"04 October 2016" Archive

List of Holidays for Central Government Offices for Year 2017

F.No.12/8/2016-JCA-2 (24/06/2016)

It has been decided that the holidays as specified in the Annexure-I to this O.M. will be observed in all the Administrative Offices of the Central Government located at Delhi/New Delhi during the year 2017. In addition, each employee will also be allowed to avail himself/herself of any two holidays to be chosen by him/her out of the lis...

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Corporate Governance Issues in Compensation Agreements

It is not unusual for private equity funds to incentivize promoters/ MDs/ CEOs of investee companies, based on performance of such companies. However, when such reward agreements are executed between the private equity investor and the Promoter/ MD of the listed entity without any prior approval of the shareholders, it does give rise to c...

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Posted Under: Corporate Law |

Delhi VAT Circular No. 16 of 2016-17 Dated: 04/10/2016

Circular No. 16 of 2016-17 (04/10/2016)

Circular no 15 of 2016-17 dated 03/10/2016 related to Speedy disposal of all refund claims stands withdrawn and shall be considered void ab initio....

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Competition Advocacy- Competition Compliance

1. COMPETITION COMPLIANCE COMPETITION COMPLIANCE PROGRAMME FOR ENTERPRISES A Suggested Framework for compliance of the Competition Act, 2002, [the Act] by Enterprises I. COMPLIANCE ARRANGEMENTS BY ENTERPRISES Meaning and Scope of Competition compliance Competition compliance programme (CCP) is a formal internal framework to ensure busine...

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Posted Under: Corporate Law |

Guidelines for prosecution of offences punishable under Customs Act, 1962

Circular No. 46/2016-Customs (04/10/2016)

Stage for launching of prosecution: Normally, prosecution may be launched immediately on completion of adjudication proceedings. However, prosecution in respect of cases involving offences relating to items i.e. Gold, FICN, arms, ammunitions and explosives, antiques, art treasures, wild life items and endangered species of flora and fauna...

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RBI reduces repo rate by 25 basis points to 6.25 per cent

REF.No.MPD.BC.381/07.01.279/2016-17 & DBR.No.Ret.BC.19/12.01.001/2016-17 (04/10/2016)

Please refer to the Fourth Bi-monthly Monetary Policy Statement, 2016-17 - Resolution of the Monetary Policy Committee (MPC), in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been reduced by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect....

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Fourth Bi-monthly Monetary Policy Statement, 2016-17- Key Rates reduced by 25 basis points

Press Release : 2016-2017/847 (04/10/2016)

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect....

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Statement on Developmental and Regulatory Policies RBI

Press Release : 2016-2017/848 (04/10/2016)

This Statement reviews the progress of various developmental and regulatory policy measures announced by the Reserve Bank in recent policy statements and sets out new measures to be taken for further strengthening the banking structure; broadening and deepening financial markets...

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Delayed, incomplete or incorrect filing of Import Manifest or Import Report

It was provided that need for adjudication will arise only in cases of major amendment involving fraudulent intention or substantial revenue implication. It was the view of the CBEC that the penal action is not initiated mechanically in all cases of IGM amendment and that due consideration may be given to the circumstances of amendment....

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Posted Under: Corporate Law |

Expenditure for obtaining right to use spectrum for telecom services

Notification No. 89/2016-Income Tax (04/10/2016)

(a) where an assessee has opted and been allowed by the Department of Telecommunications, Government of India to make full upfront payment of spectrum fee, the actual payment of expenditure irrespective of the previous year in which the liability for the expenditure was incurred according to the method of accounting regularly employed by ...

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