Government takes initiatives to improve asset quality of banks

Loan growth of banks and initiatives taken by the Government to improve the asset quality of banks   The details on Outstanding Gross Loans & Advances as reported by Scheduled Commercial Banks (SCBs) to Reserve Bank of India (RBI) are as under:-   Bank Group 31 Mar-15 31 Mar-16 31 Mar-17 (Prov.) Public Sector Banks (PSBs)… Read More

Number of Registration of GSTN crosses 77.5 lakhs

Number of Registration of GSTN crosses 77.5 lakhs  Till 18th July 2017, the total number of GSTIN registrations is 77,55,416. No major problems have been reported post Goods and Services Tax (GST) from the field offices across the country Internet is not required for doing / conducting business. It would be required only for the… Read More

Government constitutes a GST Feedback and Action Room (FAR) w.e.f. 26-06-2017

Government constitutes a GST Feedback and Action Room (FAR) w.e.f. 26-06-2017 to review the information, calls, media inputs etc received from Ministries, State Governments, field formations, social media, news channels, emails etc  To reply the queries of the taxpayers and tax officials and to deal with issues related to the implementation of Goods and Services… Read More

Demonitization: undisclosed income detected more than Rs. 5400 crore

Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400 crore.  Disclosure of information regarding law flouters/specific taxpayers is prohibited except as provided under Section… Read More

Centrally Sponsored Schemes -Sunset date for all schemes

Centrally Sponsored Schemes - sunset date for all schemes  There are 28 Centrally Sponsored Schemes running across the country. All 28 Centrally Sponsored Schemes have sunset dates except Mahatma Gandhi National Rural Employment Guarantee Scheme of the Ministry of Rural Development, which is under Mahatma Gandhi Rural Employment Guarantee Act. In para-110 of the Budget… Read More

RBI constitutes monetary policy committee and Regulations to be effective from 1st Aug 2017

RESERVE BANK OF INDIA (CENTRAL OFFICE) (Monetary Policy Department) NOTIFICATION Mumbai, the 14th July, 2017 Reserve Bank of India Monetary Policy Committee and Monetary Policy Process Regulations, 2016 No. M.P.D.P.M.D.No. 17/02.02.015/17-18.—In exercise of the powers conferred by clause (qa), (qb), (qc), (qd) and (qe) of Section 58 of the Reserve Bank of India Act, 1934… Read More

CBDT amends jurisdiction of Principal CITs & CCIT

NOTIFICATION New Delhi, the 19th July, 2017 (INCOME TAX) S.O. 2260(E).—In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), and in supersession of the notifications of the Government of India, Central Board of Direct Taxes numbers S.O.1612(E), dated the 26th September, 2006… Read More

RBI Master Circular –Detection and Impounding of Counterfeit Notes

Master Circular – Detection and Impounding of Counterfeit Notes RBI/2017-18/26 DCM (FNVD) G – 4/16.01.05/2017-18 July 20, 2017 The Chairman/ Managing Director /Chief Executive Officer All Banks and Director of Treasuries of all States Dear Sir / Madam, Master Circular – Detection and Impounding of Counterfeit Notes Please refer to the Master Circular DCM (FNVD) G-6/16.01.05/2016-17… Read More

SEBI releases Circular on Investments by FPIs in Corporate Debt

Securities and Exchange Board of India CIRCULAR No. IMD/FPIC/CIR/P/2017/81 Dated: July 20, 2017 To 1. All Foreign Portfolio Investors (through their designated Custodians of Securities) 2. The Depositories (NSDL and CDSL) 3. The Exchanges (BSE and NSE) Dear Sir / Madam, Sub: Investments by FPIs in Corporate Debt 1. This has reference to the SEBI… Read More

FM to formally launch Pradhan Mantri Vaya Vandana Yojana tomorrow

FM to formally launch Pradhan Mantri Vaya Vandana Yojana (PMVVY) tomorrow; PMVVY is a Pension Scheme announced by the Government of India exclusively for the senior citizens available from 4th May, 2017 to 3rd May, 2018; The Scheme can be purchased offline as well as online through Life Insurance Corporation of India  The Union Minister… Read More

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