This Statement reviews the progress of various developmental and regulatory policy measures announced by the Reserve Bank in recent policy statements and sets out new measures to be taken for further strengthening the banking structure; broadening and deepening financial markets
The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclosed income and assets. Declarations could be made online as well in printed copies of the prescribed form up to midnight on 30th September, 2016.
SEBI took over the Regulation of the Commodity Derivatives market on September 28, 2015 as a result of merger of FMC with SEBI. The merger of two Regulators is an unique and rare event across the world. It was also a heartening moment for SEBI as an organization that Government had reposed faith in its regulatory capacity while entrusting regulation of a new sector.
The SEBI Board met in Mumbai today and took the following important decisions: I. Amendment to SEBI Regulations to permit Foreign Portfolio Investors (FPIs) to trade directly in Corporate Bonds without a broker II. Amendments proposed to the SEBI (Infrastructure Investment Trusts) Regulations, 2014 and SEBI (Real Estate Investment Trusts) Regulations, 2014
Section 44AB of the Act, stipulates that the accounts are to be got audited by an accountant and furnished in the prescribed manner before the ‘specified date’. The ‘specified date’ under Explanation (ii) to that section has been defined to be the ‘due date’ for furnishing the return of income under subsection (1) of section 139. Therefore, the extended ‘due date’ as per CBDT order dated 9th September, 2016 would also apply for the purpose of section 44AB of the Act.
Due date for filing return & TAR for assessee whose due date for filing income tax return is 30th Sept (being Company,firms,and other required to get accounts audited under income tax act or other law and working partners of such firm) is extended to 17th October 2016
The RBI has vide its circular dated 08.09.2016 instructed the banks to invariably accept cash deposits from all the declarants under the Scheme and to accept cash deposits, irrespective of amount, over the counters, for making payment under the Scheme through challan ITNS-286.
Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party Certification/Audit Scheme for the factories, shops and commercial establishments in the State to liberalise the enforcement of labour laws
A new chapter in Customs Cooperation between India, Bangladesh, Bhutan and Nepal was opened today (5th September 2016), as a cargo laden truck of Bangladesh of readymade garments, imported by Marks and Spencer India, rolled into Customs Inland Container Depot, Patparganj, Delhi
In view of the fact that all the major queries and concerns of stakeholders have already been addressed by issue of circulars and also to provide stability and certainty to the Scheme, it is envisaged that no further clarifications on the Scheme shall be issued. It is reiterated that the Scheme closes on 30.09.2016. The extension of the scheme is out of question.
