"14 January 2016" Archive

Master Circular – Basel III Capital Regulations – Clarification

RBI/2015-16/285 DBR.No.BP.BC.71/21.06.201/2015-16 14/01/2016

Coupons must be paid out of distributable items. In this context, coupon may be paid out of current year profits. However, if current year profits are not sufficient, coupon may be paid subject to availability of sufficient revenue reserves (those which are not created for specific purposes by a bank) and / or credit balance in profit and...

Revised Guidelines for Financial Literacy Centres of banks and Operational Guidelines for conduct of camps

RBI/2015-16/286 FIDD.FLC.BC.No.18/12.01.018/2015-16 14/01/2016

FIDD.FLC.BC.No.18/12.01.018/2015-16 Subsequent to the financial inclusion efforts by RBI and opening of accounts by banks through the PMJDY, considerable ground has been covered in the field of financial inclusion. Going forward, the focus is going to be on keeping the already opened accounts active. Financial literacy is central to this ...

RBI issues revised Memorandum of Instructions on Project and Service Exports

RBI/2015-16/287 A.P. (DIR Series) Circular No. 39 14/01/2016

As it has been advised by the Government of India that i) the ‘OCCI’ has been renamed as ‘Project Export Promotion Council’ (PEPC) and ii) civil construction contracts may include turnkey engineering contracts, process and engineering consultancy services and Project construction items (excluding steel & Cement) along with civil c...

RBI permit banks to offer all their products and services through ATM channels

RBI/2015-16/288 DBR.No.BAPD.BC.72/22.01.001/2015-16 14/01/2016

with a view to providing operational freedom to banks, it is advised that banks are now free to offer all their products and services through the ATM channels provided the technology permits the same, and adequate checks are put in place to prevent the channel from being misused to perpetuate frauds on the banks/other genuine customers....

RBI: Seeding of bank accounts with Aadhaar numbers is voluntary

RBI/2015-16/289 FIDD.CO.LBS.BC. No.17/02.01.001/2015-16 14/01/2016

FIDD.CO.LBS.BC. No.17/02.01.001/2015-16 in view of the Hon’ble Supreme Court of India’s interim orders dated August 11, 2015 and October 15, 2015 (W.P. ( c ) No. 494 of 2012) on usages of Aadhaar, it is hereby clarified that use of Aadhaar Card and seeding of bank accounts with Aadhaar numbers is purely voluntary and it is not mandato...

Terms and conditions for issuance of Sovereign Gold Bonds, 2015-16

RBI2015-16/290 IDMD.CDD.No.1573/14.04.050/2015-16 14/01/2016

Government of India has vide its Notification F.No. 4(19)-W&M/2014 dated January 14, 2016 announced that the Sovereign Gold Bonds, 2016 will be open for subscription from January 18, 2016 to January 22, 2016. The Government of India may, with prior notice, close the Scheme before the specified period. The terms and conditions of the issua...

Credit information reporting in respect of Self Help Group (SHG) members

RBI/2015-16/291 DBR.CID.BC.No.73/20.16.56/2015-16 14/01/2016

A review of the implementation of the aforesaid directions by the Reserve Bank of India (RBI) revealed that banks had not made a significant progress in this regard. The banks also pointed out a number of challenges in implementation of these directions and requested for greater clarity on their scope. Consequently, the RBI constituted a...

CBDT direct Income Tax refund of amount up to Rs. 5000/- to Taxpayers By 31.01.2016

F. No. 312/109/2015-OT 14/01/2016

F. No. 312/109/2015-OT As on 09.01.2016, there are 64,938 cases of refunds below Rs.5,000/- involving Rs.1,148.14 Crore in non-CASS cases for AYs 2013-14 and 2014-15 pending in AST. It is requested that the Assessing Officers be directed to issue these refunds without any adjustment of arrears under Section 245. Similarly, the non-CASS ca...

Daman VAT: Tax rate enhanced from 4% to 5% w.e.f 14-01-16

Notification No DMN/VAT/Part-File/57-2/2014-15/453 14/01/2016

In union territory of Daman and Diu VAT Rate on Sale / Purchase of Goods mentioned in Third Schedule will be 5 % with effect from 14.01.2016 instead of 4%. Related Notification is as follows :- ...

In a proceeding for writ of quo-warranto, suitability of holder of public office cannot be examined

Kamlesh Shukla, Vs State of Chhattisgarh, (Chhattisgarh High Court)

Claiming issuance of writ of quo warranto directing 5th respondent Dr. Ramesh Chandra Arya to show cause under what authority he continues to hold the office of Associate Professor (Pathology) in Chhattisgarh Institute of Medical Sciences, petitioner herein Kamlesh Shukla has filed this writ petition....

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