Additional Provisions For Standard Advances At Higher Than The Prescribed Rates
Posted Date : 20-Apr-2017 , 09:01:11 am | Posted By: CASANSAAR
RBI/2016-17/282
DBR.No.BP.BC.64/21.04.048/2016-17
April 18, 2017
All Scheduled Commercial Banks
(Excluding Regional Rural Banks)
Madam/Dear Sir,
Additional Provisions For Standard Advances At
Higher Than The Prescribed Rates
Please refer to paragraph 5 of theMaster Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated July 1, 2015.
2. It is advised that the provisioning rates prescribed in the abovementioned cir...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 376
|
|
Guidelines on compliance with Accounting Standard (AS) 11 by banks - Clarification
Posted Date : 20-Apr-2017 , 09:00:06 am | Posted By: CASANSAAR
RBI/2016-17/281
DBR.BP.BC.No.61/21.04.018/2016-17
April 18, 2017
All Scheduled Commercial Banks
(excluding Regional Rural Banks)
Madam / Dear Sir,
Guidelines on compliance with Accounting Standard (AS) 11 [The Effects of Changes in Foreign Exchange Rates] by banks - Clarification
Please refer tocirculars DBOD.No.BP.BC.76/21.04.018/2004-05 dated March 15, 2005andDBOD.BP.BC.No.76/21.04.018/2005-06 dated April 05, 2006on the captioned subject.
2. It has been observed that banks ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 394
|
|
Prudential Guidelines – Banks’ investment in units of REITs and InvITs
Posted Date : 20-Apr-2017 , 08:58:59 am | Posted By: CASANSAAR
RBI/2016-17/280
DBR.No.FSD.BC.62/24.01.040/2016-17
April 18, 2017
All Scheduled Commercial Banks
(excluding RRBs)
Dear Sir/ Madam,
Prudential Guidelines – Banks’ investment in units of REITs and InvITs
Please refer to the paragraph 12 of the Statement on Developmental and Regulatory Policies (extract enclosed) issued by RBI on April 06, 2017. As indicated therein, it has been decided to allow banks to participate in Real Estate Investment Trusts (REITs) and Infrastru...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 406
|
|
Govt notifies applicability of Amendments to Indian Trusts Act
Posted Date : 20-Apr-2017 , 08:54:18 am | Posted By: CASANSAAR
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 17th April, 2017
S.O. 1185(E).—In exercise of the powers conferred by section 130 of the Finance Act, 2017 (7 of 2017), the Central Government hereby appoints the 17th day of April, 2017 as the date on which the provisions of Part I of Chapter VI of the Finance Act, 2017 (7 of 2017) shall come into force.
[F. No. 6/5/CM/2002-Vol.V]
PRAVEEN GARG, Jt. Secy.
We are reproducing below the Extra...
Continue Reading...
Category :
Corporate Laws |
Comments :
0 | Hits : 812
|
|
Rescinding Board Circular F. No. 528/213/87-Customs (TU)
Posted Date : 19-Apr-2017 , 06:27:17 pm | Posted By: Md Irsad Alam
Attention is invited to Board Circular F. No. 528/213/87-Cus. (T.U.) ICD dated 08.08.1987. In the said circular, Board had stipulated that once a contract is registered either for initial setting up or for substantial expansion of an existing plant etc, the imports made become classifiable under the heading 9801 of the customs tariff liable to duty at the project rate. Such goods forming part of the contract and assessed under CTH 9801 lose their identity and cannot be classifiable on merits und...
Continue Reading...
Category :
Custom |
Comments :
0 | Hits : 410
|
|
Seeks to amend notification No. 30/2012-ST dated 20.06.2012 so as to specify the importer as defined under clause (26) of section 2 of the Customs Act, 1962 (52 of 1962) of goods as the person liable for paying service tax in case of services provided or
Posted Date : 17-Apr-2017 , 03:17:18 pm | Posted By: Md Irsad Alam
- In exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994), the Central Government, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 30/2012-Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 472 (E), dated the 20th June, 2012, namely:-
1. In the said noti...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 495
|
|
Seeks to amend Point of Taxation Rules, 2011 with effect from 22nd January, 2017so as to provide the point of taxation of services provided by a foreign shipping line to foreign charterer w.r.t. goods destined for India as the date of bill of lading of go
Posted Date : 17-Apr-2017 , 03:12:14 pm | Posted By: Md Irsad Alam
In exercise of the powers conferred under sub-section (2) of section 67A and clause (a) and clause (hhh) of sub- section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Point of Taxation Rules, 2011, namely :—
1. (1) These rules may be called the Point of Taxation (Amendment) Rules, 2017.
(2) They shall come into force on the 22nd day of January, 2017.
2. In the Point of Taxation Rules, 2011, after rul...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 400
|
|
Seeks to amend Service Tax Rules, 1994 so as to,(i) Specify the importer as defined under clause (26) of section 2 of the Customs Act, 1962 (52 of 1962) of goods as the person liable for paying service tax in case of services provided or agreed to be prov
Posted Date : 17-Apr-2017 , 03:09:36 pm | Posted By: Md Irsad Alam
- In exercise of the powers conferred by sub-section (1), read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994,namely:- 1. (1) These rules may be called the Service Tax (Third Amendment) Rules, 2017. (2) Save as otherwise provided, they shall come into force on the 23 rd day of April, 2017. 2. In the Service Tax Rules, 1994,- (i) in rule 2, in sub-rule (1), in clause (d...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 434
|
|
seeks to further amend notification No.12/2012-Customs, dated 17.03.2012 so as to allow the following changes regarding duty free import of raw sugar [1701], allowed vide notification No.12/2017-Customs dated 5th, April, 2017:
Posted Date : 17-Apr-2017 , 03:06:42 pm | Posted By: Md Irsad Alam
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.12/2012-Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R....
Continue Reading...
Category :
Custom |
Comments :
0 | Hits : 358
|
|
GST-Draft Assessment and Audit Rules
Posted Date : 14-Apr-2017 , 08:38:55 am | Posted By: CASANSAAR
CHAPTER —
ASSESSMENT AND AUDIT
1. Provisional Assessment
(1) Every registered person requesting for payment of tax on a provisional basis in accordance with the provisions of sub-section (1) of section 60 shall furnish an application inFORM GST ASMT-01,along with the documents in support of his request, electronically through the Common Portal, either directly or through a Facilitation Centre notified by theCommissioner.
(2) The proper officer may, on receipt of the application u...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 622
|
|
GST: Draft Electronic Way Bill Rules
Posted Date : 14-Apr-2017 , 08:37:15 am | Posted By: CASANSAAR
Electronic Way Bill
1. Information to be furnished prior to commencement of movement of goods and generation of e-way bill
(1) Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees —
(i) in relation to a supply; or
(ii) for reasons other than supply; or
(iii) due to inward supply from an unregistered person,
shall, before commencement of movement, furnish information relating to the said goods in Part A of FORM GST INS-0...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 536
|
|
President Assents Central Goods and Services Tax Act, 2017
Posted Date : 14-Apr-2017 , 08:31:29 am | Posted By: CASANSAAR
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 12th April, 2017/Chaitra 22, 1939 (Saka)
The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general information:—
THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
NO. 12 OF 2017
[12th April, 2017.]
An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and f...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 485
|
|
President assents Integrated Goods and Services Tax Act, 2017
Posted Date : 14-Apr-2017 , 08:29:43 am | Posted By: CASANSAAR
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 12th April, 2017/Chaitra 22, 1939 (Saka)
The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general information:—
THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017
NO. 13 OF 2017
[12th April, 2017.]
An Act to make a provision for levy and collection of tax on inter-State supply of goods or services or both by the Central Government ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 369
|
|
President assents Union Territory Goods and Services Tax Act, 2017
Posted Date : 14-Apr-2017 , 08:26:59 am | Posted By: CASANSAAR
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 12th April, 2017
The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general information:—
THE UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017
NO. 14 OF 2017
[12th April, 2017.]
An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Union territories and for matters ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 437
|
|
President assents GST (Compensation to States) Act, 2017
Posted Date : 14-Apr-2017 , 08:24:17 am | Posted By: CASANSAAR
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 12th April, 2017
The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general information:
THE GOODS AND SERVICES TAX (COMPENSATION TO STATES) ACT, 2017
No. 15 OF 2017[12th April, 2017.]
An Act to provide for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax in pursuance...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 417
|
|
Customs (Settlement of Cases) Amendment Rules, 2017
Posted Date : 13-Apr-2017 , 09:25:27 pm | Posted By: Md Irsad Alam
In exercise of the powers conferred by sub-section (1) of section 156 read with section 127B of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following rules to amend the Customs (Settlement of Cases) Rules, 2007, namely:-
1. (1) These rules may be called the Customs (Settlement of Cases) Amendment Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Customs (Settlement of Cases) Rules, 2007 (hereinafter r...
Continue Reading...
Category :
Custom |
Comments :
0 | Hits : 443
|
|
Inclusion of “Derivatives on Equity sharesâ€
Posted Date : 13-Apr-2017 , 09:19:47 pm | Posted By: Md Irsad Alam
Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 were notified by SEBI on March 27, 2015, which came into force on April 01, 2015.
2. Clause 7 of SEBI (IFSC) Guidelines, 2015 specifies the types of securities in which dealing may be permitted by stock exchanges operating in IFSC. Based on the recommendations of the Risk Management Review Committee of SEBI, it has been decided to specify “Derivatives on equity shares of a company incorporat...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 381
|
|
Revised Prompt Corrective Action (PCA) framework for banks
Posted Date : 13-Apr-2017 , 09:09:51 pm | Posted By: Md Irsad Alam
Please refer to RBI circulars No. DBS.CO.PP.BC.9/11.01.005/2002-03 dated December 21, 2002 and DBS.CO.PP.BC.13/11.01.005/2003-04 dated June 15, 2004 on the scheme of Prompt Corrective Action.
2. The existing PCA framework for banks has since been reviewed and revised. The salient features are provided in the Annex. 3. The provisions of the revised PCA framework will be effective from April 1, 2017 based on the financials of the banks for the year ended March 31, 2017. The framework would be rev...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 345
|
|
Financial Literacy Week
Posted Date : 13-Apr-2017 , 09:06:30 pm | Posted By: Md Irsad Alam
To emphasize the importance of financial literacy, it has been decided to observe the week June 5-9, 2017 as Financial Literacy Week across the country.
2. The literacy week will focus on four broad themes, viz.KYC,Exercising Credit Discipline,Grievance Redressaland Going Digital (UPIand*99#). The five messages that will be communicated to the common man based on the above broad themes are available under "Financial Literacy Week" in the downloads section of thefinancial education webpage of RB...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 292
|
|
Security Substitution Facility for term repos conducted by Reserve Bank of India under the Liquidity Adjustment Facility
Posted Date : 13-Apr-2017 , 09:04:26 pm | Posted By: Md Irsad Alam
As announced in theFirst Bi-monthly Monetary Policy Statement for 2017-18, it has been decided to allow substitution of collateral (security) by the market participants during the tenor of the term repos conducted by Reserve Bank of India under the Liquidity Adjustment Facility, from April 17, 2017.
2. The securities offered for substitution by the market participants shall be of similar market value based on the latest prices published by the Fixed Income Money Market and Derivatives Associati...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 368
|
|
Systems and Controls for conduct of government banking - RBI
Posted Date : 08-Apr-2017 , 08:27:14 am | Posted By: CASANSAAR
RBI/2016-17/271
DGBA.GAD.No.2646/31.02.007/2016-17
April 7, 2017
All Agency Banks
Dear Sir/Madam,
Systems and Controls for conduct of government banking
Please refer to ourMaster Circulars DGBA.GAD.No.2/31.12.010/2015-16 dated July 1, 2015on Conduct of Government Business by Agency Banks - Payment of Agency Commission andDGBA.GAD.No.H-1/31.05.001/2015-16 dated July 1, 2015on Disbursement of Governme...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 433
|
|
Systems and Controls for conduct of government banking - RBI
Posted Date : 08-Apr-2017 , 08:27:14 am | Posted By: CASANSAAR
RBI/2016-17/271
DGBA.GAD.No.2646/31.02.007/2016-17
April 7, 2017
All Agency Banks
Dear Sir/Madam,
Systems and Controls for conduct of government banking
Please refer to ourMaster Circulars DGBA.GAD.No.2/31.12.010/2015-16 dated July 1, 2015on Conduct of Government Business by Agency Banks - Payment of Agency Commission andDGBA.GAD.No.H-1/31.05.001/2015-16 dated July 1, 2015on Disbursement of Governme...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 406
|
|
Capacity Planning Framework for the Depositories
Posted Date : 06-Apr-2017 , 09:14:49 pm | Posted By: Md Irsad Alam
1. The capacity planning framework of the Stock Exchanges and Clearing Corporations was reviewed by Technical Advisory Committee (TAC) of SEBI. Based on recommendations of the committee, circular no. CIR/MRD/DP/17/2015 dated October 08, 2015 was issued to the Stock Exchanges and Clearing Corporations with regard to their capacity planning.
2. Depositories have been identified as financial Market Infrastructure Institutions which facilitate and perform systemically critical functions in the secu...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 453
|
|
Investments by FPIs in Government Securities
Posted Date : 06-Apr-2017 , 08:48:59 pm | Posted By: Md Irsad Alam
1. RBI in its Fourth Bi-monthly Policy Statement for the year 2015-16, dated September 29, 2015 had announced a Medium Term Framework (MTF) for FPI limits in Government securities in consultation with the Government of India. Accordingly, SEBI had issued circulars CIR/IMD/FPIC/8/2015 dated October 06, 2015, IMD/FPIC/CIR/P/2016/45 dated March 29, 2016 and IMD/FPIC/CIR/P/2016/107 dated October 03, 2016 regarding the allocation and monitoring of FPI debt investment limits in Government securities.
...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 501
|
|
Interest rates for Small Savings Schemes
Posted Date : 06-Apr-2017 , 08:44:46 pm | Posted By: Md Irsad Alam
Please refer to ourcircular DGBA.GAD.2012/15.02.005/2016-17 dated February 9, 2017on the above subject. The Government of India, had vide their Office Memorandum (OM) No.F.No.1/4/2016–NS.II dated March 31, 2017 advised the rate of interest on various small savings schemes for the first quarter of the financial year 2017-18 (copy enclosed).
2. The contents of this circular may be brought to the notice of the branches of your bank operating Government Small Saving Schemes for necessary acti...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 542
|
|
Liquidity Adjustment Facility – Repo and Reverse Repo Rates
Posted Date : 06-Apr-2017 , 08:42:16 pm | Posted By: Md Irsad Alam
As announced in theFirst Bi-monthly Monetary Policy Statement, 2017-18 Resolution of the Monetary Policy Committee (MPC), it has been decided to keep the Repo rate under the Liquidity Adjustment Facility (LAF) unchanged at6.25 per cent.
However, consequent upon the narrowing of the LAF corridor, the Reverse Repo rate under the LAF now stands adjusted at6.0 per cent.
This change will come into force with immediate effect. All other terms and conditions of the current LAF Scheme will remain unch...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 483
|
|
Marginal Standing Facility
Posted Date : 06-Apr-2017 , 08:36:56 pm | Posted By: Md Irsad Alam
As announced in theFirst Bi-monthly Monetary Policy Statement, 2017-18 Resolution of the Monetary Policy Committee (MPC), consequent upon the narrowing of the LAF corridor, the Marginal Standing Facility (MSF) rate now stands adjusted at6.50 per cent.
All other terms and conditions of the current MSF scheme will remain unchanged.
...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 463
|
|
Reduction in bank rate
Posted Date : 06-Apr-2017 , 08:35:13 pm | Posted By: Md Irsad Alam
Please refer to our circular DBR.No.Ret.BC.19/12.01.001/2016-17 dated October 04, 2016 on the captioned subject.
2. As announced in the First Bi-Monthly Monetary Policy Statement 2017-18 dated April 06, 2017, the Bank Rate stands adjusted by 25 basis points from 6.75 per cent to 6.50 per cent with effect from April 06, 2017.
3. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in the Annex....
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 422
|
|
Rate of exchange of conversion of the foreign currency with effect from 7th April, 2017
Posted Date : 06-Apr-2017 , 08:25:32 pm | Posted By: Md Irsad Alam
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.22/2017-CUSTOMS (N.T.), dated 16th March, 2017, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II anne...
Continue Reading...
Category :
Custom |
Comments :
0 | Hits : 538
|
|
CBDT notifies rules for electronic communication between the Income Tax Dept and Assessee
Posted Date : 06-Apr-2017 , 07:56:53 am | Posted By: CASANSAAR
Procedure, Formats and Standards for ensuring secured transmission of electronic communication - introduction of E-Proceeding for communication between the Income Tax Department and Assessee-reg...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 989
|
|
|
|