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Archive: 28 July 2017

Posts in 28 July 2017

FTP: Guidelines on monitoring /revalidation of Bank Guarantee-regarding

July 28, 2017 2184 Views 0 comment Print

It appears that BGs are not being properly monitored by the Regional Authorities of DGFT. Foreign Trade Policy and the Foreign Trade Procedures (Vol.I) provide for furnishing of BG.

SC quashes appeal against CA for issue of alleged wrong certificate based on manipulated figures

July 28, 2017 4068 Views 0 comment Print

The present appeal arises out of the order dated 12.08.2004 passed by the Division Bench of the High Court of Judicature at Bombay in Chartered Accountants Reference No. 5/2000.

Major Impact of Companies Amendment Bill, 2017 as passed by Lok Sabha

July 28, 2017 9582 Views 1 comment Print

Major Amendment proposed in Companies Amendment Bill, 2017 are as follow: A. Definition of Related Party [Section 2(76)]: A explanation added after clause (viii) Investing Company or the Venture Company: means a body corporate whose investment in the Company would result in the Company becoming an associate Company of the body Corporate.

Summary of Companies Amendment Bill, 2017 as passed by Lok Sabha

July 28, 2017 39432 Views 3 comments Print

The Companies (Amendment) Bill, 2017 introduced in Lok Sabha on 16th March, 2016 as the Companies (Amendment) Bill, 2016, was referred to Standing Committee. The government after considering the suggestions of the Committee gave notice of amendment as approved by the Cabinet to the Lok Sabha. The Lok Sabha has passed the Company (Amendment) Bill, 2017 on 27th July, 2017.

What is your money personality?

July 28, 2017 1716 Views 0 comment Print

Everyone relates with money in a different way. How good is your relationship with money? Is there a better way to improvise your relationship with money? Many money problems or issues arise out of the way we look at money.

CIT not entitled to withdraw Sec. 12A registration for non charitable activities

July 28, 2017 2196 Views 0 comment Print

Commissioner has invoked its powers under Section 12(AA)(3) of the Act. The said powers are circumscribed by the limitations imposed under Sub Section 3 of Section 12AA of the Act. The Commissioner, nowhere has given the finding that the activities of the Respondent­ institution are not genuine one or that the said activity carried out are not in consonance with the object of the institution.

Clarification on Operational problems faced by EOU in GST regime

July 28, 2017 1242 Views 0 comment Print

EOUs are allowed duty free import of goods under notification No.52/2003- Custom, dated 3 1-3-2003. However, in view of GST, the said notification has been consequently amended by notification No. 59/2017- Customs dated 30-6-2017.

Extending SWIFT in exports with WCCB to all EDI locations WEF 31st July, 2017

July 28, 2017 741 Views 0 comment Print

It has been decided by the Board to extend online referral of WCCB to all Customs EDI locations with effect from 31st July, 2017. The mapping of Customs EDI locations to WCCB offices will remain the same as it was for imports.

Detailed guidelines for re-testing of samples – reg.

July 28, 2017 1215 Views 0 comment Print

Customs officers may draw the samples from import consignments for testing, wherever needed. The results of all test reports, adverse or otherwise, is communicated to the importer or his authorized representative/ Customs Broker immediately on its receipt.

Anti-dumping on Import of PTFE’ originating in exported from China

July 28, 2017 1833 Views 0 comment Print

Seeks to continue anti-dumping in force concerning imports of ‘polytetraflouroethylene or PTFE’ originating in exported from China PR.

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