Legal Updates - Corporate Law Reporter

RBI notification on Reporting of Transactions by agency banks

RBI/2017-18/103 DGBA.GBD.1472/31.02.007/2017-18 November 30, 2017 All Agency Banks Dear Sir Reporting of Transactions by agency banks to RBI It has been brought to our notice that some agency banks are reporting government transactions after considerable delay and along with the current transactions to RBI, without taking necessary authorisation from the concerned government departments. As per… Read More

Facility of transfer of shares to IEPF Authority demat account held in CDSL system

Circular No.: NSDL/CIR/II/22/2017 Date: November 28, 2017 Sub: Facility of transfer of shares to IEPF Authority demat account held in CDSL system Attention of Issuers/RTAs is invited to NSDL Circular No. NSDL/CIR/II/21/2017 dated November 24, 2017 regarding transfer of shares to IEPF Authority. In this context, Issuers/R&T Agents are hereby informed that the facility of… Read More

MCA revises Master Circular on Cost Accounting Records and Cost Audit

Master Circular No. 2/2011 52/14/CAB-2011 Government of India Ministry of Corporate Affairs Cost Audit Branch ***** B-1, Wing, 2nd Floor, Paryavaran Bhawan, CGO Complex, Lodhi Road, New Delhi- 110 003 Dated: the November 11, 2017 To The President Institute of Cost and Works Accountants of India, 12, Sudder Street Kolkato -700 016 Subject: Master Circular… Read More

Constitution of Fifteenth Finance Commission Notified

The Government of India, with the approval President of India, has constituted Fifteenth Finance Commission in pursuance of clause (1) of article 280 of the Constitution, read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 w.e.f. 27thNovember, 2017. The Commission will make recommendations for the five years commencing on April 1, 2020. This Commission will be… Read More

Modification to Enhanced Supervision Circular by SEBI

CIRCULAR SEBI/HO/MIRSD/MIRSD2/CIR/P/2017/123 November 29, 2017 To The Managing Directors / Chief Executive Officers All Recognized Stock Exchanges Dear Sir / Madam, Sub: Modification to Enhanced Supervision Circular 1. SEBI vide circular no. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016, has issued guidelines covering broad areas for enhanced supervision based on the recommendation of the committee constituted by… Read More

Govt. amends notification No. 56/2000-Customs, dated the 5th May, 2000

MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF EXCISE AND CUSTOMS) NOTIFICATION New Delhi, the 27th November, 2017 No. 90 /2017-Customs G.S.R. 1450(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the… Read More

Govt. appoints Shri B.N. Sharma as Chairman of the National Anti-profiteering Authority under GST

Government appoints Shri B.N. Sharma (IAS:1985) as Chairman of the National Anti-profiteering Authority under GST In an immediate follow up action of last week's Cabinet approval for creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST, the Government today issued orders appointing senior IAS officer Shri B.N. Sharma,… Read More

CBEC relaxes norms for Electronic Sealing of containers by exporters till 15th December, 2017

OFFICE OF COMMISSIONER OF CUSTOMS NS-II & IV JAWAHAR LAL NEHRU CUSTOM HOUSE, NHAVA SHEVA TAL: URAN, DIST. RAIGAD, MAHARASHTRA-400707 F.No.S/12-Gen-82/2015-16 AM(X) Date: 27.11.2017 PUBLIC NOTICE NO. 150/2017 SUB : Implementing Electronic Sealing for containers by exporters under self sealing procedure by circular 26/2017-Customs dated 01.07.2017, 36/2017 dated 28.08.2017, 37/2017 dated 20.09.2017 and 41/2017 dated… Read More

Clarification of India’s position on the acceptance of MAP and bilateral APA: CBDT

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 27th November, 2017 PRESS RELEASE Clarification of India’s position on the acceptance of MAP and bilateral APA in cases of countries where Article 9(2) of OECD Model Tax Commentary is absent A number of references have been received from… Read More

Relaxation in Export policy for export of Red Sanders wood by Government of Karnataka :DGFT

To be published in the Gazette of India Extraordinary Part-II , Section-3, Sub section (ii) Government of India Ministry of Commerce and Industry Department of Commerce Directorate General Foreign Trade Notification No. 40/205-2020 New Delhi, Dated the 27 November, 2017 Subject: Relaxation in Export policy for export of Red Sanders wood by Government of Karnataka… Read More

MEIS incentive rates increased to 4 % W.e.f. 01.11.2017 to boost textile sector

To be published in the Gazette of India Extraordinary Part-I, Section (I) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice 12.12015-2020 Dated the 24th November , 2017 Subject: Amendment in Appendix 3B of the Foreign Trade Policy 2015-2020 In exercise of powers conferred under paragraph 1.03… Read More

Govt. extends levy of ADD on imports of caustic soda exported from Saudi Arabia and USA

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 24th November, 2017 No. 55 /2017-Customs (ADD) G.S.R. 1447(E).—Whereas, the designated authority vide initiation notification No. 7/16/2017-DGAD, dated the 20th November, 2017, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 20th November, 2017, had initiated review in terms of sub-section… Read More

Govt.notifies Central Excise (Appeals) Amendment Rules, 2017

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 23rd November, 2017 No. 27/2017-Central Excise (N.T.) G.S.R. 1442(E).—In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules to amend the Central Excise (Appeals) Rules, 2001, namely:— 1. (1)… Read More