Legal Updates

Directions on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs

RBI/2017-18/87 DNBR.PD.CC.No.090/03.10.001/2017-18 November 09, 2017 To All Non-Banking Financial Companies (NBFCs), Madam/ Sir, Directions on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs In exercise of the powers conferred under Section 45 L of the Reserve Bank of India Act, 1934, the Reserve Bank of India after being satisfied that… Read More

Rate of Exchange for Qatari Riyal revised effective from 10.11.2017

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No.107/2017 - Customs (N.T.) Dated the 9th November, 2017 18 Kartika, 1939 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes… Read More

Risk Management and Inter-Bank Dealings – Simplified Hedging Facility Guidelines : RBI

RBI/2017-18/88 A.P. (DIR Series) Circular No. 11 November 09, 2017 To, All Authorised Dealer Category - I Banks Madam/Sir, Risk Management and Inter-Bank Dealings – Simplified Hedging Facility Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May… Read More

Govt. increases basic custom duty on Peas and Wheat

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 8th November, 2017 No. 84/2017-Customs G.S.R. 1376(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, being satisfied that it is necessary in the public interest so to do, hereby makes the… Read More

Revised exchange rate for conversion of ‘Qatari Riyal’ effective form 09.11.2017

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No.106/2017 - Customs (N.T.) Dated the 8th November, 2017 17 Kartika, 1939 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes… Read More

FEMA (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 7th November, 2017 No. FEMA 20(R)/ 2017-RB Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 G.S.R. 1374(E).— In exercise of the powers conferred by clause (b) of sub-section (3) of section 6 and section 47… Read More

MCA revises Form AOC- 4 XBRL and Form AOC-4

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 6th November, 2017 G.S.R.1372(E).—In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 read with section 398 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Filing of Documents and Forms… Read More

IBBI Insolvency Resolution Process for Corporate Persons (Third Amendment) Regulation notified

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 7th November, 2017 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (THIRD AMENDMENT) REGULATIONS, 2017 No. IBBI/2017-18/GN/REG019.—In exercise of the powers conferred by clause (t) of sub-section (1) of Section 196 read with section 240 of the Insolvency and Bankruptcy, Code,… Read More

IBBI Fast Track Insolvency Resolution Process for Corporate Persons (Third Amendment) Regulation notified

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 7th November, 2017 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (FAST TRACK INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (THIRD AMENDMENT) REGULATIONS, 2017 No. IBBI/2017-18/GN/REG020.—In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and… Read More

RBI includes Utkarsh Small Finance Bank Limited in Schedule II of the Act

RESERVE BANK OF INDIA (Department of Banking Regulation) NOTIFICATION Mumbai, the 4th October, 2017 No. DBR.NBD. (SFB–UMFL).No. 2689/16.13.216/2017-2018.—In pursuance of clause (a) of sub- section (6) of Section 42 of Reserve Bank of India Act, 1934 (2 of 1934), the Reserve Bank of India directs the inclusion in the Second Schedule to the said Act… Read More

Direct Tax Collections for F.Y. 2017-2018 shows Growth of 15.2% up to October, 2017

Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.2% up to October, 2017 at Rs. 4.39 lakh crore  The provisional figures of Direct Tax collections up to October, 2017 show that net collections are at Rs. 4.39 lakh crore which is 15.2% higher than the net collections for the corresponding period of last year. Net Direct Tax collections… Read More

IBBI strengthens its Due Diligence Framework under the Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Board of India (IBBI) strengthens its Due Diligence Framework under the Insolvency and Bankruptcy Code, 2016  Now prior to approval of a Resolution Plan, the Resolution Applicants, including promoters, will be put to a stringent test with respect to their credit worthiness and credibility; Amendments to the IBBI (Insolvency Resolution Process for… Read More

MCA to soon introduce ‘Early Warning System’ to strengthen the Regulatory Mechanism

Press Information Bureau Government of India Ministry of Corporate Affairs 05-November-2017 16:17 IST Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more;. Around 3.09 lakh Directors disqualified who were on the Board of Companies that have failed to file Financial Statements and/or Annual… Read More

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