"26 May 2016" Archive

ATMs – Security and Risk Mitigation Measures for Card Present (CP) Transactions

RBI/2015-2016/413 DPSS.CO.PD.No./2895/02.10.002/2015-2016 (26/05/2016)

Reserve Bank of India RBI/2015-2016/413 DPSS.CO.PD.No./2895/02.10.002/2015-2016 May 26, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Authorised ATM Network Operators / Card Paymen...

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Withdrawal of duty exemption on export of Chromium ores & concentrates, all sorts

Notification No. 35/2016-Customs (26/05/2016)

makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R. 153(E), dated the 1st March, 2011...

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Reg. channeling transactions through Asian Clearing Union

RBI/2015-16/411 A.P. (DIR Series) Circular No.72 (26/05/2016)

It has been decided to revise the minimum amount and the multiples in which Reserve Bank will receive and pay for the purpose of funding or for repatriating the excess liquidity in the ACU Dollar and ACU Euro accounts to $ 500 / € 500....

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Depreciation on Goodwill arising out of Amalgamation: Tax Impact

The concept of merger and acquisition was not popular until the year 1988 in India. However, in the last five years merger and acquisition has emerged as a very important tool for growth of Indian corporates. Today, many companies are merging with each other in order to generate more revenues that the companies could have earned individua...

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Posted Under: Fema / RBI |

All about Pledging of Shares

Pledging of shares in order to avail the loan is neither a new concept for promoters nor for investors. In brief, when the promoters want to raise the funds for the personal or the company’s needs, they pledge their shares with the financial or non-financial institution....

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Posted Under: Fema / RBI |

The Metaphor of Accounting Standards

Being CA students, Accounting Standards are one of the first things that fascinate us. It is surprising to deliberate upon the fact that how some pages of text can govern the complex realm of Financial Reporting, which witnesses a plethora of alternatives and challenges. The concepts of Accounting Standards carry a lot of importance and s...

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Posted Under: Fema / RBI |

All about Excise Duty on Articles of Jewellery

The excise imposed upon Jewellery items is not applicable to non jewellery items of precious metals like gold etc. Hence, duty is not applicable on all articles of gold. As far as other articles of gold it depends upon the nature of goods and many have been exempted....

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Posted Under: Fema / RBI |

Direct Tax Dispute Resolution Scheme Rules, 2016

Notification No. 35/2016-Income Tax (26/05/2016)

Form of declaration and undertaking under section 203.- (1) The declaration under sub-section (1) of section 203 shall be made in duplicate in Form-1 to the designated authority and verified in the manner specified therein....

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Last date for filing deceleration under Direct Tax Dispute Resolution Scheme

Notification No. 34/2016-Income Tax (26/05/2016)

S.O. 1902(E).- In exercise of the powers conferred by section 202 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 31st day of December, 2016 as the date on or before which a person may make a declaration to the designated authority in respect of tax arrear or specified tax under the Direct Tax Dispute Res...

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Credit information reporting in respect of Self Help Group members

RBI/2015-16/409 DCBR.BPD.Cir.No.17/16.74.000/2015-16 (26/05/2016)

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 ...

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