Levy of Penal Charges on Non-Maintenance of Minimum Balances in Inoperative Accounts
Posted Date : 15-May-2014 , 10:09:39 pm | Posted By: CASANSAAR
RBI/2013-14/592UBD.BPD.Cir.No.62/13.03.000/2013-14
May 15, 2014
The Chief Executive OfficerAll Primary (Urban) Co-operative Banks
Dear Sir / Madam
Levy of Penal Charges on Non-Maintenance ofMinimum Balances in Inoperative Accounts
Please refer toPart B of the First Bi-monthly Monetary Policy Statement 2014-15 announced on April 1, 2014, proposing certain measures towards consumer protection such as non-levy of penal charges for non-maintenance of minimum balance in the inoperative accounts....
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RBI |
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Treatment of RIDF and certain other funds under priority sector
Posted Date : 15-May-2014 , 10:08:55 pm | Posted By: CASANSAAR
RBI/2013-14/591RPCD.CO.Plan. BC 101/04.09.01/ 2013-14
May 15, 2014
The Chairman/ Managing Director/Chief Executive Officer[All scheduled commercial banks(excluding Regional Rural Banks)]
Madam/Dear Sir,
Treatment of RIDF and certain other funds under priority sector
It has been decided to include the outstanding deposits placed by scheduled commercial banks under Rural Infrastructure Development Fund (RIDF) and certain other funds established with NABARD, on account of their shortfall in le...
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RBI |
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Issuance and Operation of Pre-paid Payment Instruments in India - Consolidated Revised Policy Guidelines
Posted Date : 14-May-2014 , 08:02:15 am | Posted By: CASANSAAR
RBI/2013-14/590DPSS.CO.PD.No. 2366/02.14.006/2013-14
May 13, 2014
All Prepaid Payment Instrument Issuers, System Providers, System Participantsand all other Prospective Prepaid Payment Instrument Issuers
Madam / Dear Sir
Issuance and Operation of Pre-paid Payment Instruments in India – ConsolidatedRevised Policy Guidelines
A reference is invited to our guidelinesDPSS.CO.PD.No. 2074/02.14.006/2013-14 dated March 28, 2014on the captioned subject.
2. On a review, it has been decided tha...
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RBI |
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Customer Service in Regional Rural Banks
Posted Date : 12-May-2014 , 10:11:01 pm | Posted By: CASANSAAR
RBI/2013-14/589RPCD.CO.RRB.BC.No. 100/03.05.33/2013-14
May 12, 2014
The ChairmenAll Regional Rural Banks
Dear Sir,
Customer Service in Regional Rural Banks
Customer service has great significance in the banking industry. The banking system in India today has perhaps the largest outreach for delivery of financial services and is also serving as an important conduit for delivery of financial services. While the coverage has been expanding day by day, the quality and content of dispensation of...
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RBI |
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Operations of foreign branches and subsidiaries of the Indian banks - Compliance with statutory/regulatory/administrative prohibitions/restrictions
Posted Date : 12-May-2014 , 10:10:19 pm | Posted By: CASANSAAR
RBI/2013-14/588DBOD.No.BP.BC.111/21.04.157/2013-14
May 12, 2014
All Scheduled Commercial Banks(Excluding RRBs and LABs) &All India Term-Lending & Refinancing Institutions
Madam / Sir,
Operations of foreign branches and subsidiaries of the Indian banks –Compliance with statutory/regulatory/administrative prohibitions/restrictions
Please refer to theCircular DBOD.No.BP.BC.89 /21.04.141/2008-09 dated December 1, 2008on the captioned subject. In terms of paragraph 5 of the circula...
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RBI |
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Advance against Pledge of Gold/ Silver Ornaments
Posted Date : 12-May-2014 , 10:09:38 pm | Posted By: CASANSAAR
RBI/2013-14/587UBD.CO.BPD.PCB.Cir.No.60/13.05.001/2013-14
May 9, 2014
The Chief Executive Officers ofAll Primary (Urban) Co-operative Banks
Dear Sir / Madam,
Advance against Pledge of Gold/ Silver Ornaments
Please refer tocircular UBD.PCB.Cir.No.24/13.05.001/ 08-09 dated November 10, 2008, wherein Urban Cooperative Banks (UCBs) were advised to observe safeguards in order to mitigate the inherent risks attached to sanction of loans and advances against Gold / Silver ornaments.
2. As a prude...
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RBI |
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External Commercial Borrowings (ECB) Policy - Refinance / Repayment of Rupee loans raised from domestic banking system
Posted Date : 10-May-2014 , 08:01:48 am | Posted By: CASANSAAR
RBI/2013-14/585A.P. (DIR Series) Circular No.129
May 9, 2014
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
External Commercial Borrowings (ECB) Policy - Refinance / Repayment ofRupee loans raised from domestic banking system
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited toA.P. (DIR Series) Circular No. 28 dated January 25, 2010,A.P. (DIR Series) Circular No. 04 dated July 22, 2010,A.P. (DIR Series) Circular No. 25 dated September 23, 2011,A.P. (...
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FEMA |
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External Commercial Borrowings (ECB) Policy: Re-schedulement of ECB - Simplification of procedure
Posted Date : 10-May-2014 , 08:01:04 am | Posted By: CASANSAAR
RBI/2013-14/584A.P. (DIR Series) Circular No. 128
May 9, 2014
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
External Commercial Borrowings (ECB) Policy:Re-schedulement of ECB - Simplification of procedure
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the instructions contained inA.P. (DIR Series) Circular No.33 dated February 09, 2010in terms of which AD Category – banks are permitted to approve changes / modifications i...
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FEMA |
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Certification of E-forms/non e-forms under the Companies Act, 2013 by the Practicing Professionals:- regardlng
Posted Date : 08-May-2014 , 08:07:26 am | Posted By: CASANSAAR
The Ministry has allowed registered Members of the professionals bodies (the ICAI, ICSI and the ICOAI) to authenticate correctness and integrity ofdocuments being filed by them with the MCA in electronic mode. Details of documents required to be certifled have been given in the notification dated 28l04l2OI4 available on the MCA portal.
2. In this regard attention is invited towards the requirement of authenticationoldocuments prescribed under the Companies (Registration Offices and Fees)Rules...
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Corporate Laws |
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Levy of foreclosure charges/pre-payment penalty on Floating Rate Term Loans
Posted Date : 08-May-2014 , 08:03:48 am | Posted By: CASANSAAR
RBI/2013-14/582DBOD. Dir.BC.No.110/13.03.00/2013-14
May 7, 2014
All Scheduled Commercial Banks(Excluding RRBs)
Dear Sir/Madam
Levy of foreclosure charges/pre-payment penalty on Floating Rate Term Loans
Please refer to ourcircular DBOD. No. Dir.BC.107/13.03.00/2011-12 dated June 5, 2012on ‘Home Loans- Levy of Fore-closure Charges/ Pre-payment Penalty’.
2. A reference is invited toPart B of the First Bi-monthly Monetary Policy Statement 2014-15 announced on April 1, 2014proposing...
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RBI |
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Opening of Bank Accounts in the Names of Minors
Posted Date : 06-May-2014 , 07:27:44 pm | Posted By: CASANSAAR
RBI/2013-14/581DBOD.No.Leg.BC.108/09.07.005/2013-14
May 6, 2014
All Scheduled Commercial Banks(excluding RRBs)
Dear Sir/Madam,
Opening of Bank Accounts in the Names of Minors
Please refer to our circular DBOD.No.Leg.BC.158/C.90(H)-76 dated December 29, 1976 wherein banks were advised to allow minors’ accounts (fixed and savings deposit accounts) with mothers as guardians to be opened subject to safeguards in allowing operations in such accounts by ensuring that the minors’ accou...
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RBI |
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Levy of penal charges on non-maintenance of minimum balances in inoperative Accounts
Posted Date : 06-May-2014 , 07:26:42 pm | Posted By: CASANSAAR
RBI/2013-14/580DBOD. Dir.BC.No. 109 /13.03.00/2013-14
May 6, 2014
All Scheduled Commercial Banks(Excluding RRBs)
Dear Sir/Madam
Levy of penal charges on non-maintenance of minimum balances in inoperative Accounts
Please refer toPart B of the First Bi-monthly Monetary Policy Statement 2014-15 announced on April 1, 2014, proposing certain measures towards consumer protection such as non-levy of penal charges for non-maintenance of minimum balance in any inoperative accounts.
2. In this conne...
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RBI |
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Interest Tax Act 1974 - Collection from borrowers
Posted Date : 05-May-2014 , 07:47:06 pm | Posted By: CASANSAAR
RBI/2013-14/579UBD.BPD (PCB) Cir No.56/13.04.00/2013-14
May 5, 2014
The Chief Executive Officers ofAll Primary (Urban) Co-operative Banks
Dear Sir,
Interest Tax Act 1974 – Collection from borrowers
Please refer to ourcircular UBD.BPD (PCB) Cir No.18/13.04.00/2008-09 dated September 22, 2008on the captioned subject.
2. It is observed from the Supreme Court Order dated February 21, 2014 in Writ Petition (Civil) No.301 of 2005 that credit institutions which were in existence between Oct...
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RBI |
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Central Govt. notifies ' National Bank for Agriculture and Rural Development' for purposes of sec. 36(1)(xii)
Posted Date : 04-May-2014 , 08:35:07 pm | Posted By: CASANSAAR
SECTION 36(1)(xii) OF THE INCOME-TAX ACT, 1961 - OTHER DEDUCTIONS - CORPORATE OR BODY CORPORATE ESTABLISHED UNDER A STATUTE - EXPENDITURE INCURRED BY - NOTIFIED CORPORATE BODY
NOTIFICATION NO.25/2014 [F.NO.225/229/2013/ITA.I],DATED 29-4-2014
In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Bank for Agriculture and Rural Developme...
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Income Tax |
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Reporting mechanism for transfer of equity shares/ fully and mandatorily convertible preference shares/ fully and mandatorily convertible debentures
Posted Date : 03-May-2014 , 10:01:24 am | Posted By: CASANSAAR
RBI/2013-14/577A.P. (DIR Series) Circular No.127
May 2, 2014
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
Foreign Direct Investment (FDI) in India –Reporting mechanism for transfer of equity shares/ fully and mandatorilyconvertible preference shares/ fully and mandatorily convertible debentures
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the following extant instructions:
in terms of A.P. (DIR Series) Circular No...
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FEMA |
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MCA specifies forms which needs pre-certification by CA, CS or CMA
Posted Date : 30-Apr-2014 , 07:22:57 pm | Posted By: CASANSAAR
GOVERNMENT OF INDIA
MINISTRY OFCORPORATE AFFAIRS
NOTIFICATION
NEW DELHI, the28thApril, 2014
G.S.R…………………. (E). – Inexerciseof the powers conferredby sections396,398, 399, 403 and section 404, read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013.(18 of 2013), the Central Government hereby makes the following rules to amend the Companies (RegistrationOffices and Fees) Rules, 2014, namely:-
1. (1) These rules ma...
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Corporate Laws |
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Availability of E-Form/Non-E-Form under Companies Act, 2013
Posted Date : 29-Apr-2014 , 09:47:09 pm | Posted By: CASANSAAR
GeneralCircularNo. 09/2014, Dated- 25thApril, 2014
SUB –AVAILABILITYOF E-FORM/NON-E-FORM UNDER THE COMPANIES ACT, 2013
In continuation ofGeneral Circular No. 6 of 2014, I am directed to inform that w.e.f. 28th April 2014, 46e-formsincluding 3 generale-formswill be available for filing by the stakeholders. The 3 Generale-Formswill be used for filing 17 forms which are not available ase-formsas on date. Details of these 17 forms and corresponding 3e-Formswith which these will be filed ...
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Corporate Laws |
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Usage of Transaction Type Code (TTC) in RTGS
Posted Date : 29-Apr-2014 , 09:43:38 pm | Posted By: CASANSAAR
RBI / 2013 – 14/575DPSS (CO) RTGS No.2232/04.04.002/2013 - 2014
April 28, 2014
The Chairman / Managing Director / ChiefExecutive Officer of participants of RTGS
Madam / Dear Sir,
Usage of Transaction Type Code (TTC) in RTGS
We invite a reference to the RTGS System Regulations 2013, detailing the guidelines for RTGS transactions.
2. In terms of para 6.4 of RTGS System Regulations 2013, different Transaction Type Code (TTC) Values are prescribed for different types of RTGS tran...
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RBI |
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Uniform Accounting Standards at ARCs
Posted Date : 23-Apr-2014 , 09:14:26 pm | Posted By: CASANSAAR
RBI/2013-14/571DNBS (PD) CC. No. 38/SCRC/26.03.001/2013-14
April 23, 2014
The Chairman/Managing Director/Chief Executive OfficerAll registered Securitisation Companies/Reconstruction Companies
Dear Sir,
Uniform Accounting Standards at ARCs
Please refer to ';The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003'; dated April 23, 2003 (herein after called Guidelines).
2. Pursuant to the recommendations of the Key Advisory Group (KAG) constit...
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RBI |
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No depreciation on development of roads/highways on BOT basis; development exp. to be amortized - CBDT clarifies
Posted Date : 23-Apr-2014 , 09:08:23 pm | Posted By: CASANSAAR
It has come to the notice of the Board that disputes have arisen as to whether theexpe diture incurred on development and construction of infrastructural facilities likeroad /highways on Build-Operate-Transfer ('BOT') basis with right to collect toll is entitledfor • epreciation under section 32(1)(ii) of the Act or the same can be amortized by treatingit as n allowable business expenditure under the relevant provisions of the Income-tax Act,196 ('Act')...
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Income Tax |
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Govt. notifies revised Form 'A' for 8% savings (taxable) bonds, 2003
Posted Date : 23-Apr-2014 , 09:04:22 pm | Posted By: CASANSAAR
8% SAVINGS (TAXABLE) BONDS, 2003 - AMENDMENT IN PARAGRAPH 9
NOTIFICATION NO F.4(10)- W&M/2003,DATED 21-4-2014
The Government of India hereby notifies that sub-paragraph (i) in Paragraph 9 (Applications) of the aforesaid Notification notified on March 21, 2003 shall be substituted by the following sub-paragraph namely:-
"(i)
Applications for the Bonds may be made in the Revised Form 'A' attached hereto or in any other form as near as thereto incorporating all the fields in the rev...
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Income Tax |
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Scaling up of the Business Correspondent (BC) Model - Issues in Cash Management
Posted Date : 22-Apr-2014 , 09:32:53 pm | Posted By: CASANSAAR
RBI/2013-14/570RPCD.FID.BC.No. 96/12.01.011/ 20013-14
April 22, 2014
The Chairman/ Managing Director/Chief Executive OfficerAll Scheduled Commercial Banks
Dear Sir/Madam,
Scaling up of the Business Correspondent (BC) Model –Issues in Cash Management
Please refer toPara 26 (Part B)of Governor's bi-monthly policy statement dated April 1, 2014 on the above subject.
2. In this connection, we advise that, after opening of large number of banking outlets in the last three years in hitherto...
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RBI |
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Reporting of information / data relating to Cash and Suspicious Transactions to the Director, Financial Intelligence Unit-India (FIU-IND)
Posted Date : 22-Apr-2014 , 09:32:21 pm | Posted By: CASANSAAR
RBI/2013-14/569DNBS(PD).CC. No.375 /03.10.42 /2013-14
April 22 , 2014
All Non Banking Financial Companies
Dear Sir,
Reporting of information / data relating to Cash and Suspicious Transactions to the Director, Financial Intelligence Unit-India (FIU-IND)
Please refer to the circular DNBS.(PD).CC.No.339/03.10.42/2013-14 dated July 1, 2013 [para III (17)] on the above subject.
2. In terms of the extant instructions, NBFCs are required to report information / data relating to Cash and Suspicio...
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RBI |
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Fund/Non-Fund based Credit Facilities to Overseas Joint Ventures / Wholly Owned Subsidiaries / Wholly owned Step-down Subsidiaries of Indian Companies
Posted Date : 22-Apr-2014 , 09:31:45 pm | Posted By: CASANSAAR
RBI/2013-14/568DBOD.No.BP.BC.107/21.04.048/2013-14
April 22, 2014
The Chairman and Managing Director/Chief Executive OfficerAll Scheduled Commercial Banks(Excluding Local Area Banks and Regional Rural Banks)
Dear Sir,
Fund/Non-Fund based Credit Facilities toOverseas Joint Ventures / Wholly Owned Subsidiaries /Wholly owned Step-down Subsidiaries of Indian Companies
Please refer to our circularDBOD.IBD.BC.No.96/23.37.001/2006-07 dated May 10, 2007, in terms of which banks were permitted to ex...
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RBI |
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Extend Of E-filing of P-VAT-15 for Quarter4 of Year 2013-14
Posted Date : 22-Apr-2014 , 05:34:38 pm | Posted By: CASANSAAR
on the demand by the Business community in general andAdvocates in particular, last date of e-filing of quarterly returns in the form VAT-15 forthe quarterending i.e.31-03-2014 is extended upto 31't May 2o14.lt is clarified that there is no change for the last date of payment of VAT....
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VAT |
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Foreign Direct Investment in Pharmaceuticals sector - clarification
Posted Date : 21-Apr-2014 , 10:19:16 pm | Posted By: CASANSAAR
RBI/2013-14/567A.P. (DIR Series) Circular No.124
April 21, 2014
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 toA.P. (DIR Series) Circular No.56 dated December 9, 2011and 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 are being issued for Single Stage
Posted Date : 21-Apr-2014 , 07:47:19 pm | Posted By: HARPAL SINGH CHEEMA
...
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Category :
VAT |
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Ministry notifies Capital Investment Subsidy Scheme for industrial units located in HP and Uttarakhand
Posted Date : 20-Apr-2014 , 06:51:04 pm | Posted By: CASANSAAR
The Government of India is pleased to notify the extension of the following scheme of Central Grant or Subsidy under Special Package - II for Industrial units in the states of Himachal Pradesh and Uttarakhand with a view to accellerating the industrial development in these States.
Short Title
1.This scheme may be called the Central Capital Investment Subsidy Scheme, 2013.It will be a Central Sector Scheme.
Commencement and duration of the Scheme
2.It will come into effect from the 7th Januar...
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Income Tax |
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CBDT optimist on Standard Operating Procedure; Urges taxpayers to file rectification request for TDS mismatches
Posted Date : 19-Apr-2014 , 07:46:51 am | Posted By: CASANSAAR
SECTION 139D OF THE INCOME-TAX ACT, 1961 - FILING OF RETURN IN ELECTRONIC FORM - EXTENSION OF FACILITY TO TAXPAYERS TO VERIFY IF DEMAND IN THEIR CASE IS DUE TO TAX CREDIT MISMATCH ON ACCOUNT OF INCORRECT FURNISHING OF SPECIFIED PARTICULARS AND SUBMIT RECTIFICATION REQUESTS WITH CORRECT PARTICULARS OF TDS/TAX CLAIMS FOR CORRECTION OF THESE DEMANDS
PRESS NOTE NO.402/92/2006-MC,DATED 17-4-2014
Detailed instructions have been issued by the CBDT to all the assessing officers laying down a Stand...
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Income Tax |
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Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP)
Posted Date : 18-Apr-2014 , 08:03:29 am | Posted By: May I Help You.
RBI/2013-14/566A.P. (DIR Series) Circular No. 123
April 16, 2014
To,All Category – I Authorised Dealer Banks
Madam / Sir,
Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP)
Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to Schedule I to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (The Principal Regulations), notified videNotification No. FEMA 20/2000-RB dated Ma...
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FEMA |
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