RBI/2016-17/3 FIDD.FID.BC.No.06/12.01.033/2016-17 July 01, 2016 The Chairman/ Managing Director/ Chief Executive Officer All Scheduled Commercial Banks Dear Sir Master Circular on SHG-Bank Linkage Programme The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on SHG-Bank Linkage Programme. In order to enable the banks to have instructions at one place, aMaster Circularincorporating the existing guidelines/instructions on the subj...

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Category : RBI | Comments : 0 | Hits : 900

RBI/2016-17/02 FIDD.CO.LBS.BC.No.5/02.01.001/2016-17 July 1, 2016 The Chairmen and Managing Directors SLBC Convenor Banks/Lead Banks Dear Sir/Madam MASTER CIRCULAR – Lead Bank Scheme The Reserve Bank of India has issued guidelines on Lead Bank Scheme from time to time. This Master Circular consolidates the relevant guidelines issued by Reserve Bank of India on Lead Bank Scheme up to June 30, 2016 as listed in theAppendix. 2. ThisMaster Circularhas been placed on the RBI...

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Category : RBI | Comments : 0 | Hits : 1096

Please refer to Circular No. 495 / 7 / 2005 – Cus VI dated 28th September 2005 regarding the ceiling in payments in Indian currency of Rs. 5000/- for purchases by passengers at duty free shops at International Airports. 2. RBI has vide Notification no. FEMA 6 (R) / RB – 2015 dated 29th December 2015 permitted export from and import into India of Indian currency up to an amount not exceeding Rs 25,000/- (Rupees twenty five thousand) per person. Any person resident in India is permi...

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Category : Custom | Comments : 0 | Hits : 1045

n exercise of the powers confened by 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 (Appointment and Remuneration of Managerial Personnel) Rules, 2014, namely:- CLICK HERE FOR DETAIL...

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Category : Companies Act | Comments : 0 | Hits : 1285

In exercise of the powers conferrecl by sections 73 and Z6 reacl with sub_ section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Centual Government hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 2014, namely:_ (1) These rules may be called the Companies (Acceptance of Deposits) Amendment Rules, 2016....

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Category : Companies Act | Comments : 0 | Hits : 1204

Whereas, the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on 29th August, 2013 and section 1 thereof came into force on the same date; And, whereas, the provisions contained in section 139, which provides for appointment of auditors has come into force on the 1st April, 2014; ...

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Category : Companies Act | Comments : 0 | Hits : 1741

F. No. 208/36/2012-CX.6 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi. dated the 4th July. 2016 To, The Principal Chief Commissioners/ Chief Commissioners of Central Excise (All) The Principal Chief Commissioners/ Chief Commissioners of Central Excise and Service Tax (All) The Principal Chief Commissioners/ Chief Commissioners of Service Tax (All) The Principal Chief Commissioners/ Chief Commissione...

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Category : Excise | Comments : 0 | Hits : 1126

RBI/2015-16/443 DCM (Plg) No.G-12/4297/10.27.00/2015-16 June 30, 2016 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks Primary (Urban) Co-operative Banks / RRBs /State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, Pre-2005 series of Banknotes - Revision of exchange facility Please refer to ourcircular DCM (Plg) No.G-8/2331/10.27.00/2015-16 dated December 23, 2015,DCM (Plg) No.G-9/2856/10.27.00/2015-16 dated ...

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RBI/2015-16/442 FIDD.No.FSD.BC.28/05.10.007/2015-16 June 30, 2016 The Chairman/Managing Director/Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Sir, Performance Audit of Crop Insurance Schemes The Comptroller and Auditor General is conducting a performance audit of agricultural crop insurance schemes to examine the efficacy of crop insurance in providing succour to farmers who suffer damage to their crops. This audit is proposed ...

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RBI/2015-16/441 A.P. (DIR Series) Circular No. 81 June 30, 2016 To All Authorised Dealer Category-I Banks Madam / Sir, Settlement System under Asian Clearing Union (ACU) Attention of Authorised Dealer Category-I Banks is invited to theA.P. (DIR Series) Circular No. 43 dated December 26, 2008, giving participants in ACU mechanism the option to settle their transactions either in ‘ACU Dollar’ or in ‘ACU Euro’. The 'ACU Dollar' and 'ACU Euro...

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Category : FEMA | Comments : 0 | Hits : 1143

RBI/2015-16/440 A.P. (DIR Series) Circular No. 80 June 30, 2016 To All Authorised Dealer Category-I Banks Madam / Sir External Commercial Borrowings (ECB) – Approval Route cases Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph no. D.15 of Annex toA.P. (DIR Series) Circular No.32 dated November 30, 2015and paragraph no. 2.11 ofMaster Direction No.5 dated January 1, 2016on External Commercial Borrowings, Trade Credit, Borrowing and Lend...

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Category : FEMA | Comments : 0 | Hits : 1492

RBI/2015-16/438 DCBR.CO.LS (PCB) Cir.No.19/07.01.000/2015-16 June 30, 2016 Chief Executive Officers of all Primary (Urban) Co-operative Banks Dear Sir / Madam, Issue of authorization for opening Controlling Offices (Regional/Zonal/Administrative Offices) u/s 23 of the Banking Regulation Act, 1949 (AACS) As you are aware, licence under section 23 of the BR Act, 1949 (AACS) is required for opening Controlling Offices (Regional/Zonal/Administrative Office) in terms of instructions ...

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Category : RBI | Comments : 0 | Hits : 980

RBI/2015-16/437 DCBR.BPD (PCB) Cir.No.20/12.05.001/2015-16 Ashadha 9, 1938 June 30, 2016 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir/ Madam, Amendment in rules for implementation of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Please refer to ourcircular DCBR. BPD(PCB)Cir.No.8/12.05.001/2014-15 dated May 5, 2015on modalities for Implementation of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY)....

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Category : RBI | Comments : 0 | Hits : 976

RBI/2015-16/436 FIDD.No.FSD.BC.27/05.10.001/2015-16 June 30, 2016 The Chairman/ Managing Director /Chief Executive Officer [All Scheduled Commercial Banks, (excluding Regional Rural Banks)] Madam / Sir Guidelines for relief measures by banks in areas affected by natural calamities- utilisation of insurance proceeds In terms of para 6.13 of theMaster Circular FIDD.No.FSD.BC.01/05.10.001/2015-16 dated July 1, 2015, while restructuring the loans in the areas affected by natural ca...

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Category : RBI | Comments : 0 | Hits : 927

RBI/2015-16/435 DBS.CO.PPD.15123/11.01.021/2015-16 June 30, 2016 The Chief Executives of Scheduled Commercial Banks Dear Sir/ Madam, Quarterly reporting system- Foreign branches/ subsidiaries/ joint ventures/ associates of Indian banks Kindly refer to our circular DBS.CO.PP.BC 11/11.01.005/2007-08 dated March 24, 2008 on Quarterly reporting system- foreign branches/ subsidiaries/ joint ventur...

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Category : RBI | Comments : 0 | Hits : 948

An assessee who conducts business both as an importer and a First Stage Dealer may take only one registration as he has been exempted from the requirement of taking a second registration. It may be noted that the facility is optional and any assessee needing separate registration for his own busines....

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Category : Excise | Comments : 0 | Hits : 1242

The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all 45% of such undisclosed income declared. The Income Declaration Scheme Rules, 2016 (hereinafter referred to as ‘the Rules’) have been notified. In this regard, Circular...

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Category : CBDT | Comments : 0 | Hits : 1223

The Government has amended the AIR Drawback Notification no. 110/2015-Cus (N.T.) dated 16.11.2015 vide Notification No. 90/2016-Customs (N.T.) dated 24.06.2016 which may be downloaded and perused from www.cbec.gov.in. 2. This amendment has raised, with effect from 24.06.2016, the specific AIRs of Drawback for export of gold jewellery, silver jewellery and silver articles under tariff item numbers 711301, 711302 and 711401, respectively, and specified additional conditions when the AIRs on the...

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Category : Custom | Comments : 0 | Hits : 1142

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 exempts the taxable services by way of transportation of goods by a vessel from outside India upto the customs station in India with respect to which the invoice for the service has been issued on or before the 31st May, 2016, from the whole of service tax leviable thereon, subject to the c...

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Category : Service Tax | Comments : 0 | Hits : 1189

In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees. Subsequent to the amendment, a number of representations were received from various stakeholders with regard to the scope of the provisions and the procedure to be followed in case of the amended provisions of Section 20...

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Category : CBDT | Comments : 0 | Hits : 2588

RBI/2015-16/433 DNBS (PPD) CC.No./04/66.14.001/2015-16 June 23, 2016 To CEOs of All NBFCs (excluding RNBCs) and The President of ICAI Dear Sir/Madam, Format of Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs Please refer to theNotification No. DNBS 192/DG (VL) dated Feb 22, 2007prescribing Prudential Norms Directions. In terms of the extant instructions, all NBFCs are req...

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Category : RBI | Comments : 0 | Hits : 1524

RBI/2015-16/432 DBR.CID.BC. 107/20.16.056/2015-16 June 23, 2016 All Scheduled Commercial Banks All India Financial Institutions Credit Information Companies Dear Sir / Madam Reporting of Information on Investment in Commercial Papers and Unhedged Foreign Currency Exposures of the Borrowers to Credit Information Companies Please refer to ourcircular DBOD.No.CID.BC.127/20.16.056/2013-14 dated June 27, 2014advising banks to implement certain recommendations of the Committee to Rec...

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Category : RBI | Comments : 0 | Hits : 916

RBI/2015-16/431 A.P. (DIR Series) Circular No. 78 June 23, 2016 To All Category - I Authorised Dealer Banks Madam / Sir, Permitting writing of options against contracted exposures by Indian Residents Attention of Authorised Dealer Category - I (AD Cat - I) banks is invited to Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No. FEMA/25/RB-2000 dated May 3, 2000) as amended from time to time andA.P. (DIR Serie...

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Category : FEMA | Comments : 0 | Hits : 1156

RBI/2015-16/430 A.P. (DIR Series) Circular No. 77 [(2)/10(R)] June 23, 2016 To All Category - I Authorised Dealers and Authorised Banks Madam / Sir, Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 Attention of Authorised Dealers Banks is invited to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015, notified videNotification No. FEMA 10(R)/2015-RB dated January 21, ...

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Category : FEMA | Comments : 0 | Hits : 1200

RBI/2015-16/429 DBR.BP.BC.No.106/21.07.001/2015-16 June 23, 2016 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Implementation of Indian Accounting Standards (Ind AS) Please refer tocircular DBR.BP.BC.No.76/21.07.001/2015-16 dated February 11, 2016on the captioned subject in terms of which banks have been directed to be in preparedness to submit Proforma Ind AS Financial Statements to the Reserve Bank from the half-year ended September 30, 2016...

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Category : RBI | Comments : 0 | Hits : 1197

RBI/2015-16/428 DBR.BP.BC.No.105/21.06.001/2015-16 June 23, 2016 All Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Dear Sir, Reporting Requirements under Basel III Capital Regulations- Review Please refer to the Annexures 3 and 4 of theMaster Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015on Basel III Capital Regulations in terms of which banks are permit...

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Category : RBI | Comments : 0 | Hits : 916

RBI/DBR/2015-16/26 Master Direction DBR.FID.No.108/01.02.000/2015-16 June 23, 2016 Master Direction - Reserve Bank of India (Financial Statements of All India Financial Institutions - Presentation, Disclosure and Reporting) Directions, 2016 In exercise of the powers conferred by Section 45 L of the Reserve Bank of India Act, 1934, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest and in the interest of financial sector policy so to do,...

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Category : RBI | Comments : 0 | Hits : 990

S.O. 2151(E).-In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of Direct Taxes for matters relating to statement of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962, namely:-...

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Category : Income Tax | Comments : 0 | Hits : 1192

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, the 20th June, 2016 Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. Howe...

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Category : CBDT | Comments : 0 | Hits : 2511

Speedy disbursal of pending refund claims of exporters of services under rule 5 of the CENVAT Credit Rules, 2004...

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Category : Service Tax | Comments : 0 | Hits : 1125