It is observed that IBUs are branches of Indian Banks or Foreign Banks having presence in India, which are established in accordance with the RBI Scheme dated 1.4.2015, in the International Finance Service Centers that are set up in within the Special Economic Zones, as per Section 18 of the Special Economic Zone Act, 2005. Thus, the IBUs fulfil the necessary criteria for being considered Offshore Banking Units as defined in clause (u) of section 2 of the Special Economic Zones Act, 2005.
In continuation to this Ministry’s circular dated 18.06.2015, it is being informed to all concerned that from July onwards the monthly meeting will be held on last Monday of every month from 3 p.m to 5 p.m. The associations who are desirous of attending monthly meeting may email their request at dirfcra-mha@gov.in.
Description of goods/items as per the DVAT Schedules as well as the goods/items which are largely traded in Delhi but are not covered by any of the schedules has been prepared after wide consultation with stakeholders.
In this connection, trade has requested that a procedure be prescribed for supply of bunker fuel for such use from bonded stocks of bunker fuel being maintained by the Oil Manufacturing Companies (OMCs) at the ports located in the coastal areas where the specified ships/ vessels operate.
Time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. However, assessee jewellers may make the payment of excise duty for the months of March, 2016; April, 2016 and May. 2016 along with the payment of excise duty for the month of June, 2016 upto the extended date of 31.07.2016.
Itis announced for general information that during the year 2016-2017, accumulations at the credit of subscribers to the Staff Provident Fund shall carry interest at the rate of 8.1% (Eight point one percent) per annum w.e.f. 01.04.2016 to 30.06.2016.
8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR To, No. VAT/MMB-2015/47/2016-17/ADM-8 dated 30th June 2016. Trade Cir. No. 19T of 2016 Subject: FAQ’s on Settlement of Arrears in Disputes Act, 2016. Ref. (1) The Maharashtra Settlement of Arrears in Disputes Act, 2016. (Act No. XVI of 2016) (2) Trade Circular No. 10T of 2016 dated […]
With a view to rationalizing and expediting the process of giving approval, it has been decided that ECB proposals received in the Reserve Bank above a certain threshold limit (refixed from time to time) be placed before the Empowered Committee. The Reserve Bank will take a final decision in the cases taking into account the recommendation of the Empowered Committee.
As the payment channel for processing ‘ACU Euro’ transactions is under review, it has become necessary to temporarily suspend operations in ‘ACU Euro’ with effect from July 01, 2016. Accordingly, all eligible current account transactions including trade transactions in ‘Euro’ are permitted to be settled outside the ACU mechanism until further notice.
The circular inter alia provides clarifications on issues such as confidentiality of information disclosed in the declaration, allowability of TDS credit against declared income, enquiry in respect source of income and payment of tax and initiation of enquiry against third parties on the basis of information furnished in the declaration.
