RBI/2016-17/306 DBR.No.BAPD.BC.69/22.01.001/2016-17 May 18, 2017 The Chairman and Managing Director/Chief Executive Officer All Domestic Scheduled Commercial Banks (Excluding Regional Rural Banks), Small Finance Banks, Payment Banks and Local Area Banks Madam/Dear Sir, Rationalisation of Branch Authorisation Policy- Revision of Guidelines Please refer to the paragraph 11 on ‘Banking Outlets – Final Guidelines’ (extract enclosed) of the Statement on Developmen...

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Category : RBI | Comments : 0 | Hits : 1060

RBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 May 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Partial Credit Enhancement to Corporate Bonds Please refer to paragraph 21 (a) of the Guidelines on Partial Credit Enhancement to Corporate Bonds by Banks annexed to thecircular DBR.BP.BC.No.40/21.04.142/2015-16 dated September 24, 2015, on the capital requirements during the lifetime of the bond in respect of which partial credit enhance...

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Category : RBI | Comments : 0 | Hits : 929

RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 May 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Minimum qualifications and experience for CFO and CTO Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A Chief Financial Officer (CFO) and Chief Technology Officer (CTO) in banks’ management structure would play a crucial role in strengthening and sustaining the banks’ risk ...

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Category : RBI | Comments : 0 | Hits : 1548

Whereas in the matter of „Aluminium Foil‟ (hereinafter referred to as the subject goods) falling under chapter heading 7607 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), originating in, or exported from China PR (hereinafter referred to as the subject country), and imported into India, the designated authority in its final findings vide notification number 14/06/2015-DGAD, dated the 10th March, 2017, published in t...

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Category : Custom | Comments : 0 | Hits : 1188

Clarification regarding applicability of section 16(1)(a) of the CA 2013 with reference to cases under corresponding provisions of Companies Act, 1956...

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Category : Companies Act | Comments : 0 | Hits : 1212

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 12th May, 2017 G.S.R. 460(E).— In exercise of the powers conferred by sub-section (1) of section 11, read with clause (c) of the proviso to section 5, of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 (2 of 2017), the Central Government hereby makes the following rules, namely:— 1. Short title and commencement.— (1) These rules may be called the Specified Bank Notes (D...

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Category : RBI | Comments : 0 | Hits : 1193

RBI/2016-17/302 Ref: DBR.CO.No.Ret.BC/66/12.07.144/2016-17 May 11, 2017 The Chairperson All RRBs Madam/Dear Sir, Submission of Statutory returns (SLR-Form VIII) in XBRL platform It has been decided to move the reporting of SLR from PCRPCD to XBRL (Extensible Business Reporting Language) platform. You are therefore advised to submit the returns (Form VIII) in XBRL from the month of April 2017. Yours faithfully, (S K Kar) Chief General Manager...

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Category : RBI | Comments : 0 | Hits : 1047

RBI/2016-17/300 DPSS (CO) EPPD No.2612/04.03.01/2016-17 May 08, 2017 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT Madam / Sir, National Electronic Funds Transfer (NEFT) system – Settlement at half-hourly intervals National Electronic Funds Transfer (NEFT) system presently settles the fund transfer requests of the participating banks on net basis at hourly intervals from 8:00 am to 7:00 pm on all working days. All partic...

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Category : RBI | Comments : 0 | Hits : 1226

RBI/2016-17/299 DBR.BP.BC.No.67/21.04.048/2016-17 May 5, 2017 The Chairman and Managing Director/Chief Executive Officer All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Madam/Dear Sir, Timelines for Stressed Assets Resolution Please refer to thecircular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’ Forum (JLF) and Corr...

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Category : RBI | Comments : 0 | Hits : 1059

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.40/2017-CUSTOMS (N.T.), dated 20th April, 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 : 1222

- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.25/2012-Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S...

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Category : Service Tax | Comments : 0 | Hits : 1342

Please refer to SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2016/42 dated 18 March 2016. 2. In partial modification of the above mentioned circular, para C of the circular pertaining to disclosure of executive remuneration shall read as under: “With the underlying objective to promote transparency in remuneration policies so that executive remuneration is aligned with the interest of investors, MFs/AMCs shall make the following disclosures pertaining to a financial year on the MF/AMC website...

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Category : SEBI | Comments : 0 | Hits : 1003

Hon'ble Minister of Finance, Government of India, in his speech while presenting the Budget for FY 2017-18 on February 01, 2017, announced that the process of registration of financial market intermediaries will be made fully online by SEBI. 2. As you are aware, SEBI had already started development of Enterprise SEBI Portal with various custom applications, including online registration modules for various intermediaries and in this regard, had various rounds of consultation with the market par...

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Category : SEBI | Comments : 0 | Hits : 1063

I am directed to invite your attention to para 2(d) of Circular No. 5/2010-Cus dated 16.03.2010 directing initiation of action to safeguard revenue in case of non-submission of Export Obligation Discharge Certificate within the time period stipulated in the relevant Customs notifications. These directions have been reiterated in para 7 (iii) of Instruction dated 18th January, 2011. 2. Some field formations have expressed difficulty in implementing these instructions stating that when a notice i...

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Category : Custom | Comments : 0 | Hits : 1214

Representations have been received from the field formations and members of the trade and industry regarding practicality of round-the-clock posting of Central Excise officers in the cigarette manufacturing units. In terms of para 10 of instructions dated 24.12.2008 issued vide F. No. 224/37/2005-CX.6, read with para 2.2 of Chapter 4 of the CBEC Manual, mandatory, round-the-clock presence of Central Excise officer in the factory has been prescribed to ensure that the goods are not removed withou...

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Category : Excise | Comments : 0 | Hits : 5264

RBI/2016-17/294 DBR.BP.BC.No.65/21.04.103/2016-17 April 27, 2017 The Chairman and Managing Director/Chief Executive Officer All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) And Small Finance Banks Madam/Dear Sir, Risk Management Systems – Role of the Chief Risk Officer (CRO) Please refer to the guidelines on Risk Management Systems issued vide our circular DBOD.No.BP.(SC).BC.98/21.04.103/99 dated October 7, 1999 and the Guidance Notes...

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Category : RBI | Comments : 0 | Hits : 1053

1) SEBI vide circular no. CIR/MRD/DRMNP/25/2014 dated August 27, 2014, specified the guidelines for Core Settlement Guarantee Fund, Default Waterfall and Stress Test for Clearing Corporations. 2) Based on the feedback received from the market participants and the recommendation of the Risk Management Review Committee of SEBI, it has been decided that the clearing members shall be permitted to bring their contribution towards Core Settlement Guarantee Fund, in the form of Central Government Secu...

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Category : SEBI | Comments : 0 | Hits : 1079

In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962), sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), and section 93A and sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), read with rules 3 and 4 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, the Central Government hereby makes the following further amendments in the notification of the Government of India in the Minis...

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Category : Custom | Comments : 0 | Hits : 1062

MCAClarification regarding online generation of Challans for Offline payment, Circular No. 02/2017 Dated 20-04-2017...

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Category : Corporate Laws | Comments : 0 | Hits : 1071

Circular No. 17/2017 F. No: 500/07/2017-FT & TR-V Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research – II Ft & TR-V Division New Delhi, dated 26.04.2017 CORRIGENDUM Subject: Corrigendum to Circular No 13/2017 dated 11.04.2017 on the Clarification regarding liability to income-tax in India for a non-resident seafarer receiving salary in NRE (Non Resident External) account maintained with an I...

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Category : Income Tax | Comments : 0 | Hits : 1066

G.S.R.399(E).– In exercise of the powers conferred by section 295 read with section 115TD of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: - 1. (1) These rules may be called the Income-tax (8th Amendment), Rules, 2017. (2) They shall be deemed to have come into force from the 1st day of June, 2016. 2. In the Income-tax Rules, 1962, after rule 17CA, the following rule sh...

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Category : CBDT | Comments : 0 | Hits : 1482

Whereas the Central Government is satisfied that according to a practice that was generally prevalent regarding levy of duty of excise (including non-levy thereof) under section 3 of the Central Excise Act, 1944 (1 of 1944), (hereinafter referred to as the said Act), on Heena Powder and Paste falling under Chapter 33 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) (hereinafter referred to as the said goods), was not being levied according to the said practice, during the...

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Category : Excise | Comments : 0 | Hits : 1433

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) had commenced on 17.12.2016 and was open for declarations upto 31.03.2017. Considering the representations received from stakeholder, CBDT, vide Circular No.12 dated 31st March, 2017, extended the date for filing of declaration in Form No.1 till 10th of April, 2017, in cases where due tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 (Deposit Scheme) had been recei...

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Category : Income Tax | Comments : 0 | Hits : 1074

Cyprus was specified as a "notified jurisdictional area" (NJA) under section 94A of the lncome-iax Act, 1961 vide Notification N0.86/2013 dated 01.11.2013. The said Notification No. 86/2013 was subsequently rescinded vide Notification No. 114 dated 14.12.2016 and Notification No. 1 19 dated 16.12.2016 with effect from the date of issue of the notification. 2. lt has been brought to notice of the Central Board of Direct Taxes that in some cases a view has been taken by the Income-tax authorities...

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Category : Income Tax | Comments : 0 | Hits : 1281

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.33/2017-CUSTOMS (N.T.), dated 6th April, 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 annex...

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Category : Custom | Comments : 0 | Hits : 1048

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods, falling under Chapter 30 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), of the description specified in column (2) of the Table below, for supply under Patient Assistance Programmes specified in the corresponding entry in column (3) of the said Table,...

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Category : Custom | Comments : 0 | Hits : 1022

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 41/1999-Customs dated the 28th April, 1999 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 2...

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Category : Custom | Comments : 0 | Hits : 1056

RBI/2016-17/289 IDMD.CDD.No.2760/14.04.050/2016-17 April 20, 2017 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd. (SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds 2017-18 – Series I Government of India has vide its Notification F.No. 4(8)-(W&M)/2017 dated April 20, 2017announced that the Sovereign G...

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Category : RBI | Comments : 0 | Hits : 1076

RBI/2016-17/284 Ref. DBS.CO.PPD.BC.No.9/11.01.005/2016-17 April 20, 2017 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Compliance with Ghosh Committee Recommendations We invite attention to ourcircular DBS.CO.PPD.BC.No.10/11.01.005/2015-16; dated April 28, 2016, in terms of which banks have been advised that the compliance to the Jilani Committee recommendations need not be reported to the Audit Committee of the Board (ACB). 2. A...

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Category : RBI | Comments : 0 | Hits : 1433

RBI/2016-17/283 DBR.BP.BC.No.63/21.04.018/2016-17 April 18, 2017 All Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Disclosure in the “Notes to Accounts” to the Financial Statements- Divergence in the asset classification and provisioning Please refer to paragraph 22 of the Fourth Bi-monthly Monetary Policy Statement, 2015-16 announced on September 29, 2015 on the captioned subject (extract enclosed). 2. The Reserve Bank of India (RBI) assesses ...

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Category : RBI | Comments : 0 | Hits : 1347