"05 April 2016" Archive

RBI Changes Bank Rate to 7% with effect from April 05, 2016

RBI/2015-16/358 DBR.No.Ret.BC.90/12.01.001/2015-16 (05/04/2016)

As announced in the First Bi-Monthly Monetary Policy Statement 2016-17 dated April 05, 2016, the Bank Rate stands adjusted by 75 basis points from 7.75 per cent to 7.0 per cent with effect from April 05, 2016....

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RBI reduces minimum daily maintenance of Cash Reserve Ratio requirement to 90 per cent

RBI/2015-16/359 DBR.No.Ret.BC.91/12.01.001/2015-16 (05/04/2016)

As announced in the First Bi-Monthly Monetary Policy Statement 2016-17 dated April 5, 2016, it has been decided to reduce the minimum daily maintenance of the Cash Reserve Ratio from 95 per cent of the requirement to 90 per cent effective from the fortnight beginning April 16, 2016....

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GST Missed Out In Budget – 2016

Union Budget for F.Y. 2016-17 is a complete miss so far as Goods and Services Tax is concerned, more so when everyone was expecting some announcement on GST in this Budget. The Budget speech in its opening paragraphs highlights the achievements of last three years including economic consolidation, growth and other strengths besides counti...

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Posted Under: Fema / RBI |

RBI First Bi-monthly Monetary Policy Statement, 2016-17

On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to: reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.75 per cent to 6.5 per cent; reduce the minimum daily maintenance of the cash reserve ratio (CRR) from 95 per cent of the requirement...

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Posted Under: Fema / RBI |

Amendments in Skuanya Samriddhi Account Deposit Scheme

CA Sandeep Kanoi Central Government has notified Sukanya Samriddhi Account scheme vide Notification G.S.R.863(E) Dated 02.12.2014 to secure the future of Girl Child and Scheme has got good response too from the Citizens of India, considering the Tax benefit and Higher Rate of Interest which Scheme was providing. Interest Rate on the Schem...

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Posted Under: Fema / RBI | ,

Financial year wise Interest Calculator on FDs (Fixed Deposits)

Online interest calculators are available but none of them provide interest on financial year wise. They generally provide interest for the whole period of investment or interest break up for the different years which does not coincide with financial year (or previous year) applicable for the purpose of Income Tax return filing....

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Posted Under: Fema / RBI | ,

EOI for appointment of Internal Auditors with BSNL Ltd.

INVITATION FOR EXPRESSION OF INTEREST (EOI) FOR APPOINTMENT OF INTERNAL AUDITORS...

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Posted Under: Fema / RBI |

Rebate of Excise duty admissible on both inputs & final products; SC dismisses review Petition

Commissioner Of Central Excise Nagpur And Anr. Vs. M/S. Spentex Industries Ltd. And Anr.

It was emphatically held that the exporters are entitled to both the rebates i.e. amount of duty paid on inputs used in the manufacturing of exported goods as well as the amount of duty paid on exported final goods, under Rule 18 of the Central Excise Rules, 2002 ...

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Posted Under: Fema / RBI |

CPC(TDS) releases Online Correction Facility for 26QB Statements

The Centralized Processing Cell (TDS)  released Online Correction facility for TDS statements filed in form 26QB, with respect to tax deducted at source on transfer of Immovable Property exceeding Rs. 50 Lakhs. The Online Correction facility at TRACES can be used for closure of the following TDS Defaults, arising due to incorrect data en...

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Posted Under: Fema / RBI |