Category Archives: other Acts

Banks to make Minimum qualifications & experience for CFO and CTO – RBI

Minimum qualifications and experience for CFO and CTO RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 May 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Minimum qualifications and experience for CFO and CTO Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A Chief Financial Officer (CFO) and Chief… Read More »

Category: RBI

Partial Credit Enhancement to Corporate Bonds from banks – RBI Guidelines

RBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 May 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Partial Credit Enhancement to Corporate Bonds Please refer to paragraph 21 (a) of the Guidelines on Partial Credit Enhancement to Corporate Bonds by Banks annexed to the circular DBR.BP.BC.No.40/21.04.142/2015-16 dated September 24, 2015, on the capital requirements during the lifetime… Read More »

Category: RBI

Banking Outlets / Branch Authorisation Policy Guidelines for Banks by RBI

Rationalisation of Branch Authorisation Policy- Revision of Guidelines RBI/2016-17/306 DBR.No.BAPD.BC.69/22.01.001/2016-17 May 18, 2017 The Chairman and Managing Director/Chief Executive Officer All Domestic Scheduled Commercial Banks (Excluding Regional Rural Banks), Small Finance Banks, Payment Banks and Local Area Banks Madam/Dear Sir, Rationalisation of Branch Authorisation Policy- Revision of Guidelines Please refer to the paragraph 11 on… Read More »

Category: RBI

Advertising by CA’S in practice engaged in Coaching/Teaching activities – ICAI Annoucementt

INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ANNOUNCEMENT Re: Advertising by members in practice engaged in Coaching/Teaching activities Regulation 190A of the Chartered Accountants Regulations, 1988 provides that a chartered accountant in practice shall not engage in any business or occupation other than the profession of accountancy, except with the permission granted in accordance with a… Read More »

HP VAT 5th Amendment Rules 2017.

[Authoritative English text of this Department Notification No. EXN-F(10)-15/2016 dated 29/04/2017 as required under clause (3) of article 348 of the Constitution of India.] Government of Himachal Pradesh Excise and Taxation Department No. EXN-F(10)-15/2016 Dated: 29th April, 2017. NOTIFICATION In exercise of the powers conferred by section 63 of the Himachal Pradesh Value Added Tax… Read More »

ICAI constituted Group related to all issues of Bank Audit

Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit – (16-05-2017) No.M-626/2017 16th May, 2017 ALL MEMBERS OF THE COUNCIL Madam/Dear Sir, The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February,… Read More »

ISA AT – New Syllabus, June 2017

Information System Audit – Assessment Test (ISA – AT) New Syllabus, June 2017 – (13-05-2017) Subject: Information System Audit – Assessment Test (ISA – AT) New Syllabus, June 2017 Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment TestNew Syllabus which is open to the members of the Institute, will be… Read More »

Deposit of Confiscated Notes (old Currency Notes) before 30.12.2016 allowed by Govt of India in RBI

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 12th May, 2017 G.S.R. 460(E).— In exercise of the powers conferred by sub-section (1) of section 11, read with clause (c) of the proviso to section 5, of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 (2 of 2017), the Central Government hereby… Read More »

GST to have far reaching implications for Indian Economy – RBI Report

Today, the Reserve Bank of India (RBI) released the report entitled “State Finances: A Study of Budgets of 2016-17”, an annual publication that provides information, analysis and an assessment of the finances of state governments. It is the primary source for disaggregated state-wise fiscal data and delineates the changing dynamics of fiscal federalism over the… Read More »

Category: RBI

Submission of Statutory returns (SLR-Form VIII) in XBRL platform

RBI/2016-17/302 Ref: DBR.CO.No.Ret.BC/66/12.07.144/2016-17 May 11, 2017 The Chairperson All RRBs Madam/Dear Sir, Submission of Statutory returns (SLR-Form VIII) in XBRL platform It has been decided to move the reporting of SLR from PCRPCD to XBRL (Extensible Business Reporting Language) platform. You are therefore advised to submit the returns (Form VIII) in XBRL from the month… Read More »

Target Plus Scheme for exports effected during 01.04.2005 to 31.03.2006 – Notification

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION New Delhi, the 8th May, 2017 No. 06/2015-2020 S.O. 1448(E).—In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, as amended, read with Para 1.02 of the Foreign Trade Policy, 2015-2020 and in… Read More »

Section 2 Customs Act 1962 – Definitions.

Section 2 Customs Act 1962 Definitions. 2. In this Act, unless the context otherwise requires,— (1) “adjudicating authority” means any authority competent to pass any order or decision under this Act, but does not include the Board, 1 [Commissioner (Appeals)] or Appellate Tribunal; (1A) “aircraft” has the same meaning as in the Aircraft Act, 1934… Read More »

Section 2 Special Economic Zone Act 2005 – Definitions

Section  2 Special Economic Zone Act 2005 Definitions In this Act, unless the context otherwise requires,— (a)   “Appointed day” with reference to a Special Economic Zone means the date on which the Special Economic Zone is notified by the Central Government under sub-section (1) of section 4; (b)   “Approval Committee” means an Approval Committee constituted… Read More »

Article 243W Constitution of India 1950 – Municipalities Power , Authority & responsibilities

Powers, authority and responsibilities of Municipalities, etc. 243W. Subject to the provisions of this Constitution, the Legislature of a State may, by law, endow— (a)          the Municipalities with such powers and authority as may be necessary to enable them to function as institutions of self-government and such law may contain provisions for the devolution of… Read More »

National Electronic Funds Transfer (NEFT) system – Settlement at half-hourly intervals

RBI/2016-17/300 DPSS (CO) EPPD No.2612/04.03.01/2016-17 May 08, 2017 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT Madam / Sir, National Electronic Funds Transfer (NEFT) system – Settlement at half-hourly intervals National Electronic Funds Transfer (NEFT) system presently settles the fund transfer requests of the participating banks on net… Read More »

Category: RBI

IRDAI Outsourcing of Activities by Indian Insurers Regulations 2017

REGD. NO. D. L.-33004/99  THE GAZETTE OF INDIA EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY NEW DELHI, FRIDAY, MAY 5, 2017/VAISAKHA 15, 1939 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 20th April, 2017 Insurance Regulatory and Development Authority of India (Outsourcing of Activities by Indian Insurers) Regulations, 2017 F. No. IR DAI/Reg/5/142/2017.In exercise… Read More »

Govt Authorized RBI for initiating insolvency resolution process by Banks – Notification

REGD. NO. D. L.-33004/99 THE GAZETTE OF INDIA EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED BY AUTHORITY NEW DELHI, FRIDAY, MAY 5, 2017/VAISAKHA 15, 1939 MINISTRY OF FINANCE (Department of Financial Services) ORDER New Delhi, the 5th May, 2017 S.O. 1435(E).-In exercise of the powers conferred by Section 35AA of the Banking Regulation Act, 1949 (10 of… Read More »

RBI announces rate of interest on Floating Rate Bonds 2024

Date : May 05, 2017 The rate of interest on the Floating Rate Bonds, 2024 (FRB 2024) applicable for the half year May 07, 2017 to November 06, 2017 shall be 6.30 percent per annum. It may be recalled that the rate of interest on the FRB, 2024 was set at average rate (rounded off… Read More »

Category: RBI

Timelines for Stressed Assets Resolution – RBI

RBI/2016-17/299 DBR.BP.BC.No.67/21.04.048/2016-17 May 5, 2017 The Chairman and Managing Director/Chief Executive Officer All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Madam/Dear Sir, Timelines for Stressed Assets Resolution Please refer to the circular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014 on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’… Read More »

Category: RBI

IRDAI -Revival Option under discontinued Unit Linked Policies

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Circular Date: 5th May,2017 Ref No. IRDA/ACT/CIR/ULIP/113/05/2017 To, All CEOs of Life Insurance Companies Re: IRDA/ACTL/CIR/ULIP/174/08/2016 dated 26.08.2016- Revival Option under discontinued Unit Linked Policies It has come to the notice of the Authority that few insurers are interpreting the captioned circular in a manner which would delay… Read More »

MVAT – Cross Checking of Input Tax Credit Guidelines

O/o the Commissioner of Sales Tax 8th Floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010 INTERNAL CIRCULAR NO.ACST (VAT)3/ITC/Cross Check/42/2017/B- 66  Mumbai, Date. 03rd May 2017 Internal Circular NO. 11A of 2017 Subject:- The Guidelines regarding Cross Checking of Input Tax Credit (ITC)   Reference: – 1. Trade Circular No. 22T of 2010 date:– 05/10/2010 2. Internal Circular 13A… Read More »

Nirbhaya case Judgment of Supreme Court -Mukesh & Anr Vs. State for NCT of Delhi & Ors. -Criminal Appeal Nos. 607-608 Of 2017

Supreme Court of India Mukesh & Anr Vs. State for NCT of Delhi & Ors.  Appeal Number : Criminal Appeal Nos. 607-608 Of 2017 Date of Judgement/Order : 05.05.2017 Relevant Extract of the Judgment 140. We are here concerned with the award of an appropriate sentence in case of brutal gang-rape and murder of a… Read More »

Simple notice to License holder if does not submit EODC / Redemption letter

Circular No. 16/2017-Customs  F. No. 605/85/2016-DBK Government of India Ministry of Finance: Department of Revenue Central Board of Excise & Customs Drawback Division ***** New Delhi, the 2nd May, 2017. To Principal Chief Commissioners/ Principal Directors General Chief Commissioners / Directors General Principal Commissioners & Commissioners all under CBEC Madam/ Sir, Subject: Monitoring of export… Read More »

IRDAI (Insurance Web Aggregators) Regulations 2017

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th April, 2017 Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 F. No. IRDAI/Reg/4/141/2017.—In exercise of the powers conferred by section 114A of the Insurance Act, 1938 (4 of 1938), as amended from time to time, sections 14 and 26 of the… Read More »

Section 228 Indian Penal Code 1860 Intentional insult or interruption to public servant sitting in judicial proceeding

Section 228 Indian Penal Code 1860 Intentional insult or interruption to public servant sitting in judicial proceeding . 228 . Whoever intentionally offers any insult, or causes any interruption to any public servant, while such public servant is sitting in any stage of a judicial proceeding, shall be punished with simple imprisonment for a term… Read More »

Section 193 Indian Penal Code 1860 -Punishment for false evidence .

Section 193 Indian Penal Code 1860 Punishment for false evidence . 193 . Whoever intentionally gives false evidence in any stage of a judicial proceeding, or fabricates false evidence for the purpose of being used in any stage of a judicial proceeding, shall be punished with imprisonment of either description for a term which may… Read More »

Scribbling on Banknotes – Bank can not refuse /coloured/faded banknotes

Scribbling on Banknotes RESERVE BANK OF INDIA ND.ID.(Res.). No. 4530/04.00.001/2016-17 April 25, 2017 The Controlling Head All Banks under the jurisdiction of New Delhi Issue Circle Madam / Dear Sir, Scribbling  on Banknotes Of late, we have been receiving complaints from members of general public that majority of the bank branches are not accepting banknotes, specifically in… Read More »

Article 371A Constitution of India 1950 -Nagaland Special Provision

Article 371A Constitution of India 1950 33[Special provision with respect to the State of Nagaland. 371A. (1) Notwithstanding anything in this Constitution,— (a) no Act of Parliament in respect of— (i) religious or social practices of the Nagas, (ii) Naga customary law and procedure, (iii) administration of civil and criminal justice involving decisions according to… Read More »

Sixth Schedule Constitution of India 1950 , 6th Schedule Constitution of India 1950

Sixth Schedule Constitution of India 1950 SIXTH SCHEDULE [Articles 244(2) and 275(1)] PROVISIONS AS TO THE ADMINISTRATION OF TRIBAL AREAS IN 81[THE STATES OF ASSAM, MEGHALAYA, TRIPURA AND MIZORAM] 82Autonomous districts and autonomous regions. 1. (1) Subject to the provisions of this paragraph, the tribal areas in each item of 83[84[Parts I, II and IIA]… Read More »

Article 243P Constitution of India 1950 – Municipalities

Article 243P Constitution of India 1950 1[PART IXA ] THE MUNICIPALITIES Definitions. 243P. In this Part, unless the context otherwise requires,— (a)          “Committee” means a Committee constituted under article 243S; (b)          “district” means a district in a State; (c)          “Metropolitan area” means an area having a population of ten lakhs or more, comprised… Read More »

Section 2 Information Technology Act 2000

Section 2 Information Technology Act  2000 Definitions . 2 . (1) In this Act, unless the context otherwise requires,— (a) “access” with its grammatical variations and cognate expressions means gaining entry into, instructing or communicating with the logical, arithmetical, or memory function resources of a computer, computer system or computer network; (b) “addressee” means a… Read More »

Section 2 Cost and Works Accountants Act 1959

Section  2 COST AND WORKS ACCOUNTANTS ACT 1959 Definitions and interpretation. 2. (1) In this Act, unless the context otherwise requires,— (a) “associate” means an associate member of the Institute; 1[(aa) “Authority” means the Appellate Authority referred to in section 22A; (aaa) “Board” means the Quality Review Board constituted under section 29A;] (b) “cost accountant”… Read More »

Section 2 Chartered Accountants Act 1949

Section 2 Chartered Accountants Act 1949 Interpretation. 2. (1) In this Act, unless there is anything repugnant in the subject or context,— (a) “associate” means an associate member of the Institute; 3[(aa) “Authority” means the Appellate Authority constituted under section 22A; (aaa) “Board” means the Quality Review Board constituted under section 28A;] (b) “chartered accountant”… Read More »

Section 2 Company Secretaries Act 1980

Section 2 Company Secretaries Act 1980 Definitions and interpretation. 2. (1) In this Act, unless the context otherwise requires,— (a) “Associate” means an Associate Member of the Institute; 1[(aa) “Authority” means the Appellate Authority referred to in section 22A; (aaa) “Board” means the Quality Review Board constituted under section 29A;] (b) “Companies Act” means the… Read More »

Observations on question papers of CA examinations-May, 2017

Observations of the candidates on the question papers of CA examinations-May, 2017 It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in May 2017, by e-mail at examfeedback@icai.in or by way of a letter, sent… Read More »

Sovereign Gold Bond – Dematerialisation

Sovereign Gold Bond – Dematerialisation Date : Apr 28, 2017 The Reserve Bank of India, in consultation with the Government of India, has issued seven tranches of Sovereign Gold Bonds for a total value of ₹ 4800 crore till date. Investors in these bonds have been provided with the option of holding them in physical… Read More »

Category: RBI

Net Owned Fund Requirements for Asset Reconstruction Company

RBI/2016-17/295 DNBR. PD (ARC) CC. No. 03/26.03.001/2016-17 April 28, 2017 The Chairman / Managing Director / Chief Executive Officer All registered Asset Reconstruction Companies. Dear Sir, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- Section 3 (1) (b) – Requirement of Net Owned Fund (NOF) for Asset Reconstruction Companies. A… Read More »

Hazira (Surat) Seaport included for export promotion benefits

(TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-I SECTION-I) GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE PUBLIC NOTICE No. 06/2015-2020 NEW DELHI, DATED THE 27 APRIL, 2017 Subject: Inclusion of Seaport located at Hazira (Surat) Port as a Port of registration under Para 4.37 of Handbook of Procedures 2015-20… Read More »

SEBI Circular on disclosure of executive remuneration by Mutual Funds

Circular No. SEBI/HO/IMD/DF2/CIR/P/2017/35 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds Sir/Madam, Subject: Circular on Mutual Funds 1. Please refer to SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2016/42 dated 18 March 2016. 2. In partial modification of the above mentioned circular, para C of the circular pertaining to disclosure of executive remuneration shall read as… Read More »

Insurance Ombudsman Rules 2017 – Notified

Insurance Ombudsman Rules 2017. MINISTRY OF FINANCE (Department of Financial Services) (INSURANCE DIVISION) NOTIFICATION New Delhi, the 25th April, 2017 G.S.R. 413(E).—Whereas, the draft of certain rules namely, the Insurance Ombudsman Rules, 2016, were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated the 15th September, 2016 under the notification of… Read More »