RBI Governor Press Announcements highlights: RBI reduces the rate, extends the loan relief

Announcements: RBI of the Government: 22/05/2020

  1. Term loan moratorium extends to August 31, 2020-The debt moratorium will be continued to August 31 , 2020. Which gives it a six-month moratorium.
  2. Interest deferral on working capital-Interest on working capital is deferred by another 3 months, i.e. until 31 August 2020.
  3. Conversion of interest on working capital to fixed-term loans-Loan agencies is permitted to turn accrued interest on working capital facilities over the deferment period (until August 31, 2020) into a secured interest-term loan (repayable by March 31, 2021).
  4. The margin for Working Capital – Drawing Power – Lending institutions was required to return working capital margins to the original amount by 31 March 2021.
  5. Reduce the repo rate by 40 bps to 4%. The interest rate should then be reduced.
  6. Export Credits-Maximum Allowable Export Credit (Pre and Post Shipping) extended from 12 months to 15 months.
  7. Payment against imports-Extension of the time limit to allow payments against imports from 6 months to 12 months
  8. Help to EXIM Bank-Facility of Rs 15.000 crore credit line for 90 days for US dollar swap facility will be given to EXIM Bank.
  9. Extension of Resolution Timelines-Deferment or moratorium time shall be removed when measuring the 180-day resolution deadline.
  10. Group Financing -Group exposure increased from 25% to 30%
  11. SIDBI support – In order to provide greater flexibility to SIDBI, a further 90-day extension of the 90-day loan facility will be offered.
  12. Trade Impact -Loan moratorium shall have no effect on improvements in asset classification, financial history, and aging requirements, etc.
  13. Trade Impact-The The volume of world trade can fall by 13 percent-32% this year.

    Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 22nd May 2019

Direct Tax Updates:

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  • Income tax Due date for filing returns for Financial year 2018-2019 is 31 July 2019.So, Provide all required Documents for filling your Income tax Return AY 19-20 as soon As  possible. penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5 Lakhs.
  • CBDT releases draft notification proposing new audit report for Trust/Institution. Notification F No 370142/6/2019-TPL, dated 21-05-2019. stakeholders are requested to provide inputs on draft Form no. 10B electronically.
  • CBDTs Notification 36/2019”, dated 12th April, 2019 the format of TDS Statement in Form No. 24Q, Annexure-II has been revised. The Notification shall come into force w.e.f. 12th May’ 2019. The Form 16 and 24Q have been amended to make them more elaborative.

RBI Updates:

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  • The Reserve Bank of India (RBI) board on Tuesday sought to create a specialised oversight cadre while reviewing the current structure of supervision at the regulator. “With a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies, the Board decided to create a specialised supervisory and regulatory cadre within the RBI,” said a central bank statement.
  • The Reserve Bank of India (RBI) board on Tuesday suggested not extending a credit line to struggling non-banking financial companies (NBFCs) because it felt there was no systemic liquidity issue but there were solvency concerns in some large entities. The board, headed by RBI Governor Shaktikanta Das, met in Chennai and discussed the NBFC crisis as well as a revised circular that would replace the controversial “resolution of stressed assets” framework released by the central bank on February 12, 2018.
  • The RBI is working on a liquidity framework for the NBFC sector and that may be released soon. Though an asset quality review (AQR) is not on the cards for NBFCs, the board was informed the central bank had called the management of large NBFCs and asked them to submit plans, with timelines, for capital infusion and asset monetisation. The NBFC liquidity issue was discussed at length in the meeting “but the liquidity is enough in the system”, a source said. The central bank is keeping a tab on the liquidity position of these firms on a monthly basis and recently asked NBFCs with assets over Rs 5,000 crore to appoint a chief risk officer.

SEBI Updates:

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  • In a step that could significantly deepen the commodity derivatives segment (CDS), market regulator Sebi has issued norms for participation of mutual fund in commodity derivatives like gold, silver, crude, copper, guar, mentha etc. However, MFs won’t be allowed to take positions in sensitive commodities like agri products subject to frequent government intervention and the Essential Commodities Act. Effective May 21, MFs can participate in gold derivatives only through gold exchange traded funds launched by asset management companies (AMCs) and in other commodity derivatives through hybrid schemes, which currently invest in equity, debt and gold, Sebi stated in a circular.
  • As most commodities are physically settled, Sebi stated that MFs shouldn’t hold any physical goods for more than 30 days since they first take delivery. “No mutual fund schemes shall invest in physical goods except in ‘gold’ through Gold ETFs. Further, as mutual fund schemes participating in ETCDs (exchange traded commodity derivatives) may hold the underlying goods in case of physical settlement of contracts, in that case mutual funds shall dispose of such goods from the books of the scheme, at the earliest, not exceeding 30 days from the date of holding of the physical goods.

Other Updates:

  • Airtel, Voda Idea lose 30 mn users in March, Jio gains
  • Evaluating Jet Airways opportunity, says Hinduja Group
  • NCLAT reserves order on ArcelorMittal
  • PNB may take control of 2-3 small state-run banks
  • Indian millennials optimistic about economic outlook
  • Tech Mahindra inks defence contract worth Rs 300 cr
  • HPCL to borrow Rs 8K cr in FY20 to fund expansion
  • Co-location: NSE moves Securities Appellate Tribunal against Sebi rulings
  • ICRA downgrades long-term rating for IDFC First Bank from AA+ to AA
  • High-level committee submit strategies on reducing import: Oil ministry
  • RBI to establish supervisory body to strengthen regulation of banks & NBFCs
  • Corporation Bank plans to trim slippages by 50% to Rs 4000 crore in FY20
  •  EPFO looks to pull back NBFC investments to avert default risk
  • Govt turns the heat on directors in fight against shell companies
  • Small trucks see growth, bucking industry slowdown
  • Solar-powered water pump launched for farming sector
  • Reliance beats Indian Oil Corporation to become biggest Indian company
  • Vedanta bags two copper blocks in Maharashtra
  • India’s thermal coal output seen growing 4.3% annually till 2028: Report
  • 68% Indians feel job market has improved in last 5 years: Survey
  • India among top 20 countries in the Artificial Intelligence readiness ranking
  • IL&FS initiates claim process for 70 group entities
  • Sebi permits mutual funds to participate in commodity derivatives
  • Crompton Greaves Consumer Electricals Q4 net up 36% at Rs 140.54 crore
  • India projected to grow at 7.1% in FY’20: UN report
  • New Indian government faces crucial foreign policy decisions, say US experts
  • US-China trade war gradually destabilising world economy
  •  46 pc ultra high net worth Indians to increase investment in private equity: Survey
  • L&T market capitalisation to touch Rs 3 lakh crore in five years: AM Naik
  • Oil rises on US-Iran tensions, but trade war concerns weigh
  • Rupee edges up 2 paise against US dollar as investors turn cautious.

Key Due Dates:

  • Deposit odf TDS /TCS for the month of April for purchase of property is 30th May 2019.
  • TDS return for March Quarter By all Deductors is 31st May 2019.

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 21st May 2019

Indirect Tax Updates:

  • The amendment to Section 17 (5) of the Central Goods and Services Tax (CGST) Act deals with blocked credit. “Section 17 (5) of the CGST Act and the respective state Acts have led to a paradoxical situation by denying credits as the objective of the GST is free flow of credits when the output is in the course or furtherance of business,” said Abhishek A Rastogi, partner at law firm Khaitan & Co, who filed the writ petition on behalf of real estate companies.
  • “The impugned provisions are against the objectives of GST and have accordingly been challenged on the grounds of arbitrariness and vagueness.” Tax experts said the phrase ‘on his own account’ in the GST law will need to be interpreted differently if one were to take input tax credit. Input tax credit refers to a mechanism under the GST framework wherein the tax a company pays when it purchases raw materials or other services can be passed on to the buyer when the goods or services are sold.

RBI Updates:

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  • The Reserve Bank of India will take a relook at its supervision structure for banks, finance companies and other entities regulated by the central bank. It will initiate a discussion with its board of directors on a proposal to overhaul the crucial job of supervision so that the regulator is better equipped in picking up early warning signs. This may involve consolidating the different supervisory activities under a separate division or head, creating a pool of officials for better analysis of the continuous flow of data from banks and finance companies, and involving specialists.

SEBI Updates:

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  • The Securities and Exchange Board of India on Monday came out with a discussion paper highlighting proposals for allowing a start-up listed on the Innovators Growth Platform (IGP) to trade under the regular category of the main board. According to the proposals, the company should have listed on the IGP for a year and have a minimum of 200 shareholders for making the shift. The company, or any of its promoters, promoter group or directors, should not have been debarred from accessing the capital market or been a willful defaulter.
  • Minimum promoters’ contribution should be 20 per cent of the total capital. In case of a shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions or insurance companies can step in, subject to a maximum of 10 per cent of the total capital. This capital shall be locked in for three years from the date on which trading approval on the main board is granted, and any excess over and above the 20 per cent of promoter’s holding shall be locked-in for one year. The lock-in would not apply for companies listed on the IGP for three years or more.

Other Updates:

  • Aluminium body cautions govt about China
  • WTO warns trade weakness to continue in Q2
  • Australian election results bode well for Adani
  • India adopts new standards for measuring units
  • Irdai proposes to increase 3rd-party insurance premium
  • MNC boardrooms open doors to Indian women leaders
  • Power sector’s outstanding regulatory assets at Rs76,963 cr
  • Full blow trade war will push world towards recession: Morgan Stanley
  • Auditor exits mount at listed SMEs as scrutiny increases after IL&FS crisis
  • Torrent Pharma reports Q4 net loss of Rs 152 crore, cites drug recall
  • Lakshmi Vilas rejects Religare Finance’s disclosure, threatens action
  • US seeks to join Japan-India consultations on IT product tariffs
  • Tata Motors profit dips 47 % in Q4
  • WTO quarterly trade growth indicator still at nine-year low
  • HPCL Q4 net profit jumps 70% on inventory gains
  • Gold imports rise 54% to $ 3.97 billion in April
  • Ford to cut about 10% of global salaried workforce
  • ICICI Bank to buy stake in BSE subsidiary INX for ₹31 crore
  • BPCL Q4 net profit rises 16% to ₹3,125 cr; revenue up 10% at ₹83,942 cr
  • JLR posts 1st profit in four quarters despite China woes
  • Adani Green Energy’s 8.75 crore shares to be offered for sale on Tuesday
  • Bitcoin roars back from ‘flash crash’ to breach $8,000 once more
  • Bank credit to infra sector grows 18.5% in FY19: RBI data
  • TRAI says up to government to take a call on Huawei issue
  • ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Company tells NCLAT
  • Dr Reddy’s to spend $300 million on R&D in FY 20
  • Rupee records biggest gain in 2 months after exit poll results
  • Gold loses sheen, falls Rs 150 on lacklustre demand
  • Investor wealth soars Rs 5.33 lakh cr as exit polls predict return of NDA govt.

Key Due Dates:

  • Deposit odf TDS /TCS for the month of April for purchase of property is 30th May 2019.
  • TDS return for March Quarter By all Deductors is 31st May 2019.

Quote of the day:

  • Being your own person and standing for what you believe is a critical aspect of a good professional life.

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

10 things to know when Unauthorized banking transactions in banks resulting in erroneous debits to accounts of customers.

Unauthorized banking transactions: 10 things to know

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RBI has issued draft Circular to review the criteria for determining customer’s liability, considering the recent surge in unauthorized transactions in banks resulting in erroneous debits to accounts of customers.

The highlights of the draft circular are given here under:

  1. RBI has proposed zero liability for customers where fraud or negligence is on the part of bank.
  2. In case of third party breach (i.e., where the fault lies neither with the bank nor the customer but lies elsewhere in the system)the liability for customer is summarized as follows:
  3. A) Fraudulent transaction is reported Within 3 working days – Customer’s liability is zero
    B) Fraudulent transaction is reported Within 4-7 working days of receiving the communication – Customer’s liability is the transaction value or Rs 5,000 , whichever is lower
    C) Fraudulent transaction is reported Beyond 7 working days of receiving the communication – Customer’s liability is as per bank’s board approved policy
  4. Where negligence is on the part of customer, e.g., as where he has shared the payment credentials, he will bear the entire loss until he reports the unauthorized transaction to the bank. Any loss occurred after reporting of unauthorized transaction shall be borne by bank.
  5. Banks at their discretion may also waive off any customer’s liability in case of unauthorized electronic banking transactions even in cases of customer’s negligence.
  6. In case of zero liability or limited liability of customer, the bank shall credit the amount involved in the unauthorized electronic transaction to the customer’s accountwithin 10 days from date of notification by such customer.
  7. Burden of proving customer’s liability in case of unauthorized electronic banking transactions shall lie on the bank.
  8. Banks shall ask their customers to mandatorily register for alerts for electronic banking transactions. The alerts shall be sent to the customers through different channels(email or SMS) offered by banks.
  9. Banks must provide customers 24×7 access through multiple channels for reporting of fraudulent transactions.
  10. The loss or fraud reporting system shall also ensure that immediate response (including auto response) is sent to the customers acknowledging the complaint along with the registered compliant number.
  11. The communication system used by banks to send alerts and receive responses thereto must record the time and date of delivery of the message and receipt of customer’s response, if any, to them.

RBI Updates:-

RBI issued a Master Directions on Core Investment Companies (Reserve Bank) Directions, 2016 vide Master Direction DNBR. PD. 003/03.10.119/2016-17 dated 25/08/2016.

RBI issued a master direction on Exemption from the provision of RBI Act, 1934 vide Master Direction No. DNBR.PD. 001/03.10.119/2016-17 dated 25/08/2016.
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Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 6,2016

CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 6,2016

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Taxability of Dividend in the hands of Shareholders- Union Budget 2016

Taxation of dividends has seen several twists and turns over the years. In order to reduce cost of collection and curb tax evasion through non-reporting of dividends by shareholders, Government had introduced section 115-O in the Income-tax code through Finance Act, 1997. The section presently provides for 15% tax on dividends distributed by a domestic company. After considering grossing up, surcharge and cess, the effective rate of dividend distribution tax (‘DDT’) stands at approximately 20%.

Finance Bill, 2016 has introduced a concept of progressive taxation of dividends. Proposed section 115BBDA seeks to tax dividends in excess of INR 1 Million @ 10% (plus surcharge and cess) in the hands of individuals, HUFs, partnership firms and LLPs resident in India.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 9555555480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 4, 2016

CORPORATE AND PROFESSIONAL UPDATE DATED  MARCH 4, 2016

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Direct Tax

  • New Form 35 for Appeal to the Commissioner of Income-tax (Appeals) introduced vide CBDT NOTIFICATION dated 01.03.16.
  • Last day to pay advance tax is 15th March for payment of 100% of income tax for FY 15-16.
  • Time Limit for completion of property acquired or constructed with the borrowed capital increase from 3 year to 5 years for getting exemption u/s 24(b) in respect of Self Occupied House Property
  • Contributions made on or after the 1st day of April, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 % of the accumulated balance attributable to such contributions on withdrawal shall be exempt from tax.
  • 68 : No addition where creditability of creditors established. [Mahalaxmi Housing & Finstock Pvt. Ltd. vs. ACIT (ITAT Ahmedabad)].
  • CBDT notifies 15% depreciation allowance on Oil Wells. Notification 13/2016.
  • ITDeduction u/s. 10B – Even though an estimation of excess stock in the middle of the year while accepting the Books of Accounts of the year is not generally permitted by various decisions of the ITAT since Assessee is eligible for deduction u/s. 10B on the additions/disallowance made on these units we are of the opinion that the same amount can be allowed for deduction u/s. 10B as the stock pertains to Hosur and Ongole units which are eligible for deduction u/s. 10B – Madhucon Granites Ltd. Vs. DCIT, Hyderabad (2016 (3) TMI 83 ITAT Hyderabad)
  • IT: Addition u/s. 68 – CIT(A) should not have rubbished the affidavit without going into the merits. Therefore in the interest of justice and fair play we restore this issue to the files of the A.O. – Shri Dinesh Tarachand Kasat and Others Versus The Dy. Commissioner of Income-Tax, Central Circle-1 (3) , Ahmedabad and Vica-Versa (2016 (3) TMI 91 – ITAT Ahmedabad)

Indirect Tax

  • Services of transportation of passengers by stage carriage excluded from Negative List (applicable w.e.f.1st June’ 2016) such services by a non-air-conditioned contract carriage will continue to be exempted, notification No. 09/2016-S.
  • Education services deleted from Negative List (Applicable w.e.f. the enactment of Finance Bill’ 2016)  but the service tax exemption on them is being continued by incorporating them in the general exemption notification (Notification No. 25/2012-ST) – notification No. 09/2016-ST.
  • CCI doubles limit of value of assets & turnover for determining entities combination. NOTIFICATION S.O. 675(E).
  • Prior permission to transfer Cenvat Credit after Amalgamation / Merger. [M/s. S.C. Johnson Products (P) Ltd. vs.  C.C.E. (CESTAT Delhi)]
  • Cenvat Credit can be claimed on the basis of photocopy of duty payment document.[Arbes Tools P. Ltd. vs. CCEx (CESTAT Mumbai)].
  • Increase in clean energy cess (Notification No. 1 & 2/2016 dated 29th Feb, 2016) applicable from 1st March, 2016.
  • DVAT: Due date for filing online Form 9 for FY 2014-15 has been extended to 31 MAR 2016.
  • DVAT: Digital Signatures made mandatory for filing DVAT-16 and DVAT-17 w.e.f. Q4-FY 2015-16 returns for dealers with GTO exceeding Rs.50 Lac in FY 2014-15.

MCA Updates

  • MCA: As the National Company Law Tribunal (NCLT) and its Appellate Authority is at an advanced stage of constitution and after its constitution, it is proposed to commence the provisions relating to Revival of Sick Companies (Chapter XIX) of Companies Act, 2013. The draft Rules for the Revival of Sick Companies (Chapter XIX) of Companies Act, 2013, have been prepared by a Committee consisting of Ministry officials and Experts drawn from various fields.

Other Updates

  • RBI has issued Know Your Customer Direction, 2016 for all Banks or entities licensed u/s 22 of Banking Regulation Act, 1949, Etc.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 9555555480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016

CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016

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  • Supply Of Goods to Indian Navy not must to claim excise exemption.
  • Manufacture of rosin and turpentine without aid of power , seeking retrospective exemption is not a constitutional right – HC. [Mangalam Organics Limited vs Union of India – 2016 (2) TMI 529 – Delhi High Court].
  • Brokerage paid to the third party has nothing to do with the rental income paid by the tenant brokerage not deductible in computing income from house property
  • Cenvat of Goods/ Service used in construction of rented property allowed. [Nirlon Ltd. vs. Commissioner of Central Excise,Mumbai].
  • Proceedings under rule declared unconstitutional by HC in invalid. [Vipul-S Plasticrafts P. Ltd. vs. Commissioner of Central Excise].
  • The petitioner is admittedly not a foreign company : Since the petitioner is not an eligible assessee in terms of section 144C(15)(b), no draft order can be passed in the case of the petitioner u/s 144C(1) – HC. [Honda Cars India Limited (Formerly – M/s. Honda Siel Cars India Limited vs Deputy Commissioner of Income Tax & Another – 2016 (2) TMI 527 – Delhi High Court].
  • Kindly attend the Annual Award Function of NIRC of ICAI  on February 20th at 3 PM in NDMC Convention Centre, Connaught Place, New Delhi.

Direct Tax:

  • Bogus purchases – CIT(A) was fully justified in deleting the addition made by the AO on account of alleged bogus purchases particularly when the GP rate declared by the assessee was progressive and was accepted by the AO. – ITO, Ward 2 (2) , Ghaziabad Versus Ray Steels – 2016 (2) TMI 498 – ITAT DELHI
  • Disallowance of short term capital loss on sale of shares – sale of share was effected between two group companies having the same directors about the shares of the group company during the lock-in period – it is case of sham transaction – loss booked not allowed –  AAA Portfolios Pvt. Ltd. Versus DCIT, Circle-1 (1) , New Delhi – 2016 (2) TMI 499 – ITAT DELHI

Indirect Tax:

  • Claim of refund of service tax paid by them during the period from April 2011 to March 2012 on services of constructions of college building – Ld. Commissioner (Appeals) by proper application of mind set aside rejection of refund claim and allowed appeal of the respondent. – Refund cannot be denied – Commissioner of Service Tax-VII Versus M/s SM Sai Construction – 2016 (2) TMI 486 – CESTAT MUMBAI

Updates:

  • IRDAI has issued Clarification on IRDAI (Registration of corporate Agents) Regulations, 2015 Vide Ref: IRDA/CAGTS/CIR/LCE/029/ 02/2016 dated 16.02.2016.
  • RBI has recently issued Notification on the Implementation of Section 51-A of Unlawful Activities Prevention Act (UAPA), 1967 – Updates to ISIL (Da’esh) & Al-Qaida Sanctions List Vide Notification No.  DBR.AML.No.10293/14.06.001/ 2015-16 dated 16.02.2016

Company Law:

Query:  Does income tax representation services can be rendered by an auditor under section 144? Are they covered in management services?

Answer:  No, they are not considered as management services. So, an auditor can render tax representation services provided it shall be approved by the Board or Audit committee of the company, as the case may be, in pursuant to Section 144 of the Act.

Key Dates:

  • New appeal filing monetary limit shall  apply to pending appeals also.[ITO vs. Smt. Sudha Brijratan Damani (ITAT Mumbai), I.T.A. No. 6952/Mum/2013].
  • CBEC makes it mandatory for RBI and Electricity Board to file Annual Information Return. Notification no. 04/2016 dated 15.02.2016.
  • Interest from surplus fund is taxable as income from other sources. [M/s Himlayan Expressway Limited vs. ITO (ITAT Chandigarh), ITA No. 690/ Chd /2014, AY 2009-2010].
  • 172 : No TDS on payment to Non–Resident shipping companies. [CIT vs. V.S. Dempo & Co. Pvt. Ltd. (Bombay High Court), Income Tax Appeal Nos. 989, 991, 948, 957,978 of 2015].
  • WIP Valuation on receipt basis is forbidden in Mercantile Accounting. [The ACIT vs. M/s. Ambarwadikar & Co., Engineers & Contractors (ITAT Pune), ITA Nos.169 to 171/PN/2006 & C.O.No.27/PN/2010].
  • MCA invites comments on The Draft Companies (Accounting Standards) & (Indian Accounting Standards) Amendment Rules 2016 to be submitted latest by03.2016.
  • Last date for submission of online application form for emplacement with O/o C&AG for the year 2016-2017 for audit of PSUs is extended to 2.2016.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 011-233 433 33

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 22, 2016

CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 22, 2016

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DIRECT TAX

  • The petitioner is admittedly not a foreign Company. – Since the petitioner is not an eligible assessee in terms of Section 144C(15)(b) no draft order can be passed in the case of the petitioner u/s 144C(1) –( Honda Cars India Limited (Formerly – M/s. Honda Siel Cars India Limited Versus Deputy Comm. of Income Tax & Another – 2016 (2) TMI 527 – DELHI HIGH COURT)
  • Addition under Section 41(1) – The loan transactions were on the capital account and the writing off the loan was also on capital account and did not find place in the Profit and Loss Account – Thus the cessation of the liability by itself would not lead to the attraction of Section 41(1)- (Principal Commissioner of Income Tax-09 Versus M/s. Tinna Finex Ltd. – 2016 (2) TMI 526 – DELHI HIGH COURT)

INDIRECT TAX

  • Seeks to further amend notification No. 12/2012-Customs, dated 17.03.2012- (click here to view)
  • Classification of services – providing services relating to transportation of light Commercial Motor Vehicles & Multi Utility Vehicle manufactured by M/s Force Motors Ltd. by way of getting them driven by skilled drivers – None of the limbs of BAS covers the impunged activity – Taxable under BSS w.e.f. 1.5.2006- (Capital Transport Convoy Contractor Versus Commissioner of Central Excise And Service Tax, Indore – 2016 (2) TMI 546 – CESTAT NEW DELHI)

COMPANY LAW

Query:Sub-section 6 of the Section 149 of Companies Act 2013 provides for meaning of independent Director and clause (c) & (d) of sub-section 6 of section 149 of Co. Act, 2013 provides that Independent Director or his relatives has or had no pecuniary relationship or transaction with Company, its holding, subsidiary or associate company etc. Please explain the meaning of “Pecuniary Relationship” and “materiality” in this regard.

Answer:Ministry of Corporate Affairs has in its Report of Expert Committee on Management and Board Governance has explained that the term material pecuniary relationship should also be clearly defined for the purpose of determining whether the director is independent or not. The concept of “Materiality’ is relevant from the recipient’s point of view and not from that of the company. The term ‘material’ needs to be defined in terms of percentage. In view of the Committee, 10% or more of recipient’s consolidated gross revenue / receipts for the preceding year should form a material condition affecting independence. For determining materiality of pecuniary relationship, transactions with an entity in which the director or his relatives hold more than 2% shareholding, should also be considered.

MCA UPDATES

  • MCA has recently invited comments on the draft companies (Incorporation) Second Amendment Rules, 2016
  • MCA has recently invited comments on the draft companies (authorised to registered) amendment rules 2016

KEY DATES

E-payment of DVAT & CST tax for Jan: 21.02.2016

Payment of ESI of Jan: 21.02.2016

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 011-233 433 33

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 21, 2016

CORPORATE AND PROFESSIONAL UPDATE FEBRUARY  21, 2016

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INCOME TAX ACT

SECTION 14A

EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME

Reassessment : Where assessee had disclosed all material facts relating to tax free dividend income at time of making assessment, initiation of reassessment proceedings merely on basis of change of opinion that assessee did not offer any expenditure for disallowance under section 14A in respect of said income, was not sustainable – [2016] 66 168 (Delhi)

SECTION 92C

TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE

Projected profits of subsequent years can’t be considered for working out the PLI under TNMM – [2016] 66 185 (Delhi – Trib.)

Comparables and adjustments/Comparables – General : Where TPO made addition to assessee’s ALP in respect of pharmaceutical products exported to its AE, since Commissioner (Appeals) deleted said addition without taking into account effect of provisions contained in Chapter X of Act, matter was to be remanded back for disposal fresh – [2016] 66 132 (Mumbai – Trib.)

Comparables and adjustments/Comparables – Illustrations : In case of assessee rendering non-binding investment advisory services to its AE, a company providing services of merchant banking and investment, could not be accepted as valid comparable while determining ALP – [2016] 66  130 (Mumbai – Trib.)

SECTION 153

INCOME ESCAPING ASSESSMENT – TIME LIMIT FOR COMPLETION OF REASSESSMENT

Extended period of limitation : Where in writ petition, High Court gave direction to reconsider matter with regard to auditing books of account under section 142(2A), time taken by Commissioner to decide matter in respect of auditing would stand excluded while computing period of limitation – [2016] 66 taxmann 138 (Allahabad)

COMPANIES ACT

SECTION 235

INVESTIGATION INTO AFFAIRS OF COMPANY

Where as per directions of Court a Special Investigating Team (SIT) was constituted comprising of officers of departments of Serious Fraud Investigation Office (SFIO) of Company Affairs under Ministry of Corporate Affairs, Government of India; Enforcement Directorate, Income-tax Department as well as Central Bureau of Investigation, SFIO segment of SIT would look into violations and would have supremacy over investigations under Companies Act and other constituents would look into violation of provisions of Laws/Acts governing them and they would be within their rights to initiate appropriate actions under their respective Acts – [2016] 66 118 (Punjab & Haryana)

SECTION 391

COMPROMISE AND ARRANGEMENT

Where there was a representative union, duly recognized under Gujarat Industrial Relations Act, 1946, applicant committee of workers not being representative nor recognised union, would have no locus standi to appear as party respondent in company Petition – [2016] 66  170 (Gujarat)

COMPETITION ACT

SECTION 4

PROHIBITION OF ABUSE OF DOMINANT POSITION

CCI rejected the complaint filed by Meru Cabs against Uber for alleged conduct of unfair trade practice by providing heavy discounts to drivers and customers. CCI said that the fluctuating market share figures of the various players show that the competitive landscape in the relevant market is quite vibrant and dynamic and therefore, the radio taxi services market in Delhi is competitive in nature and UBER does not appear to be holding a dominant position in the relevant market therefore, no case of contravention is made out against Uber Group under Sections 3 or 4 of the Act – [2016] 66  199 (CCI)

SERVICE TAX

SECTION 65(90a)

TAXABLE SERVICES – RENTING OF IMMOVABLE PROPERTY SERVICES

Where assessee had provided ‘leased vehicles’ to its officials and had merely recovered from officials excessive expenses incurred on ‘leased vehicles’ beyond entitlement of such officials, such recovery would not amount to ‘vehicle renting services to officials’ and cannot be charged to Service tax – [2016] 66  154 (New Delhi – CESTAT)

SECTION 73

RECOVERY – OF DUTY OR TAX NOT LEVIED/PAID OR SHORT-LEVIED/PAID OR ERRONEOUSLY REFUNDED

Where assessee availed cenvat credit on capital goods/services installed/availed in Jammu & Kashmir by including premises of J&K in centralized registration though no taxable services were provided in state of J&K, by virtue of section 64(1) of Finance Act, 1994, extended period was applicable to demand duty tax – [2016] 66 128 (Kolkata – CESTAT)

CENTRAL EXCISE ACT

SECTION 2(f)

MANUFATURE – CLASSIFICATION

Process involved in production of Gulabari & Keora Water amounts to manufacture and these products are classifiable under Heading 33030020 and 33030030 respectively – [2016] 66 155 (New Delhi – CESTAT)

Shilajit Capsules (Ayurvedic medicine) manufactured by assessee as per its own patented formula and not as per formula given in any Authoritative ayurvedic text, would be classified as PP medicine under heading 33049011 and not as generic ayurvedic medicine under heading 30.03 – [2016] 66  155 (New Delhi – CESTAT)

SECTION 4A

VALUATION UNDER CENTRAL EXCISE – RETAIL SALE PRICE/MRP BASED

Where assessee has cleared goods to ultimate customer as per declared RSP (Retail Sale Price) and there is no flowback from retail seller to assessee, then, declared RSP cannot be challenged as incorrect – [2016] 66 136 (Chennai – CESTAT)

CUSTOMS TARIFF ACT

SECTION 3(1)

CHARGE/LEVY – ADDITIONAL DUTY OF CUSTOMS/CVD

For purpose of payment of CVD equal to excise duty based on RSP, since there is no procedure under Customs Act to challenge RSP, hence, RSP can be challenged only as per section 4A of the Central Excise Act and rules made thereunder – [2016] 66 136 (Chennai – CESTAT)

CENVAT CREDIT RULES

RULE 1

CENVAT CREDIT – SHORT TITLE, EXTENT AND COMMENCEMENT OF

Cenvat Credit Rules do not apply on cenvat credit of service tax in state of Jammu & Kashmir and, therefore, credit taken with respect to services availed in state of Jammu & Kashmir has to be denied – [2016] 66 128 (Kolkata – CESTAT)

RULE 9

CENVAT CREDIT – DOCUMENTS AND ACCOUNTS UNDER CENVAT

Where details prescribed in rule 4A(1) of Service Tax Rules are available in a document, it will be a proper document for availing cenvat credit – [2016] 66  128 (Kolkata – CESTAT)

STATUTES

DIRECT TAX LAWS

Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – CBDT resolves disputes of RS.5000 crore under Mutual Agreement Procedure (MAP) of tax treaties – PRESS RELEASE, DATED 16-2-2016

CORPORATE LAWS

Review of Offer for Sale (OfS) of Shares through Stock Exchange Mechanism – CIRCULAR NO.CIR/MRD/DP/36/2016, DATED 15-2-2016

Notice inviting comments on the draft rules W.R.T. NCLT related provisions under the Companies Act, 2013 –PRESS RELEASE, DATED 28-1-2016

INDIRECT TAX LAWS (ST,EX,CUS. & (CST & VAT))

Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016 – NOTIFICATION NO.4/2016-ST, DATED 15-2-2016

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 011-233 433 33

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 20, 2016

CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 20, 2016

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Income Tax Act

SECTION 9

INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA

Business income : Where assessee, engaged in operation and maintenance of international airport, obtained services of non-resident companies for running duty free retail shops, matter was to be remanded back to determine as to whether commission paid to them was taxable in India after applying definition of term ‘business connection’ as mentioned under section 9(1)(i) – [2016] 66 137 (Cochin – Trib.)

Royalties and fees for technical services : Where assessee made payment to a China based company for designing, drawing, supply and installation of three passenger boarding bridges at Airport, matter was to be remanded back to determine as to whether said payment was taxable in India in terms of ‘fee for technical services’ under section 9(1)(vii) as well as article 12(3) of India-China DTAA – [2016] 66 137 (Cochin – Trib.)

SECTION 10A

FREE TRADE ZONE

Computation of deduction : Where Assessing Officer had disallowed assessee’s claim for deduction under section 10A and Commissioner (Appeals) allowed relief and thereafter Tribunal, on appeal by revenue, following judgment of Tribunal of an identical case confirmed order of Commissioner (Appeals), matter required fresh examination on merits – [2016] 66 152 (Karnataka)

SECTION 11

CHARITABLE OR RELIGIOUS TRUST – EXEMPTION OF PROPERTY HELD UNDER INCOME FROM

Sub-section (2) : Where assessee-trust spent 85 per cent of its income for construction of building to be used for educational purpose, mere fact that it advanced certain amount to its sister concern out of surplus accumulated which remained at its disposal, there was no violation of provisions of section 11(2) and, thus, assessee’s claim for exemption of income was to be allowed – [2016] 66 127 (Pune – Trib.)

SECTION 15

SALARIES – CHARGEABLE AS

Conditions precedent : Where assessee was engaged as a contractor on contractual basis by one ‘S’ and he disclosed receipts from ‘S’ as income from business or profession, whereas lower authorities treated said receipts as income from salary, matter required to be remanded to Tribunal to decide same afresh – [2016] 66 123 (Punjab & Haryana)

SECTION 92C

TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE

Comparables and adjustments/Adjustments – Interest : Where TPO made addition to assessee’s ALP in respect of loan advanced to its AE, in view of fact that assessee had advanced said loan at 247 basis points above LIBOR whereas Indian banks were charging 250 basis points above LIBOR on similar loans, impugned addition was to be set aside – [2016] 66 120 (Delhi – Trib.)

Comparables and adjustments/Comparables – Illustrations : In case of assessee, engaged in rendering software development services to its AE, companies engaged in both activities, i.e., development of own software products as well as providing software development services, could not be accepted as valid comparables while determining ALP – [2016] 66 150 (Hyderabad – Trib.)

SECTION 143

ASSESSMENT – ISSUE OF NOTICE

Requirement of : Where assessee did not file return under section 139(1); or under section 139(4); or in response to section 148; or in response to section 142(1); Assessing Officer was not required to issue notice under section 143(2) before completing assessment under section 143(3), read with section 147 – [2016] 66 127 (Pune – Trib.)

SECTION 11

PENALTY – FOR CONTRAVENTION OF PROVISIONS OF ACT, RULES, ORDERS AND EXPORT AND IMPORT POLICY

By virtue of Nominated Agency Certificate granted to petitioners, they were subject to 100 per cent export condition as stipulated in Circular No. 15, dated 22-7-2013 issued by RBI and thus by diverting 200 kgs of gold into domestice market they had violated RBI guidelines – [2016] 66 153 (Bombay)

Service Tax

SECTION 86

APPEALS – ORDERS OF – APPELLATE TRIBUNAL

Tribunal may pass Final Order in one case and adopt same in other batch of cases; however, practice of clubbing common issues and passing interim order laying down law is incorrect because no law can be laid down in an interim order – [2016] 66 133 (Karnataka)

Central Excise Act

SECTION 4

VALUATION UNDER CENTRAL EXCISE – TRANSACTION VALUE – TESTING AND INSPECTION CHARGES

Where testing of excisable goods is done at request of buyer and testing charges are reimbursed by buyer, such testing charges are not includible in ‘excisable value’ as goods are marketable even without such testing /inspection done on behalf of buyer – [2016] 66 135 (New Delhi – CESTAT)

SECTION32F

SETTLEMENT OF CASES – PROCEDURE ON RECEIPT OF APPLICATION

Settlement Commission has all powers as that of a Central Excise Officer; hence, Settlement has power to issue summons and take evidence and may also adjudicate cases involving complex issues of fact and law –[2016] 66 134 (Bombay)

Central Excise Tariff Act

CHAPTER 38

CLASSIFICATION OF GOODS – CHEMICALLY COATED MICRONIZED MINERALS AND RED OXIDE

Where assessee cleared chemically coated micronized minerals and red oxide and claimed that they were classifiable under Chapter 25.05, chemically coated micronized minerals were classifiable under Chapter 3824.90 and red oxide under Chapter 2821.10 – [2016] 66  121 (Chennai – CESTAT)

Customs Act

SECTION 14

LEVY OF DUTY – VALUATION OF GOODS

Ship demurrage charges paid by assessee/importer on import of goods were not liable to be included in assessable value of goods imported for customs duty purposes – [2016] 66 108 (SC)

Cst & Vat

SECTION 5A OF GUJARAT VALUE ADDED TAX ACT, 2003

TAX INCIDENCE AND LEVY – ZERO RATED SALE

Where assessee entered into a works contract with one ‘A’ for construction of power project in SEZ and Determining Authority held that, in view of section 5A, assessee was not liable to pay tax on sale of goods to ‘A’ in SEZ, but there should be an endorsement of Customs Authority to prove that sale was made to developer of SEZ, and thereafter assessee obtained endorsement of Customs Authority on purchase bills before entry of goods into SEZ, endorsement on purchase bills was sufficient compliance – [2016] 66 151 (Gujarat)

Statutes

DIRECT TAX LAWS

Section 80-1A of the Income-tax Act, 1961 – Deductions – Profits and gains from Infrastructure Undertakings – Clarification of Term ‘Initial Assessment Year’ in section 80-1a(5) – CIRCULAR NO.1/2016 [F.NO.200/31/2015-ITA-I], DATED 15-2-2016

Section 133 of The Income-tax Act, 1961 – Income-tax Authorities – Power To Call For Information – Uidelineson procedure to be followed for seeking information from Financial Intelligence Unit-India (Fiu-Ind) and confidentiality to be maintained in handling such information – LETTER F.NO.1(153)/DIT(R)/I.T. DEMAND CATE./2015-16/170-4, DATED 15-2-2016

Section 154 of the Income-tax Act, 1961 – Recitificatgion of mistake – Apparent from records – Passing rectification order under section 154 – INSTRUCTION NO.2/2016 [F.NO.225/305/2015-ITA.II], DATED 15-2-2016

Section 154 of the Income-tax Act, 1961 – Rectification of mistake – Apparent from records – Following prescribed time-limit in passing order under section 154(8) – INSTRUCTION NO.1/2016 [F.NO.225/305/2015-ITA.II], DATED 15-2-2016

CORPORATE LAWS

IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (First Amendment) Regulations, 2016 – Amendment in Regulations 12, 13, 15, 16, 28 and substitution of regulation 4 – NOTIFICATION F.NO.IRDAI/REG/1/113/2016, DATED 28-1-2016

Amendments to SEBI (Mutual Funds) Regulations, 1996 – Amendment in Circular NO.CIR/IMD/DF/21/2012, Dated 13-9-2012; Circular NO. CIR/IMD/DF/24/2012,Dated 19-11-2012 and CIRCULAR NO.CIR/I MD/DF/05/2014,Dated 24-3-2014 – CIRCULAR NO.S EBI/HO/IMD/ DF2 / CIR/P/2016/35, DATED 15-2-2016

SEBI (Mutual Funds) (Amendment) Regulations, 2016 – Amendment in Seventh Schedule – NOTIFICATION NO.SEBI/LAD-NRO/GN/2015-16/034, DATED 12-2-2016

Ministry of Finance, Adjudicating Authority under the Prevention of Money-Laundering Act, 2002, Registrar (Group ‘A’ Post) Recruitment Rules, 2016 – NOTIFICATION NO. GSR 161(E) [F.NO.A-12018/10/2010-SO (E.S. CELL)], DATED 12-2-2016

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 011-233 433 33

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)