Overseas Foreign Currency Borrowings by Authorised Dealer Banks – Enhancement of limit
Posted Date : 25-Sep-2013 , 08:55:17 pm | Posted By: CASANSAAR
RBI/2013-14/293A.P. (DIR Series) Circular No. 54
September 25, 2013
To,
All Category - I Authorised Dealer Banks
Madam / Sir,
Overseas Foreign Currency Borrowings by Authorised Dealer Banks – Enhancement of limit
Attention of Authorised Dealer Category - I (AD Category – I) banks is invited toA. P. (DIR Series) Circular No. 40 dated September 10, 2013, in terms of which AD Category I banks were allowed to borrow beyond 50 per cent of their unimpaired Tier I capital subject, int...
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FEMA |
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Pernicious practices of select banks deterring customer protection and accounting integrity
Posted Date : 25-Sep-2013 , 08:53:57 pm | Posted By: CASANSAAR
RBI/2013-14/292DBS.CO.PPD No. 3578 /11.01.005/2013-14
September 17, 2013
The Chairman/Chief ExecutiveAll Scheduled Commercial Banks (Excluding RRBs) / Local Area Banks
Madam/Dear Sir,
Pernicious practices of select banks deterringcustomer protection and accounting integrity
Please refer to our circular DBS.CO.PPD No. 17882/11.01.005/2012-13 dated June 19, 2013, wherein we had observed certain disquieting features in certain practices/products prevalent/ offered by some of the banks. We had ...
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RBI |
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Export Credit in Foreign Currency
Posted Date : 25-Sep-2013 , 08:53:17 pm | Posted By: CASANSAAR
RBI/2013-14/291DBOD.Dir.BC.No. 57 /04.02.001/2013-14
September 25, 2013
All Scheduled Commercial Banks and Exim Bank(excluding RRBs)
Dear Sir/ Madam,
Export Credit in Foreign Currency
Banks extend export credit in Indian Rupees as well as in foreign currency, such as Pre Shipment Credit in Foreign Currency (PCFC) and Post Shipment Credit in Foreign Currency (PSCFC), as per their own internal lending policies within the overall regulatory framework prescribed by the Reserve Bank.
2. It is o...
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RBI |
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Trade Credits for Import into India
Posted Date : 24-Sep-2013 , 08:41:23 pm | Posted By: CASANSAAR
RBI/2013-14/290A.P. (DIR Series) Circular No. 53
September 24, 2013
To,
All Category - I Authorised Dealer Banks
Madam / Sir,
Trade Credits for Import into India
Attention of Authorized Dealer Category - I (AD Category - I) banks is invited toA.P. (DIR Series) Circular No. 87 dated April 17, 2004,A.P. (DIR Series) Circular No. 24 dated November 01, 2004,A.P. (DIR Series) Circular No. 28 dated September 11, 2012andA.P. (DIR Series) Circular No. 59 dated December 14, 2012regarding Trade Cred...
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FEMA |
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Procedure to Track Non-Filers of Income-tax Returns
Posted Date : 24-Sep-2013 , 08:44:04 am | Posted By: CASANSAAR
Instruction No. 14/2013, Dated – 23rd of September, 2013
Subject: StandardOperating Procedurefor cases under Non-filersMonitoring System(‘NMS’)-regarding
The existing procedure for monitoring cases of ‘Non-Filers of IT Returns’ as identified by Director General of Income, Tax (System) has been examined by the Board. It is felt that at present, cases of non-filers are not being uniformly monitored by the Assessing Officers due to lack of consistency in approach i...
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Income Tax |
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Issue Tax refund for AY 2011-12 without further delay – CBDT
Posted Date : 23-Sep-2013 , 09:41:20 pm | Posted By: CASANSAAR
F.No. 380/112013-IT(B).
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, the 20th September, 2013
To
All the CCslT (CCA)
Sir/Madam,
Subject: Central Action Plan for F.Y. 2013-14-Pending Refunds for AY 2011-12-reg.
It is seen from the data available on AST that refunds for AY 2011-12 are pending. These need to be issued at the earliest. The same had been conveyed during the lastVideoConference on 23.08.2013, but the progress so f...
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Income Tax |
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filing of stock statement in Form Stock 1 online for the stock available on 31st March for any year, stands withdrawn with immediate effect.
Posted Date : 23-Sep-2013 , 09:20:07 pm | Posted By: CASANSAAR
In consonance with the Notification No.F.3(16)/Fin.(Rev-I)/2013-2014/dsVI/785dated 20/09/2013 regarding revised Form DVAT-16 prescribed by the Government, I,Prashant Goyal, Commissioner, Value Added Tax, Government of National Capital Territory ofDelhi, in exercise of the powers conferred on me under sub-section (1) read with sub-section(3) of section 70 of Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), do hereby notifythat the Notification No. 7(433)/Policy-II/VAT/2012/PF/472-483 dated ...
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VAT |
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Notification DVAT (Third Amendment) Rules, 2013
Posted Date : 22-Sep-2013 , 10:40:42 pm | Posted By: CASANSAAR
No.F.3(16)/Fin.(Rev-I)/2013-14 .– In exercise of the powers conferred by section102 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), the Lt. Governor of theNational Capital Territory of Delhi, hereby, makes the following rules further to amend theDelhi Value Added Tax Rules, 2005, namely:-...
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VAT |
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Delhi Tax Compliance Achievement Scheme, 2013
Posted Date : 22-Sep-2013 , 10:37:44 pm | Posted By: CASANSAAR
Whereas the Lt. Governor of National Capital Territory of Delhi is of the opinion thatit is necessary in the interest of general public so to do.
Now, therefore, in exercise of the powers conferred by section 107 of the Delhi ValueAdded Tax Act, 2004 (Delhi Act 3 of 2005) (hereinafter referred to as “the Act”), the Lt.Governor of National Capital Territory of Delhi, hereby provides for the Delhi TaxCompliance Achievement Scheme, 2013, subject to fulfilling the eligibility conditions...
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VAT |
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Notification Central Form 1 under The Central Sales Tax (Delhi) Rules 2005
Posted Date : 22-Sep-2013 , 10:35:36 pm | Posted By: CASANSAAR
No.F.3(16)/Fin.(Rev-I)/2013-14/ .- In exercise of the powers conferred by subsections 3 and 4 of section 13 of the Central Sales tax Act,1956 (Act No. 74 of 1956), and all otherpowers enabling it in this behalf, the Lt. Governor of the National Capital Territory of Delhi, hereby,makes the following rules further to amend the Central Sales Tax (Delhi) Rules, 2005, namely
RULES
1. Short title and commencement.- (1) These rules may be called the Central Sales Tax [(Delhi)(Second Amendment)] Rules...
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VAT |
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CBDT Modifies Norms For Compulsary Scrutiny Of Cases In FY 2013-14
Posted Date : 21-Sep-2013 , 12:28:49 pm | Posted By: CASANSAAR
InstructionNo. 13/2013
F.No. 225/107/2013/ /ITA.II
To,
All Chief Commissioners of Income-taxAll Directors-General of Income-tax
Sir/Madam,
Subject: Compulsory Manual Selection of cases for scrutiny during the F. Yr. 2013-14 – regd:
I am directed to state that Instruction No. 10 of 2013, dated 5-8-2013 of CBDT on the above captioned subject is partially modified as under:-
2. In Para 3, after clause (i), following clause(s) have been inserted:-
(j) Cases where registration...
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Income Tax |
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Export of Goods and Services – Project Exports
Posted Date : 20-Sep-2013 , 07:45:15 pm | Posted By: CASANSAAR
RBI/2013-14/286A.P. (DIR Series) Circular No. 51
September 20, 2013
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Export of Goods and Services – Project Exports
Attention of Authorized Dealers (AD) is invited toA. P. (DIR Series) Circular No. 32 dated October 28, 2003in terms of which Memorandum of Instructions on Project and Service Exports (PEM) had been revised andA. P. (DIR Series) Circular No. 118 dated June 26, 2013in terms of which the time limit to submit form DPX ...
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FEMA |
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Revision in Bank Rate
Posted Date : 20-Sep-2013 , 07:44:20 pm | Posted By: CASANSAAR
RBI/2013-2014/283UBD.BPD.(PCB).Cir.No. 19 /16.11.00/2013-14
September 20, 2013
The Chief Executive OfficerAll Primary (Urban) Co-operative Banks
Madam / Dear Sir,
Revision in Bank Rate
Please refer to our circularUBD BPD (PCB) Cir. No.1/16.11.00/2013-14 dated July 15, 2013on the captioned subject. As announced in thePress Release 2013-2014/604 dated September 20, 2013, the Bank Rate stands adjusted by 75 basis points from 10.25 per cent to 9.5 per cent with effect from September 20, 2013.
...
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RBI |
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Section 42(1) of the Reserve Bank of India Act, 1934 - Change in Daily Minimum Cash Reserve Maintenance Requirement
Posted Date : 20-Sep-2013 , 07:43:15 pm | Posted By: CASANSAAR
RBI/2013-14/281DBOD.No.Ret.BC.55 /12.01.001/2013-14
September 20, 2013
To All Scheduled Commercial Banks(Excluding Regional Rural Banks)
Dear Sir,
Section 42(1) of the Reserve Bank of India Act, 1934 - Change inDaily Minimum Cash Reserve Maintenance Requirement
Please refer to ourCircular DBOD.No.Ret.BC.35/12.01.001/2013-14 dated July 23, 2013on the captioned subject.
2. As announced in thePress Release 2013-14/604 dated September 20, 2013, it has been decided to reduce the minimum daily m...
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RBI |
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Foreign Contribution (Regulation) Rule, 2011- Online Reporting of Receipt of Foreign Contribution by banks
Posted Date : 20-Sep-2013 , 07:42:34 pm | Posted By: CASANSAAR
RBI/2013-14/280DBOD. AML.No.4814/14.08.001/2013-14
September 20, 2013
The Chairmen / Chief Executive OfficersAll Scheduled Commercial Banks (excluding RRBs)
Dear Sir/Madam,
Foreign Contribution (Regulation) Rule, 2011- Online Reporting of Receipt of Foreign Contribution by banks
Under Rule 16 of the Foreign Contribution (Regulation) Rule, 2011, banks have to report to Central Government any transaction in respect of receipt of foreign contribution. Ministry of Home Affairs (MHA), Government...
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RBI |
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Liquidity Adjustment Facility – Repo and Reverse Repo Rates
Posted Date : 20-Sep-2013 , 07:41:51 pm | Posted By: CASANSAAR
RBI/2013-2014/278FMD.MOAG. No. 86/01.01.001/2013-14
September 20, 2013
All Scheduled Commercial Banks (excluding RRBs) and Standalone Primary Dealers
Madam / Sir,
Liquidity Adjustment Facility – Repo and Reverse Repo Rates
As announced today in theMid-Quarter Review of the Monetary Policy 2013-14, it has been decided to increase the Repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 7.25 per cent to7.50 per centwith immediate effect.
2. Consequent to the ...
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RBI |
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Marginal Standing Facility Rate
Posted Date : 20-Sep-2013 , 07:41:13 pm | Posted By: CASANSAAR
RBI/2013-2014/277FMD.MOAG. No. 87/01.18.001/2013-14
September 20, 2013
All Scheduled Commercial Banks (excluding RRBs)
Madam / Sir,
Marginal Standing Facility Rates
As announced today in theMid-Quarter Review of the Monetary Policy 2013-14, it has been decided to reduce the Marginal Standing Facility (MSF) rate by 75 basis points from 10.25 percent to9.50 per centwith immediate effect.
2. Consequent to this change, Marginal Standing Facility (MSF) rate is recalibrated to 200 basis points a...
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RBI |
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Standing Liquidity Facilities for Banks and Primary Dealers
Posted Date : 20-Sep-2013 , 07:40:24 pm | Posted By: CASANSAAR
RBI/2013-14/276MPD No.BC.368/07.01.279/2013-14
Bhadra 29, 1935 (Sake)September 20, 2013
ToAll Scheduled Banks [excluding Regional Rural Banks(RRBs)]and Primary Dealers
Dear Sir/Madam,
Standing Liquidity Facilities forBanks and Primary Dealers
Please refer to theMid-quarter Monetary Policy Review dated September 20, 2013, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points from 7.25 per cent to 7.50 per cent with immediate effec...
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RBI |
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Companies (Removal of Difficulties) Order,2013
Posted Date : 20-Sep-2013 , 07:37:27 pm | Posted By: CASANSAAR
S.O. (E). - Whereas the Companies Act,20t3 (18 of 2013) (hereinafter reierred toas the said Act) received the assent of the presidsnt on 29rh August, 2013 and section Ithereofcame into force on the same date:
And whereas the provisions contained in section 24, section 5g and section 59 ofthe said Act have come into force on the l2th day ofseptember, 20l3;
And whereas section 24 provides for exercise of ce(ain powers regardingprospectus, return of allotment, redemption ol' preference shares an...
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Corporate Laws |
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Ammendment in the notification of Section 35(2) of the DVAT Act.
Posted Date : 20-Sep-2013 , 07:27:49 pm | Posted By: CASANSAAR
The Delhi Value Added Tax Act, 2004 (3 of 2005) has been amendedvide Notification No. F.14(5)/LA-2013/Cons2Law/65 dated 09-09-2013 andmade effective from 12-09-2013 vide Notification No. F.3(14)/Fin.(Rev-l)/2013-14/dsVII703 dated 11-09-2013 inter-alia amending Section 86(2) of the said Actto the extent of deleting the second proviso and substituting the section 35(2).Before amendment, the second proviso to the section 86(2) provided for -...
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Category :
VAT |
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DVAT - Regarding expeditious disposal of refund cases
Posted Date : 19-Sep-2013 , 08:45:39 pm | Posted By: CASANSAAR
In order to streamline the disposal of refund cases, in the first stage, all pendingrefunds, up to the period ending on 31st March, 2013, and up to Rs.l lakh in a taxperiod, would be automatically refunded centrally through ECS route to the Bankaccount of dealer based on his self-declaration. However, to verify accuracy of claim,10% of such cases would be picked up later for audit on the basis of criteria andparameters decided by the Department,...
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VAT |
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Service Tax Clarification regarding Education services
Posted Date : 19-Sep-2013 , 08:35:32 pm | Posted By: CASANSAAR
Circular No.172/7/2013 – ST
F. No.B1/14/2013-TRU
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise& Customs
Tax Research Unit
146-F, North Block
New Delhi, 19thSeptember, 2013
To
Chief Commissioners of Central Excise and Service Tax (All),
Director General (Service Tax), Director General (Central Excise Intelligence),
Director General (Audit),
Commissioners of Service Tax (All),
Commissioners of Central Excise and Service Tax (All)....
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Service Tax |
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Section 23 of the Banking Regulation Act, 1949 – Relaxations in Branch Authorisation Policy
Posted Date : 19-Sep-2013 , 08:32:44 pm | Posted By: CASANSAAR
RBI/2013-14/274DBOD.No.BAPD.BC.54 /22.01.001/2013-14
September 19, 2013
All Domestic Scheduled Commercial Banks(excluding RRBs)
Madam / Dear Sir
Section 23 of the Banking Regulation Act, 1949 –Relaxations in Branch Authorisation Policy
Please refer to Governor’s Statement on taking office on September 04, 2013 (extract enclosed -Annex 1) regarding the proposal to completely free bank branching for well managed domestic scheduled commercial banks in every part of the country subj...
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RBI |
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Swap Window for Attracting FCNR (B) Dollar Funds
Posted Date : 19-Sep-2013 , 08:31:57 pm | Posted By: CASANSAAR
RBI/2013-14/273FMD.MOAG. No. 85/01.06.016/2013-14
September 19, 2013
To
All Scheduled Banks [excluding Regional Rural Banks (RRBs)]
Dear Sir/ Madam,
Swap Window for Attracting FCNR (B) Dollar Funds
Please refer to our circularFMD.MAOG.No.84/01.06.016/2013-14 dated September 6, 2013on the captioned subject.
2. Banks have raised various queries relating to the operationalisation of the captioned swap window. These queries along with the answers/ clarifications are put up in the RB...
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RBI |
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Foreign students studying in India – KYC procedure for opening of bank accounts
Posted Date : 19-Sep-2013 , 08:31:02 pm | Posted By: CASANSAAR
RBI/2013-14/272RPCD.RRB.RCB.AML.BC.No. 37/07.51.018/2013-14
September 18, 2013
The Chairmen / CEOs of Regional Rural Banks /State and Central Co-operative Banks
Dear Sir / Madam,
Foreign students studying in India –KYC procedure for opening of bank accounts
It has been represented to us that foreign students arriving in India are facing difficulties in complying with the Know Your Customer (KYC) norms while opening a bank account due to non-availability of any proof of local address.
...
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RBI |
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External Commercial Borrowings (ECB) Policy – Liberalisation of definition of Infrastructure Sector
Posted Date : 19-Sep-2013 , 07:49:25 am | Posted By: CASANSAAR
RBI/2013-14/270A.P. (DIR Series) Circular No. 48
September 18, 2013
To
All Category - I Authorised Dealer Banks
Madam / Sir,
External Commercial Borrowings (ECB) Policy – Liberalisation of definition of Infrastructure Sector
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to theA.P. (DIR Series) Circular No. 5 dated August 1, 2005,A.P. (DIR Series) Circular No. 20 dated October 8, 2008andA.P. (DIR Series) Circular No. 38 dated March 02, 2010...
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Category :
FEMA |
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Ad-hoc exemption order for taxable service provided by the hotel or restaurant in the flood affected State of Uttarakhand.
Posted Date : 18-Sep-2013 , 06:55:12 pm | Posted By: CASANSAAR
F.No.354/182/2013-TRU
Government of India
Ministry of Finance
Department of Revenue
Tax Research Unit
*****
New Delhi,17thSeptember, 2013
AD-HOC EXEMPTION ORDER NO.1/1/2013
Whereas the recent floods and landslides has caused extensive damage in the State ofUttarakhandand has adversely affected the life of the common man in the state. There is a need to provide support to ensure sustenance for the local population by revival of the hospitality industry;
And whereas taxable servic...
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Category :
Service Tax |
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Guidelines for arrest and bail in relation to offences punishable under the Finance Act, 1994
Posted Date : 18-Sep-2013 , 06:53:56 pm | Posted By: CASANSAAR
F.No. 137/47/2013-Service Tax
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
Service Tax Wing
***
New Delhi, the 17th September, 2013
To
All Chief Commissioners of Central Excise
All Chief Commissioners of Customs and Central Excise
All Directors General
All Commissioners of Service Tax
All Commissioners of Central Excise
Subject:Guidelines for arrest and bail in relation to offences punishable under the Finance Act, 1994
...
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Category :
Service Tax |
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Clarification on the notification dated 12.9.2013 - MCA
Posted Date : 18-Sep-2013 , 06:50:44 pm | Posted By: CASANSAAR
This Ministry had issued a notification on 12.09.2013 bringing into force to98 sections or part thereof of the companies Act, 2013. The said notification isavailable on the Ministry's website. This Ministry has been receiving requests forclarification as to whether the provisions of the companies Act, 1956 corresponding to such 98 sections would continue to apply or not.
lt is hereby clarified that with effect from 12.o9.2o1.g, the relevant provisionsof the companies Act, 1956, which corresp...
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Corporate Laws |
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Housing Sector: Innovative Housing Loan Products - Upfront Disbursal of Housing Loans – Primary (Urban) Co-operative Bank
Posted Date : 18-Sep-2013 , 07:36:35 am | Posted By: CASANSAAR
RBI/2013-14/268UBD CO BPD (PCB) Cir. No.17/09.22.010/2013-14
September 17, 2013
The Chief Executive OfficerAll Primary (Urban) Co-operative Banks
Dear Sir / Madam,
Housing Sector: Innovative Housing Loan Products -Upfront Disbursal of Housing Loans – Primary (Urban) Co-operative Bank
It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with developers / builders, e.g. upfront disbursal of sanctioned individual housing loans to bui...
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RBI |
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