"18 May 2017" Archive

Draft ‘Fugitive Economic Offenders Bill, 2017’ -Govt invite comments

It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India. It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed....

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Posted Under: Fema / RBI |

104 Transfers and postings in the grade of ACIT / DCIT (Local changes)

Order No. 80 of 2017-Income Tax (18/05/2017)

The following postings/ transfers in the grade of Assistant/ Deputy Commissioner of Income Tax (Local Change) are, hereby, ordered with immediate effect and until further orders...

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Fast Tracking Skill Development

‘Skill building’ and ‘knowledge’ are quintessential for economic growth of any country in today’s world. More so for a country like India where 13 million youth are estimated to enter the job market annually. There is another reason too which makes ‘skill building’ an imperative for the growth of country’s economy. ...

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Posted Under: Fema / RBI |

MEIS Scheme being re-designed to make exports GST compliant

Merchandise Exports from India Scheme being re-designed to make exports GST- compliant; working capital needs under new tax regime being deliberated upon ...

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Posted Under: Fema / RBI |

Minimum qualifications & experience for CFO & CTO of Banks

RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 (18/05/2017)

A Chief Financial Officer (CFO) and Chief Technology Officer (CTO) in banks’ management structure would play a crucial role in strengthening and sustaining the banks’ risk governance framework....

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Customs Rate of foreign currency exchange WEF 19th May, 2017

Notification No. 49/2017-Customs (N.T.) (18/05/2017)

Indian currency or vice versa, shall, with effect from 19th May, 2017, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods....

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EPFO: Issue of Certificate of Coverage – reg.

No: IWU/7(54)2013/C.O.C. (18/05/2017)

The Ministry of external affairs recently conducted stock taking meetings to review the working of some of the SSA's with the concerned countries. Many discrepancies have been pointed out in the issue of COCs which as are under...

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Rationalisation of Bank Branch Authorisation Policy- Revision of Guidelines

Notification No. DBR.No.BAPD.BC.69/22.01.001/2016-17-RBI/2016-17/306 (18/05/2017)

It may be recalled that in terms of announcement made in the first Bi-monthly Monetary Policy Statement 2016-17 on April 5, 2016, it was, inter alia, proposed to redefine branches and permissible methods of outreach keeping in mind the various attributes of the banks and the types of services that are sought to be provided. ...

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Authority under Prohibition of Benami Property Transactions Act, 1988

Notification No. 40/2017-Income Tax (18/05/2017)

In exercise of the powers conferred under sub-section (2) of section 28 read with section 59 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), and in supersession of the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, notification number S.O. 3290(E), dated the 25th October, 2016, publis...

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Partial Credit Enhancement to Corporate Bonds- Credit Rating

RBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 (18/05/2017)

a) To be eligible for PCE from banks, corporate bonds shall be rated by a minimum of two external credit rating agencies at all times; b) The rating reports, both initial and subsequent, shall disclose both standalone credit rating (i.e., rating without taking into account the effect of PCE) as well as the enhanced credit rating (taking i...

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