"January, 2015" Archive - Page 10

FEMA terms for ODI by proprietorship concern / unregistered partnership firm in India

RBI/2014-2015/419 A.P. (DIR Series) Circular No.59 (22/01/2015)

Keeping in view the changes in the definition / classification of the exporters as per the Foreign Trade Policy of the Ministry of Commerce and Industry issued from time to time, it has been decided to review the policy framework for Overseas Direct Investments (ODI) by a proprietorship concern / unregistered partnership firm in India. ...

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Issue of partly paid shares & warrants by Indian companies

Press Release No. 19/2015 (22/01/2015)

While discussing the minutes of the 157th Meeting of the Board held on November 19, 2014, it was decided to add a provision that if the acquirer and the Merchant Banker are able to demonstrate that they have contacted all the public shareholders, about the offer in the manner prescribed, then the condition of mandatory participation of 25...

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A Customs Broker is per-se not an agent of importer or exporter

Public Notice No. 08/2015-customs Duty (22/01/2015)

Section 147 is about liability of Principal and Agent. A Customs Broker is per-se not an agent of the importer or exporter. Section 147 will be applicable to a Customs Broker if the Customs Broker is expressly or impliedly authorized by the owner, importer or exporter of any goods to be his agent....

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Guideline for Press Release/Media publicity by CCIT/CIT

F. No. M&TP/CBDT/2014-15/55/318 (22/01/2015)

As per the current Media Policy of the Department, CIT( M&TP), CBDT acts as the Official Spokesperson and Media Coordinator of the CBDT. The CIT (M&TP) is responsible for effective communication with print/electronic media and for compiling the information prior to putting it in public domain with due consideration of its utility and conf...

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Penalty for late filing of the e-forms under Companies Act, 2013

If a assessee delays filing of e-form by more than 270 days from the time period granted for filing of the respective e-form, then penalty as given in the concerned section will be imposed. For eg: If the resolution to be attached in MGT-14 is passed on 21.01.2015, then normal time to file the form is 30 days. Penalty will be imposed if t...

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Posted Under: Fema / RBI | ,

FEMA Rules- Remittance of salary outside India to employees on deputation

RBI/2014-15/423 A.P. (DIR Series) Circular No.62 (22/01/2015)

The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No.62 dated January 22, 2015 has extended the availability of benefit conferred under Regulation 7(8) of Notification No. FEMA 10/2000-RB dated May 3, 2000 to an Employee of foreign company or Limited Liability Partnership, who in citizen of Foreign State, and is deputed to a...

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Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014

Circular No. 01/2015-Income Tax (21/01/2015)

Circular No. 01/2015-Income Tax The Finance (No.2) Act, 2014 (hereafter referred to as ‘the Act’) as passed by the Parliament, received the assent of the President on the 6th day of August, 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to direct taxes....

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Union Budget on Feb 28 & Railway Budget on Feb 26

The General Budget will be presented on February 28 2015, a Saturday, in the Budget session of Parliament beginning February 23. Finance Minister Arun Jaitley to present the Budget which will be preceded by the Economic Survey on February 27 and Railway Budget on February 26....

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Posted Under: Fema / RBI |

CBEC- Summons not to be issued to top management of companies

CBEC has issued instruction No. F. No. 207/07/2014-CX-6 dated 20.01.2015 directing the Central Excise officers to be very cautious before issuing summons under excise & service tax laws. The Board instructed the Superintendents to obtain prior permission of Assistant Commissioner with reasons for issuance of summons in writing....

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Posted Under: Fema / RBI |

Procedure for verification of Procurement Certificate received from Central Excise /Customs Authorities

Public Notice No. 01/2015-Customs Duty (21/01/2015)

Procedure for verification of the Procurement Certificate received from Central Excise /Customs Authorities and Monitoring of the receipt of Re-warehousing Certificates in respect of the imports cleared under EOU Scheme – reg....

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