Finance - Corporate Law Reporter

Govt. amends Regional Rural Banks (Appointment of Officers and Employees) Rules

MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 23rd August, 2017 S.O. 2743(E).— In exercise of the powers conferred by section 29 read with section 17 of the Regional Rural Banks Act, 1976 (21 of 1976), the Central Government, after consultation with the National Bank and the Sponsor Banks, hereby makes the… Read More

Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2017

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 21st August, 2017 G.S.R. 1038(E).—In exercise of the powers conferred by sub-section (1) read with clause (h), clause (i), clause (j) and clause (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby makes… Read More

Govt. abolishes sumptuary allowance for all Training and Academic Establishments

No. 17014/2/2014-Trg.(7th CPC) Government of India Ministry of Personnel, Public Grievances & Pensions Department of Personnel & Training Block-IV, Old JNU Campus, New Delhi. Date: July 25 , 2017 OFFICE MEMORANDUM Subject: Implementation of the recommendations of 7 th Central Pay Commission - abolishment of Sumptuary Allowance. Consequent upon the acceptance of the recommendations… Read More

Govt. launches schemes to make education loans as easy loans

Schemes to make education loan as easy loans All Scheduled Commercial Banks provide Education Loan to students. Simple interest is charged during the study period and up to commencement of repayment. Accrued interest is added to the principal amount borrowed while fixing EMI (Equated Monthly Instalment) for repayment. The Schemes launched by the Government to… Read More

Govt. issues corrigendum to notification G.S.R. 829(E), dt. 5th July, 2017

MINISTRY OF FINANCE (Department of Economic Affairs) CORRIGENDUM New Delhi, the 4th August, 2017 G.S.R. 990(E).—In the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 829(E), dated the 5th July, 2017,— in… Read More

Govt. amends PFRDA (Salary and Allowances ) Rules

MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 2nd August, 2017 G.S.R. 987(E).— In exercise of the powers conferred by clause (a) of sub-section (2) of section 51, read with sub-section (3) of section 5 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Central Government hereby… Read More

Number of Income Tax payers increased after demonetisation:MoF

Increase in number of Income Tax payers after demonetisation The number of income tax payers has increased after demonetization. During the period of 09.11.2016 to 31.03.2017, 1.96 crore returns were filed as compared to 1.63 crore returns filed during corresponding period of FY 2015-16 and 1.23 crore returns filed during corresponding period of FY 2014-15.… Read More

MoF takes initiatives for north eastern states in the area of Public Expenditure Managment

Department of Expenditure takes various initiatives in the North Eastern States in the area of Public Expenditure Management; IT system of all the North East States' Treasuries except Nagaland integrated with PFMS; Trainings organized for capacity building by the Central Project Management Unit (CPMU) of PFMS and different Ministers/Departments of Government of India in North… Read More

Stressed Assets with Banks represent unique opportunity for Asset Reconstruction Companies and Private Equity Firms: Finance Minister

Stressed Assets with Banks represent unique opportunity for Asset Reconstruction Companies and Private Equity Firms: Finance Minister The Union Finance Minister, Sh. Arun Jaitley today stated that the opportunities presented by the Insolvency and Bankruptcy Code (IBC) framework and Government’s emphasis on resolution represent a unique opportunity for Asset Reconstruction Companies (ARCs) and Private Equity… Read More

Accidental Insurance for RuPay ATM Card Holders

Accidental Insurance for RuPay ATM Card Holders All RuPay ATM-cum-debit cardholders are presently eligible for accidental death and permanent disability insurance cover. RuPay Classic cardholders are eligible for cover of Rs.1 lakh, whereas RuPay Premium cardholders are eligible for cover of Rs.2 lakh. Insurance premium is paid by the National Payments Corporation of India. 872… Read More

Highlights of actions taken by task force against Shell companies

‘Task Force on Shell Companies’ for effectively tackling the malpractices A ‘Task Force on Shell Companies’ under the Joint Chairmanship of Revenue Secretary and Secretary, Ministry of Corporate Affairs was constituted in February, 2017 for effectively tackling the malpractices by shell companies/ponzy companies/khoka companies in a comprehensive manner adopting whole of the government approach. Other… Read More

Insurance Schemes for unorganized sector persons living below the poverty line

Insurance Schemes for unorganized sector persons/people living below the poverty line The Social Security Scheme namely, Aam Aadmi Bima Yojana (AABY) caters to unorganised sector persons under 48 various vocational groups such Beedi Workers, Brick Kiln Workers, Rickshaw Pullers/Auto Drivers etc. The scheme provides insurance cover of Rs.30,000/- on natural death, Rs.75,000/- on death due… Read More

Investments by NRIs as FDI and in stock changes

Investments by NRIs as FDI and in stock changes Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time: As per Regulations 5(1), NRIs may invest… Read More