Implementation of Cheque Truncation System (CTS): Dispensation of the requirement of forwarding of government cheques in physical form to Government
Posted Date : 18-Sep-2014 , 10:22:39 pm | Posted By: CASANSAAR
RBI/2014-15/237DGBA.GAD.No.H -1204/42.01.035/2014 -15
September 18, 2014
The Chairman & Managing Director /The Chief Executive OfficerAll Agency Banks
Dear Sir / Madam,
Implementation of Cheque Truncation System (CTS): Dispensation of the requirement of forwarding of government cheques in physical form to Government - Change in the Memorandum of Instructions for reporting of government transactions
As part of enhancing the efficiency in cheque clearing, Reserve Bank has introduced CTS f...
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RBI |
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Clarification with regard to provisions of Corporate Social Responsibility(CSR) under section 135 of the Companies Act,2013
Posted Date : 18-Sep-2014 , 07:24:09 am | Posted By: CASANSAAR
General Circular 36 dated 17 Sept 2014: Clarification with regard to provisions of Corporate Social Responsibility(CSR) under section 135 of the Companies Act,2013....
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Corporate Laws |
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Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI Scheme against legitimate dues
Posted Date : 18-Sep-2014 , 07:21:53 am | Posted By: CASANSAAR
RBI/2014-15/234A.P. (DIR Series) Circular No.31
September 17, 2014
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Foreign Direct Investment (FDI) in India -Issue of equity shares under theFDI Scheme against legitimate dues
Attention of Authorised Dealers 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, notified videNotification No....
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FEMA |
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Clarifications issued regarding amendments to the Appeal provisions in Customs, Central Excise and Service Tax made by Finance Act, 2014
Posted Date : 17-Sep-2014 , 07:51:05 am | Posted By: CASANSAAR
Circular No 984/08/2014-CX
F. No. 390/Budget/1/2012-JC
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Excise & Customs)
New Delhi, dated the 16thSeptember, 2014
To,
1.All Chief Commissioners, Central Excise and Service Tax/ Customs.
2.All Commissioners of Central Excise, Service Tax/ Customs.
3.Chief Commissioner (AR), CESTAT, New Delhi.
5.All Commissioners of Central Excise, Service Tax and Customs
6.All Commissioners (AR), New Delh...
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Excise |
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Know Your Customer (KYC) Norms – Creating Public Awareness
Posted Date : 17-Sep-2014 , 07:49:14 am | Posted By: CASANSAAR
RBI/2014-15/233UBD. BPD (PCB).Cir.No.16/14.01.062/2014-15
September 16, 2014
The Chief Executive OfficerAll Primary (Urban) Co-operative Banks
Madam/Dear Sir,
Know Your Customer (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 general public is still facing problems in opening a bank acco...
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ITR Due date extended to 30.11.2014 for assessees In state of Jammu & Kashmir
Posted Date : 16-Sep-2014 , 04:08:28 pm | Posted By: CASANSAAR
F. No. 225/268/2014/ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North-Block, ITA.II Division
New Delhi, the 16thSeptember, 2014
Order under Section 119 of the Income-tax Act, 1961
Considering the large scale devastation in the State of Jammu & Kashmir due to heavy rains and floods, the Central Board of Direct Taxes, in exercise of powers conferred undersection 119of theIncome-tax Act, 1961, hereby extends the `due-date' for...
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Income Tax |
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Exp. on building CSR capacity including related admin overheads can't exceed 5% of total CSR Exp.- MCA
Posted Date : 15-Sep-2014 , 08:15:32 pm | Posted By: CASANSAAR
Exp. on building CSR capacity including related admin overheads can't exceed 5% of total CSR Exp.- MCA.
Rules dated 12th Sept 2014: Companies (Corporate Social Responsibility Policy) Amendment Rules,2014....
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Corporate Laws |
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SEBI tweaks clause 49; simplifies definition of related party, exempts specified Cos from governance norms
Posted Date : 15-Sep-2014 , 08:05:45 pm | Posted By: CASANSAAR
This circular is in continuation to circular No. CIR/CFD/POLICY CELL/2/2014 datedApril 17, 2014 on amendments to Clauses 35B and 49 of the Equity ListingAgreement. In terms of the said circular, the revised Clause 49 would beapplicable to all listed companies with effect from October 01, 2014....
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SEBI |
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Data on Import of Gold Statement - Submission under XBRL
Posted Date : 15-Sep-2014 , 08:01:28 pm | Posted By: CASANSAAR
RBI/2013-14/231A.P. (DIR Series) Circular No.30
September 15, 2014
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Data on Import of Gold Statement-Submission under XBRL
Attention of Authorised Dealer Category - I (AD Category - I) banks is invited toA.P. (DIR Series) Circular No. 103 dated April 03, 2012in terms of which AD Category - I banks are required to submit a statement on import of Gold, to Reserve Bank of India, in theprescribed format, on a monthly as well as half yearl...
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FEMA |
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Treatment of accounts opened for credit of Scholarship Amounts under Government Schemes
Posted Date : 11-Sep-2014 , 08:11:53 am | Posted By: CASANSAAR
RBI/2014-15/226RPCD.RRB.RCB.BC.No.32/03.05.33/2014-15
September 10, 2014
All Regional Rural Banks / State and Central Co-operative Banks
Dear Sir/Madam,
Treatment of accounts opened for credit of ScholarshipAmounts under Government Schemes
Please refer to ourcirculars RPCD.CO.RRB.BC.No.41/03.05.33/2013-14 dated October 4, 2013andRPCD.RCB.BC.No.42/07.51.014/2013-14 dated October 7, 2013advising Regional Rural Banks and State / Central Cooperative Banks to allot a different “product cod...
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RRBs/StCBs/CCBs - KYC Norms / AML Standards / CFT / Obligation of banks under PMLA, 2002 – Client Due Diligence measures
Posted Date : 09-Sep-2014 , 08:05:33 pm | Posted By: CASANSAAR
RBI/2014-15/223RPCD.RRB.RCB.AML.BC.No.31/07.51.018/2014-15
September 9, 2014
Regional Rural Banks (RRBs) /State / Central Cooperative Banks (StCBs/CCBs)
Madam / Dear Sir,
Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 – Client Due Diligence measures
Please refer toparagraph 2of our Master Circular RPCD.RRB.RCB.AML.BC.No.02/ 07.51.018/2014-15 d...
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RBI |
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Guidelines on Wilful Defaulters – Clarification regarding Guarantor, Lender and Unit
Posted Date : 09-Sep-2014 , 08:03:15 pm | Posted By: CASANSAAR
RBI/2014-15/221DBOD.No.CID. 41/20.16.003/2014-15
September 9, 2014
All Scheduled Commercial Banks (excluding RRBs and LABs) andAll India Notified Financial Institutions (FIs)
Dear Sir/ Madam
Guidelines on Wilful Defaulters –Clarification regarding Guarantor, Lender and Unit
Please refer to theMaster Circular on Wilful Defaulters DBOD.No.CID.BC.3/20.16.003/2014-15 dated July 1, 2014.
2. Paragraph 2.1 of the circular lists out various events when a “wilful default” would be...
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RBI |
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Upper age limit for Whole Time Directors on the Boards of Banks
Posted Date : 09-Sep-2014 , 08:02:06 pm | Posted By: CASANSAAR
RBI/2014-15/217DBOD. APPT.BC.No. 40 /29.39.001/2014-15
September 9, 2014
To
The Managing Director & Chief Executive Officers of all Private Sector Banks
Dear Sir / Madam,
Upper age limit for Whole Time Directors on the Boards of Banks
The matter relating to fixing an upper age limit for the post of Managing Director & Chief Executive Officers (MD & CEO) and other Whole Time Directors (WTDs) of banks in private sector in India has been examined in the light of the provisions of ...
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RBI |
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Reversal of Input Tax Credit under Section 10 of the DVAT Act, 2004 in respect of Credit Note/Debit Note related to discounts.
Posted Date : 08-Sep-2014 , 10:10:54 pm | Posted By: CASANSAAR
CIRCULAR NO. 11 of 2014-15
Sub: Reversal of Input Tax Credit under Section 10 of the DVAT Act, 2004 in respect of Credit Note/Debit Note related to discounts.
1. UnderSection 10(1)of theDVAT Act, 2004, where any purchaser has been issued with a credit note or debit note in terms ofsection 51of thisActor if he returns or rejects goods purchased, as a consequence of which the tax credit claimed by him in any tax period in respect of which the purchase of goods relates, becomes short or excess, h...
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VAT |
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Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs)
Posted Date : 08-Sep-2014 , 10:07:53 pm | Posted By: CASANSAAR
RBI/2014-15/216A.P. (DIR Series) Circular No.28
September 8, 2014
ToAll Category - I Authorised Dealer Banks
Madam / Sir,
Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs)
Attention of Authorised Dealers Category-I (AD Category-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 from time to time andA....
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Basel III Liquidity Returns
Posted Date : 05-Sep-2014 , 09:04:43 pm | Posted By: CASANSAAR
RBI/2014-15/213DBS.No.OSMOS.2915/33.01.001/2014-15
September 5, 2014
The Chairman / Chairman & Managing Director/Managing Director / Chief Executive Officerof Public Sector Banks, Private Sector Banks /Foreign Banks (excluding RRBs)
Dear Sir/Madam
Basel III Liquidity Returns
Please refer to the ‘Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards’ dated June 9, 2014 (Circular ...
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RBI |
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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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RBI |
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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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Income Tax |
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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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Income Tax |
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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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