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Archive: 19 May 2016

Posts in 19 May 2016

Changes in Rules related Payment of Pension after death of Member

May 19, 2016 14506 Views 0 comment Print

Provided that if the member does not take up an employment coverable under this Scheme and has rendered less than ten years eligible service on the date of exit, but dies before attaining the age of fifty-eight years and before a continuous period of thirty-six months has elapsed during which contributions have not been received in respect of the member in the Pension Fund, the amount of contributions

Limitation in Recovery of delayed interest payment of Excise Duty

May 19, 2016 11227 Views 2 comments Print

The judicial precedent always plays vital role to clarify the law particularly when statute is not clear cut in regard to any issue. There is the same situation in the case of demand of interest on delayed payment of Central Excise Duty. The Central Excise Act, 1944 provides provision for recovery of interest under Section 11AA.

Rupee Drawing Arrangement -Statement/returns under XBRL

May 19, 2016 745 Views 0 comment Print

AD Cat- I banks were required to submit statement E on total remittances received every quarter. Authorised Dealer Category – I (AD Cat – I) banks are now advised to report the above mentioned statement in eXtensible Business Reporting Language (XBRL) system from the quarter ending June 2016.

Money Transfer Service Scheme – Statement/returns under XBRL

May 19, 2016 781 Views 0 comment Print

Authorised Persons, who are Indian Agents under Money Transfer Service Scheme were required to submit quarterly statement of the quantum of remittances received in the prescribed format.

Rate of foreign currency exchange conversion wef 20th May 2016

May 19, 2016 1684 Views 0 comment Print

CBEC hereby determines that the rate of exchange of conversion of each of the foreign currencies into Indian currency or vice versa, shall, with effect from 20th May, 2016,

Frauds in UCBs: Changes in Monitoring and Reporting mechanism

May 19, 2016 1108 Views 0 comment Print

On a review, it has been decided to change the fraud monitoring and reporting mechanism at the Regional Offices and Central Fraud Monitoring Cell (CFMC) of the RBI. Accordingly, henceforth:

Constitution of a Three Member Committee on Content Regulation in Government Advertising —Information reg.

May 19, 2016 691 Views 0 comment Print

As per the directions of Hon’ble Supreme Court of India, a Three Member Committee on Content Regulation in Government Advertising has been constituted by the Government of India (copy of the order is enclosed). The Committee comprises the following persons :

RBI aligns Rules for Investment in Credit Information Companies

May 19, 2016 1228 Views 0 comment Print

In case the investor in a Credit Information Company in India is a wholly owned subsidiary (directly or indirectly) of an investment holding company, the conditions as at (2) and (3) above will be applied to the operating group company that is engaged in credit information business and has undertaken to provide technical know-how to the Credit Information Company in India.

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