Amendment to section 13(2) of Prevention of Money laundering Act (PMLA) 2002
Posted Date : 16-Mar-2015 , 06:25:09 pm | Posted By: Vijay
RBI/2014-2015/501
DNBR.PD.CC.No.022/03.10.042/2014-15
March 16, 2015
All NBFCs
Dear Sir
Designated Director- Amendment to section 13(2) of Prevention of Money laundering Act (PMLA) 2002
Please refer to ourCircular DNBS (PD).CC.No.378/03.10.42/2013-14 dated May 29, 2014wherein NBFCs were advised to nominate a Director on their Boards as “Designated Director” to ensure compliance with the obligations under the Prevention of Money Laundering (Amendment) Act, 2012.
2. ...
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RBI |
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CBDT issues instructions related to non-migration of PAN due to pending refund caging
Posted Date : 15-Mar-2015 , 08:45:44 am | Posted By: CASANSAAR
Prior to implementation of cadre restructuring in Nov., 2014, a number of ASTvalidations were executed at the time of migration of a PAN which restricted PAN migration,if any of the validation was pending. In these cases, the AO had to complete the actionrestricting such migration, to enable PAN migration.
It was anticipated that mass PAN migration could take place post-cadrerestructuring. Therefore, consequent upon cadre restructuring, AST validations wererelaxed or cancelled in non-cr...
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PAN |
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Govt. notifies IIT, Varanasi as scientific research association under Sec. 35(1)(ii)
Posted Date : 15-Mar-2015 , 08:34:28 am | Posted By: CASANSAAR
SECTION 35(1)(ii) OF THE INCOME-TAX ACT, 1961 - SCIENTIFIC RESEARCH EXPENDITURE - APPROVED SCIENTIFIC RESEARCH ASSOCIATIONS/INSTITUTIONS - INDIAN INSTITUTE OF TECHNOLOGY (BHU), VARANASI
NOTIFICATION NO. 22/2015 [F. NO. 203/07/2014/ITA-II],DATED 13-3-2015
It is hereby notified for general information that the organizationIndian Institute of Technology (BHU), Varanasi (PAN - AAAJI0396R)has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of sectio...
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Income Tax |
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Constitution of bench of Supreme Court to deal exclusively with tax matters on all working days
Posted Date : 12-Mar-2015 , 10:49:52 pm | Posted By: CASANSAAR
Constitution of bench of Supreme Court to deal exclusively with tax matters on all working days - Circular - Dated 10-3-2015 - Income Tax
A bench has been constituted by the Hon'ble Supreme Court to deal exclusively with Tax matters on all working days which will be functional w.e.f. from 9th March, 2015. This will necessarily entail briefing the counsels for the Department as well as meeting the requirements of the court on real time basis. The Member (A&J) has desired that all the Princ...
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Income Tax |
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Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by Banks
Posted Date : 12-Mar-2015 , 08:08:59 am | Posted By: CASANSAAR
RBI/2014-15/497DBR.No.BP.BC.76/21.04.158/2014-15
March 11, 2015
All Scheduled Commercial Banks(excluding RRBs)
Dear Sir,
Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by Banks
Please refer to ourcircular DBOD.No.BP.40/21.04.158/2014-15 dated November 3, 2006forwarding the final guidelines on managing risks as applicable in outsourcing of financial services.
2. In view of concerns raised that these instructions are not being adhered to, we reiterate t...
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RBI |
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Guidelines on Sale of Financial Assets to Securitisation Company(SC)/Reconstruction Company (RC) and Related Issues
Posted Date : 12-Mar-2015 , 08:05:45 am | Posted By: CASANSAAR
RBI/2014-15/496DBR.No.BP.BC.75/21.04.048/2014-15
March 11, 2015
All Scheduled Commercial Banks(Excluding Local Area Banks and Regional Rural Banks)
Dear Sir,
Guidelines on Sale of Financial Assets to Securitisation Company(SC)/Reconstruction Company (RC) and Related Issues
Please refer to paragraph 3.4 ofcircular DBOD.BP.BC.No.98/21.04.132/2013-14 dated February 26, 2014and our subsequent mailbox clarification dated April 9, 2014 on the captioned subject, wherein we have stipulated that, fo...
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RBI |
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Acquisition/transfer of immovable property – Prohibition on citizens of certain countries
Posted Date : 12-Mar-2015 , 08:04:13 am | Posted By: CASANSAAR
RBI/2014-15/495A.P.(DIR Series) Circular No.83
March 11, 2015
To
All Category – I Authorised Dealer Banks
Madam / Sir,
Acquisition/transfer of immovable property – Prohibition on citizens of certain countries
Attention of Authorised Dealers in Foreign Exchange is invited to Regulation 7 of Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified videNotification No. FEMA 21/2000-RB dated 3rd May 2000in terms of which no pe...
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FEMA |
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RBI directions to bank regarding Sukanya Samriddhi Account
Posted Date : 11-Mar-2015 , 06:33:35 pm | Posted By: Vijay
RBI/2014-15/494IDMD(DGBA).CDD.No.4052/15.02.006/2014-15
March 11, 2015
The Chairman and Managing Director/Managing DirectorHead Office, Government Accounts DepartmentState Bank of India/State Bank of Patiala/State Bank of Bikaner & Jaipur/State Bank of Travancore/State Bank of Hyderabad/State Bank of Mysore/Andhra Bank/Allahabad Bank/Bank of Baroda/Bank of India/Punjab & Sind Bank/Bank of Maharashtra/Canara Bank/Central Bank of India/ Corporation Bank/Dena Bank/Indian Bank/Indian Overs...
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RBI |
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Clarification with regard to section 185 and 186 of the Companies Act 2013 - loans and advances to employees
Posted Date : 10-Mar-2015 , 06:50:04 pm | Posted By: Vijay
The Ministry of Corporate Affairs has issued a general circular no 04/ 2015 dated 10th March, 2015 to provide clarification with respect to advancing loans to employees would attract Section 185 or 186 or not.
This Ministry has received a number of references seeking clarification on the applicability of provisions of section 186 of the Companies Act, 2013 relating to grant of loans and advances by Companies to their employees.
The issue has been examined and it is hereby clarified that lo...
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Companies Act |
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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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RBI |
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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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RBI |
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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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RBI |
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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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RBI |
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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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RBI |
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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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RBI |
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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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Corporate Laws |
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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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FEMA |
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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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RBI |
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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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Excise |
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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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FEMA |
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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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RBI |
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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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Service Tax |
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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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Service Tax |
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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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Service Tax |
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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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Service Tax |
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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 |
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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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Service Tax |
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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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Service Tax |
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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 |
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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 |
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