 36896 4545 12.32% CA Final may 2016 Both 40180 4565… Read More »

CA Final November 2016 Pass Percentage / CPT December 2016 Pass Percentage

CA Final November 2016 Pass Percentage The results of the Chartered Accountants Final Examination, November 2016 declared by ICAI on 17.01.2017 . The details of percentage of candidates passed in the above examination is given below: Pass Percentage CA Final November 2016 Candidates applied for No. of candidates appeared No. of candidates passed % of… Read More »

Withdrawal of Old bank Notes – RBI Updated FAQ till 17.01.2017

Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs 500 and Rs 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 (Updated as on January 17, 2017) 1. Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of… Read More »

Category: RBI

CA Final May 2017 -Applicable Standards/Guidance Notes/ Amendments

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2017 – Final Examination Paper 1: Financial Reporting I. Framework for the Preparation and Presentation of Financial Statements. II. Accounting Standards AS No. AS Title 1 Disclosure of Accounting Policies 2 Valuation of Inventories 3 Cash Flow Statements 4 Contingencies and Events Occurring after the Balance Sheet… Read More »

IPC May 2017 -Applicability of Standards/Guidance Notes/Legislative Amendments etc.

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2017 – Intermediate (IPC) Examination Paper 1: Accounting Accounting Standards AS 1 : Disclosure of Accounting Policies AS 2 : Valuation of Inventories AS 3 : Cash Flow Statements AS  7 : Construction Contracts (Revised 2002) AS 9 : Revenue Recognition AS 10 : Property, Plant and… Read More »

7th meeting of SEBI International Advisory Board- 6 key issues

PR No. 4/2017 Seventh Meeting of the International Advisory Board of SEBI The seventh meeting of the International Advisory Board (IAB) of the Securities and Exchange Board of India (SEBI) was held on January 13 & 14, 2017. The following major issues were inter alia discussed during the meeting: i. Issues and Developments in Corporate… Read More »

SEBI Board Meeting -8 key decisions on 14.01.2017

PR No. 5/2017 SEBI Board Meeting The SEBI Board met in Jaipur today and took the following decisions:   I. Reduction of Fees payable by brokers by 25% and Calibration of other fees  SEBI has been following the practice of calibrating the fees either upwards or downwards as per SEBI’s requirements from time to time so… Read More »

How to Register for CA Exam online ?

Complete CA Exam Registration Process Flow Overview of complete exam process flow  http://icaiexam.icai.org/ Step – 1(a): Register or Login In the menu click on “Login/Register”. If you are a registered user, enter your login details and click on “Login”. If you are a new user, click on “Register Now!” button in the popup. Step –… Read More »

How to register to get CA result on email ?

Steps on how to register to get CA result on email Students can register on http://icaiexam.icai.org to get result on primary email id, by following below mentioned steps: 1. Login on the ICAI Exam website i.e. http://icaiexam.icai.org, using your user id and password 2. Click on link “email registration” 3. We recommend that before applying… Read More »

CA Final and CPT Result on 17.01.2017

CA Final and CPT Result Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 are likely to be declared on Tuesday, the 17th January 2017.-(14-01-2017) The result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in… Read More »

ISA AT result on 17.01.2017

Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 is likely to be declared on 17th January, 2017. – (14-01-2017) 14th January, 2017 IMPORTANT ANNOUNCEMENT The result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 is likely to be declared on 17th January, 2017 around… Read More »

Draft ICAI Code of the Ethics 2017

Dear Member, The existing ICAI Code of Ethics is based on International Code of Ethics issued by IESBA and also provisions of the CA Act and Guidelines issued by the ICAI from time to time . With the changing time and with a view to provide level playing field and to open up the opportunities… Read More »

Match & Settle Bill of Entry data with Outward Remittance Message : RBI to Authorised Dealer Banks

RBI/2016-17/212 A.P. (DIR Series) Circular No. 27 January 12, 2017 To All Category – I Authorised Dealer Banks Madam / Sir, Evidence of Import under Import Data Processing and Monitoring System (IDPMS) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 05 dated October 06, 2016 read with… Read More »

Issue of Convertible Notes by Indian startup companies -FEMA regulations 2016 notified

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 10th January, 2017 No.FEMA.377/ 2016-RB Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment) Regulations, 2016 G.S.R. 16 (E).—In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47… Read More »

How Asset Prices Interact with Bank Credit and Monetary Policy?

RBI Working Paper* Series No. 1/2017 : How Asset Prices Interact with Bank Credit and Monetary Policy? By Bhupal Singh and Avadhoot R. Nadkarni The Reserve Bank of India placed on its website today a Working Paper titled “How Asset Prices interact with Bank Credit and Monetary Policy? Evidence from Emerging Market and Developing Economies“.… Read More »

Category: RBI

NBFCs -All you wanted to know-FAQ’s

All you wanted to know about NBFCs (Updated as on January 10, 2017) A. Definitions 1. What is a Non-Banking Financial Company (NBFC)? A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or… Read More »

Exposure Draft of Ind AS XBRL Taxonomy

Exposure Draft of Ind AS XBRL Taxonomy As per the roadmap issued by the Ministry of Corporate Affairs (MCA) in February 2015, certain class of companies have to prepare their financial statements as per Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) w.e.f F.Y. 2016-17. MCA has also notified… Read More »

Loan to HUF is deemed dividend when shareholder-Karta has substantial interest in HUF

Facts of the Case The assessee is a Hindu Undivided Family (HUF). During the previous year to the Assessment Year, the assessee had received certain advances from one M/s. G.S. Fertilizers (P) Ltd.   In the audit report and annual return for the relevant period, which was filed by it before the Registrar of Companies… Read More »

Exclusively listed companies on Dissemination Board ; Time extended by SEBI

CIRCULAR SEBI/HO/MRD/DSA/CIR/P/2017/5 January 05, 2017 All recognised/Non-operational /Exited Stock Exchanges. All Exclusively Listed Companies in the Dissemination Board (shares of companies available for buying and selling and not for companies referred as vanishing companies.) Dear Sir/Madam, Sub: Exclusively listed companies of De-recognized/Non-operational/exited Stock Exchanges placed in the Dissemination Board (DB). 1. SEBI vide circular dated… Read More »

SEBI Guidance Note on Board Evaluation

Guidance Note on Board Evaluation CIRCULAR SEBI/HO/CFD/CMD/CIR/P/2017/004 January 5, 2017 To All listed entities Sir / Madam, Sub: Guidance Note on Board Evaluation 1. The Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”) contain broad provisions on Board Evaluation i.e. evaluation of the performance of: (i) the Board as… Read More »

ICAI ISA Test 24.12.2016 :- Kota and Thiruvananthapuram added in center list

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA [Set up by an Act of Parliament] NOTIFICATION New Delhi, the 14th December, 2016 No.13-CA(EXAM)/ISA/December/2016/II.—In partial modification of the Institute’s Notification No.13- CA(Exam)/ISA/December/2016 dated 6th November, 2016, it is notified for general information that Kota and Thiruvananthapuram are added to the list of cities where the Information Systems… Read More »

Exchange Limit of Indian Currency to foreign citizens till 31.01.2017

RBI/2016-17/208 A.P. (DIR Series) Circular No. 24 January 03, 2017 To All Authorised Persons Madam / Sir, Exchange facility to foreign citizens Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit… Read More »

Supply 40% of bank notes to rural areas : RBI to Banks

Allocation of cash for rural areas RBI/2016-17/207 DCM (Plg) No.2200/10.27.00/2016-17 January 03, 2017 The Chairman / Managing Director/ Chief Executive Officer, (All banks with currency chests) Dear Sir / Madam Allocation of cash for rural areas Please refer to our circulars DCM (Plg) No.1345/10.27.00/2016-17 dated November 22, 2016 and DCM (Plg) No.1508/10.27.00/2016-17 dated December 02,… Read More »

Credit of proceeds due to write off of securities held by Foreign Portfolio Investors/deemed Foreign Portfolio Investors.

CIRCULAR IMD/HO/FPIC/CIR/P/ 2017/ 001 January 02, 2017 To, All Designated Depository Participants (“DDPs”)/ Custodian of Securities All Foreign Portfolio Investors through their designated Custodians of Securities Sir / Madam, Subject : Reference to Circular no. FITTC/FII/02/2002 dated May 15, 2002- In regard to credit of proceeds due to write off of securities held by Foreign… Read More »

Tender Form – For Resident Indians – For Deposit of Old Bank Notes at RBI

Tender Form – For Resident Indians [ Related Post How and Where to Deposit Old bank notes after 30.12.2016 : RBI prescribed procedure How to deposit old Bank notes at RBI after 30.12.2016 -Key Points ] Download Tender Form – For Resident Indians Related Post on Demonetization Particulars Date Circular No       Ceasing of bank… Read More »

How and Where to Deposit Old bank notes after 30.12.2016 : RBI prescribed procedure

Facility for exchange of Specified Bank Notes (SBNs) during Grace Period – Verification of KYC and Account details RBI/2016-17/205 DCM (Plg) No.2170 /10.27.00/2016-17 December 31, 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… Read More »

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

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 »

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

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

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 »

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

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 »

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

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 »

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

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 »

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 »