eMinds Legal - Corporate Law Reporter

FEME Act amended for first time to prevent the money laundering activities

The Foreign Exchange Management Act (FEMA) has been amended for the first time since its inception in the year 2000 and that too by the Finance Bill! There are some very important policy amendments which have been brought about by the amendments. II. Power to regulate Capital Account Transactions The Financial Sector… Read More

Petrol and diesel prices hiked on Budget day

Petrol price was on Saturday hiked by Rs 3.18 per litre and diesel by Rs 3.09, the second increase in rates this month on rising international oil rates. The increase is effective from Saturday midnight. A litre of petrol in Delhi will cost Rs 60.49 from Sunday as against Rs 57.31 currently while diesel will… Read More

Direct tax amendments in Budget 2015-16

The Finance Bill, 2015 proposes to make amendments in direct tax provisions by proposing amendments to the Income-tax Act, 1961, Wealth-tax Act, 1957, Finance Act, 1994 and Finance (No.2) Act, 2004. A summary of the main amendments is given below:- Direct Taxes 2. Rates of tax 2.1 It is proposed that there will be no change in the rate of personal income-tax… Read More

Raising Money through Private Placement of Non-Convertible Debentures (NCDs) by NBFCs (Corrected)

RBI/2014-15/475 DNBR (PD) CC No.021/03.10.001/2014-15 February 20, 2015 All NBFCs (excluding PDs) Dear Sirs, Raising Money through Private Placement of Non-Convertible Debentures (NCDs) by NBFCs Please refer to the circulars DNBS(PD)CC.No.330/03.10.001/2012-13 dated June 27, 2013 and the DNBS (PD)CC.No.349/03.10.001/2013-14 dated July 02, 2013 on the subject. 2. In supersession of circulars DNBS(PD)CC.No.330/03.10.001/2012-13 dated June 27, 2013 and the DNBS (PD)CC.No.349/03.10.001/2013-14 dated July… Read More

Highlights of Budget 2015-2016

¢ GST to be in place by 1st April, 2016 ¢ GDP growth rate proposed at 7.4 % ¢ 5 challenges & steps proposed o Agriculture income in stress: Per drop More crop campaign to be launched; Unified National Agricultural Market; Highest ever MNREGA allocation o Infrastructure investment: Public Private Partnership o Manufacturing declining: Make… Read More

Priority Sector Lending- Targets and Classification Overdraft in PMJDY accounts

RBI/2014-15/477 FIDD.CO.Plan.BC 50 /04.09.01/2014-15 February 25, 2015 The Chairman/ Managing Director/ Chief Executive Officer [All scheduled commercial banks (excluding Regional Rural Banks)] Dear Sir, Priority Sector Lending- Targets and Classification Overdraft in PMJDY accounts Please refer to our Master Circular RPCD.CO.Plan.BC 10/04.09.01/2014-15 dated July 01, 2014 on Priority Sector Lending- Targets and Classification. 2. It… Read More

Unclaimed Deposits / Inoperative Accounts in Banks Display list of Inoperative Accounts

RBI/2014-15/481 DCBR.BPD.(PCB/RCB).Cir.No.18/13.01.000/2014-15 February 27, 2015 The Chief Executive Officers of All Primary (Urban) Co-operative Banks/ State and Central Co-operative Banks Madam/ Dear Sir, Unclaimed Deposits / Inoperative Accounts in Banks Display list of Inoperative Accounts Please refer to our Circular UBD.BPD.(PCB).Cir.No.9/13.01.000/2008-09 dated September 1, 2008 and RPCD.CO.RF.BC.No.89/07.38.01/2008-09 dated February 18, 2009, wherein detailed instructions have… Read More

Banks prior approval for change in the shareholding

RBI/2014-2015/476 DNBR(PD)CC.No. 01/SCRC/26.03.001/2014-2015 February 24, 2015 The Chairman / Managing Director / Chief Executive Officer All Registered Securitisation Companies / Reconstruction Companies Dear Sir, Bank™s prior approval for change in shareholding In terms of Section 3(6) of the SARFAESI Act, 2002, every Securitisation Company / Reconstruction Company (SC / RC) is required to obtain prior… Read More

Form GNL 4 to be filed with ROC for additional information

The Ministry of Corporate Affairs has issued a notification regarding Companies (Registration Offices & Fees) amendment rules, 2014 for the inclusion of Form GNL 4 which shall now be available for filing at the Ministry of Corporate Affairs website. Any other information which has not been able to be filed in the requisite e-form shall… Read More

PM’s Jan-Dhan Yojana trapped under service Tax hurdle

Financial inclusion initiatives in the country, including Jan-Dhan Yojana, Prime Minister Narendra Modi's pet project for the financial sector, is facing an unexpected hurdle in the form of high service tax because of an anomaly in tax rules. As a result, banks and banking correspondents (BCs), a major link between people and banks in the… Read More

Women in Ledership (WILL) forum to have 200 Board Ready Women

The Forum for Women in Leadership plans to produce 200 board ready women by the end of 2015. WILL Women on Corporate Boards have started the Board of Directors programme for the women professionals with the aim of making the women capable to act on the corporate boards. The Forum is also coming up with… Read More

FM Arun Jaitley delivers on growth agenda

Whilst the finance minister may have had a 'full inbox' suggesting the key reforms to be undertaken in the upcoming Union Budgetfrom various stakeholders, it will be interesting to see which of the key economic and political developments that have taken place recently will be calibrated in the upcoming Budget. Falling crude oil prices and their… Read More

Raising Money through Private Placement of Non-Convertible Debentures (NCDs) by NBFCs

RBI/2014-15/475 DNBR (PD) CC No.021/03.10.001/2014-15 February 20, 2015 All NBFCs (excluding PDs) Dear Sirs, Raising Money through Private Placement of Non-Convertible Debentures (NCDs) by NBFCs Please refer to the circulars DNBS(PD)CC.No.330/03.10.001/2012-13 dated June 27, 2013 and the DNBS (PD)CC.No.349/03.10.001/2013-14 dated July 02, 2013 on the subject. 2. In supersession of circulars DNBS(PD)CC.No.330/03.10.001/2012-13 dated June 27, 2013 and the DNBS (PD)CC.No.349/03.10.001/2013-14 dated July… Read More

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