RBI/2015-16/396 DPSS.CO.AD.No.2627/02.27.005/2015-16 May 12, 2016 To, All entities authorised under the Payment & Settlement Systems Act, 2007 (PSS Act) Dear Sir/Madam, Guidelines for Voluntary surrender of Certificate of Authorisation (COA) by Payment System Operators (PSOs) authorised under PSS Act 2007 As you are aware, in terms of section 4 of the Payment and Settlement Systems Act, 2007 (PSS Act) it is mandatory to seek authorisation from the Reserve Bank of India (th...

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RBI/2015-16/395 A.P. (DIR Series) Circular No.68 [(1)/23(R)] May 12, 2016 To All AD Category - I Authorised Dealer Banks Madam/ Sir Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015 Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred...

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Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 10thMay, 2016 Subject: Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius – reg 1. The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to ta...

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The CBDTvide Notification No. 30/2016 [F.NO.142/29/2015-TPL], Dated 29-4-2016has revised the due dates for filing of quarterly TDS returns by persons (other than government). However, there are some wrong notions of the taxpayers that the due dates for filing of TCS returns have also been extended by the CBDT. The gist of the changes madevideaforesaid notification are as under: 1) The due dates for filing of TDS returns by persons (other than government) for the quarter ended 30thJune,...

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Circular No.1029/17/2016-CX F.No. 267/33/2014-CX.8 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, dated the 10thMay, 2016 To The Principal Chief Commissioners/ Chief Commissioners/Principal Commissioners of Central Excise (All) The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners of Central Excise & Service Tax (All) Webmaster Sub: Clarification on segregation of impurities viz. ...

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CIRCULAR NO 13/2016 F. No. 225/46/2016-ITA.II GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES New Delhi, 9thMay, 2016 Subject:- Verification of tax-returns for Assessment Years 2009-2010, 2010-2011, 2011-2012 2012-2013, 2013-2014 and 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such returns-regd. Under the earlier system of e-filing, in tax-returns which were to be filed electroni...

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Government of India MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 05thMay, 2016 G.S.R. …..(E).-ln exercise of the powers conferred by section 399 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend theCompanies (Registration Offices and Fees) Rules, 2014, namely :- 1. (1) These rules may be called theCompanies (Registration Offices and Fees) Amendment Ru...

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Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 6/2016 New Delhi, 4thMay, 2016 The provisions relating to the statement of deduction of tax under sub-section (3) of section 200 and the statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 (the Act) are prescribed under Rule 31A and Rule 31AA of the Income-tax Rules, 1962 (the Rules) respectively. As...

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Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 8/2016 New Delhi, 4thMay, 2016 Procedure for submission of Form 15CC by an authorised dealer in respect of remittances under sub-section (6) of section 195 of the Income-tax Act, 1961 read with rule 37BB of the Income-tax Rules, 1962 Under sub-section (6) of section 195 of the Income-tax Act, person responsible for paying to a non-resident, not being...

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Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 7/2016 New Delhi, 4thMay, 2016 [F.NO.DGIT(S)/ADG(S)-2/TDS E-FILING NOTIFICATION/110/2016] As per sub-rule (1) of rule 29C (Declaration by person claiming receipt of certain incomes without deduction of tax) of the Income-tax Rules, 1962 (hereunder referred as the Rules) a declaration under sub-section (1) or under sub-section (1A) of section 197A shall ...

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RBI/2015-16/393 DCM (CC) No.G-10/3352/03.41.01/2015-16 May 05, 2016 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Currency Distribution & Exchange Scheme (CDES) for bank branches based on performance in rendering customer service to the members of public Please refer to ourCircular DCM (CC) No.4846/03.41.01/2014-15 dated May 21, 2015on“The Scheme of Incentives & Penalties – Review”. 2. As advised therein...

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RBI/2015-16/392 FMRD.DIRD.No.9/14.03.01/2015-16 May 5, 2016 All Market Participants Dear Madam/Sir, Transactions in derivatives by regulated institutional entities on electronic platforms A reference is invited topara 37of the First Bi-monthly Monetary Policy Statement announced on April 5, 2016, in terms of which, it was proposed to review the existing guidelines on OTC derivatives in order to make participation in OTC derivative markets through electronic platforms more broad-b...

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RBI/2015-16/391 FIDD. No. FSD. BC.24/05.05.014/2015-16 May 5, 2016 The Chairman/ Managing Director / Chief Executive Officer [All Scheduled Commercial Banks, (excluding Regional Rural Banks)] Madam / Dear Sir, Discontinuation of Statements on Special Agriculture Credit Plan (SACP) In order to monitor and augment the flow of credit to Agriculture, Special Agriculture Credit Plans (SACP) were introduced for Public Sector banks in 1994 and extended to Private Sector Banks in 2004....

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RBI/2015-16/390 A.P. (DIR Series) Circular No. 67/2015-16 [(1)/5(R)] May 05, 2016 To All Category - I Authorised Dealers and Authorised Banks Madam/Sir Foreign Exchange Management (Deposit) Regulations, 2016 Attention of Authorised Dealers (ADs) is invited to (a) A.D. (M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter refer...

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 30/2016 New Delhi, the 29thApril, 2016 INCOME-TAX S.O. ___(E).- In exercise of the powers conferred by sections 192, 200 and 206C, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-ta...

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RBI/2015-16/383 Ref.DBS.CO.PPD.BC.No.10/11.01.005/2015-16 April 28, 2016 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Compliance with Jilani Committee Recommendations We invite attention to our circular DBS.CO.PPD.BC.No.39/11.01.005/99-2000 dated June 28, 2000 on Jilani Committee recommendations relating to frauds and malpractices in ban...

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RBI/2015-16/384 A.P. (DIR Series) Circular No. 64/2015-16 [(1)/13(R)] April 28, 2016 To All Category - I Authorised Dealer and Authorised Banks Madam/ Sir Foreign Exchange Management (Remittance of Assets) Regulations, 2016 Attention of Authorised Dealers (ADs) is invited to (a) A.D. (M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 ...

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RBI/2015-16/385 A.P. (DIR Series) Circular No.65 April 28, 2016 To All Category-I Authorised Dealer Banks Madam / Sir, Import of Goods: Import Data Processing and Monitoring System (IDPMS) Attention of Authorised Dealers is invited to Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Government of India Notification No. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account Transaction) Rules, 2000 on import of goods read ...

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RBI/2015-16/386 A.P. (DIR Series) Circular No.66 April 28, 2016 To, All Authorised Dealer Category-I Banks Madam / Sir, Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non- Resident Exchange Houses: Rupee Drawing Arrangement Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph (C) 3 vii of theA. P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series) Circular No. 02] dated February 06, 2008and paragraph No. 3(h) and 5C o...

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RBI/2015-16/387 FMRD.FMID.8/14.01.02/2015-16 April 28, 2016 All RBI regulated entities Madam/Sir, F-TRAC – Counterparty Confirmation A reference is invited to RBIcircular FMRD.FMID.01/14.01.02/2014-15 dated December 19, 2014waiving the requirement of exchange of physical confirmation of trades matched on the Financial Market Trade Reporting and Confirmation Platform (“F- TRAC”) of the Clearcorp Dealing Systems (India) Ltd. subject to certain conditions. 2. On...

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RBI/2015-16/388 DNBR.CO.PD.No.080/03.10.01/2015-16 April 28, 2016 All Standalone Primary Dealers Madam/ Sir, Risk Weight in respect of investments in Corporate Bonds by Standalone Primary Dealers (SPDs) In terms of the Capital Adequacy Standards and Risk Management Guidelines for SPDs, risk weight of 100% has been stipulated in respect of investments in corporate bonds, for the purpose of calculating capital adequacy. 2. On a review, in order to bring parity with risk weights...

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Kind reference is invited to Board’s Circular No. 07/2015 dated 12.02.2015 on the subject cited above wherein Board has relaxed KYC norms, which all the authorized courier companies were required to fulfill. Earlier two documents, one for proof of identity and other for proof of address, were required for KYC verification. However, said circular lays down that in case of an individual if any one document listed in the Board Circular No. 9/2010-Cus dated 08.04.2010 contains both proof of id...

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Category : Custom | Comments : 0 | Hits : 319

IMPOSITION OF CENTRAL EXCISE DUTY ON JEWELLERY - CONSTITUTION OF SUB-COMMITTEE OF HIGH LEVEL COMMITTEE TO INTERACT WITH TRADE AND INDUSTRY THEREON - EXTENSION OF TIME LIMIT FOR TAKING CENTRAL EXCISE REGISTRATION OF AN ESTABLISHMENT CIRCULAR NO.1026/14/2016-CX,DATED 23-4-2016 Kindly refer to theCircularNo. 1021/9/2016-CX,dated 21-3-2016issuedvideF. No. 354/25/2016-TRU. 2.In this regard, the time-limit for taking central excise registration of an establishment by a jeweller is being exten...

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RBI/2015-16/381 DNBR(PD).CC.No. 079/03.10.001/2015-16 April 21, 2016 All Infrastructure Debt Fund- Non-Banking Financial Companies (IDF-NBFCs) Madam/ Sir, Infrastructure Debt Funds (IDFs) Please refer to the Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011 issued videNotification No.DNBS.233/CGM(US)-2011 dated November 21, 2011(the Directions) prescribing detailed guidelines on the regulatory framework for NBFCs to sponsor IDFs which are to...

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RBI/2015-16/380 DCBR.CO.BPD. (PCB). No.15/13.05.000/2015-16 Vaishakha 01, 1938 April 21, 2016 The Chief Executive Officers All Primary (Urban) Co-operative Banks Dear Sir/Madam, Unsecured Exposure Norms for UCBs – Relaxation Please refer to ourcirculars UBD.BPD. (PCB) Cir No.45/13.05.000/2012-13 dated April 03, 2013andUBD. CO. BPD. (PCB) Cir. No.29/13.05.000/2013-14 dated October 10, 2013on the captioned subject permitting UCBs fulfilling certain conditions to grant unsec...

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RBI/2015-16/379 DBR.No.FSD.BC.94/24.01.026/2015-16 April 21, 2016 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Guidelines on Investment Advisory Services offered by Banks Please refer toparagraphs 86, 87 and 88of the Monetary Policy Statement 2013-14 and the subsequentdraft guidelines on Wealth Management/Marketing/Distribution Services offered by Banks issued on June 28, 2013, seeking comments of stakeholders. The draft guidelines dealt with, inter alia, Inve...

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RBI/2015-16/378 DBR.No.Leg.BC.93/09.07.005/2015-16 April 21, 2016 The Chairman/Chief Executives of All Scheduled Commercial Banks including Regional Rural Banks/ Local Area Banks Dear Sir, Publicity in the bank branches cautioning public against placing deposits in dubious schemes You may be aware that in the recent years there have been several incidents of unscrupulous entitie...

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RBI/2015-16/377 A.P. (DIR Series) Circular No. 63 April 21, 2016 To All Category – I Authorised Dealer Banks Madam/ Sir, Foreign Investment in units issued by Real Estate Investment Trusts, Infrastructure Investment Trusts and Alternative Investment Funds governed by SEBI regulations Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations 2000, notified...

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RBI/2015-16/376 DBR.No.BP.BC.92/21.04.048/2015-16 April 18, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Provisioning pertaining to Fraud Accounts Please refer tocircular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under: Banks should normally provide for the entire amount due to the bank or for which ...

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Clause (ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes (CBDT) may prescribe rules specifying the procedure for the granting of relief or deduction, as the case may be, of any income-tax paid in any country or specified territory outside India, under section 90 or section 90A or section 91, against the income-tax payable under the Act. II. A Committee was set up by CBDT to suggest the methodology for grant of Foreign ...

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Category : CBDT | Comments : 0 | Hits : 537