Category - Finance

Banking Ordinance authorizes RBI issue directions to initiate insolvency resolution under IBC

Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorising RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC)  An Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th… Read More

GOI infuses capital in Public Sector Banks

Infusion of capital in Public Sector Banks  Reserve Bank of India (RBI) as a regulator formulates banking policy which includes non-performing assets recognition and resolution. The Government of India (GoI) under the Indradhanush Plan, has earmarked Rs.70,000 crores for infusion in PSBs between F.Y 2016 and 2019 as per the figures given below:   (i)… Read More

JITSIC Tackling Global Tax Risks : PIB

JITSIC Tackling Global Tax Risks  India participated in the fourth Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting reconvened in Paris to pursue the work on the Panama Papers in the last week of June 2017. Based on legal instruments under the OECD and Council of Europe Multilateral Convention and tax treaties, a… Read More

CBEC issues detailed guidelines for re-testing of samples of imported goods

Circular No. 30/2017-Cus F. No. 450/15/2017-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Custom) ******** New Delhi, dated 18th July, 2017 To All Principal Chief Commissioners/Chief Commissioners of Customs / Customs (Preventive), All Principal Chief Commissioners/Chief Commissioners of Customs and Central Excise, All Directors General, All Principal… Read More

Central Government amends NOT. No. 25/2005 dt. 1March 2005

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 14th July, 2017 No. 67/2017–Customs G.S.R. 881(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes… Read More

Govt. imposes provisional anti-dumping duty on import of ‘O-Acid’

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 13th July, 2017 No. 35/2017-Customs (ADD) G.S.R. 879(E).–Whereas, in the matter of import of ‘O-Acid’ (hereinafter referred to as the subject goods), falling under Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said… Read More

Govt. amends National Savings Certificates Rules, 1989

NOTIFICATION New Delhi, the 30th June, 2017 G.S.R. 863(E).  In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:- 4. (1) These rules may be called… Read More

Central Government amends the Kisan Vikas Patra Rules

NOTIFICATION New Delhi, the 30th June, 2017 G.S.R.862(E).— In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules to amend the Kisan Vikas Patra Rules, 2014, namely:- 1. (1) These rules may be called the Kisan Vikas Patra… Read More

Govt. extends anti-dumping duty on import of Grinding Media Balls under Customs Tariff Act

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 13th July, 2017 No. 34/2017-Customs (ADD) G.S.R. 878(E).—Whereas, the designated authority vide notification No. 7/7/2017-DGAD, dated the 4th July, 2017, published in the Gazette of India, Extraordinary, Part I, Section 1 dated the 4th July, 2017, had initiated review in terms of sub-section (5) of… Read More

Subscribers of PPF to get 7.8% interest per annum

NOTIFICATION New Delhi, the 30th June, 2017 G.S.R.860(E).—In pursuance of section 5 of the Public Provident Fund Act, 1968 (23 of 1968) the Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of July, 2017 and the balances at the credit of the subscriber shall bear interest… Read More

Subscribers of sukanya samriddhi scheme to get 8.3% interest per annum

NOTIFICATION New Delhi, the 30th June, 2017 G.S.R.859(E).— In pursuance of Rule 7, sub-rule (1) of the Sukanya Samriddhi Account Rules, 2016, the Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of July, 2017 and the balances at the credit of the subscriber shall bear interest… Read More

Post Office (Monthly Income Account) Rules amended vide NOT. dt. 30 June 2017

NOTIFICATION New Delhi, the 30th June, 2017 G.S.R.858 (E).– In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:— 1. (1) These rules may be called… Read More

Central Government amends Senior Citizen Savings Scheme Rules, 2017

NOTIFICATION New Delhi, the 30th June, 2017 G.S.R.857(E).—In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:— 1. (1) These rules may be called the Senior Citizen… Read More

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