RBI/2014-15/624 DBR.No.Ret.BC. 99 /12.01.001/2014-15 June 02, 2015 All Scheduled Commercial Banks, Local Area Banks and RRBs Dear Sir, Change in Bank Rate Please refer tocircular DBR.No.Ret.BC.73/12.01.001/2014-15 dated March 04, 2015on the captioned subject. 2. As announced in thePress Release 2014-15/2547 dated June 02, 2015, the Bank Rate stands adjusted by 25 basis points from 8.50 per cent to 8.25 per cent with effect from June 02, 2015. 3. All penal interest rates on...

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RBI/2014-15/621 REF.No.MPD.BC.378/07.01.279/2014-15 Jyeshtha 12,1937(Saka) June 2, 2015 To All Scheduled Banks [excluding Regional Rural Banks(RRBs)] and Primary Dealers Dear Sir/Madam, Standing Liquidity Facilities for Banks and Primary Dealers Please refer to theSecond Bi-monthly Monetary Policy Statement, 2015-16 by Dr. Raghuram G. Rajan, Governor dated June 2, 2015, i...

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RBI/2014-15/617 DBR.No.BC.97/29.67.001/2014-15 June 1, 2015 The Managing Director and CEO All Private Sector Banks Dear Sir/Madam, Guidelines on Compensation of Non-executive Directors of Private Sector Banks The need to bring in professionalism to the boards of banks cannot be overemphasized. In order to enable banks to attract and retain professional directors, it is essential that such directors are appropriately compensated. At present, banks in private sector pay only sitt...

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RBI/2014-15/618 DBR.BP.BC.No.98/08.12.014/2014-15 June 01, 2015 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Issue of Long Term Bonds by banks for Financing of Infrastructure and Affordable Housing – Cross Holding Please refer to ourcircular DBOD.BP.BC.No.25/08.12.014/2014-15 dated July 15, 2014allowing banks to issue long term bonds, with exemptions from certain regulatory pre-emptions, for their financing of infrastructure and affordable housing loans. Furth...

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FEMA/ILT/INDIAN ACTS & RULES : Fem (Current Account Transactions) Amendment Regulations, 2015 – Substitution of Rule 5 & Schedule III. RBI fixes USD 2,50,000 for remittances by individual for aggregate of certain current account transactions...

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RBI/2014-15/612 DBR.No.BP.BC.96 /21.04.157/2014-15 May 28, 2015 The Chairman and Managing Director/Chief Executive Officer All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir / Madam, Hedging of Commodity Price Risk - Creating awareness among borrowers Banks provide a number of credit facilities to customers engaged in activities related to agriculture. One of the prominent,albeitindirect, risks in this sector is that of volatility in agricultural commodity...

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RBI/2014-15/613 FIDD.CO.GSSD.BC.No.57/09.16.003/2014 - 15 May 28, 2015 The Chairman / Managing Director All Scheduled Commercial Banks Dear Sir, National Urban Livelihoods Mission (NULM ) - Reporting Format Please refer to ourCircular RPCD.CO.GSSD.BC.No.26/09.16.03/2014-15 dated August 14, 2014on Self Employment Programme (SEP) under National Urban Livelihoods Mission (NULM). 2. In order to monitor progress of thetargetsvis a visachievementunder NULM, Banks are advised to fur...

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Circular no. 17/2015 - Customs F. No: 451/13/2015 Cus V Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs ****** Dated 26thMay 2015, New Delhi To The Chief Commissioner of Customs,Mumbai - III The Commissioners of Customs - II, Airport Special Cargo, Mumbai The Director General of Export Promotion, New Delhi The Director General of Systems & Data Management, New Delhi The Director General of Revenue Intelligence, New Delhi Madam...

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In exercise of the powers conferred by section 133 read with section 469 of the companies Act, 2013 (18 0f 20131 , the central Government hereby rescinds the notifications ofthe Government of India in the Ministry ofCorporate Affairs, published jn the Gazette of tndia, Extraordinary, Part ll, Section (3), 5ub-section (i), vide number G.S.R 179 (E), dated the 3.d March, 2011 and G,S.R 650 (E), dated the 29th August 2011, with immediate effect, except as respects thinSs done or omitted to be done ...

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Employees Provident Fund Organisation (Ministry of Labour, Govt. of India) Bhavishya Nidhi Bhawan, 14- Bhikaji Came Place, New Delhi – 110066 No. WSU/6(1)2011/IT/Vol-IV/5931 Dated- 21.05.2015 To, All Addl. CPFC (Zones) All RPFC/OIC of ROs/SR0s. Sub:Amendmentin Section 192A of the IT Act, 1961- Instructions or deduction of TDS onwithdrawalfrom PF. Ref: Head Officecircularof even number dated 16,03.2015. Sir/Madam, TheFinance Act, 2015 (20 of 20...

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Draft scheme of the proposed rules for computation of Arm’s Length Price (ALP) of an International Transaction or Specified Domestic Transaction undertaken on or after 01.04.2014. Section 92C of the Income Tax Act, 1961 (the “Act”) provides for computation of Arm’s Length Price (ALP) of an international transaction or specified domestic transaction....

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RBI/2014-15/603 A. P. (DIR Series) Circular No. 102 May 21, 2015 To, All Authorised Dealer Category - I Banks Madam / Sir, Rupee Drawing Arrangement - Increase in trade related remittance limit Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Part (B) of Annex-I to theA.P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series) Circular No. 02] dated February 6, 2008on Memorandum of Instructions for Opening and Maintenance of Rupee/ Forei...

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RBI/2014-15/604 DCM (CC) No. 4846/03.41.01/2014-15 May 21, 2015 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Scheme of Incentives & Penalties – Review Please refer to ourMaster Circular DCM (CC) No.G-5/03.39.01/2014-15 dated July 1, 2014on the captioned subject. 2. As you are aware, the scheme of Incentives & Penalties was introduced in 2008 and has been revised expanding...

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RBI/2014-15/605 DNBR.CC.PD.No.036/03.10.01/2014-15 May 21, 2015 To All NBFCs (excluding PDs) Dear Sirs, Lending against security of single product - Gold Jewellery Please refer to thecirculars DNBS.CC.PD.No.356/03.10.01/2013-14 dated September 16, 2013andDNBS.CC.PD.No.365/03.10.01/2013-14 dated January 08, 2014on the captioned subject. 2. The Bank has prescribed that the valuation of gold jewellery for arriving at the Loan-To-Value (LTV) shall be done at the average of the cl...

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RBI/2014-15/607 FIDD.FID.BC.No.56/12.01.033/2014-15 May 21, 2015 The Chairman / Managing Director Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) Dear Sir / Madam, SHG-Bank Linkage Programme – Revision of progress reports In terms of ourCircular RPCD.CO.MFFI.BC.No.103/12.01.01/2006-07 dated June 20, 2007on Microfinance – Submission of progress report andMaster Circular RPCD.FID.BC.No.06/12.01.033/2014-15 dated July 01, 2014on SHG Bank Linkag...

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RBI/2014-15/608 A. P. (DIR Series) Circular No. 103 May 21, 2015 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) – Mobilisation of INR Attention of Authorized Dealers Category – I (AD Cat – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 [Notification No. FEMA 25/RB-2000 dated May 3, 2000], as amended ...

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Government of India Ministry of Finance (Department of Revenue) Notification No. 17/2015-Service Tax New Delhi, the 19 th May, 2015 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 exempts taxable services provided under the Power System Development Fund Scheme of the Ministry of Power (hereinafter referred to ...

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 16/2015-Service Tax New Delhi, the 19th May, 2015 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 appoints the 1st day of June, 2015 as the date on which the provisions of sub-paragraphs (ix) and (xii) of paragraph 1 and...

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 15/2015-Service Tax New Delhi, the 19th May, 2015 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 appoints the 1st day of June, 2015 as the date on which the provisions of sub-clauses (a), (b) and (c) and item (A) of sub-clause (d) of clause (ii) of sub-paragraph (e)...

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Category : Service Tax | Comments : 0 | Hits : 829

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION New Delhi, the 19th May, 2015 No. 14/2015-Service Tax G.S.R. ---(E).- In exercise of the powers conferred by clauses (a), (c) and (f) of section 107, section 108, sub-sections (2), (3) and (4) of section 109, section 153 and section 159 of the Finance Act, 2015 (No. 20 of 2015), the Central Government hereby appoints the 1st day of June, 2015 as the date on which the provisions of clauses (a), (c) and (f) of s...

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION New Delhi, the 19th May, 2015 No. 13/2015-Service Tax 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 Revenu...

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Government of India Ministry of Finance Department of Revenue Tax Research Unit D.O.F.No.334/5/2015-TRU, New Delhi, May 19, 2015. Dear Principal Chief Commissioner / Chief Commissioner / Director General, The Finance Bill, 2015, has received the assent of the Honorable President and has been notified. In the Budget, 2015, certain amendments in the Finance Act, 1994 have been incorporated through the Finance Act, 2015, which will come into effect from a date to be notified. In...

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Category : Service Tax | Comments : 0 | Hits : 1453

The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks. These will obviate the inconvenience involved in standing in long queues at the Reserve Bank offices. It is observed that the rush for remitting Income –Tax dues through the Reserve Bank of I...

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Category : Income Tax | Comments : 0 | Hits : 877

CBDT revises annual target of auditable cases for Add. CIT and internal audit parties. New Internal Audit System – Modification of Instruction No.3 of 2007...

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Category : CBDT | Comments : 0 | Hits : 1248

CBDT prescribes procedure to provide online response to outstanding tax demands in case of e-filing of return....

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Category : Income Tax | Comments : 0 | Hits : 1402

RBI/2014-15/594 DCBR.BPD (PCB/RCB) Cir.No.35/12.05.001/2014-15 May 14, 2015 The Chief Executive Officer All Primary (Urban) Co-operative Banks /DCCBs/StCBs Provisioning pertaining to Fraud Accounts Please refer to the guidelines compiled inParagraph 3.3.1 (ii)of Master Circular on Prudential Norms on Income Recognition, Asset Classification and Provisioning and other related matters for UCBs dated July 1, 2014, and similar instructions for DCCBs & StCBs, in terms of which, in a...

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RBI/2014-15/595 FMRD.DIRD.08/14.03.002/2014-15 May 14, 2015 To All Market Participants Ready Forward Contracts in Corporate Debt Securities A reference is invited to ourcircular FMRD.DIRD.04/14.03.002/2014-15 dated February 3, 2015enclosing the Repo in Corporate Debt Securities (Reserve Bank) Directions, 2015. As indicated under paragraph 4 of the Directions, the following entities are eligible to enter into ready forward contracts in corporate debt securities: i. Any scheduled c...

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RBI/2014-15/596 A.P. (DIR Series) Circular No. 98 May 14, 2015 To All Category - I Authorised Dealer Banks Madam / Sir, Foreign Currency (Non-Resident) Account (Banks) (FCNR (B)) Scheme Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 2 of the Foreign Exchange Management (Deposit) Regulations, 2000, notified videNotification No. FEMA 5/2000-RB dated May...

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RBI//2014-15/599 A.P. (DIR Series) Circular No.101 May 14, 2015 To All Authorised Dealers in Foreign Exchange Madam / Sir, Export of Goods and Services- Declaration of Exports of Goods/Software Attention of the Authorised Dealers is invited to Regulation 6 of theNotification No.FEMA 23/2000-RB dated May 3, 2000viz. Foreign Exchange Management (Export of Goods and Services) Regulations,...

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RBI/2014-15/600 DNBR (PD) CC.No.035/03.10.001/2014-15 May 14, 2015 All NBFCs (excluding Primary Dealers) Dear Sirs, 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 be set up as NBFCs. 2. On a revie...

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