The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Bill 2016 and The Direct Tax Dispute Resolution Scheme 2016 incorporated as Chapter X of the Finance Bill 2016 are expected to come into force on the 1st of June, 2016 after the Finance Act 2016 receives the Presidential assent.
The President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016 has constituted a Group for review of existing term of the Council. The following are the Terms of Reference of the Group:- To review and make recommendation to the Council in the matter of:- Term of the Council, Restriction of three consecutive terms, Whether there should be more than one Vice-President, if yes, to suggest methodology and operational areas
Main objective of GST is to consolidates all indirect tax levies into a single tax except customs (excluding SAD),replacing multiple tax levies overcoming the limitations of existing indirect tax structure and creating efficiencies in tax administration.
Today is a historical day for economic reforms in India when the Rajya Sabha passed the major economic reform Bill moved by the Government i.e. Insolvency and Bankruptcy Code, 2016. This is considered as the biggest economic reform next only to GST. The Lok Sabha had earlier passed the Bill on 5th May, 2016.
The Companies Act, 2013 (hereinafter as the Act) is certainly a very innovative and landmark legislation in respect of the duties and responsibilities of the directors. In this regime, the roles and duties of the directors attained significant expansion. The Act has introduced several measures which have the effect of considerably enhancing the duties and liabilities of directors and imposition of stringent penal provisions in case of breach of any Statutory provisions.
You may have noticed that not every startup can raise funds or attract investors; the reason is simple that a startup usually doesn’t understand all that is involved in doing a business, be it a business plan or creating a marketing strategy or even the day to day compliance requirements. The current market analysis has also showed that many startups are not able to attract millions of investors or venture capitalist.
On a review it is felt necessary to revise the regulations issued under the Foreign Exchange Management (Exports of Goods and Services) Regulations, 2000 as amended from time to time. Accordingly, in consultation with the Government of India, the said regulations have been repealed and superseded by the Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015.
A scheduled co-operative bank (Authorised Dealer) shall have the freedom to determine interest on deposits of money accepted by it or renewed by it under the Resident Foreign Currency Account Scheme, in accordance with the comprehensive policy on interest rates on deposits duly approved by the Board of Directors or any Committee of the Board to which powers have been delegated.
The requirement of prior approval for acquisition of shares/ voting rights of 5 per cent and above in a private sector bank as stipulated in Master Direction dated November 19, 2015 on ‘Prior approval for acquisition of shares or voting rights in private sector banks’, shall equally be applicable for foreign investment. Hence, any foreign investment in private banks by any person (including his relatives and associate enterprises and persons acting in concert) whereby shareholding reaches or exceeds 5 per cent shall require prior approval from RBI for acquisition of shares or voting rights.
As you are aware, in terms of section 4 of the Payment and Settlement Systems Act, 2007 (PSS Act) it is mandatory to seek authorisation from the Reserve Bank of India (the Bank) to commence or operate a payment system in the country. Section 8 of the PSS Act empowers the Bank to revoke such authorisation under circumstances as provided therein.
