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Archive: 06 April 2018

Posts in 06 April 2018

Classification of Solar Panel/Module equipped with Elements -Reg.

April 6, 2018 2430 Views 0 comment Print

a) If the solar panel/module is equipped with elements and these elements supply the power to an external load i.e. a motor, an electrolyser etc., then the solar panel/module is classifiable under CTH 8501. b) However, if the solar panel/module is equipped with elements but these elements do not supply the power to an external load i.e. a motor, an electrolyser etc., then the solar panel/module is classifiable under CTH 8541. c) Solar paneUmodule without clement is classifiable under CTH 8541

Consequence of not having PAN

April 6, 2018 18936 Views 0 comment Print

PAN is not restricted to people who are above the age of 18 or citizens of India. Every individual who has a source of income and files income-tax returns or intends to enter financial transactions in India requires PAN. So a foreign national living and working in India and earning a taxable income needs to acquire PAN. Similarly, a child artist whose annual income is taxable also needs a PAN.Consequences of not having/quotting PAN is mentioned below:

Govt amends 4 Custom Tariff Notifications dated 2nd Feb 2018

April 6, 2018 1008 Views 0 comment Print

Seeks to rescind notification nos. 7/2018-Customs, 8/2018-Customs, 19/2018-Customs and 20/2018-Customs all dated 2nd February 2018 vide Notification No. 42/2018-Customs

Govt amends 4 Custom Tariff Notifications dated 2nd February 2018

April 6, 2018 768 Views 0 comment Print

Seeks to amend notification Nos.11/2018-Customs, 12/2018-Customs, 13/2018-Customs and 21/2018-Customs, all dated 2nd February 2018 vide Notification No. 41/2018–Customs

Anti-dumping duty on imports of “Phosphorus Pentoxide”

April 6, 2018 1128 Views 0 comment Print

Seeks to impose definitive anti-dumping duty on the imports of Phosphorus Pentoxide originating in or exported from China PR vide Notification No. 19/2018-Customs (ADD)

Govt rescinds notification No. 8/2017 Customs (ADD) dated 15.03.2017

April 6, 2018 690 Views 0 comment Print

Central Government had notified the provisional assessment of all exports of the subject goods made by the M/s. Guangxi Quinzhou Capital Success Chemical Co. Ltd. (producer or exporter) till the completion of the review, vide, notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 8/2017– Customs (ADD) dated 15th March, 2017

RBI prohibits dealing in Virtual Currencies by regulated entities

April 6, 2018 990 Views 0 comment Print

Entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of VCs.

Cash Management Logistic- Banks to prescribe Minimum Standards

April 6, 2018 759 Views 0 comment Print

In view of the increasing reliance of the banks on outsourced service providers and their sub-contractors in cash management logistics, certain minimum standards will be prescribed for the service provider / sub-contractors who are engaged by the banks for this purpose.

RBI Action Points to Enhance Effectiveness of Lead District Managers

April 6, 2018 984 Views 0 comment Print

i. In view of the critical role played by LDMs, it may be ensured that officials posted as LDMs possess requisite leadership skills. ii. Apart from the provision of a separate office space, technical infrastructure like computers, printer, data connectivity, etc. which are basic necessities for LDMs to discharge their core responsibilities may be provided to LDMs Office without exception.

Store data relating to payment in a system in India only: RBI

April 6, 2018 1317 Views 0 comment Print

It is observed that not all system providers store the payments data in India. In order to ensure better monitoring, it is important to have unfettered supervisory access to data stored with these system providers as also with their service providers / intermediaries/ third party vendors and other entities in the payment ecosystem. It has, therefore, been decided that:

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