Council of the ICAI is pleased to notify for general information the names (in alphabetical order), membership numbers and places of the members, who have been elected to the Twenty Third Council of the Institute from the constituencies as given below:-
The facility of auto-downloading of the forms shall not be available to the dealer for the tax period in cases in which the ratio of sale to purchase, including stock transfer and local transactions, falls below 45%. The statutory forms in such cases shall be available for auto-downloading on the basis of sale and purchase of next quarter
Council of the Institute of Chartered Accountants of India is pleased to notify for general information the names (in alphabetical order), membership numbers and places of the members, who have been elected to the Twenty Second Regional Councils of the Institute as given below:-
As per paragraph 38(1) of the EPF Scheme, 1952, paragraph 3 of EPS, 1995 and paragraph 8(1) of EDLI Scheme, 1976, the employers are required to pay the contributions and administrative charges within fifteen days of dose of every month. The employer, as per para 5.1.3 of Manual of Accounting Procedure (Part-I General), is also allowed a grace period of 5 days to remit the contribution.
Notification No. 02/2016 – Customs (N.T.) Central Board of Excise & Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 08th January, 2016
A reference was received from Minister of Road Transport Highways and Shipping, Government of India. Ministry has in its letter inter alia stated that, I. It has undertaken projects with the loan assistance of World Bank under National Highways Interconnectivity Improvement Programme (NHIP). II. Central Excise duty for the goods required for the execution of works financed by International Funding Organisation like World bank is exempted under Notification No. I 08/95-Central Excise, dated 28.08.1995(amended from time to time).
Please refer to our circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015 setting out RBI directions relating to financial institutions set up in the International Financial Services Centres (IFSC). Based on the feedback and requests received from various stakeholders, certain provisions of the directions have been reviewed and are modified as follows:
Please refer to paragraph 2(iii) of our circular DBOD.Dir.BC.62/13.07.09/2002-03 dated January 24, 2003 on ‘Discounting/Rediscounting of Bills by banks’ advising banks not to extend any non-fund based facilities to non-constituents borrowers of the banks. The restriction was imposed to prevent frauds, diversion of funds etc. in case bank sanctions “one-off” transaction facilities without assessment of credit needs of the borrowers on well established credit norms.
If any credit facility availed of by the issuer is classified as NPA in the books of the FI, investment in any of the securities, including preference shares issued by the same issuer would also be treated as NPI and vice versa.
F.No. CCI/CD/Amend/Comb.Regl./2016 In exercise of the powers conferred by section 64 of the Competition Act, 2002 (12 of 2003), the Competition Commission of India hereby makes the following regulations further to amend the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011, namely:-
