As regard reporting of frauds and submission of quarterly progress reports on frauds below the revised threshold, NBFCs will have to furnish the same to the Regional Office of Reserve Bank of India, Department of Non-Banking Supervision under whose jurisdiction the Registered Office of the NBFC falls.
Circular No. 1/2016 Section 801A of the Income-tax Act, 1961 (`Act’), as substituted by the Finance Act, 1999 with effect from 01.04.2000, provides for deduction of an amount equal to 100 % of the profits and gains derived by an undertaking or enterprise from an eligible business (as referred to in sub-section (4) of that section) in accordance with the prescribed provisions.
On the commencement of OFS on T day only non-retail investors shall be permitted to place their bids. Cut off price shall be determined based on the bids received on T day as per the extant guidelines.
In order to provide investors with enhanced diversification benefits and put mutual funds in a better position to handle adverse credit events, it has been decided to revise prudential limits for sectoral exposure and to introduce prudential limits for group level exposure.
These amendments relate to restrictions on investments in debt instruments issued by a single issuer wherein the limit is reduced to 10% of NAV which may be extended to 12% of NAV with the prior approval of the Board of Trustees and the Board of Asset Management Company.
In order to enhance the security-level in data submission and further improve data quality, the following modifications shall be effected in the guidelines for submission of data under the FETERS from 1st fortnight of April 2016 (i.e., reporting of those transactions which take place from April 1, 2016):
a. A start-up in India with an overseas subsidiary is permitted to open foreign currency account abroad to pool the foreign exchange earnings out of the exports/sales made by the concerned start-up; b. The overseas subsidiary of the start-up is also permitted to pool its receivables arising from the transactions with the residents in India as well as the transactions with the non-residents abroad into the said foreign currency account opened abroad in the name of the start-up;
Circular No. 06/2016-Customs Duty The Government considered representations, feedback and data related to the All Industry Rates (AIR) of Duty Drawback that took effect on 23.11.2015 and has notified certain changes vide Notification No. 22/2016-Customs (N.T.) dated 08.2.2016. These changes take effect from 11.02.2016.
Circular No. 5/2016-Customs Duty The Special Valuation Branch (SVB) was created as an institution specializing in investigation of transactions involving special relationships between buyer – seller or those involving other special circumstances surrounding the sale of imported goods, both of which have a bearing on the assessable value.
Circular No. 4/2016-Customs Duty The Board has comprehensively revised instructions for the examination of related party transactions and those involving royalty, licence fee etc. vide circular no. 5/2016 dated 9th February 2016. In view thereof, the Board has decided that the following procedure shall be followed with respect to pending SVB cases initiated in terms of circular 1/98 – Cus dated 1.1.98 & 11/2001-Cus dated 23.2.2001 and those involving renewal of SVB orders.
