Legal Updates - Corporate Law Reporter

Allowability of employer’s contribution to funds for the welfare of employees in terms of section 43B(b) of the Income Tax Act

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Income Tax Circular No. 22/2015 New Delhi, Dated- 17th December. 2015 Subject:- Allowability of employer’s contribution to funds for the welfare of employees in terms of section 43B(b) of the Income Tax Act. As per section 43B of the Act certain… Read More

Initiatives for reducing litigation

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 15th December, 2015 Subject: Initiatives for reducing litigation The Central Board of Direct Taxes has issued a Circular revising the monetary limits for filing of appeals by the Department with the objective of reducing litigation as a… Read More

Commencement of section 13 & 14 of the Companies (Amendment) Act, 2015

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 14th December, 2015 S. O. 3388(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2015 (21 of 2015), the Central Government hereby appoints the 14th day of December, 2015 as the date on which the provisions of section 13… Read More

Amendment in Principal Notification No. 12/97-Customs(N.T.) dated 02.04.1997

Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) Notification No. 145/ 2015-Customs (N.T.) New Delhi, the 18th December, 2015 G.S.R. (E). In exercise of the powers conferred by clause (aa) of sub- section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central… Read More

Rate of exchange of conversion of the foreign currency with effect from 18th December, 2015

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 144/2015 - Customs (N.T.) Dated the 17th December, 2015 In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of… Read More

Interest Rates on Advances

RBI/2015-16/273 DBR.No.Dir.BC.67/13.03.00/2015-16 December 17, 2015 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Interest Rates on Advances A reference is invited to paragraph 22 of the first Bi-monthly Monetary Policy Statement 2015-16 announced on April 7, 2015 which stated that in order to improve the efficiency of monetary policy transmission, the Reserve Bank will… Read More

SEBI distributes disgorgement amount to the investors affected by IPO Irregularities

PR No. 295/2015 SEBI distributes disgorgement amount to the investors affected by IPO Irregularities SEBI has initiated the second tranche of distribution of amount to 4.63 lakh investors from the disgorged amount in the matter of Initial Public Offerings (IPOs) irregularities. An amount of Rs.18.06 crore, which includes Rs.7.35 crore recovered by SEBI in exercise… Read More

Mobile Banking Transactions in India – Operative Guidelines for Banks – Customer Registration for Mobile Banking

RBI/2015-16/269 DPSS.CO.PD.No./1265/02.23.001/2015-2016 December 17, 2015 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / White Label ATM Operators Madam /Dear Sir Mobile Banking Transactions in India - Operative Guidelines for Banks – Customer Registration for… Read More

Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015

Government of India Ministry of Corporate Affairs Notification New Delhi, the 14th December, 2015 G.S.R.-(E).- In exercise of the powers conferred under sections 173, 175, 177,178, 179, 184, 185, 186, 187, 188, 189 and section 191 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following… Read More

Companies (Audit and auditors) Amendment Rules ,2015

Ministry of Corporate Affairs Notification New Delhi, the 14th December, 2015 G.S.R.972(E). - In exercise of the powers conferred by sub-section (12) of section 143 read with sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Audit and… Read More

LLP Services on MCA portal will not be available, from 19-Dec-2015, 09:15 PM to 20-Dec-2015, 1:00 AM and 20-Dec-2015, 7:00 AM to 8:30 AM

LLP Services on MCA portal will not be available, from 19-Dec-2015, 09:15 PM to 20-Dec-2015, 1:00 AM and 20-Dec-2015, 7:00 AM to 8:30 AM . We regret the inconvenience caused and request the stakeholders to plan accordingly. Read More

RBI denies Message on Currency Notes circulating on Social Media

The Reserve Bank of India has today denied having issued a communication circulating on social media alerting members of public that banks will not accept currency notes with scribbling on them from January 1, 2016. The Reserve Bank has reiterated that all currency notes issued by it are legal tender and banks and members can… Read More

Amendment of Central Excise Rules, 2002

Note.- The principal rules were published in the Gazette of India vide notification number 04/2002- Central Excise (N.T.), dated the 1st March, 2002 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 143(E) , dated the 1st March, 2002 and last amended by notification number 08/2015-Central Excise(NT), dated… Read More