Standard Operating Procedure for Prosecution in Cases of TDS/TCS Default
Posted Date : 05-Feb-2015 , 07:37:33 am | Posted By: CASANSAAR
Introduction:
1.1 As per theIncome Tax Act,all cases where TDS/TCS is deducted but not deposited within the due date, as prescribed, are punishableu/s 276B/276BBor278A. The selection of cases & their processing is further governed by Instruction F.No. 285/90/2008-IT(Inv-I)/05 dated 24.04.2008 which has been modified by the CBDT [vide F.No.285/90/2013-IT(Inv.)] dated 07.02.2013. Presently, the monetary limit specified for cases to be considered for prosecution is as under:
(i)Cases, whe...
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Income Tax |
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Foreign investment in India by Foreign Portfolio Investor
Posted Date : 03-Feb-2015 , 10:37:03 pm | Posted By: CASANSAAR
RBI/2014-15/448A.P.(DIR Series) Circular No. 71
February 03, 2015
To,
All Authorised Persons
Madam/ Sir,
Foreign investment in India by Foreign Portfolio Investors
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified videNotification No. FEMA.20/2000- RB dated May 3, 2000, as amended from time to time and toA.P. (DIR Series) Ci...
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FEMA |
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Ready Forward Contracts in Corporate Debt Securities
Posted Date : 03-Feb-2015 , 10:36:10 pm | Posted By: CASANSAAR
RBI/2014-15/447FMRD.DIRD.04/14.03.002/2014-15
February 03, 2015
To All Market Participants
Ready Forward Contracts in Corporate Debt Securities
Please refer to thenotification no IDMD.DOD. 04/11.08.38/ 2009-10 dated January 8, 2010as amended videnotification no. IDMD.PCD. 21/11.08.38/2010-11 dated November 9, 2010andnotification no IDMD.PCD.08/14.03.02/2012-13 dated January 4, 2013on ready forward contracts in corporate debt securities. Reference is also invited tocirculars IDMD.DOD.08/11.08...
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Section 24 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
Posted Date : 03-Feb-2015 , 10:35:13 pm | Posted By: CASANSAAR
RBI/2014-15/445DBR.Ret.BC.70/12.02.001/2014-15
February 03, 2015
All Scheduled Commercial Banks,Local Area Banks and Regional Rural Banks
Dear Sir,
Section 24 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR).
Please refer to ourcirculars DBOD.Ret.BC.29/12.02.001/2014-15 dated August 05, 2014andRPCD.RRB.BC.No.24/03.05.33/2014-15 dated August 06, 2014, on the above mentioned subject.
2. As announced in theSixth Bi-Monthly Monetary ...
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Export Credit Refinance Facilities
Posted Date : 03-Feb-2015 , 04:09:20 pm | Posted By: Yogita Bajaj
RBI/2014-15/444REF.No.MPD.BC.376/07.01.279/2014-15
Magha 14, 1936 (Saka)February 3, 2015
To
All Scheduled Banks [excluding Regional Rural Banks(RRBs)]
Dear Sir/Madam,
Export Credit Refinance Facilities
As announced in theSixth Bi-Monthly Monetary Policy Statement, 2014-15 dated February 3, 2015, it has been decided to merge the Export Credit Refinance (ECR) facility with the system level liquidity provision with effect from the fortnight beginning on February 7, 2015. Accordingly, no new r...
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RBI |
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Foreign Direct Investment in Pharmaceuticals sector – Clarification
Posted Date : 02-Feb-2015 , 09:25:57 pm | Posted By: CASANSAAR
RBI/2014-15/441A.P.(DIR Series) Circular No.70
February 02, 2015
To
All Category-I Authorised Dealer Banks
Madam / Sir,
Foreign Direct Investment in Pharmaceuticals sector – Clarification
Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No.124 dated April 21, 2014 and the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified videNotification No.FEMA ...
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FEMA |
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Guidelines for processing of online IEC applications and IEC check list - DGFT
Posted Date : 02-Feb-2015 , 06:32:24 pm | Posted By: CASANSAAR
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Udyog Bhavan, New Delhi-110011
Policy Circular No. 17 (RE-2013)/2009-2014
Dated the 30th January, 2015
To
All Regional Authorities
Subject : Guidelines for processing of online IEC applications and IEC check list
In continuation of the guidelines for processing online IEC applications, issued videPolicy Circular No. 15 dated the 31st December 2014, following furth...
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DGFT |
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Unclaimed Deposits/ Inoperative Accounts in Banks - Display list of Inoperative Accounts
Posted Date : 02-Feb-2015 , 05:41:35 pm | Posted By: Ravich
RBI/2014-15/437DBR.No. DEA Fund Cell.BC.66/30.01.002/2014-15
February 2, 2015
All Local Area Banks
Dear Sir,
Unclaimed Deposits/ Inoperative Accounts in Banks -Display list of Inoperative Accounts
Please refer to ourcircular DBOD.No.DEAF Cell.BC.114/30.01.002/2013-14 dated May 27, 2014on the Depositor Education and Awareness Fund Scheme, 2014(Scheme) and the Scheme notified by Government of India.
2. Keeping in view public interest, it has been decided that banks should play a more pro-act...
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RBI |
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Section 23 of the Banking Regulation Act, 1949 – Installation of off-site Cash Deposit Machines (CDMs) / Bunch Note Acceptor Machines (BNAMs)
Posted Date : 02-Feb-2015 , 05:39:47 pm | Posted By: Ravich
RBI/2014-15/438DBR.No.BAPD.BC.68/22.01.001/2014-15
February 2, 2015
All Scheduled Commercial Banks (including RRBs)
Dear Sir/Madam,
Section 23 of the Banking Regulation Act, 1949 – Installation of off-site Cash Deposit Machines (CDMs) / Bunch Note Acceptor Machines (BNAMs)
Please refer tocircular DBOD.No.BL.BC.137/22.01.001/2008-09 dated June 12, 2009wherein all SCBs have been permitted to install off-site ATMs at centers / places identified by them without having the need to take per...
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Date for filing DVAT return for 3rd QTR extended to 02.02.2015.
Posted Date : 02-Feb-2015 , 02:33:15 pm | Posted By: CASANSAAR
Date for filing DVAT return for 3rd QTR extended to 02.02.2015....
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VAT |
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Online IEC applications: Operationalisation of the Public Notice No. 76 dated 27/11/2014. - Public Notice - Dated 30-1-2015 - DGFT
Posted Date : 02-Feb-2015 , 08:26:44 am | Posted By: CASANSAAR
Government of India
Ministry of Commerce & Industry
Department of Commerce
Udyog Bhawan, New Delhi
Public Notice. 83/(RE-2013)/2009-2014
Dated the 30th January, 2015
Subject: Online IEC applications: Operationalisation of the Public Notice No. 76 dated 27/11/2014.
The operationalisation of the mandatory system of online applications for IEC with effect from 01/01/2015 was notified videPublic Notice 76 dated 27/11/2014. This was, however, kept in abeyance videPublic Notice No. 80 d...
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DGFT |
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CBDT asks its officials to follow HC's ruling in 'Vodafone' in cases where shares were issued at premium to AEs
Posted Date : 29-Jan-2015 , 09:51:30 pm | Posted By: CASANSAAR
Instruction No. 2 / 2015
F. No. 500/15/2014 - APA-I
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Foreign Tax & Tax Research-I Division
APA-I Section
New Delhi, dated the 29thJanuary, 2015
To
All Principal CCsIT/DsGIT and CCsIT/DsGIT
Madam/Sir
Subject: Acceptance of the Order of the Hon'ble High Court of Bombay in the case of Vodafone India Services Pvt. Ltd.-reg.
In reference to the above cited subject, I am directed to draw ...
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Review of norms for classification of Urban Co-operative Banks (UCBs) as Financially Sound and Well Managed (FSWM)
Posted Date : 29-Jan-2015 , 06:06:54 pm | Posted By: Ravich
RBI/2014-15/436DCBR.CO.LS (PCB) Cir.No.4/07.01.000/2014-15
January 28, 2015
Chief Executive Officers of allPrimary (Urban) Co-operative Banks
Madam / Dear Sir
Review of norms for classification of Urban Co-operative Banks (UCBs) as Financially Sound and Well Managed (FSWM)
Please refer to ourcircular UBD.CO.LS (PCB) Cir.No.20/07.01.000/2014-15 dated October 13, 2014.
2. We have received representations from various stakeholders requesting us to review the definition of regulatory comfort a...
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RBI |
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Regarding Collection of anti-dumping duty beyond the validity period
Posted Date : 29-Jan-2015 , 01:56:30 pm | Posted By: Rupa Kaushik
Circular No. 05/2015-Customs
F.No.354/104/2014-TRU
Government of India
Ministry of Finance
Department of Revenue
Tax Research Unit
*****
New Delhi, the 28thJanuary, 2015
To,
Chief Commissioners of Customs (All),
Chief Commissioners of Central Excise and Customs (All),
Director General, Directorate General of Revenue Intelligence,
Commissioners of Customs (All),
Commissioners of Central Excise and Customs (All).
Madam/Sir,
Subject: Collection of anti-dumping duty beyond the...
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Custom |
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Membership of Credit Information Companies (CICs) by Co-operative Banks
Posted Date : 29-Jan-2015 , 01:07:03 pm | Posted By: Rupa Kaushik
RBI/2014-15/435DCBR.BPD.(PCB/RCB).Cir No.13/16.74.000/2014-15
January 29, 2015
The Chief Executive OfficersAll Primary (Urban) Co-operative BanksAll State and Central Co-operative Banks
Dear Sir/Madam
Membership of Credit Information Companies (CICs) by Co-operative Banks
Please refer to ourcirculars UBD.BPD (PCB) Cir.No.25/09.11.200/2009-10 dated December 03, 2009andRPCD.CO.RF.BC.No.44/07.40.06/2009-10 dated December 01, 2009advising co-operative banks to take membership of at leas...
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RBI |
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Govt. notifies 'Indian National Group of International Association' for Sec. 10(23A) exemption
Posted Date : 28-Jan-2015 , 08:09:43 pm | Posted By: CASANSAAR
Govt. notifies 'Indian National Group of International Association' for Sec. 10(23A) exemption
January 28, 2015
SECTION 10(23A) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - PROFESSIONAL ASSOCIATIONS - NOTIFIED ASSOCIATION
NOTIFICATION NO.4/2015 [F.NO. 196/36/2013-ITA.I],DATED 20-1-2015
In exercise of the powers conferred by clause (23A) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby approves the"Indian National Group of the International Associa...
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Govt. notifies certain entities for exemption under section 10(46)
Posted Date : 28-Jan-2015 , 08:02:19 pm | Posted By: CASANSAAR
SECTION 10(46) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - STATUTORY BODY/AUTHORITY/BOARD/COMMISSION - NOTIFIED BODY OR AUTHORITY - TAMIL NADU WATER SUPPLY AND DRAINAGE BOARD
NOTIFICATION NO. 5/2015 [F.NO.196/28/2013-ITA.I],DATED 20-1-2015
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies for the purposes of the said clause, the 'Tamil Nadu Water Supply and Drainage Board ', a Board constituted un...
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Now deposit in 'Sukanaya Samridhi Account' would provide sec. 80C relief
Posted Date : 28-Jan-2015 , 07:50:22 pm | Posted By: CASANSAAR
SECTION 80C OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - IN RESPECT OF INSURANCE PREMIUM, ETC. - NOTIFIED PLAN UNDER SECTION 80C(2)(viii)
NOTIFICATION NO. 9/2015 [F.NO.178/3/2015-ITA-1],DATED 21-1-2015
In exercise of the powers conferred by clause (viii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 'Sukanya Samriddhi Account' for the purposes of the said clause.
2.This notification shall come into force with effect...
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Income Tax |
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Inter-Governmental Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA)- Registration
Posted Date : 28-Jan-2015 , 05:45:07 pm | Posted By: Ravich
RBI/2014-15/431DBR.AML.No.11254/14.07.018/2014-15
January 28, 2015
The Chairmen of all RRBs
Madam/Dear Sir
Inter-Governmental Agreement (IGA) with United States of America (US)under Foreign Accounts Tax Compliance Act (FATCA)- Registration
Please refer to ourcircular DBR.AML.No.9644/14.07.018/2014-15 dated December 30, 2014, on the captioned subject.
2. In partial modification to the above circular, it is clarified that those RRBs which do not have more than $175 million in assets on its b...
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RBI |
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Dispensing with ‘No Due Certificate’ for lending by banks
Posted Date : 28-Jan-2015 , 03:13:30 pm | Posted By: Ravich
RBI/2014-15/430FIDD.CO.LBS.BC.No.49/02.01.001/2014-15
January 28, 2015
The Chairmen & Managing DirectorsAll Scheduled Commercial Banks (including RRBs)
Dear Sir/Madam,
Dispensing with ‘No Due Certificate’ for lending by banks
Please refer to ourcircular RPCD.LBS (SAA).BC.No.62/08.01.00/2004-05 dated December 8, 2004on Relaxation in Service Area norms. Further, in terms ofcircular RPCD.PLFS.BC.No.85/05.04.02/2006-07 dated April 30, 2007on ‘Simplification of the Procedur...
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RBI |
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Auction of Government of India Dated Securities
Posted Date : 24-Jan-2015 , 01:00:14 pm | Posted By: Ravich
RBI/2014-15/427Ref. No.IDMD/1594/08.02.032/2014-15
January 23, 2015
All Scheduled Commercial BanksAll State Co-operative Banks/All Scheduled Primary(Urban) Co-operative Banks /All Financial Institutions/All Primary Dealers.
Dear Sir/Madam,
Auction of Government of India Dated Securities
Government of India has offered to sell (re-issue) four dated securities for notified amount of`13,000 crore as per the following details:
Sr No
Security
Notified Amount(in`crore)
GoI Notification
...
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RBI |
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External Commercial Borrowings (ECB) Policy – Simplification of Procedure
Posted Date : 23-Jan-2015 , 06:55:17 pm | Posted By: Ravich
RBI/2014-15/425A.P. (DIR Series) Circular No.64
January 23, 2015
To
The Authorised Dealer Category-I Banks
Madam / Dear Sir
External Commercial Borrowings (ECB) Policy – Simplification of Procedure
Attention of the Authorised Dealer (AD) Category-I banks is invited to the following provisions contained in the undernoted A.P. (DIR Series) Circulars through which powers have been delegated to them to deal with cases related to change in draw-down and repayment schedules of ECBs subject...
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RBI |
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Display of information by banks
Posted Date : 22-Jan-2015 , 10:01:55 pm | Posted By: CASANSAAR
RBI/2014-15/422DBR.Leg.No.BC.64/09.07.005/2014-15
January 22, 2015
All Scheduled Commercial Banks(Excluding RRBs)
Dear Sir/ Madam
Display of information by banks
Please refer to ourcirculars DBOD.Leg.No.BC.33/09.07.005/2008-09 dated August 22, 2008andDBOD.Leg.BC.42/09.07.005/2008-09 dated September 12, 2008on display of information for promoting transparency in the operations of banks.
2. In order to further enhance transparency in pricing of credit, based on the recommendations of Working...
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RBI |
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Export and Import of Indian Currency
Posted Date : 22-Jan-2015 , 10:00:44 pm | Posted By: CASANSAAR
RBI/2014-15/424A.P. (DIR Series) Circular No.63
January 22, 2015
To
All Authorised Persons
Madam/ Sir,
Export and Import of Indian Currency
Attention of Authorised Persons is invited to Regulation 8 of Foreign Exchange Management (Export and Import of Currency) Regulations, 2000, in terms of which, inter-alia, a person may take or send out of India to Nepal or Bhutan and bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India for any amount in...
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FEMA |
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Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 – Remittance of salary
Posted Date : 22-Jan-2015 , 09:59:45 pm | Posted By: CASANSAAR
RBI/2014-15/423A.P. (DIR Series) Circular No.62
January 22, 2015
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 – Remittance of salary
Attention of Authorised Dealer Category – I banks is invited toA. P. (DIR Series) Circular No. 26 dated January 14, 2010and sub-regulation 8 of Regulation 7 ofNotification No. FEMA 10/2000-RB dated May 3, 2000viz. Foreign Exchange Ma...
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FEMA |
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Depository Receipts Scheme
Posted Date : 22-Jan-2015 , 09:58:21 pm | Posted By: CASANSAAR
RBI/2014-15/421A.P. (DIR Series) Circular No. 61
January 22, 2015
To
All Category – I Authorised Dealer Banks
Madam / Sir,
Depository Receipts Scheme
Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (the Principal Regulations) notified by the Reserve Bank videNotification No. FEMA. 20/2000-RB dated 3rd May 2000, as amended from time...
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FEMA |
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Foreign Direct Investment (FDI) in India – Review of FDI policy –Sector Specific conditions- Construction Development
Posted Date : 22-Jan-2015 , 09:57:32 pm | Posted By: CASANSAAR
RBI/2014-15/420A.P. (DIR Series) Circular No. 60
January 22, 2015
To
All Category – I Authorised Dealer banks
Madam/Sir,
Foreign Direct Investment (FDI) in India – Review of FDI policy –Sector Specific conditions- Construction Development
Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified ...
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FEMA |
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Overseas Direct Investments by proprietorship concern / unregistered partnership firm in India - Review
Posted Date : 22-Jan-2015 , 09:56:35 pm | Posted By: CASANSAAR
RBI/2014-2015/419A.P. (DIR Series) Circular No.59
January 22, 2015
To
All Category-I Authorised Dealer Banks
Madam / Sir,
Overseas Direct Investments by proprietorship concern / unregistered partnership firm in India - Review
Attention of the Authorised Dealer (AD - Category I) banks is invited to the provisions of theNotification No. FEMA.120/RB-2004 dated July 7, 2004[Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004] (the Notification)...
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FEMA |
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CBDT releases Explanatory Notes to the provisions of Finance (No. 2) Act, 2014
Posted Date : 22-Jan-2015 , 08:29:01 am | Posted By: CASANSAAR
Finance (No.2) Act, 2014 ─ Explanatory Notes to the Provisions of the Finance(No.2) Act, 2014 .
CIRCULAR NO. -01/2015, DATED 21st JANUARY, 2015....
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Income Tax |
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Payments into Government Account through Debit / Credit cards and Net banking: permissible period for remittance
Posted Date : 21-Jan-2015 , 06:20:28 pm | Posted By: Ravich
RBI/2014-15/416DGBA.GAD No.H-3203/42.01.011/2014-15
January 21, 2015
The Chairman / Chief Executive OfficerAll agency Banks
Dear Sir / Madam
Payments into Government Account through Debit / Credit cards and Net banking: permissible period for remittance
Please refer tocirculars DGBA.GAD.No.H-2444/42.01.011/2010-11 dated October 8, 2010andDGBA.GAD.No.H-4831/42.01.011/2012-13 dated February 18, 2013on the above subject. We hereby advise that as per the instructions of the Controller G...
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RBI |
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