Notifications/Circulars

Amendment in Policy on Imports and Exports to Korea

Notification No. 41/2015-2020 (21/03/2017)

This notification seeks to update the Foreign Trade Policy, 2015-2020 to account for current UN Security Council Resolutions concerning Democratic People's Republic of Korea (DPRK) up to Resolution 2321(2016) of 30th November 2016....

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Securities Contracts (Regulation) Amendment Rules, 2017

G.S.R. 268(E). (20/03/2017)

Where the Securities and Exchange Board of India makes a recommendation, the governing body of a stock exchange shall, admit as member the following corporations, bodies corporate, companies or institutions, namely :‑...

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Order No. 41 of 2017: Transfer and posting in CIT grade

Order No. 41 of 2017 (21/03/2017)

Postings/ transfers in the grade of Commissioner of Income Tax of 8 CITs posted at delhi are, hereby, ordered with immediate effect and until further orders:-...

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Processing of returns filed in F.Y. 2015-16 to get time barred on 31.03.2017

AST Instruction No. 143 (17/03/2017)

As you are aware that returns furnished by the assesses during the FY 2015-16 are pending for processing u/s 143(1) and the limitation date for the same is 31.03.2017. ...

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Procedure to apply TAN through SPICe Form No. INC-32

Notification No. 3/2017-Income Tax (21/03/2017)

Notification explains Procedure of TAN application through Simplified Profoma for Incorporating Company Electronically (SPICe) (Form No. INC-32) of Ministry of Corporate Affairs....

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Leggings (knitted or. crocheted) merit classification under CTH 6115

Instruction no. 4/2017-Customs (21/03/2017)

CESTAT in the case of Commissioners of Customs, Tuticorin Vs. Go Fashions (I) Pvt. Ltd had held the leggings akin to tights and accordingly classified them under CTH 6115. An earlier ruling of the Government of India also held the same....

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Rebate of State Levies (RoSL) on Export of made-up articles

Circular No. 8/2017 - Customs (20/03/2017)

The Government of India has decided to extend the RoSL on garment exports to exports of made-up articles covered under Chapter 63 of the AIR Drawback schedule. ...

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Operational flexibility for Indian subsidiaries of Non-resident Companies

RBI/2016-17/254 A.P. (DIR Series) Circular No. 41 (21/03/2017)

To provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of current account transactions of Indian subsidiaries of Multi-National Companies (MNCs)....

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Non Resident can enter foreign exchange derivative contract

Notification No. FEMA. 384/RB-2017 / G.S.R. 260(E) (17/03/2017)

A non-resident may enter into a foreign exchange derivative contract with an Authorised Dealer bank in India to hedge an exposure to exchange risk of and on behalf of its Indian subsidiary in respect of the said subsidiary's transactions subject to such terms and conditions as may be stipulated by the Reserve Bank from time to time....

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Companies (Indian Accounting Standards) (Amendment) Rules, 2017

G.S.R. 258(E) (17/03/2017)

(1) These rules may be called the Companies (Indian Accounting Standards) (Amendment) Rules, 2017. (2) They shall come into force on the 1st day of April, 2017....

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