Indian economy likely to grow at faster pace draws huge investments

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The country's economy will likely grow at its fastest pace in two years in the current fiscal year as Prime Minister Narendra Modi initiates reforms to attract investments in the country. The decision from Modi's election victory earlier in the year helped India's economy growth rate increase for the quarter ending in June. Hope of another plethora of reformatory measures are expected from t...
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Know Your Customer (KYC) Norms: Clarification on proof of address

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RBI/2014-15/273 UBD. BPD (PCB). Cir.No. 22/14.01.062/2014-15 October 22, 2014 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam/Dear Sir, Know Your Customer (KYC) Norms – Clarification on proof of address Please refer to our circular UBD.BPD.(PCB).Cir.No.69/14.01.062/2013-14 dated June 10, 2014 on the captioned subject. In this connection we also draw your atten...
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PM Modi brightens the economic prospects with reforms

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The Prime Minister Shri Narendra Modi has made certain reforms in the last week by cutting down the fuel prices, pledging to open up the coal mining for the private players. The reforms are seen as some of the most significant since the BJP had come up in the ruling phase by the country's biggest electoral win. Modi is dedicated and determined to make business in India easy by adopting the m...
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RRBs – Fourth Bi-monthly Monetary Policy Statement, 2014-15 – SLR Holdings under Held to Maturity Category

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RBI/2014-15/268 RPCD.CO.RRB.BC.No. 34 /03.05.33/2014-15 October 20, 2014 All Regional Rural Banks Dear Sir, Fourth Bi-monthly Monetary Policy Statement, 2014-15 – SLR Holdings under Held to Maturity Category Please refer to paragraph 25 of the Fourth Bi-monthly Monetary Policy Statement, 2014-15 extract enclosed announced on September 30, 2014. 2. In terms of our circular RPCD.CO....
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Form ADT-1 w.r.t. Auditor’s appointment available at MCA 21 w.e.f 20th October, 2014

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The Ministry of Corporate Affairs has issued a General Notice informing all the stakeholders that Form ADT 1 w.r.t to the intimation by the company for the appointment of auditors as prescribed under Section 139 of the Companies Act, 2013 read with Companies (Audit & Auditors) Rules, 2014, the form shall now be available as an e - form inspite of being filed as an attachment in the Form GNL 2 ...
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Swiss Authorities ready to share data with India

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The Modi led NDA government had finally executed the mission to unearth the money blocked in the bank accounts of the Swiss bank and had been able to provide a breakthrough to the tax authorites who were not allowed access because of  the banking secrecy laws. This agreement would not only provide access to the tax authorities of the Indian countrymen who spent large amounts of money in Switze...
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DLF moves Tribunal against SEBI order

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The real estate giant DLF had moved to the Securities Appellate Tribunal against the order of the Securities and Exchange Board of India (SEBI) which had barred the top executives of the company including the chairman from dealing into securities in the market and raising money from the public  for three complete years. The order had been made against the organisation by SEBI for non-disclosur...
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Compounding of Contraventions under FEMA, 1999

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RBI/2014-15/266 A.P. (DIR Series) Circular No.36 October 16, 2014 To All Category - I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999 Attention of all the Authorised Dealer Category - I (AD Category - I) banks and their constituents is inv...
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Right of persons other than retiring directors to stand for directorship – Refund of deposit under section 160 of the Companies Act, 2013 in certain cases

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The Ministry of Corporate Affairs has issued a Circular No. 38/ 2014 providing clarification in regard of the Section 8 Companies w.r.t. to the Section 160 of the Companies Act, 2013 which contains the provisions of the Rights of the Persons other than retiring directors to stand for the Directorships. Clarity has been sought by companies registered under section 8 of the Companies Act, 2013 (c...
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Clarification on the matters related to Consolidated Financial Statements (CFS)

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The Ministry of Corporate Affairs has issued a Circular No. 39/2014 dated 14th October, 2014 w.r.t to provide clarification on the matters relating to Consolidated Financial Statements. The same has been raised out through representations by the stakeholders seeking clarification on the manner of presentation of notes in Consolidated Financial Statements to be prepared under Schedule III of the...
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