Category Archives: other Acts

Tax , Interest and Penalty as defined in Supreme Court Judgment

In fiscal Statutes, the import of the word-“tax”,”interest”,”penalty”, etc.are well known. They are different concepts. Tax is the amount payable as a result of the charging provision . It is a compulsory extraction of money by a public authority for public purposes, the payment of which is enforce by law. Penalty is ordinarily levied on… Read More »

Money Transfer Service Scheme (MTSS) – RBI Master Direction – Personal remittances from abroad to India

Master Direction – Money Transfer Service Scheme (MTSS) RBI/FED/2016-17/52 FED Master Direction No.1/2016-17 February 22, 2017 To All Authorised Persons who are Indian Agents under the Money Transfer Service Scheme Madam / Dear Sir, Master Direction – Money Transfer Service Scheme (MTSS) Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring… Read More »

Sovereign Gold Bonds 2016-17 – Series IV – Operational Guidelines

Sovereign Gold Bonds, 2016-17 – Series IV – Operational Guidelines RBI/2016-17/235 IDMD.CDD.No.2188/14.04.050/2016-17 February 23, 2017 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds, 2016-17 – Series IV… Read More »

Sovereign Gold Bonds 2016-17 – Series IV (Revised)

Sovereign Gold Bonds 2016-17 – Series IV (Revised) RBI/2016-17/234 IDMD.CDD.No.2187/14.04.050/2016-17 February 23, 2017 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds 2016-17 – Series IV Government of… Read More »

RBI Mumbai closed on February 21 for Public Transactions

The Mumbai Offices of the Reserve Bank of India will remain closed on February 21, 2017 on account of Municipal Corporation Elections in Greater Mumbai, Thane and Ulhasnagar. Ajit Prasad Assistant Adviser Press Release : 2016-2017/2244

Category: RBI

Procedure in respect of Money Bills as per Article – 109 Constitution of India 1950

Article – 109 Constitution of India 1950 Special procedure in respect of Money Bills. 109. (1) A Money Bill shall not be introduced in the Council of States. (2) After a Money Bill has been passed by the House of the People it shall be transmitted to the Council of States for its recommendations and… Read More »

How to attempt CA IIPC Paper-2: Business Laws, Ethics and Communication ? Explained via video

IIPC Paper-2: Business Laws, Ethics and Communication on 17.02.2017 Online Mentoring Session by CA. Shraddha Saxena and Ms. Megha Goel Watch Video by ICAI Related Post for CA Inter Exam Books CA inter Exam Books CA Inter IPCC Exam Books   Accounting Standards Book for CA Inter IPCC by DS Rawat   A Handbook on… Read More »

RBI updated FAQs on Foreign Investments in India

Foreign Investments in India (Updated as on February 13, 2017) These FAQs attempt to put in place the common queries that users have on the subject in an easy to understand language. However, for conducting a transaction, the Foreign Exchange Management Act, 1999 (FEMA) and the Regulations made or directions issued thereunder may be referred… Read More »

Rupee denominated bonds overseas – RBI allowed to Multilateral and Regional Financial Institutions as Investors

RBI/2016-17/233 A. P. (DIR Series) Circular No.31 February 16, 2017 To All Authorised Dealer Category – I Banks Madam/Sir Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to paragraph No. 4 of A. P. (DIR Series) Circular No. 60… Read More »

Category: RBI

RBI withdrawn Fortnightly return on Forward Rate Agreement & Interest Rate Swap (IRS

RBI/2016-17/232 FMRD.DIRD.13/14.01.019/2016-17 February 16, 2017 To, All Market Participants Madam/Sir, Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) – Withdrawal of Fortnightly return Attention is invited to the RBI notification ref. no. MPD.BC.187/07.01.279/1999-2000 dated July 07, 1999. As per the notification, banks were advised to submit a fortnightly return on FRA/IRS to Monetary Policy… Read More »

Category: RBI

Inclusion of Equitas Small Finance Bank Limited in the Second Schedule to RBI Act

Inclusion of “Equitas Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934 RBI/2016-17/230 DBR.No.Ret.BC.52/12.07.143A/2016-17 February 16, 2017 All Scheduled Commercial Banks Dear Sir, Inclusion of “Equitas Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934 We advise that the “Equitas Small Finance… Read More »

Category: RBI

Lead Bank Responsibility for 21 new districts in Telangana

Formation of twenty one new districts in the State of Telangana – Assignment of Lead Bank Responsibility RBI/2016-17/227 FIDD.CO.LBS.BC.No.21/02.08.001/2016-17 February 16, 2017 The Chairmen & Managing Directors All Lead Banks Dear Sir/Madam, Formation of twenty one new districts in the State of Telangana – Assignment of Lead Bank Responsibility The Government of Telangana vide Gazette… Read More »

Category: RBI

Reimbursement of Merchant Discount Rate by RBI to banks on debit cards used for payment of tax and non-tax dues to Govt

RBI/2016-17/228 DGBA.GAD.No.2128/44.02.001/2016-17 February 16, 2017 All Agency Banks Dear Sir, Reimbursement of Merchant Discount Rate The Government of India (GoI) has decided to absorb the Merchant Discount Rate (MDR) charges in respect of debit card transactions while making payments to GoI. The Office Memoranda issued by the Office of Controller General of Accounts dated December… Read More »

Category: RBI

Gold Loan by Regional Rural Banks – RBI increased Limit

RBI/2016-17/229 DBR.RRB.BC.No. 53/31.01.001/2016-17 February 16, 2017 All Regional Rural Banks Dear Sir / Madam, Repayment of Gold Loan Please refer to circular RPCD.CO.RRB.BC.No.22/03.05.34/2010-11 dated September 22, 2010 wherein Regional Rural Banks (RRBs) were permitted to grant gold loans up to Rs.1.00 lakh with bullet repayment option. 2. On a review, it has been decided to… Read More »

Category: RBI

Supreme Court Judgment on Sasikala & jayalalitha in corruption case

STATE OF KARNATAKA … … APPELLANT(S) : Versus: SELVI J. JAYALALITHA & ORS. … RESPONDENT(S) WITH CRIMINAL APPEAL NOS. 304-307 OF 2017 (Arising out of SLP(Crl.) Nos.6294-6297 of 2015) Download Complete Judgment on Sasikala & jayalalitha in corruption case

ICAI elects New Torch-Bearers for the year 2017-18

Press Release ICAI elects New Torch-Bearers for the year 2017-18 The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The affairs of the ICAI are managed by the Council in accordance with the provisions… Read More »

ICAI increased Entrance, Annual Membership, COP and Restoration Fee w.e.f 01.04.2017

Increase in Entrance, Annual Membership, COP and Restoration Fee [TO BE PUBLISHED IN PART III, SECTION 4 OF THE GAZETTE OF INDIA, EXTRAORDINARY DATED, 9TH FEBRUARY, 2017] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA New Delhi, the 9th February, 2017 NOTIFICATION No.1-CA(7)/179/2017:- In exercise of the powers conferred under sub-section (3) of section 4 and… Read More »

Empanelment of CA as Mediator or Conciliator for 2017-2018.

Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with Regional Directors of the respective Region as Mediator or Conciliator for the year 2017-2018. I would like to inform you that the Regional Directors of Southern and North Western Region), Ministry of Corporate Affairs (MCA), Government of India… Read More »

Interest rates for Small Savings Schemes -Q4-FY 2016-17

RBI/2016-17/225 DGBA.GAD.2012/15.02.005/2016-17 February 9, 2017 The Chairman/Chief Executive Officer Agency Banks handling Public Provident Fund, Kisan Vikas Patra- 2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004 Dear Sir Interest rates for Small Savings Schemes Please refer to our circular DGBA.GAD.881/15.02.005/2016-17 dated October 13, 2016 on the above subject. The Government of India, had vide their… Read More »

Category: RBI

RBI increased limits on withdrawal of cash from Saving Bank Accounts w.e.f 20.2.2017 and No Limit w.e.f 13.03.2017

BI/2016-17/224 DCM (Plg) 3107/10.27.00/2016-17 February 08, 2017 All Banks Dear Madam / Sir, Removal of limits on withdrawal of cash from Saving Bank Accounts Please refer to our circular DCM (Plg) 2905/10.27.00/2016-17 dated January 30, 2017 on the captioned subject. 2. In the wake of withdrawal of Specified Bank Notes (SBNs) since November 09, 2016… Read More »

Submit CA Examination Application forms on-line – ICAI

ICAI Announcement 2nd February 2017 For the attention of candidates of CA examinations Submission of CA Examination Application forms on-line It is hereby informed that sale and submission of physical i.e. OMR examination application forms have been discontinued with effect from May 2017 examination onwards. Henceforth, all candidates will be required to submit examination application… Read More »

Meeting conducted by RBI prior to demonitization on 08.11.2016

Meeting conducted by RBI prior to demonitization RBI held a meeting of its Central Board on November 8, 2016. The agenda of the meeting, inter-alia, included the item : “Memorandum on existing banknotes in the denomination of Rs 500 and Rs 1000 – Legal Tender Status” The following Directors of Central Board of Reserve Bank… Read More »

Risk Management and Inter-bank Dealings – RBI Permitted NRI access to ETCD

Risk Management and Inter-bank Dealings: Permitting Non Resident Indians (NRIs) access to Exchange Traded Currency Derivatives (ETCD) market RBI/2016-17/221 A.P. (DIR Series) Circular No. 30 February 2, 2017 To All Category – I Authorised Dealer Banks Madam / Sir, Risk Management and Inter-bank Dealings: Permitting Non Resident Indians (NRIs) access to Exchange Traded Currency Derivatives… Read More »

Category: RBI

Basel III Capital Regulations- Additional Tier 1 Capital-RBI amendment

Basel III Capital Regulations- Additional Tier 1 Capital RBI/2016-17/222 DBR.BP.BC.No.50/21.06.201/2016-17 February 02, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/ Sir, Basel III Capital Regulations- Additional Tier 1 Capital Please refer to the paragraph 1.8 on ‘Coupon Discretion’ under Annex 4 on ‘’Criteria for Inclusion of Perpetual Debt Instruments (PDI) in Additional Tier… Read More »

Category: RBI

FEMA – Powers to compound contraventions delegated by RBI

Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999 RBI/2016-17/220 A.P. (DIR Series) Circular No. 29 February 02, 2017 To All Category- I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules)… Read More »

Category: RBI

RBI Reviewed Guidelines on Pricing of Credit

RBI/2016-17/219 DNBR.CC.PD.No. 084/22.10.038/2016-17 February 02, 2017 To All NBFC-MFIs, Madam/Sir, Review of Guidelines on “Pricing of Credit” As per extant instructions on “Pricing of Credit” issued to NBFC-MFIS under “Master Direction-Non-Banking Financial Company-Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016” and “Master Direction – Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and Deposit taking… Read More »

RBI cautions users of Bitcoin or any Virtual Currencies

Date : Feb 01, 2017 The Reserve Bank of India had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to, vide its press release dated December 24, 2013. The Reserve Bank of India advises… Read More »

Export Policy of Sandalwood & ITC (HS) Classification Amended -Notification

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION New Delhi, the 27th January, 2017 No. 37 /2015-2020 Subject: Export Policy of Sandalwood. S.O. 268(E).— In exercise of the powers conferred by Section 3 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended, read… Read More »

RBI removed Limits on Cash withdrawals from ATMs / Current Accounts / CC /Overdraft

Limits on Cash withdrawals from Bank accounts and ATMs – Restoration of status quo ante Limits on Cash withdrawals from ATMs and Bank accounts (Exept Saving bank accounts) has been removed by RBI by following Notification dated 30.01.2017.  RBI/2016-17/217 DCM (Plg) No. 2905/10.27.00/2016-17 January 30, 2017 The Chairman / Managing Director / Chief Executive Officer, Public… Read More »

June 2017 Common Proficiency Test (CPT) on 18.06.2017

June 2017 Common Proficiency Test (CPT) 27th January, 2017 No.13-CA (EXAM)/CPT/June/2017: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Common Proficiency Test will be held on Sunday, 18th June, 2017 in two sessions as below, at… Read More »

ICAI Discontinued OMR Examination Application Forms w.e.f May 2017

Discontinuance of OMR Examination Application Forms with effect from May, 2017 Examination onwards – (27-01-2017) Candidates of Common Proficiency Test(CPT), Intermediate (IPC) and Final examinations, until the CA exams held in November/December 2016, had the option of: a) Buying the OMR examination application forms, from the counters of the regional offices/branches of the Institute, filling… Read More »

CA Inter IPC Exam Result on 31.01.2017

The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2016 is likely to be declared on Tuesday, the 31st January 2017. – (27-01-2017) The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2016 is likely to be declared on Tuesday, the 31st January 2017 around… Read More »

ICAI Campus Placement Programme for new CA’s (Feb-Mar, 2017)

ICAI Campus Placement Programme Subject: Campus Placement (Feb-Mar, 2017) Programme I am happy to inform you that the Committee for Professional Accountants in Business & Industry (CPABI) of ICAI as like earlier editions, is organizing the next Campus Placement Programme for Newly Qualified Chartered as per the below mentioned schedule at 22 centres in India. Campus Interview Dates  Sl. No. Centre Dates 1 Ludhiana 22nd February, 2017 2 Baroda,… Read More »