"09 March 2022" Archive

Amendment in import Policy of Rice (Basmati and Non-Basmati)

Notification No. 60/2015-2020 [S.O. 1043(E).] 09/03/2022

The Notification No. 12/2015-2020 dated 01.07.2021 is amended to the extent that export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries (except Iceland, L...

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Amendment in import policy of Hydro fluorocarbons (HFCs)

Notification No. 59/2015-2020-DGFT [S.O.1145(E).] 09/03/2022

A new Policy Condition No. 5 is added in Chapter 29 and Policy Condition No. 6 is added in Chapter 38 of ITC (HS) 2022, Schedule — I (Import Policy) as under : Import of Hydro fluorocarbons (HFCs) is permitted with an import authorization subject to recommendation of Ozone Cell, MoEF&CC 3. Effect of this Notification Import polic...

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Cabinet approves setting up of National Land Monetization Corporation as a SPV

Cabinet approves setting up of National Land Monetization Corporation as a Special Purpose Vehicle (SPV) for undertaking surplus land monetization The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has approved the setting up National Land Monetization Corporation (NLMC) as a wholly owned Government of India company with an i...

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Posted Under: DGFT |

Composition of Board of Directors of Listed Company in India

Composition of the Board of Directors of the Listed Company as per LODR Regulations 2015 As per Sub Regulation (1) of the Regulation 17 of the SEBI (Listing Obligations and Disclosures Requirements) 2015 (a) the Board of Director of the listed entity shall have optimum combination of executive and Non executive Director with at least [&he...

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Posted Under: DGFT |

New Transaction Law in UAE

The Central Bank of UAE in an effort to bring international best practices to the UAE economy, has announced a New Transaction Law – ‘Decriminalisation of Bounced Cheques’. This updated law has been made effective from January 2, 2022. This updated law on bounced cheques will bring up UAE’s Business environment up to inter...

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Posted Under: DGFT |

Section 194N – TDS on cash withdrawal

Summary -The Union Budget 2019 has introduced Section 194N for tax deduction at source (TDS) on cash withdrawals exceeding Rs 1 crore. -The Budget 2020 has reduced the threshold limit for TDS to Rs 20 lakh for taxpayers who have not filed their income tax returns for past three years. -Why is Section 194N- To […]...

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Posted Under: DGFT |

Faceless Assessment Scheme under Income Tax Act, 1961

Any notices served by the Income Tax department u/s 143(2) (Scrutiny) or u/s 144 (Best Judgement Assessment) or u/s 147 (Income Escaping Assessment) or in combination, the hearing and settlement was conducted on an offline mode. The Assessee to whom such a notice was served, was asked to present himself in person or by a […]...

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Posted Under: DGFT |

Tumkur Pattana Sahakara Bank Niyamitha ceased to be a co-op bank

DOR.MON. No. 3862/07.12.000/2021-22 09/03/2022

Reserve Bank of India hereby notifies that Tumkur Pattana Sahakara Bank Niyamitha, Tumkur, Karnataka has ceased to be a co-operative bank...

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Money Laundering Case- HC dismisses Bail Plea of Ambience Group Promoter Raj Singh Gehlot

Raj Singh Gehlot Vs Directorate of Enforcement (Delhi High Court)

Raj Singh Gehlot Vs Directorate of Enforcement (Delhi High Court) As per the prosecution complaint, in total, Term loan of Rs.810 crores was availed by AHPL and sanctioned by the consortium of banks. The funds were disbursed through an Escrow Account maintained with J&K Bank, Ansal Plaza Branch. The FIR was registered against the appl...

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Annual Performance Report (APR) for investments made Outside India

1. Introduction on filling of APR (i)  (a)  Filling of the APR is mandatory for the investments made outside India by a resident individual and resident ‘non individual’ both for the investments in Joint ventures (JV) or Wholly owned subsidy (WOS) outside India. These resident non individuals are commonly known as Indian Party (IP) ...

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Posted Under: DGFT |

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