1. Introduction 1.1 The CBEC by issuing Circulars / Instructions has prescribed monetary limits, normally in terms of amount of duty involved, for different adjudicating authorities for the purpose of issuance and Adjudication of Show Cause Notices. For the purpose of convenience of departmental officers, the instructions/Circulars on the subject matter have been summarized in […]
Objective of Merchandise Exports from India Scheme (MEIS) is to offset infrastructural inefficiencies and associated costs involved in export of goods/products, which are produced /manufactured in India
Ease of Doing Business further enhanced for the Importers and Exporters by reducing/eliminating physical print-outs/paper documents for customs clearance;
An alternative scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016′ (PMGKY) is proposed to be provided in bill. Declarant under this regime shall be required to pay tax @ 30% of undisclosed income and penalty @ 10% of undisclosed income.
With a view to expand the ambit of the CGSS, it has been decided that banks operating currency chests may be allowed to operate CGSS if they have additional space in their existing currency chest or additional storage space at the same centre which is nearly as safe and secure as that of a currency chest.
Banks reported that post demonetisation exchange/deposits effected from November 10, 2016 upto November 27, 2016 amounted to ₹ 8,44,982 crore (exchange amounted to ₹ 33,948 crore and deposits amounted to ₹ 8,11,033 crore).
Institute of Chartered Accountants of India (ICAI) is a Statutory body established under the Chartered Accountants Act, 1949 for regulation of the profession of Chartered Accountants in India.
Pursuant to announcement in the Union Budget 2015-16 on Gujarat International Finance Tec-City (GIFT), SEBI (International Financial Services Centre) Guidelines, 2015 (‘IFSC Guidelines’) were issued on March 27, 2015 for facilitating and regulating financial services relating to securities market in an IFSC set up under section 18(1) of Special Economic Zones Act, 2005.
It has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of ₹ 2000 and ₹ 500 are to be issued for such withdrawals.
Advocate Akhilesh Kumar Sah At 8 p.m. on November 8, 2016, Prime Minister Mr. Narendra Modi announced that the Rs. 500 and Rs. 1000 notes shall not be a legal tender from the midnight of November 8, 2016. Also, he announced the introduction of new Rs. 500 and Rs. 2000 denomination notes. PM has repeated […]
