Please refer to the Fourth Bi-monthly Monetary Policy Statement, 2016-17 – Resolution of the Monetary Policy Committee (MPC), in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been reduced by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect.
On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect.
This Statement reviews the progress of various developmental and regulatory policy measures announced by the Reserve Bank in recent policy statements and sets out new measures to be taken for further strengthening the banking structure; broadening and deepening financial markets
It was provided that need for adjudication will arise only in cases of major amendment involving fraudulent intention or substantial revenue implication. It was the view of the CBEC that the penal action is not initiated mechanically in all cases of IGM amendment and that due consideration may be given to the circumstances of amendment.
(a) where an assessee has opted and been allowed by the Department of Telecommunications, Government of India to make full upfront payment of spectrum fee, the actual payment of expenditure irrespective of the previous year in which the liability for the expenditure was incurred according to the method of accounting regularly employed by the assessee;
Ministry of Corporate Affairs has taken another bold initiative in Government Process Re-engineering (GPR) and launched Simplified Proforma for Incorporating Company Electronically (SPICe) e-Form, on the occasion of Gandhi Jayanthi 2016, with the specific objective of providing speedy incorporation related services within stipulated time frames which are in line with international best practices.
The details of inward supplies added, corrected or deleted by the recipient in his FORM GSTR-2 under sub-section (1) of section 26 orFORMGSTR-4 under section 27 shall be made available to the supplier electronically in FORM GSTR-1A through the Common Portal and such supplier may either accept or reject the modifications made by the recipient and FORMGSTR-1 furnished by the supplier shall stand amended to the extent of modifications accepted by him.
The minister added that all the issues, including the GST rate, area-based exemption, slabs in rates will be decided by the GST Council after detailed discussion with the states.
With this amendment, the export performance of Gems and Jewellery items from SEZ/EOU units shall not be clubbed with export performance from DTA units of any IEC holder for grant of Nominated Agency Certificate and accordingly changes in Para 4.94(a)(i), 4.94(a)(ii) and ANF-4I are also carried out.
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