Exemption from the application of quantitative ceiling and export bans on export of organic agricultural products (wheat, non-Basmati rice) and organic processed products (edible oils and sugar) and enhancement of quantitative ceiling on export of pulses & lentils.
Remission of Interest u/s 30(1) of for the dealers who have failed to obtain registration within time Maharashtra Value. Added Tax Act, 2002
Government of Maharashtra hereby amends the Government Order, Finance Department, No. VAT-1507/C.R.70/Taxation-1, dated the 21st February 2008 as follows, namely
If the tax has been paid or otherwise recovered in part or full, during the period starting on the 1st April 2005 and ending on the 31st March 2016, on the transfer of property in goods, involved in the sizing and warping of yarn, then the exemption shall be subject to the following conditions : —
In case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before 31.03.2017, to allow extension of time till 30.04.2017 for banks to upload details into RBI’s E-Kuber system and for depositors to make commensurate deposits, if not already done.
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
