eserve Bank of India (RBI) has imposed, on July 26, 2017, a monetary penalty of ₹ 10 million and ₹ 20 million on Union Bank of India for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms.
CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies.
Further clarification on tax in reverse charge on gold ornaments; Sale of old jewellery by an individual to a jeweler will not make the jeweler liable to pay tax under reverse charge mechanism on such purchases; However, if an unregistered supplier of gold ornaments sells it to registered supplier, the tax under RCM will apply.
SEBI vide circular dated October 10, 2016 provided three months to ELCs on DB to submit a plan of action to the designated stock exchanges (“DSEs”) either to list or to provide exit to its shareholders. Further it was also stipulated that failure to comply with the above would attract actions as enumerated below
CBDT invites comments and suggestions on the Draft Notification in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961
The Financial Resolution and Deposit Insurance, Bill 2017 when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill.
The Committee shall make recommendations to SEBI on the following issues with the aim of improving standards of corporate governance of listed companies in India: 1. Ensuring independence in spirit of Independent Directors and their active participation in functioning of the company;
In furtherance of SEBI’s endeavor to bring all the intermediary related processes (registration, reporting and other requests) to the online platform, it is hereby informed that an online system is introduced for Portfolio Managers.
In a Release today, the Reserve Bank of India outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017.
Introduction of GST would have economy-wide ramifications in terms of growth, inflation, government finances and external competitiveness over the medium-term.
