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Housing Loans: Review of Instructions
Posted Date : 06-Mar-2015 , 07:58:23 am | Posted By: CASANSAAR

RBI/2014-15/491DBR.BP.BC.No.74/08.12.015/2014-15 March 5, 2015 All Scheduled Commercial Banks(excluding RRBs) Dear Sir, Housing Loans: Review of Instructions A. Inclusion of stamp duty and other charges in LTV ratio Please refer to ourcircular DBOD.No.BP.BC.78/08.12.001/2011-12 dated February 3, 2012on ‘Housing Loans by Commercial Banks - Loan to Value (LTV) Ratio’ whereby banks were advised that they should not include stamp duty, registration and other documentation charges i...

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Category : RBI | Comments : 0 | Hits : 110

Revision in Bank Rate
Posted Date : 04-Mar-2015 , 06:35:45 pm | Posted By: Vijay

RBI/2014-15/489DCBR.BPD.(PCB/RCB).Cir.No.19/16.11.00/2014-15 March 4, 2015 The Chief Executive OfficerAll Primary (Urban) Co-operative Banks/State and Central Co-operative Banks (StCBs/ CCBs) Madam / Dear Sir, Revision in Bank Rate Please refer to ourcircular DCBR.BPD.(PCB/RCB).Cir.No.12/16.11.00/2014-15 dated January 15, 2015on the captioned subject. 2. As announced in theMonetary Policy Statement dated March 4, 2015, the Bank Rate stands adjusted by 25 basis points from 8.75 pe...

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Category : RBI | Comments : 0 | Hits : 175

Marginal Standing Facility
Posted Date : 04-Mar-2015 , 06:34:06 pm | Posted By: Vijay

RBI/2014-2015/488FMOD.MAOG.No.107/01.18.001/2014-15 March 04, 2015 All Scheduled Commercial Banks (excluding RRBs) Madam / Sir, Marginal Standing Facility As announced by the Governor today, it has been decided to reduce the Repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 7.75 per cent to7.50 per centwith immediate effect. 2. Consequent to the change in the Repo rate, the Marginal Standing Facility (MSF) rate will stand adjus...

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Category : RBI | Comments : 0 | Hits : 78

Liquidity Adjustment Facility – Repo and Reverse Repo Rates
Posted Date : 04-Mar-2015 , 06:32:46 pm | Posted By: Vijay

RBI/2014-2015/487FMOD.MAOG.No.106/01.01.001/2014-15 March 04, 2015 All Scheduled Commercial Banks (excluding RRBs), Scheduled Urban Co-operative Banks and Standalone Primary Dealers Madam / Sir, Liquidity Adjustment Facility – Repo and Reverse Repo Rates As announced by the Governor today, it has been decided to reduce the Repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 7.75 per cent to7.50 per centwith immediate effect....

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Category : RBI | Comments : 0 | Hits : 86

Change in Bank Rate
Posted Date : 04-Mar-2015 , 06:31:10 pm | Posted By: Vijay

RBI/2014-15/486DBR.No.Ret.BC.73/12.01.001/2014-15 March 04, 2015 All Scheduled Commercial Banks,Local Area Banks and RRBs Dear Sir, Change in Bank Rate Please refer tocircular DBR.No.Ret.BC.61/12.01.001/2014-15 dated January 15, 2015on the captioned subject. 2. As announced in thePress Release 2014-2015/1847 dated March 04, 2015, the Bank Rate stands adjusted by 25 basis points from 8.75 per cent to 8.50 per cent with effect from March 04, 2015. 3. All penal interest rates on shortfall in...

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Category : RBI | Comments : 0 | Hits : 11

Standing Liquidity Facilities for Banks and Primary Dealers
Posted Date : 04-Mar-2015 , 06:29:16 pm | Posted By: Vijay

RBI/2014-15/485REF.No.MPD.BC. 377/07.01.279/2014-15 Phalguna 13,1936(Saka)March 4, 2015 To All Scheduled Banks [excluding Regional Rural Banks (RRBs)]and Primary Dealers Dear Sir/Madam, Standing Liquidity Facilities forBanks and Primary Dealers Please refer to theStatement by Dr. Raghuram G Rajan, Governor on Monetary Policy dated March 4, 2015, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been reduced by 25 basis points from 7.75 per cent to 7.50 per c...

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Category : RBI | Comments : 0 | Hits : 14

Clarification relating to filing of e-form DIR-I1 & DIR-12 under the Companies Act, 2013
Posted Date : 04-Mar-2015 , 06:22:27 pm | Posted By: Vijay

This Ministry has received sevcral rspresentations about the difficulties fbced by stakeholders due to deactivation of Digiral signature certificate (DSC) following en masse resignation of all thc directors of a company before appointment ofnew direotors in their places. Thc difliculty arises because ofautomatic dcaativation of DSC on firing o1,DIR-11 (Notice 01'resignation ofa direcror to the Rcgisftar) by the resigncd/resigning Director (s), and nonc of the ncw Director's details having been f...

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Category : Corporate Laws | Comments : 0 | Hits : 367

Trade Credits for Imports into India — Review of all-in-cost ceiling
Posted Date : 03-Mar-2015 , 08:47:56 pm | Posted By: CASANSAAR

RBI/2014-15/484A.P. (DIR Series) Circular No.81 March 03, 2015 To, All Category - I Authorized Dealer Banks Madam / Sir, Trade Credits for Imports into India — Review of all-in-cost ceiling Attention of Authorized Dealer Category-I (AD Category-I) banks is invited toA.P. (DIR Series) Circular No. 16 dated July 28, 2014relating to the all-in-cost ceiling of Trade Credits for imports into India. 2. On a review it has been decided that the all-in-cost ceiling as specified under paragra...

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Category : FEMA | Comments : 0 | Hits : 27

External Commercial Borrowing (ECB) Policy — Review of all-in-cost ceiling
Posted Date : 03-Mar-2015 , 06:01:49 pm | Posted By: Vijay

RBI/2014-15/483A.P. (DIR Series) Circular No.80 March 03, 2015 To, All Category - I Authorized Dealer Banks Madam / Sir, External Commercial Borrowing (ECB) Policy — Review of all-in-cost ceiling Attention of Authorized Dealer Category-I (AD Category-I) banks is invited toA.P. (DIR Series) Circular No. 17 dated July 28, 2014relating to the all-in-cost ceiling for ECB. 2. On a review, it has been decided that the all-in-cost ceiling as specified under paragraph 2 ofA.P. (DIR Series) ...

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Category : RBI | Comments : 0 | Hits : 104

Instructions regarding adjudication of Central Excise and Service Tax Cases booked by DGCEI
Posted Date : 03-Mar-2015 , 05:58:57 pm | Posted By: Vijay

Circular No. 1000/7/2015-CX datedthe 3rdMarch, 2015 F. No. 208/03/2012-CX-6 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs To The Director General of Central Excise Intelligence, All Principal Chief/ Chief Commissioners of Central Excise and Service Tax, All Principal Chief/ Chief Commissioners of Central Excise. Sub: Instructions regarding adjudication of Central Excise and Service Tax Cases booked by DGCEI-reg. Sir / Mada...

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Category : Excise | Comments : 0 | Hits : 110

RBI prohibits citizens of Macau and Hong Kong from acquiring/transferring immovable properties in India
Posted Date : 03-Mar-2015 , 08:03:39 am | Posted By: CASANSAAR

FEMA/ILT/INDIAN ACTS & RULES : FEM (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2015 – Substitution of Regulation 7 RBI prohibits citizens of Macau and Hong Kong from acquiring/transferring immovable properties in India...

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Category : FEMA | Comments : 0 | Hits : 130

Exclusion from the Second Schedule to the Reserve Bank of India Act, 1934- The Vasavi Co-operative Urban Bank Ltd., Hyderabad
Posted Date : 02-Mar-2015 , 06:07:43 pm | Posted By: Vijay

RBI/2014-15/482DCBR.CO.BPD. (PCB).Cir.No.6/16.05.000/2014-15 March 2, 2015 The Chief Executive OfficerAll Primary (Urban) Co-operative Banks Dear Sir/ Madam Exclusion from the Second Schedule to the Reserve Bank of India Act, 1934- The Vasavi Co-operative Urban Bank Ltd., Hyderabad We advise that the name of “The Vasavi Co-operative Urban Bank Ltd., Hyderabad” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 by notification UBD.CO.BPD./1/16.05.00...

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Category : RBI | Comments : 0 | Hits : 135

Simplification of Registration Procedures in Service Tax
Posted Date : 28-Feb-2015 , 06:59:31 pm | Posted By: CASANSAAR

The legal provisions for registration in service tax are contained in section 69 of the Finance Act, 1994, rule 4 of the Service Tax Rules, 1994 and the Service Tax (Registration of Special Category of Persons) Rules, 2005. Paragraph 2 of Circular 97/8/2007-Service Tax dated 23-8-2007 and Order No. 2/2011-Service Tax dated 13-12-2011 also explain some of the procedural aspects of registration in service tax. In supercession of Order No. 2/2011-Service Tax dated 13-12-2011, the Central Board o...

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Category : Service Tax | Comments : 0 | Hits : 752

Seeks to notify the “resident firm” as the class of persons for the purpose of sub-clause (iii) of clause (b) of section 96A of the Finance Act, 1994.
Posted Date : 28-Feb-2015 , 06:53:59 pm | Posted By: CASANSAAR

G.S.R. (E).- In exercise of the powers conferred by sub-clause (iii) of clause (b) of section 96A of the Finance Act, 1994 (32 of 1994), the Central Government hereby specifies “resident firm” as class of persons for the purposes of the said sub-clause....

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Category : Service Tax | Comments : 0 | Hits : 138

Seeks to amend notification No. 26/2012-Service Tax, dated 20th June 2012, so as to make necessary amendments in the specified entries prescribing taxable portion and the conditions for availing the exemption therein.
Posted Date : 28-Feb-2015 , 06:52:51 pm | Posted By: CASANSAAR

G.S.R. ---(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.26/2012- Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)...

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Category : Service Tax | Comments : 0 | Hits : 73

Seeks to amend notification No. 30/2012-Service Tax dated 20th june, 2012, so as to prescribe, the extent of service tax payable by the service provider and any other person liable for paying service tax other than the service provider.
Posted Date : 28-Feb-2015 , 06:51:54 pm | Posted By: CASANSAAR

G.S.R.(E).-In exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994), the Central Government, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 30/2012-Service Tax, dated the 20thJune, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 472 (E), dated the 20thJune, 2012, namely:-...

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Category : Service Tax | Comments : 0 | Hits : 61

Seeks to amend notification No. 25/2012-Service Tax, dated 20th June 2012, so as to amend certain existing entries granting exemption on specified services and inserting new entries for granting exemption from service tax on specified services.
Posted Date : 28-Feb-2015 , 06:50:52 pm | Posted By: CASANSAAR

G.S.R.….(E).-In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.25/2012- Service Tax, dated the 20thJune, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (...

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Category : Service Tax | Comments : 0 | Hits : 61

Seeks to amend Service Tax Rules, 1994 so as to prescribe
Posted Date : 28-Feb-2015 , 06:49:52 pm | Posted By: CASANSAAR

G.S.R.(E).-In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:-...

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Category : Service Tax | Comments : 0 | Hits : 173

Seeks to rescind the redundant notification No. 42/2012-Service Tax, dated 29th June 2012.
Posted Date : 28-Feb-2015 , 06:48:00 pm | Posted By: CASANSAAR

G.S.R. ---(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 42/2012-Service Tax, dated 29th June 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide G.S.R. 520 (E), dated 29th June ...

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Category : Service Tax | Comments : 0 | Hits : 155

Clarification regarding place of removal
Posted Date : 28-Feb-2015 , 06:45:46 pm | Posted By: CASANSAAR

Attention is invited to Circular No. 988/12/2014-CX dated 20.10.2014 issued from F. No. 267/49/2013-CX.8 on the above subject wherein it was clarified that the place of removal needs to be ascertained in terms of provisions of Central Excise Act, 1944 read with provisions of the Sale of Goods Act, 1930 and that payment of transport, payment of insurance etc are not the relevant considerations to ascertain the place of removal. The place where sale takes place or when the property in goods passes...

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Category : Excise | Comments : 0 | Hits : 102

Withdrawal of prosecution filed in a court
Posted Date : 28-Feb-2015 , 06:44:24 pm | Posted By: CASANSAAR

Your kind attention is invited to the issue of withdrawal of prosecution after it has been filed in a court of law. Instructions in this regard were issued on the Central Excise side vide Circular no. 30/30/94-CX dt 4-4-1994. The relevant part of the instruction contained in paragraph 5 is reproduced below –...

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Category : Excise | Comments : 0 | Hits : 97

Simplification of Registration Procedures in Central Excise and Service Tax
Posted Date : 28-Feb-2015 , 06:41:31 pm | Posted By: CASANSAAR

Registration process in Central Excise has been prescribed vide Notification no 35/2001 - C.E(N.T) dt 26-6-2001 as amended from time to time. The prescribed procedure has been amended by notification no. 07/2015-CE (N.T.) dated 01.03.2015 to simplify the procedure and improve the ease in doing business in manufacturing. The salient features of the revised registration procedure are as follows -...

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Category : Excise | Comments : 0 | Hits : 70

Recovery of arrears in installments and amendment of Garnishee Notice
Posted Date : 28-Feb-2015 , 06:40:28 pm | Posted By: CASANSAAR

Your attention is invited to provisions of sub-section (2) of section 11 of the Central Excise Act, 1944. Central Excise Officers are empowered under this provision to issue an order to any other person from whom money is due to such person from whom recovery of arrears is required to be made. Such notice for recovery to the other person is generally referred as Garnishee Notice. Similar provisions are contained in section 142(1)(d) of the Customs Act, 1962 and section 87(b) of the Finance Act, ...

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Category : Excise | Comments : 0 | Hits : 82

DVAT - Special drive for disposal of objections relating to mismatch of Annexure 2A/2B cases for the Assessment Year 2012-13
Posted Date : 27-Feb-2015 , 09:26:49 pm | Posted By: CASANSAAR

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002 No.F.7(480)/Policy/VAT/2014/807-816 Dated: 27/02/2015 CIRCULAR NO. 27 of 2014-15 Sub:- Special drive for disposal of objections relating to mismatch of Annexure 2A/2B cases for the Assessment Year 2012-13. In continuation of this department’sCircular Nos.18,20,22and24 of 2014-15, it has now been decided to dispose of objections filedu/s 74...

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Category : VAT | Comments : 0 | Hits : 151

Regarding Central Excise and Service Tax Audit norms to be followed by the Audit Commissionerates
Posted Date : 27-Feb-2015 , 06:04:52 pm | Posted By: Vijay

Circular No. 995/2/2015-CX dated the 27thFeb., 2015 F. No. 206/03/2014-CX.6 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs To The Principal Chief Commissioners/Chief Commissioners of Central Excise and Service Tax (All), The Director General of Service Tax, The Director General of Central Excise Intelligence, The Commissioners of Service Tax (Audit) (All) The Commissioners of Central Excise (Audit) (All) Madam/Sir, Subj...

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Category : Excise | Comments : 0 | Hits : 229

Unclaimed Deposits / Inoperative Accounts in Banks Display list of Inoperative Accounts
Posted Date : 27-Feb-2015 , 05:44:07 pm | Posted By: Vijay

RBI/2014-15/481DCBR.BPD.(PCB/RCB).Cir.No.18/13.01.000/2014-15 February 27, 2015 The Chief Executive Officers ofAll Primary (Urban) Co-operative Banks/State and Central Co-operative Banks Madam/ Dear Sir, Unclaimed Deposits / Inoperative Accounts in BanksDisplay list of Inoperative Accounts Please refer to ourCircular UBD.BPD.(PCB).Cir.No.9/13.01.000/2008-09 dated September 1, 2008andRPCD.CO.RF.BC.No.89/07.38.01/2008-09 dated February 18, 2009, wherein detailed instructions have been given t...

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Category : RBI | Comments : 0 | Hits : 112

The Companies (Declaration and Payment of Dividend) Amendment Rules, 2015
Posted Date : 25-Feb-2015 , 09:53:10 pm | Posted By: CASANSAAR

G.S.R ..............(E) .- [n exercise of the powers conferred under sub-section (l) of section 123 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Declaration and Payment of Dividend) Rules, 2014, namelyi...

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Category : Corporate Laws | Comments : 0 | Hits : 243

Priority Sector Lending- Targets and Classification –Overdraft in PMJDY accounts
Posted Date : 25-Feb-2015 , 09:43:57 pm | Posted By: CASANSAAR

RBI/2014-15/477FIDD.CO.Plan.BC 50 /04.09.01/2014-15 February 25, 2015 The Chairman/ Managing Director/Chief Executive Officer[All scheduled commercial banks(excluding Regional Rural Banks)] Dear Sir, Priority Sector Lending- Targets and Classification –Overdraft in PMJDY accounts Please refer to ourMaster Circular RPCD.CO.Plan.BC 10/04.09.01/2014-15 dated July 01, 2014on Priority Sector Lending- Targets and Classification. 2. It has been decided that overdrafts extended by banks upto...

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Category : RBI | Comments : 0 | Hits : 160

Bank’s prior approval for change in shareholding
Posted Date : 24-Feb-2015 , 06:12:23 pm | Posted By: Vijay

Bank’s prior approval for change in shareholding In terms of Section 3(6) of the SARFAESI Act, 2002, every Securitisation Company / Reconstruction Company (SC / RC) is required to obtain prior approval of the Reserve Bank for any substantial change in its management. For the purpose of this section, the expression “substantial change in management” means the change in the management by way of transfer of shares or amalgamation or transfer of the business of the company. H...

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Category : RBI | Comments : 0 | Hits : 213

TARC releases its final report on tax administration reforms in India
Posted Date : 21-Feb-2015 , 08:52:59 am | Posted By: CASANSAAR

TARC releases its final report on tax administration reforms in India. e-Book Fourth Report of TARC(Dated 20th February, 2015) e-Book Feedback Report of TARC(Dated 20th February, 2015) Fourth Report of TARC(7 MB)(Dated 20th February, 2015) Feedback Report of TARC(3 MB)(Dated 20th February, 2015) ...

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Category : Income Tax | Comments : 0 | Hits : 351

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