"17 March 2016" Archive

Framework for Revival and Rehabilitation of MSMEs

RBI/2015-16/338 FIDD.MSME & NFS.BC.No.21/06.02.31/2015-16 (17/03/2016)

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 Notification dated May 29, 2015 had notified a ‘Framework for Revival and Rehabilitation ...

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Guidelines for Standalone PDs participation in Exchange Traded Currency Futures

RBI/2015-16/339 FMRD.FMD.No. 02.03.183/7/2015-16 (17/03/2016)

RBI issued guidelines permitting standalone Primary Dealers (PDs) to participate in the exchange traded currency futures on approved stock exchanges subject to adherence to certain risk control measures and without diluting their existing obligations in the G-sec market...

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SEBI cautions against 233 Companies

PR No. 59/2016 (17/03/2016)

PR No. 59/2016 Caution to the Investors 1. Some unlisted companies are luring retail investors by issuing  securities  including non-convertible and convertible debentures/ non-convertible and convertible preference  shares/ equity shares in the garb of private placement,  without  complying with the provisions of Companies Act, 1956...

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Banks to remain open on 30, 31 March 2016 for Tax Payments

RBI/2015-16/342 DGBA.GAD.No. 2969/42.01.029/2015-16 (17/03/2016)

It has been decided that all agency banks shall keep the counters of their designated branches conducting government business open for full day on March 30, 2016 and till 8.00 p.m. on March 31, 2016. All electronic transactions would, however, continue till midnight on March 31, 2016. Banks may give adequate publicity to the special arran...

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Order of Commissioners cannot be reviewed twice: CBEC

F.No. 390/Review/36/2014-JC (17/03/2016)

As per the provisions of Section 129A (2) or Section 129D of the Customs Act, 1962, Section 35B (2) or Section 35E of the Central Excise Act, 1944 and Section 86 (2A) or Section 86 (2) of Finance Act, 1994 power of review of Commissioner (Appeals) order or order of Principal Commissioner/ Commissioner as an adjudicating authority vests wi...

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SEBI includes Commodity Derivatives as eligible security for trade

Circular No. CIR/MRD/DSA/41/2016 (17/03/2016)

Section 133 of the Finance Act, 2015 had amended Securities Contracts (Regulation) Act, 1956 to include Commodity Derivatives as securities. Further, the sub-clause (vi) of Clause 7 of IFSC Guidelines, 2015 provides that Such other securities as may be specified by the Board. Accordingly, it is hereby specified that the “Commodity Deri...

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Rate of exchange of foreign currency conversion WEF 18.03.2016

Notification No. 41/2016-Customs (N.T.) (17/03/2016)

CBEC determines rate of exchange of conversion of each of the foreign currencies into Indian currency or vice versa, shall, with effect from 18th March, 2016 ...

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SION of export products under Chemicals & Allied Products Group

Public Notice No. 64/2015-2020 (17/03/2016)

SIONs of the above export products falling under the Chemicals and Allied Products Group bearing numbers A-3645, A-3646,A-3647.A-3648,A-3649,A-3650,A-3651,A-3652,A-3653,A-3654,A-3655,A-3656,A-3657,A-3658,A-3659,A-3660,A-3661,A-3662,A-3663,A-3664,A-3665,A-3666,A-3667,A-3668,A-3669,A-3670,A-3671,A-3672,A-3673,A-3674,A-3675,A-3676 and A-3677...

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CBDT amends procedure for dealing with Revenue audit objections

Circular No. 8/2016- Income Tax (17/03/2016)

(i) An Audit objection should be accepted and remedial action should be taken in a case where the audit objection relating to an error of facts or an issue of law is found to be correct. (ii) Appropriate remedial action should invariable be initiated within two months of the receipt of the Local Audit Report, and necessary orders should b...

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Rectification of Income Tax Return, Related issues & Solution

Rectification has become easy since switchover to online but it has its own limitation. In this article I will be covering almost every point related to rectification in terms of: 1. Online request for rectification. 2. Required information before filing a rectification application. 3. Mistakes committed while filing a rectification. 4. N...

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