Implementation of Indian Accounting Standards (Ind AS)

RBI/2015-16/315 DBR.BP.BC.No.76/21.07.001/2015-16 February 11, 2016 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Implementation of Indian Accounting Standards (Ind AS) The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A reference is also invited to the Press Release… Read More

Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013

Accounting for depreciation is generally a significant matter for the purpose of true and fair determination of the operating results of a company as reflected in its statement of profit and loss as well as its financial position as depicted in its balance sheet. Though Accounting Standard (AS) 6, Depreciation Accounting has already been issued… Read More

Withdrawal of all old series of Banknotes issued prior to 2005

RBI/2015-16/316 DCM (Plg) No.G- 9/2856/10.27.00/2015-16 February 11, 2016 The Chairman / Managing Director / Chief Executive Officer All State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, Withdrawal of all old series of Banknotes issued prior to 2005 Please refer to our circular DCM (Plg) No.G-15/5486/10.27.00/2014-15 dated June 26, 2015 and the… Read More

Compilation of R-Returns: Reporting under FETERS

RBI/2015-16/317 A.P. (DIR Series) Circular No. 50 February 11, 2016 To, All Authorised Dealers in Foreign Exchange Madam / Sir, Compilation of R-Returns: Reporting under FETERS Attention of Authorised Dealer (Category I) banks is invited to A.P.(DIR Series) Circular No.84 dated February 29, 2012 giving guidelines for compilation of R-Returns for reporting under the Foreign… Read More

Version of Form 8 LLP is likely to be modified w.e.f 13th Feb 2016

Version of Form 8 LLP is likely to be modified w.e.f 13th Feb 2016. All Stakeholders are requested to plan accordingly.  Read More

Application for Regularisation of Assets held Abroad under Black Money Act to be sent to RBI, FED, Central Office, Mumbai

Date : Feb 10, 2016 Application for Regularisation of Assets held Abroad under Black Money Act to be sent to RBI, FED, Central Office, Mumbai The Reserve Bank of India has today stated that applications seeking regularisation of assets held abroad by a person resident in India and declared under the Black Money (Undisclosed Foreign… Read More

RTGS service charges for members and customers – Rationalisation

RBI/2015-16/306 DPSS (CO) RTGS No.1926/04.04.002/2015-16 February 4, 2016 The Chairman / Managing Director / Chief Executive Officer of participants of RTGS Madam / Sir, RTGS service charges for members and customers - Rationalisation A reference is invited to our circular DPSS.(CO).RTGS.No.388/04.04.002/2011-2012 dated September 5, 2011. 2. As participants in the RTGS are aware, the RBI… Read More

Amendment to allow refund of Swachh Bharat Cess paid on specified services used in an SEZ

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION(i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)  NOTIFICATION No. 02/2016-Service Tax  New Delhi, the 3rd February, 2016  G.S.R.….(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), read… Read More

Amendment in notification No. 41/2012- ST, dated the 29th June, 2012 so as to allow refund of service tax on services used beyond the factory or any other place

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION(i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 01/2016-Service Tax  New Delhi, the 3rd February, 2016  G.S.R.….(E).- In exercise of the powers conferred by section 93A of the Finance Act, 1994 (32 of 1994), the Central Government, hereby… Read More

Amendment in sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962)

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 8/2016 – Customs New Delhi, the 5th February, 2016  G.S.R._____________(E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the… Read More

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