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Category : Excise | Comments : 0 | Hits : 1086

RBI/2016-17/235 IDMD.CDD.No.2188/14.04.050/2016-17 February 23, 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, 2016-17 – Series IV - Operational Guidelines This has reference to theGoI notification F.No. 4(16)-B(W&M)/2016andRBI circular IDMD.CDD....

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Category : RBI | Comments : 0 | Hits : 988

EFS Instruction No. 61 Tel: 0120-2770029, Fax: 0120-2770452 Email:adg2.systems@incometaxindia.gov.in DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, Delhi-110055 F. No. DGIT(S)-ADG(S)-2/Online verification of Cash Transactions/157/2016 Dated 21.02.2017 To The Pr. Chief Commissioner of Income Tax (CCA), Ahmedabad/Bangalore/Bhopal/Bhubaneswar/Chandigarh/Chennai/Delhi/Guwahati/ Hyderabad/Jaipur/Kochi/Kolkata/Kanpur/Luc...

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Category : Income Tax | Comments : 0 | Hits : 1986

S.0 (E).-In exercise of the powers conferred by sub-section (2) of section 138 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to all the relevant factors, hereby makes the following amendment in the notification of Government of India in the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) published in the Gazette of India, Part II, Section 3, Sub-section(ii) vide number S.O. 576(E), dated the 23rd of May, 2003, namely:- In the said n...

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Category : CBDT | Comments : 0 | Hits : 1091

Services by way of treatment of effluent in the period from the 1st of July 2012 to 31st of March 2015...

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Category : Service Tax | Comments : 0 | Hits : 952

RBI/2016-17/233 A. P. (DIR Series) Circular No.31 February 16, 2017 To All Authorised Dealer Category – I Banks Madam/Sir Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to paragraph No. 4 ofA. P. (DIR Series) Circular No. 60 dated April 13, 2016and paragraph No. 3.3.3 ofMaster Direction No.5 dated January 1, 2016on ‘Externa...

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Category : RBI | Comments : 0 | Hits : 829

RBI/2016-17/232 FMRD.DIRD.13/14.01.019/2016-17 February 16, 2017 To, All Market Participants Madam/Sir, Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) - Withdrawal of Fortnightly return Attention is invited to theRBI notification ref. no. MPD.BC.187/07.01.279/1999-2000 dated July 07, 1999. As per the notification, banks were advised to submit a fortnightly return on FRA/IRS to Monetary Policy Department with a copy to various RBI departments. 2. In a further step t...

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Category : RBI | Comments : 0 | Hits : 862

RBI/2016-17/229 DBR.RRB.BC.No. 53/31.01.001/2016-17 February 16, 2017 All Regional Rural Banks Dear Sir / Madam, Repayment of Gold Loan Please refer tocircular RPCD.CO.RRB.BC.No.22/03.05.34/2010-11 dated September 22, 2010wherein Regional Rural Banks (RRBs) were permitted to grant gold loans up to Rs.1.00 lakh with bullet repayment option. 2. On a review, it has been decided to increase the...

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Category : RBI | Comments : 0 | Hits : 4608

RBI/2016-17/228 DGBA.GAD.No.2128/44.02.001/2016-17 February 16, 2017 All Agency Banks Dear Sir, Reimbursement of Merchant Discount Rate The Government of India (GoI) has decided to absorb the Merchant Discount Rate (MDR) charges in respect of debit card transactions while making payments to GoI. The Office Memoranda issued by the Office of Controller General of Accounts datedDecember 14and15, 2016 and Central Board of Direct Taxes datedJanuary 30, 2017in this regard are enclosed....

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Category : RBI | Comments : 0 | Hits : 858

Applicability of service tax on the services by way of transportation of goods by a vessel from a place outside India to the customs station in India w.r.t. goods intended for transhipment to any country outside India - reg Representations seeking clarification on levy of service tax on the services by way of transportation of goods by a vessel from a place outside India to the customs station in India with respect to goods intended for transshipment to any country outside India...

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Category : Service Tax | Comments : 0 | Hits : 1021

CBEC had on a pilot basis introduced 24x7 customs clearance at 4 designated Air cargo complexes and 4 sea ports in respect of facilitated Bills of Entry and factory stuffed containers and goods shipped under free shipping bills [Circular No. 22/20 12-Cus refers]....

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Category : Custom | Comments : 0 | Hits : 885

RBI/2016-17/226 DCM (Plg) No.3217/10.27.00/2016-17 February 13, 2017 The Chairman / Managing Director/ Chief Executive Officer (All banks maintaining currency chests) Dear Sir / Madam, Deposit of Specified Bank Notes (SBNs) – Chest Balance Limit / Cash Holding Limit Please refer to Paragraph 2 (ii) of ourcircular DCM (Plg) No. 1459/10.27.00/2016-17 dated November 29, 2016on the captioned subject. As indicated thereat, a review was undertaken and it has been decided that ti...

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Category : RBI | Comments : 0 | Hits : 1070

RBI/2016-17/225 DGBA.GAD.2012/15.02.005/2016-17 February 9, 2017 The Chairman/Chief Executive Officer Agency Banks handling Public Provident Fund, Kisan Vikas Patra- 2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004 Dear Sir Interest rates for Small Savings Schemes Please refer to ourcircular DGBA.GAD.881/15.02.005/2016-17 dated October 13, 2016on the above subject. T...

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Category : RBI | Comments : 0 | Hits : 1107

RBI/2016-17/224 DCM (Plg) 3107/10.27.00/2016-17 February 08, 2017 All Banks Dear Madam / Sir, Removal of limits on withdrawal of cash from Saving Bank Accounts Please refer to ourcircular DCM (Plg) 2905/10.27.00/2016-17 dated January 30, 2017on the captioned subject. 2. In the wake of withdrawal of Specified Bank Notes (SBNs) since November 09, 2016 Reserve Bank had placed certain limits on cash withdrawals from Savings / Current / Cash credit /Overdraft accounts and withdrawa...

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Category : RBI | Comments : 0 | Hits : 1184

RBI/2016-17/222 DBR.BP.BC.No.50/21.06.201/2016-17 February 02, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/ Sir, Basel III Capital Regulations- Additional Tier 1 Capital Please refer to the paragraph 1.8 on ‘Coupon Discretion’ under Annex 4 on ‘'Criteria for Inclusion of Perpetual Debt Instruments (PDI) in Additional Tier 1 Capital' of theMaster Circular, DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015on ‘Basel I...

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Category : RBI | Comments : 0 | Hits : 1186

RBI/2016-17/221 A.P. (DIR Series) Circular No. 30 February 2, 2017 To All Category – I Authorised Dealer Banks Madam / Sir, Risk Management and Inter-bank Dealings: Permitting Non Resident Indians (NRIs) access to Exchange Traded Currency Derivatives (ETCD) market 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 (Notifi...

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Category : FEMA | Comments : 0 | Hits : 1363

RBI/2016-17/220 A.P. (DIR Series) Circular No. 29 February 02, 2017 To All Category- I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999 Attention of all the Authorised Dealer Category - I (AD Category - I) banks and their constituents is invited toA.P. (DIR Series) Circular No. 117and36dated April 4, 2014 and October 16, 2014 re...

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Category : FEMA | Comments : 0 | Hits : 1097

RBI/2016-17/219 DNBR.CC.PD.No. 084/22.10.038/2016-17 February 02, 2017 To All NBFC-MFIs, Madam/Sir, Review of Guidelines on “Pricing of Credit” As per extant instructions on “Pricing of Credit” issued to NBFC-MFIS under “Master Direction-Non-Banking Financial Company-Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016” and “Master Direction - Non-Banking Financial Company-Systemically Important Non-Dep...

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Category : RBI | Comments : 0 | Hits : 915

The Central Government has notified theCompanies (Incorporation) Amendment Rules, 2017. The rules came into forceon Monday. As per the new rules, the Certificate of Incorporation shall be issued by the Registrar in Form No. INC-11 and the Certificate of Incorporation shall mention the permanent account number (PAN) of the company, if it is issued by the Income Tax Department....

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Category : Companies Act | Comments : 0 | Hits : 1269

RBI/2016-17/217 DCM (Plg) No. 2905/10.27.00/2016-17 January 30, 2017 The Chairman / Managing Director / Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks, Regional Rural Banks / Urban Co-operative Banks, State Co-operative Banks / District Central Co-operative Banks Dear Sir/Madam, Limits on Cash withdrawals from Bank accounts and ATMs - Restoration of status quo ante Please refer to ourcircular DCM (Plg) No.1226/10.27.00/2016-17 dated Novembe...

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Category : RBI | Comments : 0 | Hits : 1280

Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by the Finance Act, 2015, provided that a company is said to be resident in India in any previous year, if it is an Indian company or if during that year, the control and management of its affairs is situated wholly in India. This allowed tax avoidance opportunities for companies to artificially escape the residential status under these provisions by shifting insignificant or isolated events related with control and manag...

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Category : CBDT | Comments : 0 | Hits : 1465

F.No. 275/192/2016-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 24th January, 2017 CORRIGENDUM Sub: Corrigendum to Circular No. 1/2017 dated 02.01.2017 on TDS under section 192 of Income-tax Act, 1961. In para 3.6.1 in clause (a) below the table at page 4 of the captioned Circular, the words -3 years” appearing in line 1 may be read as “5 years”. 2. The table in para...

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Category : CBDT | Comments : 0 | Hits : 1911

FTS No. 279157/ITJ Government of India Ministry of Finance Central Board of Direct Taxes New Delhi, Dated 23rd January, 2017 Subject: Measures for reducing litigation- Clarification on Circulars 21/2015 and 8/2016 reg. Instructions were issued vide CBDT Circular No. 21/2015 dated 10.12.2015, to the effect that appeals/SLPs should not be filed in cases where tax effect does not exceed the monetary limits specified under para 3 of the said Circular. It was also clarified therein that a...

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Category : CBDT | Comments : 0 | Hits : 1980

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income and pay tax, surcharge and penalty totaling in all to 49.9 per cent. of such declared income and make a mandatory deposit of not less than 25% of such income in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.The...

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Category : Income Tax | Comments : 0 | Hits : 901

RBI/2016-17/213 DCM (Plg) No.2559/10.27.00/2016-17 January 16, 2017 The Chairman / Managing Director / Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks/District Central Co-operative Banks Dear Sir, Enhancement of withdrawal limits from ATMs and Current Accounts Please refer to ourcirculars DCM (Plg) No. 1274,1317,1437and2142/10.27.00/2016-17dated November 14, 21 and ...

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Category : RBI | Comments : 0 | Hits : 1045

RBI/2016-17/212 A.P. (DIR Series) Circular No. 27 January 12, 2017 To All Category - I Authorised Dealer Banks Madam / Sir, Evidence of Import under Import Data Processing and Monitoring System (IDPMS) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited toA.P. (DIR Series) Circular No. 05 dated October 06, 2016read with Section 5 and Section 10 of the Foreign Exchange Management Act 1999 (42 of 1999), Government of India Notification No. G.S.R. 381(E) da...

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Category : FEMA | Comments : 0 | Hits : 1277

Kind reference is invited to Board's Circulars No. 03/2016 dated 03.02.2016 and No. 09/2015 dated 31.03.2015 regarding the Indian Customs Single Window(SWIFT).This project envisages that the importers and exporters would electronically lodge their Customs clearance documents at a single point only with the Customs. The required permission, if any, from other regulatory agencies would be obtained online without the importer/exporter having to separately approach these agencies. The Single Win...

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Category : Custom | Comments : 0 | Hits : 1155

RBI/2016-17/208 A.P. (DIR Series) Circular No. 24 January 03, 2017 To All Authorised Persons Madam / Sir, Exchange facility to foreign citizens Attention of Authorized Persons is invited to theA.P. (DIR Series) Circular No. 20 dated November 25, 2016permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week till December 15, 2016 and extended up to December 31, 2016 videA.P. (DIR Series) Circular No. 22 dated December ...

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Category : FEMA | Comments : 0 | Hits : 1162

RBI/2016-17/207 DCM (Plg) No.2200/10.27.00/2016-17 January 03, 2017 The Chairman / Managing Director/ Chief Executive Officer, (All banks with currency chests) Dear Sir / Madam Allocation of cash for rural areas Please refer to ourcirculars DCM (Plg) No.1345/10.27.00/2016-17 dated November 22, 2016andDCM (Plg) No.1508/10.27.00/2016-17 dated December 02, 2016on making cash available for rural areas. 2. On observing that bank notes, being supplied to rural areas, at present, ar...

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Category : RBI | Comments : 0 | Hits : 1141

RBI/2016-17/205 DCM (Plg) No.2170 /10.27.00/2016-17 December 31, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks District Central Cooperative Banks Dear Sir, Facility for exchange of Specified Bank Notes (SBNs) during Grace Period – Verification of KYC and Account details Please refer to theGoI Ordinance No. 10 of 2016 dated D...

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Category : RBI | Comments : 0 | Hits : 1657