MCA tweaks norms on appointment of Auditor by CAG
Posted Date : 05-Sep-2014 , 06:53:00 pm | Posted By: CASANSAAR
COMPANIES ACT, 2013 : Companies (Removal of Difficulties) Seventh Order, 2014 – Amendment in Section 143 of The Companies Act, 2013.
S.O. Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referredto as the said Act) received the assent of the President on the 29th August,2013 and section 143 of the Act, which provides for the powers and duties ofthe auditors and auditing standards, came into force with effect from 1st April,20r4;
And whereas sub-sections (5) and (7) of sectio...
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Corporate Laws |
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Grant of ‘Certificate of Registration’ – CRIF High Mark Credit Information Services Private Limited
Posted Date : 04-Sep-2014 , 10:05:34 pm | Posted By: CASANSAAR
RBI/2014-15/211RPCD.CO.RRB.RCB.BC.No. 27/03.05.33/2014-15
September 4, 2014
Regional Rural Banks / State and Central Co-operative Banks
Dear Sir / Madam,
Grant of ‘Certificate of Registration’ –CRIF High Mark Credit Information Services Private Limited
Please refer to ourcirculars RPCD.CO.RRB.BC.No.36/03.05.33/2010-11 dated December 8, 2010andRPCD.CO.RCB.BC.No.33/07.40.06/2010-11 dated December 7, 2010regarding grant of ‘Certificate of Registration’ to High Mar...
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RBI |
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Simplification of KYC Norms - Creating Public Awareness
Posted Date : 04-Sep-2014 , 10:04:49 pm | Posted By: CASANSAAR
RBI/2014-15/209DBOD. AML. No. 3356/14.01.001/2014-15
September 4, 2014
The Chairperson / Chief Executive OfficersAll Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks /All India Financial Institutions
Dear Madam/Sir,
Simplification of KYC Norms - Creating Public Awareness
The Reserve Bank of India, in the recent times, has been taking several measures to simplify KYC requirements to help the common man open bank accounts. It is, however, observed that despite such measures the g...
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Income Tax Scrutiny Criteria for Financial Year 2014 - 15
Posted Date : 04-Sep-2014 , 04:04:10 pm | Posted By: CASANSAAR
Ministry of Finance,
Department of Revenue,
Central Board of Direct Taxes, North-Block,
IT (A-II) Division, New Delhi
Compulsory manual selection of cases for scrutiny during the Financial Year 2014-15.
Instruction No. 6/2014
Dated- 2nd of September, 2014
Subject: Compulsory manual selection of cases for scrutiny during the Financial Year 2014-15-regd:-
In supersession of earlier Instructions on the above subject, the Board hereby lays down the following procedure and criteria ...
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AO must seek Committee's approval to tax indirect transfer cases for income arising before 1-4-2012
Posted Date : 03-Sep-2014 , 09:45:12 pm | Posted By: CASANSAAR
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, the 2nd September, 2014
The Finance Minister in his budget speech on 10th July, 2014 had made an announcementthat all fresh cases arising out of the retrospective amendments of 2012 in respect of indirecttransfer and coming to the notice of Assessing officer will be scrutinized by a High LevelCommittee to be constituted by Central Board of Direct Taxes (CBDT) before any ac...
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Income Tax |
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External Commercial Borrowings (ECB) in Indian Rupees
Posted Date : 03-Sep-2014 , 09:34:46 pm | Posted By: CASANSAAR
RBI/2014-15/206A.P. (DIR Series) Circular No.25
September 3, 2014
ToAll Category - I Authorised Dealer Banks
Madam / Sir,
External Commercial Borrowings (ECB) in Indian Rupees
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Regulation 6 ofNotification No. FEMA.3/2000-RB dated May 03, 2000in terms of which persons resident in India may raise foreign currency loans from non-residents in accordance with the provisions contained in this Notification...
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FEMA |
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Guidelines for transfer of Assets and Liabilities of Urban Cooperative Banks to Commercial Banks- Modification
Posted Date : 03-Sep-2014 , 09:33:41 pm | Posted By: CASANSAAR
RBI/2014-15/206UBD. CO. BPD. PCB. Cir. No. 12 /09.19.900/2014-15
September 3, 2014
The Chief Executive OfficerAll Primary (Urban) Cooperative Banks
Madam/ Dear Sir,
Guidelines for transfer of Assets and Liabilities of Urban Cooperative Banks to Commercial Banks- Modification
Please refer to ourcircular UBD.BPD.(PCB).Cir.No.47/09.16.900/2009-10 dated February 24, 2010on guidelines for transfer of Assets and Liabilities of Urban Co-operative Banks (UCBs) to Commercial Banks.
2. With a view t...
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FEMA |
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Three divisions of Foreign Exchange Department shifted to FED CO Cell at New Delhi
Posted Date : 03-Sep-2014 , 07:37:01 am | Posted By: CASANSAAR
RBI/2014-15/204
A.P. (DIR Series) Circular No.23
September 2, 2014
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Three divisions of Foreign Exchange Department shifted to
FED CO Cell at New Delhi
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the Press Release dated June 17, 2014 which mentions the shifting of three divisions of Foreign Investment Division (FID) viz. Liaison/Branch/Project Office (LO/BO/PO) Division, Non Resident Forei...
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FEMA |
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Inoperative Accounts
Posted Date : 01-Sep-2014 , 09:12:33 pm | Posted By: CASANSAAR
RBI /2014-15/200DBOD.No. Leg. BC. 36/09.07.005/2014-15
September 1, 2014
All Scheduled Commercial Banks(excluding RRBs)
Dear Sir/Madam,
Inoperative Accounts
Please refer to paragraph 2(iv) of ourCircular DBOD.No.Leg.BC.34/09.07.005/2008-09 dated August 22, 2008on Unclaimed Deposits/Inoperative Accounts in Banks in terms of which a savings as well as current account should be treated as inoperative/dormant if there are no transactions in the account for over a period of two years. Further, i...
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RBI |
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Timelines for Credit Decisions
Posted Date : 01-Sep-2014 , 09:11:20 pm | Posted By: CASANSAAR
RBI/2014-15/199DBOD.No.BP.BC. 35/21.04.048/2014-15
September 1, 2014
The Chairman and Managing Director/Chief Executive OfficerAll Scheduled Commercial Banks(Excluding Local Area Banks and Regional Rural Banks)
Dear Sir/Madam,
Timelines for Credit Decisions
Please refer to our circulars IECD.No.24/08.13.08/96-97 dated April 15, 1997 and IECD.No.12/08.13.08/96-97 dated October 29, 1996 in terms of which instructions relating to formation of consortium by banks beyond a threshold limit were w...
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RBI |
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Implementation of Basel III Capital Regulations in India – Amendments
Posted Date : 01-Sep-2014 , 09:10:40 pm | Posted By: CASANSAAR
RBI/2014-15/201DBOD.No.BP.BC.38/21.06.201/2014-15
September 1, 2014
The Chairman and Managing Director/Chief Executive OfficerAll Scheduled Commercial Banks(Excluding Regional Rural Banks and Local Area Banks)
Madam / Sir,
Implementation of Basel III Capital Regulations in India – Amendments
Please refer to the ‘Guidelines on Implementation of Basel III Capital Regulations in India’ issued videcircular DBOD.No.BP.BC.98/21.06.201/2011-12 dated May 2, 2012. These guidelines ...
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RBI |
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Treatment of accounts opened for credit of Scholarship Amounts under Government Schemes
Posted Date : 01-Sep-2014 , 09:09:48 pm | Posted By: CASANSAAR
RBI/2014-15/202DBOD.No.Leg.BC.37/09.07.005/2014-15
September 1, 2014
All scheduled Commercial Banks(Excluding RRBs)
Dear Sir/ Madam
Treatment of accounts opened for credit of ScholarshipAmounts under Government Schemes
Please refer to ourCircular DBOD. No. Leg. BC.53/09.07.005/2013-14 dated September 17, 2013advising banks to allot a different “product code” in their CBS to accounts opened by banks for beneficiaries under the various Central / State Government Schemes in...
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RBI |
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CBDT directs officials to maintain appointment schedule with taxpayers in spirit of Citizen's Charter
Posted Date : 01-Sep-2014 , 08:13:40 am | Posted By: CASANSAAR
Government of India
Ministry of Finance
Department of Revenue
{ Central Board of Direct Taxes }
Room No.155, North Block, New Delhi,
Dated the 22″d August, 2014.
OFFICE MEMORANDUM
Subject: Instructions to maintain the schedule of appointments with tax payers etc.-reg.
It has been brought to the notice of the Board that some of the officers are issuing notices to the taxpayers/witnesses/representatives etc. indicating a standard time of appointment. Thus, many persons calle...
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Notification dated: 29.08.2014 - Amendment in schedule II of Companies Act, 2013
Posted Date : 31-Aug-2014 , 01:47:41 pm | Posted By: CASANSAAR
Ministry of Corporate Affairs vide notification dated 29th August 2014 has made amendment in schedule II of the Act related to Useful Lives to Compute Depreciation.
The text of the amendment is reproduced as below:-
1. In Schedule II of the Companies Act, 2013, -
(a) in Part 'A', in paragraph 3, for sub-paragraph (i), the following sub-paragraph shall be substituted, namely:-
i. The useful life of an asset shall not ordinarily be different from the useful life specified in Part C and...
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Corporate Laws |
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Clarification Accounting Standards (AS) 10 Capitalization of Cost- regarding
Posted Date : 30-Aug-2014 , 08:55:00 am | Posted By: CASANSAAR
General Circular No. 35/2014
F. No. 17/66/2013/CL-V
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
5thFloor, ‘A’ Wing Shastri Bhawan,
Dr. R.P. Road, New Delhi
Dated: 27thAugust 2014
To
All Regional Directors,
All Registrars of Companies,
All Stakeholders.
Subject: Clarification Accounting Standards (AS) 10 Capitalization of Cost- regarding.
Sir,
Government has received a number of representations seeking clarifications on capitalization of costs in cases of ...
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Corporate Laws |
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Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India
Posted Date : 28-Aug-2014 , 05:18:30 pm | Posted By: CASANSAAR
RBI/2014-15/197A.P. (DIR Series) Circular No.22
August 28, 2014
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India
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 (the Principal Regulations)...
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FEMA |
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Refinancing of ECB at lower all-in-cost – Simplification of procedure
Posted Date : 27-Aug-2014 , 08:16:49 pm | Posted By: CASANSAAR
RBI/2014-15/196A.P. (DIR Series) Circular No.21
August 27, 2014
ToAll Category - I Authorised Dealer Banks
Madam / Sir,
Refinancing of ECB at lower all-in-cost – Simplification of procedure
Attention of Authorized Dealer Category - I (AD Category - I) banks is invited toA.P. (DIR Series) Circular No. 5 dated August 01, 2005as amended from time to time in terms of which refinancing of existing ECB by raising fresh ECB at lower all-in-cost is permitted subject to the condition that the ...
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FEMA |
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Review of the policy on Foreign Direct Investment (FDI) in Defence sector amendment to Consolidated FDI Policy Circular 2014
Posted Date : 27-Aug-2014 , 08:27:13 am | Posted By: CASANSAAR
Government of India
Ministry of Commerce & Industry
Department of Industrial Policy & Promotion
(FC-I Section)
Press Note No. 7 (2014 Series)
Subject: Review of the policy on Foreign Direct Investment (FDI) in Defence sector amendment to `Consolidated FDI Policy Circular 2014'.
1.0 Present position:
Paragraphs 4.1.3(v)(d) and 6.2.6 of 'Consolidated FDI Policy Circular 2014', effective from 17th April, 2014, relating to Defence Sector, presently read as below:
Para 4.1.3(v...
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FEMA |
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Changes in Negative List & Service Tax Rules wef 01.10.2014
Posted Date : 27-Aug-2014 , 08:21:41 am | Posted By: CASANSAAR
Government of IndiaMinistry of Finance(Department of Revenue)
NotificationNo. 19 /2014-Service Tax
New Delhi, the 25thAugust, 2014
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:—
1. (1)Theserules may be called the Service Tax (Second Amendment) Rules, 2014.
(2...
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Service Tax |
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Furnishing of advance information in respect of functions organised in Banquet Halls, Farm houses, Marriage/Party Halls, Hotels and Open Ground etc.
Posted Date : 25-Aug-2014 , 07:42:14 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.3(393)/Policy/VAT/2013/311-317
Dated 21/08/2014
CIRCULAR No. 9 of 2014-15
Sub: Furnishing of advance information in respect of functions organised in Banquet Halls, Farm houses, Marriage/Party Halls, Hotels and Open Ground etc.
This department videNotification No. 3(393)VAT/2013/1085-1096 dated 19/02/2013,directed the owner/lessee/cust...
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VAT |
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Security Issues and Risk mitigation measures related to Card Not Present (CNP) transactions
Posted Date : 23-Aug-2014 , 04:45:17 pm | Posted By: CASANSAAR
RBI/ 2014-15/191DBOD.AML.No.2868/14.06.001/2014-15
August 22, 2014
The Chairpersons / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions
Madam/Dear Sir,
Implementation of Section 51-A of UAPA, 1967 –Updates of the UNSCR 1988(2011) Taliban Sanctions List
Please refer to ourcircular DBOD.AML.No.2472/14.06.001/2014-15 dated August 14, 2014on the captioned subject. We have since received from Government of India, Ministry of Externa...
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RBI |
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NBFCs- Lending against Shares
Posted Date : 22-Aug-2014 , 08:09:14 am | Posted By: CASANSAAR
RBI/2014-15/186DNBS (PD).CC.No. 408 /03.10.001/2014-15
August 21, 2014
All NBFCs with asset size of`.100 cr and above(excluding Primary Dealers)
Dear Sirs,
NBFCs- Lending against Shares
At present, lending against shares carried out by NBFCs is not subject to specific instructions apart from the general prudential regulation applicable to all NBFCs. Lending against shares could be in the normal course where shares are accepted as collateral or as part of their capital market operations. NBF...
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RBI |
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Regarding Guidelines for considering request for exemption from payment of Customs Duty under Section 25(2) of Customs Act, 1962.
Posted Date : 21-Aug-2014 , 09:26:15 pm | Posted By: CASANSAAR
Circular No. 09/2014 -Customs
F. No. 460/04/2014 – Cus-VGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Excise & Customs
Dated19thAugust, 2014
OFFICE MEMORANDUM
Subject: Guidelines for considering request for exemption from payment of Customs Duty under Section 25(2) of Customs Act, 1962.
The Central Government has provided exemptions from payment of duty of customs for import of specified goods for charitable purposes and for specified organizati...
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Custom |
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Finmin Notifies revised PPF Investment limit of Rs. 1,50,000/-
Posted Date : 21-Aug-2014 , 08:09:37 am | Posted By: CASANSAAR
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 13th August, 2014
G.S.R. 588 (E)... — In exercise of the powers conferred by sub-section (4) of Section 3 of the Public Provident FundAct, 1968 (23 of 1968), the Central Government hereby makes the following further amendments to the Public ProvidentFund Scheme, 1968, namely :—
1. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2014.
(2) It shall come into force from...
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Income Tax |
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Data Format for Furnishing of Credit Information to Credit Information Companies (CICs) and other Regulatory Measures
Posted Date : 20-Aug-2014 , 08:36:47 pm | Posted By: CASANSAAR
RBI/2014-15/184DNBS (PD).CC. No 407/03.10.01/2014-15
August 20, 2014
All Non Banking Financial Companies
Dear Sirs,
Data Format for Furnishing of Credit Information to Credit Information Companies (CICs) and other Regulatory Measures
A committee to Recommend Data Format for Furnishing of Credit Information to Credit Information Companies (Chairman: Shri Aditya Puri) was constituted by the Reserve Bank of India (RBI). The Report of the Committee was placed on RBI’s website on...
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RBI |
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Order Under Section 119 of the Income-tax Act, 1961 - Extension of due date for furnishing Audit Report
Posted Date : 20-Aug-2014 , 08:28:31 pm | Posted By: CASANSAAR
F.No.133/24/2014-TPL
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
Room No. 147 B-II, North Block
New Delhi, the 20th August, 2014
Order Under Section 119 of the Income-tax Act, 1961
In exercise of power conferred bysection 119of theIncome-tax Act(‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit undersection 44ABof theActfor Assessment Ye...
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Income Tax |
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Relaxation to Trade and Industry in the State of Jammu & Kashmir
Posted Date : 16-Aug-2014 , 10:09:50 am | Posted By: CASANSAAR
RBI/2014-15/180DBOD.No.BP.BC.32/21.04.012/2014-15
August 14, 2014
The Chairmen & Managing Directors/Chief Executive Officers ofAll Scheduled Commercial Banks(excluding Regional Rural Banks)
Dear Sir/ Madam,
Relaxation to Trade and Industry in the State of Jammu & Kashmir
Please refer to ourcircular DBOD.No.BP.BC.50/21.04.012/2012-13 dated October 23, 2012extending the period of concessions/ credit relaxations to borrowers / customers in Jammu & Kashmir up to 31 March 2014. It ha...
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RBI |
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Usage of ATMs – Rationalisation of number of free transactions
Posted Date : 16-Aug-2014 , 10:09:12 am | Posted By: CASANSAAR
RBI/2014-15/179DPSS.CO.PD.No. 316/02.10.002/2014-2015
August 14, 2014
The Chairman and Managing Director / Chief Executive OfficersAll Scheduled Commercial Banks including RRBs /Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative Banks
Madam / Dear Sir
Usage of ATMs – Rationalisation of number of free transactions
The number of Automated Teller Machines (ATMs), which stood at a little over 27,000 as at end-March 2007, has increased to over 1.6 lakh acros...
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RBI |
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Inter-Government Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) - Registration
Posted Date : 16-Aug-2014 , 10:08:32 am | Posted By: CASANSAAR
RBI/2014-15/178DPSS.CO.AD.No.283/02.27.005/2014-15
August 14, 2014
To
All Payment System Providers, System Participantsand prospective Prepaid Payment Instrument Issuers
Madam/Dear Sir,
Inter-Government Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) - Registration
Government of India (GoI) has advised that India and US have reached an agreement in substance on the terms of an Inter-Governmental Agreement (IGA) to implement FATCA...
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RBI |
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Restructuring of Swarna Jayanti Shahari Rozgar Yojana (SJSRY) as National Urban Livelihoods Mission
Posted Date : 16-Aug-2014 , 10:07:52 am | Posted By: CASANSAAR
RBI/2014-15/177RPCD.CO.GSSD.BC.No. 26/09.16.03/2014-15
August 14 , 2014
The Chairman / Managing DirectorAll Scheduled Commercial Banks (Including RRBs)and SLBC Convenor Banks
Dear Sir,
Restructuring of Swarna Jayanti Shahari Rozgar Yojana (SJSRY) as National Urban Livelihoods Mission
Please refer to ourMaster Circular RPCD. CO. GSSD. BC. No 01/09.16.01/2013-14 dated July 01, 2013on the Swarna Jayanti Shahari Rozgar Yojana.
2. The Government of India, Ministry of Housing and Urban Poverty A...
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RBI |
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