Legal Updates - Corporate Law Reporter

Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account – Reporting and Accounting of March Transactions – Special Arrangements – Financial Year 2015-16

RBI/2015-16/343 DGBA.GAD.No.2968/42.01.029/2015-16 March 17, 2016 The Chairman/Chief Executive Officer All Agency Banks Dear Sir / Madam, Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions - Special Arrangements - Financial Year 2015-16 Please refer… Read More

Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 (IFSC Guidelines) – Inclusion of Commodity Derivatives

CIRCULAR CIR/MRD/DSA/41/2016 March 17, 2016 To All recognised Stock Exchanges/Clearing Corporations/Depositories Dear Sir / Madam, Sub: Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 (IFSC Guidelines) - Inclusion of Commodity Derivatives 1. SEBI (International Financial Services Centres) Guidelines, 2015 were issued on March 27, 2015. 2. Pursuant to Section 131 of… Read More

Income-tax (5th Amendment) Rules, 2016

[TO BE PUBLSIHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) (INCOME – TAX) Notification New Delhi, the 15th March, 2016 S.O. 1101(E).- In exercise of the powers conferred by section 9A read with section 295 of… Read More

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2015-16)

RBI/2015-16/342 DGBA.GAD.No. 2969/42.01.029/2015-16 March 17, 2016 The Chairman / Chief Executive Officer All agency banks Dear Sir/Madam, Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2015-16) The Government of India has desired that all government transactions with banks must be accounted for within… Read More

Recovery of excess payments made to pensioners

RBI/2015-16/340 DGBA.GAD.No.2960/45.01.001/2015-16 March 17, 2016 The Chairman / Chief Executive Officer All Agency Banks Dear Sir, Recovery of excess payments made to pensioners We have been receiving complaints from pensioners stating that the recovery of excess/wrong pension payments are being made in a manner that is not in keeping with the extant guidelines. In this… Read More

NEFT – Customer Service and Charges – Adherence to Procedural Guidelines and Circulars

RBI/2015-16/337 DPSS.CO.EPPD No.2157/04.03.01/2015-16 March 17, 2016 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT NEFT – Customer Service and Charges – Adherence to Procedural Guidelines and Circulars We invite reference to Para 7 of circular DPSS.CO.EPPD No.1583/04.03.01/2013-14 dated January 21, 2014 on the captioned subject wherein banks were… Read More

The Companies (Amendment) Bill, 2016 as introduced in Lok Sabha on March 16, 2016

The bill to further amend the Companies Act, 2013 has been introduced in Lok Sabha today i.e. March 16, 2016 by Hon'ble Union Minister Shri Arun Jaitley. To Download complete Companies Amendment Bill, 2016, please click on the link below: Companies Amendment Bill, 2016 Read More

The Companies (Amendment) Bill, 2016 introduced in Loksabaha

The bill to further amend the Companies Act, 2013 has been introduced in Lok Sabha today i.e. March 16, 2016 by Hon'ble Union Minister Shri Arun Jaitley. Please watch this space for the copy of the bill soon. Read More

Relaxation Under Section 42 of Companies Act

Companies Law Committee (CLC) constituted by Government to look into issues arising out of implementation of Companies Act, 2013 has in its report made recommendations to ease private placement procedures laid down under Section 42 of the Companies Act, 2013. Simplified procedures are recommended for all private placements irrespective of the type of company. The… Read More

CSR Activities by Corporate Houses

Corporate Social Responsibility (CSR) provision of the Companies Act, 2013 came into force from 1stApril, 2014. The year 2014-15 was the first year of implementation of CSR by companies under the legislation. During this year, a total of 460 listed companies which have placed annual CSR returns on their websites, have spent about Rs. 6337… Read More

Rules in respect of Fund Manager Regime under Section 9A of the Income-tax Act, 1961

Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried-out through an eligible fund manager in India by an eligible investment fund does not constitute business connection… Read More

Impact of ‘make In India’ Programme

The Prime Minister of India launched the “Make in India” global initiative on 25th September 2014. ‘Make in India’ initiative aims at promoting India as an important investment destination and a global hub for manufacturing design and innovation, to invite both domestic and foreign investors to invest in India. The initiative is aimed at creating… Read More

FDI in E-Commerce

Enforcement Directorate conducts investigations under the Foreign Exchange Management Act, 1999 (FEMA) for possible contravention of FDI norms/ policy by various entities as and when any credible information is received in this regard. Based on the outcome of the investigation, appropriate action under the provision of FEMA is taken in such cases. With a view… Read More