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Amendment in Para 3.24 (j) of Chapter-3 of FTP 2015-2020

June 4, 2015 2020 Views 0 comment Print

Notification No: 9/2015-2020 Dated-4th June 2015 Status holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of ₹ 10 lakh or 2% of average annual export realisation during preceding three licensing years, whichever is lower.

Amendments in Foreign Trade Policy 2015-20

June 4, 2015 6855 Views 0 comment Print

Notification No. 08/2015-2020 Dated- 4th June , 2015Mandatory documents for export / import of goods from / into India (a) Mandatory documents required for export of goods from India: 1. Bill of Lading/ Airway Bill / Lorry Receipt / Railway Receipt / Postal Receipt. 2. Commercial Invoice cum Packing List 3. Shipping Bill/Bill of Export

Notification No. 32/2015-Central Excise Dated- 4th June, 2015

June 4, 2015 4767 Views 0 comment Print

Notification No. 32/2015-Central Excise Dated- 4th June, 2015 Ethanol produced from molasses generated from cane crushed in the sugar season 2015-16 i.e. 1st October, 2015 onwards, for supply to the public sector oil marketing companies, namely, Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd. or Bharat Petroleum Corporation Ltd., for the purposes of blending with petrol.

Notification No. 36/2015-Customs,Dated-04th of June, 2015

June 4, 2015 2245 Views 0 comment Print

Seeks to amend notification No. 60/2011-Customs, dated the 14th July, 2011, so as to include Kamalasagar (Tripura) on the India-Bangladesh Border, in order to extend exemption from the whole of

Submission of Long Form Audit Report (LFAR) by Concurrent Auditors

June 2, 2015 8661 Views 0 comment Print

You are advised that henceforth Concurrent Auditors, who are chartered accountants, of branches below the cut-off point will submit LFAR only to the Chairman of the bank. The banks in turn will consolidate/compile all such LFARs submitted by the Concurrent Auditors and submit to Statutory Central Auditor as an internal document of the bank.

Guidelines on Compensation of Non-executive Directors of Private Sector Banks

June 1, 2015 2566 Views 0 comment Print

The need to bring in professionalism to the boards of banks cannot be overemphasized. In order to enable banks to attract and retain professional directors, it is essential that such directors are appropriately compensated. At present, banks in private sector pay only sitting fees to non-executive directors, and no other remuneration is paid to them. The Part-time Chairman however, is being paid a fixed remuneration with the approval of RBI.

RBI allows banks to invest in long term bonds issued by other banks

June 1, 2015 1577 Views 0 comment Print

In terms of paragraph 13 of circular dated July 15, 2014, presently banks are not permitted to cross-hold such bonds among themselves. It has been represented to us that such prohibition on cross-holding inhibits the liquidity and tradability of these bonds, as banks are the major participants in the debt market.

Demand on account of tax /TDS credit mismatch cannot be enforced coercively

June 1, 2015 21852 Views 0 comment Print

As per Section 199 of the Act credit of Tax Deducted at Source is given to the person only if it is paid to the Central Government Account. However, as per Section 205 of the Act the assessee shall not be called upon to pay the tax to the extent tax has been deducted from his income where the tax is deductible at source under the provisions of Chapter- XVII. Thus the Act puts a bar on direct demand against the assessee in such cases and the demand on account of tax credit mismatch cannot be enforced coercively.

Commencement Notification of Companies (Amendment) Act, 2015

May 29, 2015 4991 Views 0 comment Print

S.1440(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2015 (21 of 2015), the Central Government hereby appoints the 29th May, 2015 as the date on which the provisions of sections 1 to 12 and 15 to 23 of the said Act shall come into force.

Companies (Share Capital and Debentures) Second Amendment Rules, 2015

May 29, 2015 2459 Views 0 comment Print

Provided that in case a company does not have a common seal, the share certificate shall be signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary: Provided further that, if the composition of the Board permits of it, at least one of the aforesaid two directors shall be a person other than a managing director or a whole-time director:

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