It has also come to the notice of the RBI that the customers receive telephone calls relating to their winning lotteries/prizes etc. and depositing money in an unknown account, following which the amount of lottery would be remitted to them or credited to the account they would advise. The customers believing such fraudulent messages remit the required amount apart from divulging details of their accounts to the fraudsters.
IAS is defined and regulated by SEBI under the SEBI (Investment Advisors) Regulations, 2013, and entities offering these activities need to be registered with SEBI. In view of the same it is advised that henceforth, banks cannot undertake IAS departmentally. Accordingly, banks desirous of offering these services may do so either through a separate subsidiary set up for the purpose or one of the existing subsidiaries after ensuring that there is an arm’s length relationship between the bank and the subsidiary.
It has been decided that requirement of manufacturer certificate from OEMs in case of retrofitment of vehicles, after purchase, shall be dispensed with. Instead the certificate from District Road Transport Officer, as per annexure, would be sufficient for applying to this Department in the prescribed Performa alongwith remaining documents/papers as mentioned in the scheme for obtaining excise duty concession certificate from the Department of Heavy Industry.
Government had issued a notification dated 10th February 2016 regarding rules for withdrawal from EPF Funds by the members. Under the revised rules, the employee was permitted to withdraw the employees’ share from the fund (which is 12% of the wages). However, it was prescribed that the employers’ share of contribution towards the Provident Fund […]
In Schedule A Maharashtra Value Added Tax Act, 2002, in entry 51, in column (2), for sub-entry (vii), the following sub-entry shall be substituted, namely :— (vii) Towels.
Banks should normally provide for the entire amount due to the bank or for which the bank is liable (including in case of deposit accounts), immediately upon a fraud being detected. While computing the provisioning requirement, banks may adjust financial collateral eligible under Basel III Capital Regulations – Capital Charge for Credit Risk (Standardised Approach), if any, available with them with regard to the accounts declared as fraud account;
In the Notaries Rules 1956, (hereinafter referred to as the said rules), in rule 7, in sub-rule (3), after clause (e), the following proviso shall be inserted, namely:- Provided that in respect of categories (b) and (c), if the memorial in Form II is found to be in order, the competent authority may issue certificate of practice as Notary directly by exempting appearance before the Interview Board.
In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009 namely:-
In case of services provided by the Government or local authority to any business entity, the point of taxation shall be the earlier of the dates on which, – (a) any payment, part or full, in respect of such service becomes due, as specified in the invoice, bill, challan or any other document issued by the Government or local authority demanding such payment; or (b) payment for such services is made.
Service Tax (Determination of Value) Rules, 2006 shall not apply to any service provided by Government or a local authority to a business entity where payment for such service is allowed to be deferred on payment of interest or any other consideration
