Limits for Transport Allowance enhanced under Income Tax

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The Central Board of Direct Taxes (CBDT) vide notification no. 39/2015/F.No.142/02/2015-TPL dated April 13, 2015 has enhanced the transport allowance exemption from INR 800 to 1,600 per month and for employee who is blind or orthopedically handicapped with disability of lower extremities, the exemption limit has been enhanced from INR 1,600 to 3,200 per month....
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Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) – Standards

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RBI/2014-15/559 DPSS.CO.AD.No.1925/02.27.005/2014-15 April 16, 2015 To All Payment System Providers, System Participants and Prepaid Payment Instrument Issuers Dear Sir /Madam, Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) - Standards Please refer to our circulars/instructions issued from time to time on the captioned subject. In this regard, we enclose a copy of ...
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Interest Rates on deposits

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RBI/2014-15/554 DBR.No.Dir.BC.87/13.03.00/2014-15 April 16, 2015 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Interest Rates on Deposits Please refer to our circulars DBOD. No. Dir.BC.36/13.03.00/98 dated April 29, 1998, DBOD. No. Dir.BC.07/13.03.00/2001-02 dated August 11, 2001 and DBOD. No. Dir. BC.74/13.03.00/2012-13 dated January 24, 2013 in terms of which banks are a...
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Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting

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1. SEBI (Buy Back of Securities) Regulations, 1998 (hereinafter referred to as “Buy Back Regulations”), SEBI(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as "Takeover Regulations"), SEBI(Delisting of Equity Shares) Regulations, 2009 (hereinafter referred to as "Delisting Regulations") were amended vide notification dated March 24, 2015 to fac...
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NBFCs- Lending against Shares – Clarification

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RBI/2014-15/551 DNBR (PD).CC.No.028/03.10.001/2014-15 April 10, 2015 All NBFCs with asset size of `.100 cr and above (excluding Primary Dealers) Dear Sirs, NBFCs- Lending against Shares – Clarification Please refer to our circular DNBS (PD).CC.No.408/03.10.001/2014-15 dated August 21, 2014. We have since received a number of queries from the industry participants seeking clarification...
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MODEL DRAFT BOARD REPORT UNDER THE COMPANIES ACT, 2013

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Unlike Section 217 of the old Companies Act, 1956, Section 134 of the new Companies Act, 2013 is very exhaustive and provides lots of useful information about the management and its activities to the Shareholders. Most of the information are 'Compliance Related'. To name a few, ''Details of Deposits received and the loans made and the guarantees provided,  contracts entered with related part...
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RBI releases draft Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs

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The Reserve Bank of India has released on its website today, the draft Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs for seeking comments/ views from interested parties and general public. The suggestions/ comments on the draft guidelines may be emailed or sent by post to the Chief General Manager, Department of Non-Banking Regulation, Reserve...
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Secretarial Standards 1 and 2 notified by MCA

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The ministry of Corporate Affairs has issued a general notice to notify the Secretarial Standards 1 with respect to Board meetings and Secretarial standard 2 with respect to general meeting which were much long awaited and will now help to harmonise and integrate the diverse secretarial practices amongst the companies....
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Companies (Auditor’s Report) Order, 2015

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In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013 (18 of 2013 ) and in supersession of the Companies (Auditor's Report) Order, 20O3, published in the cazette of lndia, Extraordinary, Part II, Section 3, Sub-section (i), vide nurnber G.S.R. 480 (E), dated the 12th June, 2003, except as respects things done or omitted to be done before such supersessio...
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Remuneration to managerial person under Schedule XIII of the Companies Act, 1956 – Clarification with regard to payment for period,

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The Ministry of Corporate affairs has issued General Circular no. 07/2015 dated 10th April, 2015 to provide clarification on the matter relating to the payment period for the remuneration paid to the managerial personnel in accordance with Schedule XIII of the Companies Act, 1956 which is now Schedule V of the Companies Act, 2013. Stakeholders have drawn attention to the provisions of Schedule ...
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