RBI/2015-16/345 DCBR.CO.BPD.BC.No.13/19.51.008/2015-16 Chaitra 03, 1938 March 23, 2016 All Primary (Urban) Co-operative Banks / State Co-operative Banks Dear Sir / Madam, Section 23 of Banking Regulation Act, 1949 (AACS) – Extending Value-Added Services through ATMs Please refer to ourcircular DCBR.CO.LS (PCB) Cir.No.2/07.01.000/2015-16 dated July 30, 2015wherein the services tha...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 966

RBI/2015-16/344 DBR.BP.BC.No.86/21.04.098/2015-16 March 23, 2016 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Liquidity Risk Management & Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards Please refer to our following circulars on Liquidity Risk Framework: DBOD.BP.No.56/21.04.098/2012-13 dated November 7, 2012on “Liquidity Risk Management by Banks.&...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1065

RBI/2015-16/341 FIDD.No.FSD.BC.20/05.10.007/2015-16 March 17, 2016 The Chairman/Managing Director/Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Pradhan Mantri Fasal Bima Yojana As you are aware, Government of India has recently approved Pradhan Mantri Fasal Bima Yojana (PMFBY) which would replace the existing schemes of National Agricultural Insurance Scheme (NAIS) & Modified National Agricultural Insurance Scheme ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1038

RBI/2015-16/340 DGBA.GAD.No.2960/45.01.001/2015-16 March 17, 2016 The Chairman / Chief Executive Officer All Agency Banks Dear Sir, Recovery of excess payments made to pensioners We have been receiving complaints from pensioners stating that the recovery of excess/wrong pension payments are being made in a manner that is not in keeping with the extant guidelines. In this connection, the instructions contained in circular Nos. CO.DGBA (NBS) No. 44/GA.64 (11-CVL) 90/91 dated April...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 918

RBI/2015-16/339 FMRD.FMD.No. 02.03.183/7/2015-16 March 17, 2016 All Standalone Primary Dealers Dear Sir, Participation of Standalone Primary Dealers in Currency Futures Market A reference is invited toA.P. (DIR Series) Circular No. 05 dated August 06, 2008,in terms of whichpersons resident in India are permitted to participate in the currency futures market in India subject to directions contained i...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1248

RBI/2015-16/338 FIDD.MSME & NFS.BC.No.21/06.02.31/2015-16 March 17, 2016 All Scheduled Commercial Banks (Excluding RRBs) Madam / Sir, Framework for Revival and Rehabilitation of Micro, Small and Medium Enterprises (MSMEs) In order to provide a simpler and faster mechanism to address the stress in the accounts of MSMEs and to facilitate the promotion and development of MSMEs, the Ministry of Micro, Small and Medium Enterprises, Government of India, vide their Gazette Notifica...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 982

RBI/2015-16/337 DPSS.CO.EPPD No.2157/04.03.01/2015-16 March 17, 2016 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT NEFT – Customer Service and Charges – Adherence to Procedural Guidelines and Circulars We invite reference toPara 7 of circular DPSS.CO.EPPD No.1583/04.03.01/2013-14 dated January 21, 2014on the captioned subject wherein banks were advised to submit data pertaining to NEFT transactions by walk-in customer...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1070

Kind reference is invited to Board’s Circulars No. 09/2015 dated 31.03.2015 and Circular No. 03/2016 dated 03.02.2016 regarding the Indian Customs Single Window. To re-capitulate, the Central Board of Excise and Customs (CBEC) has taken-up the task of implementing ‘Indian Customs Single Window Project’ to facilitate trade. This project envisages that the importers and exporters would electronically lodge their Customs clearance documents at a single point only with the Customs....

Continue Reading...

Category : Custom | Comments : 0 | Hits : 1105

Circular No. 1020/8/2016 - CX F.NO. 6/5/2015 - CX.I Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ********** New Delhi, dated the 11thMarch, 2016 Principal Chief Commissioner of Central Excise/ Service Tax (All), Chief Commissioners of Central Excise/ Service Tax (All), Principal Commissioner of Central Excise/ Service Tax (All). Subject:-Valuation of imported Set top boxes under Section 4 of the Central Excise ...

Continue Reading...

Category : Excise | Comments : 0 | Hits : 1207

RBI/2015-16/335 DCBR.CO.RCBD.Cir.No. 12/19.51.012/2015-16 Phalguna 20, 1937 March 10, 2016 The Chairman/Managing Director All State and Central Cooperative Banks Dear Sir / Madam, Application of Minimum Capital Adequacy Norms to State and Central Cooperative Banks (StCBs/DCCBs) Please refer to thecirculars RPCD.CO.RF.BC.40/07.38.03/2007-08 dated December 4, 2007andRPCD.RCB.BC.73/07.51.012/2013-14 dated January 7, 2014on the captioned subject. 2. On a review of extant instruc...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 915

RBI/2015-16/336 DNBR (PD) CC.No.076/03.10.001/2015-16 March 10, 2016 All Non-Banking Financial Companies (excluding RNBCs) Madam/ Sir, Review of risk weights assigned to sovereign debt In terms of the extant directions, deposit accepting NBFCs, systemically important non-deposit taking NBFCs, all NBFC-MFIs and all NBFC-IFCs shall maintain a minimum capital ratio consisting of Tier I and Tier II capital which shall not be less than 15 per cent of its aggregate risk weighted assets...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 916

F.No.312/109/2015-OT Government of India Ministry of Finance Central Board of Direct Taxes (CBDT) New Delhi, Dated 7th March, 2016 Office Memorandum Sub: Revised timeline for verification of arrear demand under section 245 of the Income-tax Act, 1961. Reference is invited toOffice Memorandum of even number dated 29.01.2016vide which the procedure to be followed in cases where notice u/s 245 has been issued for returns to be processed during FY 2015-16 was specified by the Boar...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1354

Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi,Dated:8thMarch, 2016 Notification No.20/2016-Service Tax G.S.R….. (E). – In exercise of the powers conferred by sub-sections (1) and (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994,namely:- 1. (1) These rules may be called theService Tax (Second A...

Continue Reading...

Category : Service Tax | Comments : 0 | Hits : 1842

Circular No. 7/2016-Customs F.No.450/172/2015-CUS-IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Dated the 7thMarch, 2016 Subject: - Issue of Indian Currency Note- Foreign going vessels-Instructions Kind reference is invited to Boards Circular No. 51/99 dated 12.08.1999 on the subject cited above wherein Board had decided to allow Merchant Ship to carry Indian currency notes of Rs. 100/-denomination for ...

Continue Reading...

Category : Custom | Comments : 0 | Hits : 1066

In a relief to contractors, the CBDT today said those working in a consortium will not be taxed as Association of Persons (AOP) if each entity's earning depends on the project performance. CIRCULAR NO. 07/2016 DATED 07-03-2016...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1624

RBI/2015-16/333 IDMD.CDD.No. 2020/14.04.050/2015-16 March 04, 2016 The Chairman& Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Stock Holding Corporation of India Ltd.( SHCIL) Dear Sir/Madam, Sovereign Gold Bonds- 2016 Series-II Government of India has vide itsNotification F.No. 4(19)-W&M/2014 dated March 04, 2016announced that the Sovereign Gold Bonds, 2016 (“the Bonds”) will be open for subscription from March 8, 2016 to March 14, 2016...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 909

DELHI VAT ACT, 2004 - FILING OF RETURNS THROUGH DIGITAL SIGNATURES NOTIFICATION NO.F.3(643)POLICY/VAT/2016/1585-1597,DATED 1-3-2016 In exercise of the powers conferred on me under the fourth proviso to sub-rule (3) of rule 28 of the Delhi Value Added Tax Rules, 2005, I, S. S. Yadav, Commissioner, Value Added Tax, Government of NCT of Delhi, do hereby require that— - the dealers, whose gross turnover (i.e. turnover under the Delhi Value Added Tax Act, 2004 plus turnover under the C...

Continue Reading...

Category : VAT | Comments : 0 | Hits : 1705

RBI/2015-16/332 A.P. (DIR Series) Circular No.53 March 03, 2016 To All Category - I Authorised Dealer Banks Madam / Sir, Grant of EDF Waiver for Export of Goods Free of Cost Attention of Authorised Dealers is invited toA.P. (DIR Series) Circular No. 94 dated April 26, 2003in terms of which GR waiver to exporters for export of goods free of cost had been enabled. The facility had been extended to the Status Holders vide para 2.52.1 of Handbook of Procedures- Vol-I of Foreign Trad...

Continue Reading...

Category : FEMA | Comments : 0 | Hits : 1230

S.O. 637 (E).─ In exercise of the powers conferred by sub-section (1) of section 249, read with section 295 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 (3rd Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette 2. In the Income-tax Rules, 1962 (herein after referred...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1765

Kind attention is invited to Board’s Circular No. 581/18/2001-CX, dated 29.06.2001, specifying conditions, procedures, class of exporters and places under sub-rule (2) of rule 20 of Central Excise (No. 2), Rules, 2001 for Central Excise who can avail facility of export warehousing. CLICK HERE....

Continue Reading...

Category : Excise | Comments : 0 | Hits : 1218

CAG submitted its report regarding administration of prosecution and penalty in Central Excise and Service Tax wherein regarding withdrawal of old cases of prosecution, it noted that “though the discretion to allow withdrawal of prosecution ultimately rests with the Court, it is the department’s responsibility to ensure periodic monitoring of the status of long pending cases as to ensure that cases which in the opinion of the department merit withdrawal are being brought to the notic...

Continue Reading...

Category : Excise | Comments : 0 | Hits : 1190

I am directed to refer to the Boards circular 620/11/2002-CX, dated 20.02.2002 wherein facility of issuing of Certificate as proof of payment of Central Excise duty was extended to Small Scale Industry. References have been received from Trade for extending this facility of issuing Certificate as proof of payment of Central Excise duty to all categories of industries. CLICK HERE...

Continue Reading...

Category : Excise | Comments : 0 | Hits : 1313

F.No. 96/18/2016-CX.1 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ********* New Delhi, dated the 29th February, 2016 To Principal Chief Commissioner / Chief Commissioner of Central Excise (All), Principal Chief Commissioner / Chief Commissioner of Central Excise and Service Tax (All), Principal Commissioner of Central Excise, Service Tax (All), Web-master, CBEC Madam/sir, Subject : Registration of two or more premises a...

Continue Reading...

Category : Excise | Comments : 0 | Hits : 1151

19/2016-Service Tax dt. 01-03-2016. (Seeks to amend Service Tax Rules, 1994.) CLICK HERE 18/2016-Service Tax dt. 01-03-2016. (Seeks to amend notification No. 30/2012-Service Tax dated 20th June, 2012, so as to prescribe, the extent of service tax payable by the service provider and any other person liable for paying service tax other than the service provider) CLICK HERE 17/2016-Service Tax dt. 01-03-2016 (Seeks to bring into effect certain provisions of notification No. 05/2015-ST da...

Continue Reading...

Category : Service Tax | Comments : 0 | Hits : 32512

RBI/2015-16/331 DBR.No.BP.BC.83/21.06.201/2015-16 March 1, 2016 All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Madam / Sir, Master Circular – Basel III Capital Regulations - Revision Please refer toMaster Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015on ‘Basel III Capital Regulations’. The treatment of certain balance sheet items, as per the extant regulations on banks’ capital, differs from what is pre...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1116

RBI/2015-16/330 DBR.BP.BC.No.82/21.04.132/2015-16 February 25, 2016 All Scheduled Commercial Banks (excluding RRBs) All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir, Review of Prudential Guidelines - Revitalising Stressed Assets in the Economy The Reserve Bank of India has issued various guidelines aimed at revitalising the stressed assets in the economy. The measures taken by the Reserve Bank include Strategic Debt Restructuring ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 980

Chartered Accountant Procedures of Meetings of Quality Review Board , and Terms and Conditions of Service and Allowances of the Chair Person and Members of the Board (Amendment Rules), 2016. CLICK ON THE LINK...

Continue Reading...

Category : Companies Act | Comments : 0 | Hits : 1153

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 7/2016 New Delhi, Date: 19thFebruary, 2016 Income-tax S. O. 529(E).-In exercise of the powers conferred by sub-section (1) of section 80CCD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the Gazette of India, Extraordinary, Part I, Section 1, vide number F.No. 16/1/2015-PR dated the 16th Octo...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1709

RBI/2015-16/326 DNBR.CC.PD.No.074/03.10.01/2015-16 February 18, 2016 To All Non-Banking Financial Companies (NBFCs) – Factors. NBFC – Factors (Reserve Bank) Directions, 2012 – Review The Reserve Bank of India had reviewed the guidelines on provision of factoring services by banks and specified certain conditions under which banks can departmentally undertake factoring activities. To ensure against regulatory gaps/ arbitrage if any, arising from differential regu...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 926

RBI/2015-16/327 DNBR (PD) CC.No.075/03.10.001/2015-16 February 18, 2016 All Deposit taking NBFCs (including RNBCs) and NBFCs- ND-SI Madam/ Sir, Frauds - Future approach towards monitoring of frauds in NBFCs Please refer tocirculars DNBS.PD.CC.No.127/ 03.10.42/2008-09 dated August 14, 2008,DNBS.PD.CC.No.256/03.10.042/2011-12 dated March 02, 2012andDNBS.PD.CC.No.314/03.10.042/2012-13 dated Dece...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 912