MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 12th April, 2017/Chaitra 22, 1939 (Saka) The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general information:— THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 NO. 13 OF 2017 [12th April, 2017.] An Act to make a provision for levy and collection of tax on inter-State supply of goods or services or both by the Central Government ...

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Category : GST | Comments : 0 | Hits : 916

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 12th April, 2017 The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general information:— THE UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017 NO. 14 OF 2017 [12th April, 2017.] An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Union territories and for matters ...

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Category : GST | Comments : 0 | Hits : 966

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 12th April, 2017 The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general information: THE GOODS AND SERVICES TAX (COMPENSATION TO STATES) ACT, 2017 No. 15 OF 2017[12th April, 2017.] An Act to provide for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax in pursuance...

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Category : GST | Comments : 0 | Hits : 971

In exercise of the powers conferred by sub-section (1) of section 156 read with section 127B of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following rules to amend the Customs (Settlement of Cases) Rules, 2007, namely:- 1. (1) These rules may be called the Customs (Settlement of Cases) Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Customs (Settlement of Cases) Rules, 2007 (hereinafter r...

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Category : Custom | Comments : 0 | Hits : 1038

Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 were notified by SEBI on March 27, 2015, which came into force on April 01, 2015. 2. Clause 7 of SEBI (IFSC) Guidelines, 2015 specifies the types of securities in which dealing may be permitted by stock exchanges operating in IFSC. Based on the recommendations of the Risk Management Review Committee of SEBI, it has been decided to specify “Derivatives on equity shares of a company incorporat...

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Category : SEBI | Comments : 0 | Hits : 927

Please refer to RBI circulars No. DBS.CO.PP.BC.9/11.01.005/2002-03 dated December 21, 2002 and DBS.CO.PP.BC.13/11.01.005/2003-04 dated June 15, 2004 on the scheme of Prompt Corrective Action. 2. The existing PCA framework for banks has since been reviewed and revised. The salient features are provided in the Annex. 3. The provisions of the revised PCA framework will be effective from April 1, 2017 based on the financials of the banks for the year ended March 31, 2017. The framework would be rev...

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Category : RBI | Comments : 0 | Hits : 854

To emphasize the importance of financial literacy, it has been decided to observe the week June 5-9, 2017 as Financial Literacy Week across the country. 2. The literacy week will focus on four broad themes, viz.KYC,Exercising Credit Discipline,Grievance Redressaland Going Digital (UPIand*99#). The five messages that will be communicated to the common man based on the above broad themes are available under "Financial Literacy Week" in the downloads section of thefinancial education webpage of RB...

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Category : RBI | Comments : 0 | Hits : 800

As announced in theFirst Bi-monthly Monetary Policy Statement for 2017-18, it has been decided to allow substitution of collateral (security) by the market participants during the tenor of the term repos conducted by Reserve Bank of India under the Liquidity Adjustment Facility, from April 17, 2017. 2. The securities offered for substitution by the market participants shall be of similar market value based on the latest prices published by the Fixed Income Money Market and Derivatives Associati...

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Category : RBI | Comments : 0 | Hits : 865

RBI/2016-17/271 DGBA.GAD.No.2646/31.02.007/2016-17 April 7, 2017 All Agency Banks Dear Sir/Madam, Systems and Controls for conduct of government banking Please refer to ourMaster Circulars DGBA.GAD.No.2/31.12.010/2015-16 dated July 1, 2015on Conduct of Government Business by Agency Banks - Payment of Agency Commission andDGBA.GAD.No.H-1/31.05.001/2015-16 dated July 1, 2015on Disbursement of Governme...

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Category : RBI | Comments : 0 | Hits : 935

RBI/2016-17/271 DGBA.GAD.No.2646/31.02.007/2016-17 April 7, 2017 All Agency Banks Dear Sir/Madam, Systems and Controls for conduct of government banking Please refer to ourMaster Circulars DGBA.GAD.No.2/31.12.010/2015-16 dated July 1, 2015on Conduct of Government Business by Agency Banks - Payment of Agency Commission andDGBA.GAD.No.H-1/31.05.001/2015-16 dated July 1, 2015on Disbursement of Governme...

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Category : RBI | Comments : 0 | Hits : 925

1. The capacity planning framework of the Stock Exchanges and Clearing Corporations was reviewed by Technical Advisory Committee (TAC) of SEBI. Based on recommendations of the committee, circular no. CIR/MRD/DP/17/2015 dated October 08, 2015 was issued to the Stock Exchanges and Clearing Corporations with regard to their capacity planning. 2. Depositories have been identified as financial Market Infrastructure Institutions which facilitate and perform systemically critical functions in the secu...

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Category : SEBI | Comments : 0 | Hits : 1000

1. RBI in its Fourth Bi-monthly Policy Statement for the year 2015-16, dated September 29, 2015 had announced a Medium Term Framework (MTF) for FPI limits in Government securities in consultation with the Government of India. Accordingly, SEBI had issued circulars CIR/IMD/FPIC/8/2015 dated October 06, 2015, IMD/FPIC/CIR/P/2016/45 dated March 29, 2016 and IMD/FPIC/CIR/P/2016/107 dated October 03, 2016 regarding the allocation and monitoring of FPI debt investment limits in Government securities. ...

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Category : SEBI | Comments : 0 | Hits : 1038

Please refer to ourcircular DGBA.GAD.2012/15.02.005/2016-17 dated February 9, 2017on the above subject. The Government of India, had vide their Office Memorandum (OM) No.F.No.1/4/2016–NS.II dated March 31, 2017 advised the rate of interest on various small savings schemes for the first quarter of the financial year 2017-18 (copy enclosed). 2. The contents of this circular may be brought to the notice of the branches of your bank operating Government Small Saving Schemes for necessary acti...

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Category : RBI | Comments : 0 | Hits : 1044

As announced in theFirst Bi-monthly Monetary Policy Statement, 2017-18 Resolution of the Monetary Policy Committee (MPC), it has been decided to keep the Repo rate under the Liquidity Adjustment Facility (LAF) unchanged at6.25 per cent. However, consequent upon the narrowing of the LAF corridor, the Reverse Repo rate under the LAF now stands adjusted at6.0 per cent. This change will come into force with immediate effect. All other terms and conditions of the current LAF Scheme will remain unch...

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Category : RBI | Comments : 0 | Hits : 995

As announced in theFirst Bi-monthly Monetary Policy Statement, 2017-18 Resolution of the Monetary Policy Committee (MPC), consequent upon the narrowing of the LAF corridor, the Marginal Standing Facility (MSF) rate now stands adjusted at6.50 per cent. All other terms and conditions of the current MSF scheme will remain unchanged. ...

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Category : RBI | Comments : 0 | Hits : 972

Please refer to our circular DBR.No.Ret.BC.19/12.01.001/2016-17 dated October 04, 2016 on the captioned subject. 2. As announced in the First Bi-Monthly Monetary Policy Statement 2017-18 dated April 06, 2017, the Bank Rate stands adjusted by 25 basis points from 6.75 per cent to 6.50 per cent with effect from April 06, 2017. 3. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in the Annex....

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Category : RBI | Comments : 0 | Hits : 918

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.22/2017-CUSTOMS (N.T.), dated 16th March, 2017, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II anne...

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Category : Custom | Comments : 0 | Hits : 1151

Procedure, Formats and Standards for ensuring secured transmission of electronic communication - introduction of E-Proceeding for communication between the Income Tax Department and Assessee-reg...

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Category : CBDT | Comments : 0 | Hits : 1553

- In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendments in the notification of the Ministry of Finance (Department of Revenue) No. 01/2017-Customs (ADD), dated the 5th of January, 2017 published in the Gazette o...

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Category : Custom | Comments : 0 | Hits : 1035

In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 63/94 -Customs (NT), dated the 21 st November, 1994, published in the Gazette of India, Extraordinary, vide number S.O. 830 (E), dated the 21st November, 1994, namely:- In the sai...

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Category : Custom | Comments : 0 | Hits : 1046

In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 63/94 -Customs (NT), dated the 21 st November, 1994, published in the Gazette of India, Extraordinary, vide number S.O. 830 (E), dated the 21st November, 1994, namely:- In the sai...

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Category : Custom | Comments : 0 | Hits : 990

In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of income tax act, 1961, the Central Government hereby specifies Director, Vigilance and Anti-Corruption, Government of Tamilnadu for purposes of the said clause. It is clarified that income-tax authority, as specified in Notification No. SO No.731(E) dated 28.07.2000, shall- (i) furnish only relevant and precise information after forming an opinion that furnishing of such information is necessary so as to enable t...

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Category : CBDT | Comments : 0 | Hits : 1002

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) has commenced on 17.12.2016 and is open for declarations upto 31.03.2017. 2. Representations have been received from various stakeholders regarding difficulties in uploading of declaration in Form No.1 under the Scheme. Instances have been communicated wherein despite making payment of tax, surcharge, penalty and deposit under the Scheme, Challan Identification Number / deposit...

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Category : CBDT | Comments : 0 | Hits : 1001

Representations have been received from field formations requesting clarification regarding amendments made in the Special Economic Zone Rules, 2006 by way of inserting a new Rule 47 (5) brought vide Department of Commerce (DoC) Notification No. GSR 772(E) dated 05.08.2016 wherein functional operations like Refund, Demand, Adjudication, Review and Appeal are to be made by jurisdictional Customs and Central Excise authorities in accordance with the relevant provisions contained in the Customs Act...

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Category : Custom | Comments : 0 | Hits : 1028

– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), ...

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Category : Custom | Comments : 0 | Hits : 1013

Please refer to SEBI Circular No. SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119 dated November 01, 2016 on Enhanced Standards for Credit Rating Agencies (CRAs). Based on the representations received from the industry and in consultation with CRAs, following has been decided: I. Point 2D (I) of Annexure A of aforementioned Circular on „Standardization of Press Release for Rating Actions‟ Considering the nature of instruments, following details may not be provided under the head “Details of ...

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Category : SEBI | Comments : 0 | Hits : 967

A reference is invited to ourcircular DPSS.CO.PD.No.1515/02.14.003/2016-17 dated December 16, 2016wherein special measures for debit card transactions (including for payments made to Government) were introduced for a temporary period starting January 1, 2017 through March 31, 2017. Further, attention is also invited to “Draft Circular - Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions” dated February 16, 2017wherein comments from the public were sought for ...

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Category : RBI | Comments : 0 | Hits : 890

RBI/2016-17/263 A.P. (DIR Series) Circular No. 42 March 30, 2017 To All Authorised Persons Madam / Sir, Purchase of foreign exchange from foreign citizens and others Attention of Authorized Persons is invited to the A.P. (DIR Series)Circulars No. 20,22and24dated November 25, 2016, December 16, 2016 and January 3, 2017 respectively, permitting foreign citizens (i.e. foreign passport holders) to exchange foreign exchange for Indian currency notes up to a limit of Rs. 5000/- per we...

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Category : FEMA | Comments : 0 | Hits : 1143

RBI/2016-17/262 FIDD.CO.LBS.BC. No. 26/02.01.001/2016-17 March 30, 2017 The Chairmen and Managing Directors SLBC Convenor Banks Dear Sir, Assignment of Lead Bank Responsibility As per the Gazette of India Notification dated February 22, 2017, the merger of Associate banks with State Bank of India has been notified. The Order comes into effect on April 1, 2017. 2. Therefore, it has be...

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Category : RBI | Comments : 0 | Hits : 917

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th March, 2017 G.S.R. 307(E).—In exercise of powers conferred by section 143 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 further to amend the Companies (Audit and Auditors) Rules, 2014, namely:— 1. (1) These rules may be called the Companies (Audit and Auditors) Amendment Rules, 2017. (2) They shall come ...

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Category : Companies Act | Comments : 0 | Hits : 1347