RBI releases revised framework of resolution of stressed assets

RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 February 12, 2018 All Scheduled Commercial Banks (Excluding Regional Rural Banks (RRB)), All-India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir/Madam, Resolution of Stressed Assets – Revised Framework 1. The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain… Read More

MCA notifies certain sections of the Companies Amendment Act , 2017

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub' section (ii)l Government of India Ministry of Corporate Affairs Notification New Delhi, the 9th February, 2018 S.O. -(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act 2017 (1' of 2018), the Central… Read More

Companies (Registered Valuers and Valuation) Amendment Rules, 2018 notified

[TO BEPUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY' PART II' SECTION 3, SUB-SECTION (i)l Government of India Ministry of Corporate Affairs Notification New Delhi, the 9th February, 2018 G.S.R…….(E).- In exercise of the powers conferred by section 247 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes… Read More

CBDT appoints Pr. DGIT(Systems) as the ‘designated authority’ under section 138 of the IT Act

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 12th of February, 2018 NOTIFICATION In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act,… Read More

Finance Minister addresses the Board of SEBI

Feb 10, 2018 PR No.: 5/2018   Finance Minister addresses the Board of SEBI     Shri Arun Jaitley, Hon'ble Union Finance Minister, interacted with the members of the SEBI Board and senior officials of SEBI at New Delhi today. Shri P. Radhakrishnan, Minister of State for Finance, Dr. Hasmukh Adhia, Finance Secretary, Ministry of Finance, Shri… Read More

Cabinet approves proposal for Amendment to the MSME Development Act, 2006

Cabinet approves proposal for Amendment to the Micro, Small and  Medium Enterprises Development Act, 2006 to change the criteria of classification and to withdraw the MSMED (Amendment) Bill, 2015 – pending in Lok Sabha  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved change in the basis of classifying Micro, Small… Read More

GST council recommends housing sector to promote Affordable Housing for the masses

Recommendations made by the GST Council for the Housing Sector to promote Affordable Housing for the masses come into force  Concessional Rate of GST of 12% extended to construction of houses constructed/ acquired under the Credit Linked Subsidy Scheme for EWS, LIG, MIG sections In its 25th Meeting held on 18th January, 2018, the GST Council had… Read More

GST Council recommends granting relief from GST on services provided by RWAs to their members

GST Council recommends granting relief from GST on services provided by the Resident Welfare Associations (RWAs) to their Members  Threshold Exemption Limit under GST for monthly contributions made by members for services provided by RWAs raised from Rs. 5,000 to Rs. 7,500 per month per person In its 25th Meeting held on 18th January, 2018, the GST… Read More

GST rate on admission to amusement parks and ballet etc, reduced from 28% to 18%

GST rate on admission to amusement parks and ballet etc, reduced from 28% to 18%.    In its  Meeting held on 18th January, 2018, the GST Council had recommended reduction of GST rate on services by way of admission to Amusement Parks including theme parks, water parks, joy rides, merry-go-rounds, go-carting and ballet from 28% to 18%. These… Read More

GST Council recommends relief in GST on Circus, Dance and Theatrical Performances

GST Council recommends relief in GST on Circus, Dance and Theatrical Performances  Threshold Exemption under GST for admission to such cultural and sports events in the country increased from Rs. 250 to Rs. 500 per person. In its Meeting held on 18th January, 2018, the GST Council has recommended that for the purpose of GST exemption,… Read More

Cabinet Approves IBC (Amendment) Bill, 2017 to replace IBC (Amendment) Ordinance, 2017

Cabinet approves Insolvency and Bankruptcy Code (Amendment) Bill, 2017 to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given Ex-post facto approval to the modifications carried out in the replacement Bill, which replaced the Insolvency and Bankruptcy Code (Amendment) Bill 2017, and… Read More

RBI cautions about Fake Websites in its Name

It has come to the notice of the Reserve Bank of India that a fake website of the Reserve Bank of India has been created with the URL www.indiareserveban.orgby some unknown person(s). The layout of the fake website is similar to the original RBI website. The home page of the fake website also contains a provision… Read More

CBEC extends eSANCHIT application on all EDI locations

Instruction No. 02/2018-Customs F.No.450/16/2015-Cus-IV Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, dated 7th February 2018 To, All Pr. Chief Commissioners of Customs / Chief Commissioners of Customs/ Customs (Preventive)/ Customs and Central Excise. All Pr. Commissioners/ Commissioners of Customs / Customs (Preventive)/ Customs and central Excise… Read More

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