External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds

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RBI/2014-15/309 A.P. (DIR Series) Circular No. 39 November 21, 2014 To All Authorised Dealer Category-I Banks Madam / Sir External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds Attention of Authorized Dealer Category - I (AD Category- I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 23, 2011 relating to parking of proceeds of External Comm...
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SEBI to make Initial Public Offer (IPO) process easier for companies

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The market regulator Securities and Exchange Board of India is proposing to reduce the time taken for the initial public offer (IPO) process easier to 6-7 days from about 12-13 days now and further make capital raising easier for the companies. The SEBI Board at its latest meeting held on 19th November, 2014 discussed and approved the e-IPO process for which the discussion paper would be made p...
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Company Secretary to mandatorily act as Compliance officer in Listed Entities: SEBI

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Market regulator SEBI has mandated the appointment of Company Secretary as compliance officer for the purpose of the newly-framed listing regulations. “This is a welcome move by SEBI as it will strengthen the compliance ecosystem in listed companies,” SNAnanthasubramannian, former President of the Company Secretaries Institute, said. Besides fixing responsibility of compliance of listing regul...
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Levy of penal charges on non-maintenance of minimum balances in savings bank accounts

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RBI/2014-15/308 DBR.Dir.BC.No.47/13.03.00/2014-15 November 20, 2014 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam Levy of penal charges on non-maintenance of minimum balances in savings bank accounts Please refer to our circular DBOD.Dir.BC.53/13.10.00/2002-03 dated December 26, 2002 on ‘Minimum Balance in Savings Bank Accounts’ advising banks to inform customer...
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Export of Goods / Software / Services – Period of Realisation and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs

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RBI/2014-15/306 A.P. (DIR Series) Circular No. 37 November 20, 2014 To, All Category - I Authorised Dealer Banks Madam / Sir, Export of Goods / Software / Services – Period of Realisation and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs Attention of Authorised Dealer Category-I (AD Category-I)...
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SEBI withdraws recognition granted to Delhi Stock Exchange (DSE)

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The Securities and Exchange Board of India has withdrawn the recognition of watchdog from the Delhi Stock Exchange. The capital market watchdog has also observed that activities of DSE were "carried out in a manner contrary to the interest of the investors." Henceforth, hereby withdraw the recognition granted to Delhi Stock Exchange." Further, DSE acted in a irregular manner in case of "rele...
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CBEC clarification w.r.t availment of CENVAT credit on Input Services after 6 months

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The CBEC vide Circular No: 990/14/2014-CX-8 dated. November 19, 2014  has clarified that the purpose of the amendment made by Notification No. 21 is to ensure that after the issuance of a document under Rule 9(1) of the Credit Rules, Cenvat credit is taken for the first time within six months of the issue of the document. In the light of the above the following concerns have been expressed by ...
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Madras HC serves notice to RBI, IBA on challenge made for ATM regulations

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The Madras High Court ordered a notice to the Reserve Bank of India and the Indian Banks Association on a challenge made w.r.t the usage and the no. of transactions to take place at the ATM's in the six metros. The matter was duly filed taking into consideration the interest of the General Public to simply quash the circulars previously issued. RBI had issued the circular based on representatio...
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Date of holding AGM under CA 2013 for co.’s registered in the State of J&K deferred till 31st December, 2014

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The Ministry of Corporate Affairs has issued a General Circular No. 45 dated 18th November, 2014, to provide extension of the date for holding Annual General Meeting (AGM) in terms of Section 96 of the Companies Act, 2013 in the State of Jammu & Kashmir. As there occurred huge devastation because of floods, because of which the companies registered in that state were not able to hold their ...
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Clarification w.r.t levy of Service Tax on Restaurants and Hotels

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The Hon’ble High Court of Kerala (“Kerala HC”) in the case of Kerala Classified Hotels and Resorts Association and others Vs. Union of India and others held that levy of Service tax on Restaurants and hotels is beyond legislative competence of Parliament. It was declared that sub-clauses (zzzzv) and (zzzzw) to Section 65(105) of the Finance Act, 1994 (“the Finance Act”) as amended ...
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