"17 December 2016" Archive

Govt Restricts deposit of old Rs. 500 and 1000 notes in Bank Account

S.O. 4086(E) (17/12/2016)

Old notes can be deposited in an account only once now: No direct credit of amount in excess of Rs. 5000 deposited in account: ...

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New Concepts of Supply in Revised GST Law

Section 2(27) defines this term as “composite supply” means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply....

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Posted Under: Fema / RBI |

Service tax burden can be passed on by contractual agreement but revenue cannot be asked to wait for recovery of tax dues

Whether burden of Service tax can be transferred to other party through contractual agreement? Further, whether Revenue can be asked to recover tax dues from the third party or wait till amount has been recovered from contractors?...

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Posted Under: Fema / RBI |

Focus now on printing more Rs. 500 notes- Secretary DEA

Secretary Economic Affairs, Government of India briefing the media about Demonetisation related issues and the US Fed rate hike, in North Block on 16.12.2016 has said the following- Printing of new Rs 500 notes has been stepped up: Shaktikanta Das US Fed Rate Hike factored in, markets will remain stable. it’s the first time new [&he...

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Posted Under: Fema / RBI |

CBDT enables e-Filing of Form 1 (PMGKY, 2016)

Form 1 (PMGKY, 2016) is available for e-Filing. As per the Pradhan Mantri Garib Kalyan Yojana, 2016, a declaration of income in the form of cash or deposit in an account maintained with a specified entity and The amount deposited in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 shall be made in Form-1. Form 2 […]...

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Posted Under: Fema / RBI |

Making of AIIMS: The Parliament Debate

AIIMS Act 1956 provided for establishment of All India Institute of Medical Sciences- Enacted by Parliament as Act no 25 of 1956& has mere 29 Sections....

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Posted Under: Fema / RBI |

Pulses – the Nutrient-rich Grains for a Sustainable Future

Pulses and legumes are nutrient-rich grains central to agricultural systems and culinary use throughout the world. ...

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Posted Under: Fema / RBI |

Salient features of Rights of Persons with Disabilities Bill, 2016 Passed by Parliament

Lok Sabha today passed Rights of Persons with Disabilities Bill - 2016. Bill will replace existing PwD Act, 1995, which was enacted 21 years back. ...

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Posted Under: Fema / RBI |

RBI regulations on treatment of certain balance sheet items

Treatment of revaluation reserves:- Revaluation reserves arising out of change in the carrying amount of a bank’s property consequent upon its revaluation...

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Posted Under: Fema / RBI |

Measures by RBI absorb excess liquidity in banks post demonetisation

Post demonetisation RBI introduced incremental CRR of 100% on deposits collected between September 16 and November 11 2016 to absorb excess liquidity in banks...

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Posted Under: Fema / RBI |