Banks should ensure adherence to the prudential guidelines issued by RBI from time to time on Equity investments by Banks, Classification and Valuation of Investment Portfolio, Basel III Capital requirements for Commercial Real Estate Exposures and Large Exposure Framework, as applicable.
In order to ensure greater transparency and promote better discipline with respect to compliance with IRACP norms, it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs1for the reference period, or both.
It has been observed that banks have been recognizing gains in profit & loss account from Foreign Currency Translation Reserve (FCTR) on repatriation of accumulated profits / retained earnings from overseas branch(es) by treating the same as partial disposal under AS 11.
It is advised that the provisioning rates prescribed in the abovementioned circular are the regulatory minimum and banks are encouraged to make provisions at higher rates in respect of advances to stressed sectors of the economy. With a view to ensure that banks have adequate provisions for loans and advances at all times, it is advised as under:
Amendment to Notification No.41/1999-Cus to align the said notification with para 4.36 of FTP 2015-20 by omitting the word ‘for export’ in the proviso to the notification
Central Government hereby appoints the 17th day of April, 2017 as the date on which the provisions of Part I of Chapter VI of the Finance Act, 2017 (7 of 2017) shall come into force.
Central Government hereby appoints 17th day of April, 2017 as date on which provisions of Indian Trusts (Amendment) Act, 2016 (34 of 2016 shall come into force.
MCA, vide notification no. G.S.R. 258(E), dated 17.03.2017 has notified amendments to Ind AS 102(Share-based Payments) and to Ind AS 7(Statement of Cash Flows). Amendments to Ind AS 102, pertaining to the classification and measurement of share-based payment transactions clarify as to how to account for certain types of share-based payment transactions.
In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2017 (Mah. Act No. XXXI of 2017), is hereby published under the authority of the Governor.
Seeks to amend Service Tax Rules, 1994 so as to,(i) Specify the importer as defined under clause (26) of section 2 of the Customs Act, 1962 (52 of 1962) of goods as the person liable for paying service tax in case of services provided or agreed to be provided by a person located in non-taxable […]
